Can A Bank REally Change The Locks On My Mountain View Short Sale?

Seems like a bizarre question doesn't it? Well guess what, it is not.  If you are selling your home as short sale the bank may have the right to send a property preservation company to the house and "secure it" if they feel the house is vacant and abandoned. But it is still my house, right?

Yes, it is still your house, even if you have stopped making payments, but here is the catch. Many loans contain clauses that say if you abandon your home the bank has a right to secure the property to preserve their interest in the home while they are waiting to re-posses it.

So here is the typical situation.  Owner has a home that they need to short sell.  They have already left the home, often to take a job somewhere else, but maybe for some other reason.  The short sale is initiated and the bank finds out the property is vacant. They do not want any damage to the property so they send out a property preservation company to secure the house.  The company changes the locks and may even board up windows. There are even some instances where the property preservation company employees help themselves to some things that were "abandoned" in the home that do not belong to them. The realtor listing the property may not be given the key and other agents may not be able to get in until the mess is straightened out.

What is the solution?  There is no fool proof solution but there are some things you can try.  If you are selling an empty home for what ever reason the best thing to do is to hire a realtor who can stage it for you. (I do this for all my listings) Once the home is staged, or even if that is not possible, take pictures. Show the bank the house is being cared for by the realtor, that the windows are not broken, and that there are locks on the door.  Take pictures of all the fixtures to show what is in the house.  Send these pictures to the bank along with the initial short sale authorization and then again with the short sale package to show that the home is not abandoned and in case there is any question about things going missing.

This may not stop the the bank every time from "securing" an un-abandoned house, but it should help.

If you have nay questions about short sales in San Mateo or Santa Clara counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Don Jesus Ramos Park in South Palo Alto

Palo Alto has many wonderful parks with ample opportunity for recreational activities for everyone.  Ramos park, located at 800 East Meadow in south Palo Alto is one of the quieter parks in Palo Alto. It is 4.4 acres with ample grassy area, a walking path, and a wonderful play structure area.  While Ramos does not have some of the specialty features of other parks like a dog run or skate board area, it is a wonderful place for a meditative walk, a morning tai chi workout, or a play day for the children.  So check it out, and soak up your daily requirement of vitamin D in south Palo Palo Alto's Ramos Park.

If you have any question about Palo Alto Parks or any other aspect of Palo Alto living please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285

Great News For Silicon Valley Short Sale Sellers

A few days ago short sale sellers in California got great news!  Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales.  First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going after the borrower for any deficiencies. So if the second lender says they will take $6000 for an $85,000 HELEC, that is all they get. After close they can not come back to the borrower and say we still want more money.

This is great news for short sale sellers in Santa Clara and San Mateo Counties.  Certain exceptions apply if the bank can prove fraud, but for most sellers, this is the last piece they need to be able to transition out of their homes and have a chance to start over.

Since California has had such a large percentage of homeowners who owe more on their homes than they are worth, and of those people there are always going to be those who need to sell, this is a welcome relief for huge numbers of homeowners.

If you have any questions about buying or selling short sales please feel free to contact me!

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Mountain View Ca Short Sale Buyers Should Not Buy Furniture From the Seller

When a buyer makes an offer on a Mountain View, or any Silicon Valley Short Sale they ocassionally want to purchase some of the furniture in the house.  Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?

NO NO NO NO NO!!!!!!!

Should I say it again?  Ok, NO DO NOT DO IT!!!!!

Here is why.  The seller is not allowed to have any gain from the sale of the home.  The bank gets all the money from the buyer in exchange for allowing the loan to be written down so the seller can get out of his/her obligation. If the seller sells furniture to the buyer it can be considered by the bank to mean that the seller has received money from the buyer. So, if the buyer wants a big table they will have to go to Ikea and buy one.  If the seller does not want a couch, put it on Craigslist, but do not sell personal property to the buyer.

If you have any questions about short sales in Santa Clara or San Mateo counties, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcyoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

My Son is on Cash Cab Wed July 13 at 6:30

Set your DVRs! My son Dan and 3 other members of his theatre company www.shelbycompany.org are going to be on Cash Cab NY.  It was filmed last fall but finally will air tomorrow.  This is a not to missed show. I promise you all a great time.

It comes on at 6:30 on the east coast. Direct TV will show it at 3:30 and 6:30 on the west coast.

It is on the Discovery Channel for those of you living under a rock and have never heard of the show.

Marcy

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

What to do If Credit Report Shows Foreclosure Instead of Silicon Valley Short Sale

What to Do If Credit Report Shows Foreclosure Instead of a Silicon Valley Short Sale(edit/delete)

Credit reports frequently have mistakes. Very often consumers are not aware of these mistakes until they are trying to obtain credit for a large purchase like a home or car.  There is a process for rectifying credit mistakes, but it can take some time.

As more and more short sales are being processed it is only natural that some mistakes are showing up on credit reports, especially since there is no standard way for a credit report to reflect a short sale. The bank may report loan paid as agreed, or loan paid for less than the full amount. Which ever way it is reported it should not say foreclosure. Unfortunately occasionally this will happen, but the fix is easy.  When you sell a home as a short sale you will receive a HUD1 statement. this is a statement that spells out what money came in from the sale and how it was distributed. If a home is foreclosed there is no HUD1 given to the owner.  So, if you have a HUD1 your home was not foreclosed.  You should send the HUD1 to the credit reporting agency along with the statement that since you have a HUD1 you were not foreclosed on. They can then remove the foreclosure from your credit report. 

It is probably a good idea to check your credit report 6 and 12 months after a short sale just to make sure this has not happened.

If you have nay questions about short sales please feel free to contact me.

Marcy Moyer CDPE

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Palo Alto Ca Open House Sat/Sun 1:30-4:30 July 9/10 Gorgeous condo Near Stanford

 Gorgeous Downtown Condo$719,000.00 

518 Everett Ave # A, Palo Alto, CA 94301
7 Photos	2 Bed, 1.0 Bath 1044 SF Tour # 2487492

---

Welcome to this gorgeous downtown condo featuring a beautifully remodeled kitchen with cherry cabinets, granite counters, and stainless appliances. The living room/dining L have maple pergo floors, and the remodeled bathroom also has granite and cherry. This first floor unit has easy access from the garage with no stairs. HOA fee $408		For more information, please contact:
			Marcy Moyer DRE#01191194 Keller Williams  Palo Alto, CA 650-619-9285 650-619-9285 Cell 650-560-6290 Fax
Information supplied by sellers. Deemed reliable, but not guaranteed.

Menlo Park Ca Distressed Property Update 2011 Jan-June

Menlo Park Distressed Sales 2011 Jan-June (edit/delete)

 

It's time again. Curious about how many distressed properties there really are in Menlo Park?  Despite what you may be reading these are the homes for sale or sold on MLS asShort Sales or Bank Owned.

Sold: 

Short Sales: Single Family Homes  8

Short Sales: Townhome or condo:  1

Bank Owned: Single Family Homes  6

Bank Owned Townhomes or Condos  0

Active:

Short Sales:  Single Family Homes  3

Short Sales Townhomes or condos   1

Bank Owned Single Family Homes   3

Bank Owned Townhome or Condo    0

Pending Sales:

Short Sales: Single family homes  20

Short Sales: Townhomes or condos 0

Bank Owned  Single Family Home  2

Bank Owned Townhome or Condo   0

As you can see the number of distressed properties for sale is continues to be extremely low. This small number of short sales and reos are not enough to have a major impact on the market as they do in many other markets. Most of the distressed properties are in the Belle Haven Neighborhood, but there are a number of pending short sales west of 101.

If you have any questions about short sales or bank owned properties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Palo Alto Distressed Property Update 2011 Jan-June

Palo Alto Distressed Property Update 2011 Jan-June 

It's time again. Curious about how many distressed properties there really are in Palo Alto?  Despite what you may be reading these are the homes for sale or sold on MLS as Short Sales or Bank Owned.

Sold: 

Short Sales: Single Family Homes  3

Short Sales: Townhome or condo:  2

Bank Owned: Single Family Homes  2

Bank Owned Townhomes or Condos  4

Active:

Short Sales:  Single Family Homes  1

Short Sales Townhomes or condos   1

Bank Owned Single Family Homes   0

Bank Owned Townhome or Condo    1

Pending Sales:

Short Sales: Single family homes  2

Short Sales: Townhomes or condos 1

Bank Owned  Single Family Home  0

Bank Owned Townhome or Condo   1

As you can see the number of distressed properties for sale is continues to be extremely low. This small number of short sales and reos are not enough to have a major impact on the market as they do in many other markets.

If you have any questions about short sales or bank owned properties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Santa Clara Wells Fargo Short Sale: Is 3 months fast or forever?

Santa Clara Wells Fargo Short Sale: Is 3 months fast or forever? 

In 2008/2009 I listed a Bank of America Short Sale in Mountain View. It took 11 months to close it, with the first buyer walking and the second one sticking it out.  11 months, and I was thrilled to have gotten approval from Bank of America for a short sale.  At that time they had a terrible reputation for short sale approvals, and now they are most agents favorite company. 

Boy have things changed!  It has now taken me 3 months, from seller signature on a contract to approval of both a first and second loan from Wells Fargo. It sounds great, but expectations have changed. I would have expected 6-8 weeks from signed offer to full approval on this short sale? I kept asking what is taking so long? The answer in this case is that the sellers never stopped making payments, instead choosing to keep paying as long as they could, which actually ended on their last payment. Because they were not in default there was a longer review process, but even so, 3 months for 2 loans is really so much better than a few years ago. 

So I guess it is all relative.  I was happy 2 years ago just to get a yes, even though it took almost a year.  Now I think 3 months is a long time.  I am hoping that in a year one month will seem like forever.

If you have any questions about buying or selling short sales, please feel free to contact me!

Marcy Moyer

Keller Williams Realty

wwwmarcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Menlo Park Condo Short Sale: Get Those HOA Dues Paid

Right now it is estimated that nationally 1 in 4 homeowners owes more on their mortgage than their home is worth. You may be be one of those homeowners.  While not everyone who owes more money than their home is worth is going to sell that home, if they do, it will have to go through the short sale process. If you decide that a short sale is the best option for your circumstances be sure and check with a lawyer and/or accountant to get the best legal and tax advice.  You may find yourself unable to make the payments on the mortgage at all. If you own a condo the situation can get a little more complicated.  

In California the HOA can initiate foreclosure proceedings against a homeowner who does not pay his/her HOA dues.  In addition to that, many banks who are very willing to allow a borrower to do a short sale will not pay any money for back due HOA dues.  

So, if you can not afford your home, if you can not afford your mortgage, if you want to try a short sale, try to find a way to pay the HOA dues. If you do not, you could get to the end of the short sale process and not be able to close because a few thousand dollars are owned to the HOA and since that is a lien against the property the sale will not close.

If you have any questions about short sales, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales