Milpitas Ca. Short Sale vs Bank Owned Transactions

Milpitas Single Family homes

Active Short Sale Listings:  23

Active Bank Owned Homes: 9

Pending Short Sale Homes: 49

Pending Bank Owned Homes: 11

Sold Short Sale Homes: Last 6 months 23

Sold Bank Owned Homes: 19

Milpitas Condo Townhomes

Active Short Sale Listings: 12

Active Bank Owned Condos:  4

Pending Short Sale Condos/Townhomes: 43

Pending Bank Owned Condos/Townhomes: 4

Sold Short Sale Condos/Townhomes: 19

Sold Bank Owned Condos/Townhomes 26

Unlike San Jose, where short sales far outnumber bank owned transactions, the numbers are much closer for short sales and bank owned homes in Milpitas. There are many more pending short sale listings than bank owned, but short sales take so much longer to close that number is not surprising.

If you have any questions about short sales or foreclosures in Milpitas please feel free to contact me.

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

In a San Mateo County Probate Sale What is a Personal Representative?

There is often confusion about who does what in a probate sale so today I am going to write about the Personal Representative.

When a person dies they either leave a will (or a trust)  which names an executor for their estate, or die without a will (or a trust) and therefore no executor.

If there is no trust then the estate must be probated. The probate court determines who will be the personal representative for the estate. The duties of the personal representative are very similar to an executor, but ultimately everything they do has to be approved by the probate court. If an executor has been named in a will then that person can petition to be the personal representative, but the court has to approve.

Once appointed the personal representative can ask for full authority to sell any real property but that is not always granted depending on the circumstances. If the personal representative gets full authority to sell the house then they can accept an offer just like an executor would in a trust sale. It does not have to go to court for confirmation and overbids, but the distribution of the funds is overseen by the court.

If you have any questions about trust or probate sales in San Mateo or Santa Clara County please feel free to contact me.

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

San Mateo Trusts are Feeling Some Effects of the Current Economy

Today I had lunch with my favorite Trust Officer from one of our local banks.  We were talking about the state of the economy and how it is effecting trusts she administers as well as the real estate in those trusts.

My good friend said she used to administer trusts that had a few hundred thousand dollars in cash and a home that was fully paid for.  The home would be sold and the heirs would split a million dollars or more. Those were the good old days.

This year she has had a lot of trusts where there was no cash, and the homes had large mortgages on them.  This makes her job harder because it costs money to administer an estate and not having any cash till a home is sold is hard.  However, the fact that so many homes belonging to people who were in their 80's have outstanding mortgages on them is a recent phenonenum. I have been saying forever that there is a huge portion of the population who never intended to pay off their homes. They were depending on the appreciation of their homes to have money to retire or to pass on to heirs.  When the housing market lost equity they (or their heirs were out of luck.)

Even in a market that has held up much better than most of the country, this is a shift in retirement and 

inheritance plans of many people.

The Asian chicken salad was delicious, despite the depressing conversation.

If you have any questions about selling a home in a trust or probate please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Open Sun Sept 25 1:30-4:30 Almaden San Jose with nion Schools

 Gorgeous Large Almaden Home With Union Schools$949,000.00 

1523 Oak Canyon Dr, San Jose, CA 95120
26 Photos	5 Bed, 3.0 Bath 2760 SF Tour # 2556279

---

This beauty on a 7,405 sq ft lot has it all: 5 bedrooms, 3 baths with a full bedroom and bath downstairs, separate family room, separate dining room, pergo floors, and lush landscaping in a very quiet and presigious location.		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.

San Jose Distressed Property Market Report

San Jose Single Family homes

Active Short Sale Listings:  371

Active Bank Owned Homes: 77

Pending Short Sale Homes: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

Pending Bank Owned Homes: 127

Sold Short Sale Homes, Last 6 months 378

Sold Bank Owned Condos/Townhomes: 378

That is an amazing coincidence!

San Jose Condo Townhomes

Active Short Sale Listings: 166

Active Bank Owned Condos:  78

Pending Short Sale Condos/Townhomes: 578

Pending Bank Owned Condos/Townhomes: 104

Sold Short Sale Condos/Townhomes:  210

Sold Bank Owned Condos/Townhomes 314

So, if you add up all the short sale activity there are/were 2281+ for short sales and 1078 bank owned transactions.

My conclusion: even there has been a lot of press recently about how foreclosure filings are up in California right now short sales are dominating the distressed property market in the city of San Jose.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

San Jose Buyer's Short Sale Agents Should Be Rated Too

When making an offer on a San Jose Short Sale it is common for the buyer's agent to ask the listing agent about his or her experience with short sales. They want to know if the seller's agent knows what he or she is doing because that is essential for a successful short sale completion. So when I am asked those questions I can honestly say that I am certified (CDPE), experienced, and successful.

But enough about me, what about you buyer's agent.  How many buyers have you ushered through the sometimes long and tedious process of a short sale? How many of your buyers have dropped out because they got tired of waiting or found something better? How many of your buyers really understand what "As-Is" means? How much do you understand about the process.

When I represent the buyer on a short sale I make sure they understand what is going to happen, how long it could take, and what will be expected of them.  I also make sure the buyer really wants that particular house, and is not just making lots of offers and willing to take the first one that gets approved.  

So if you are selling a San Jose Short Sale, ask your agent to talk to the buyer about their short sale experience and expectations before you sign that offer.

If you have any questions about buying or selling a short sale in San Mateo or Santa Clara Counties 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

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

Tired of Losing Out To All Cash Investors, Try A Santa Clara Short Sale

Today in the Mercury News there was a story about how first time home buyers who need to purchase with loans are getting beaten out by investor cash buyers who often offer less than traditional buyers for foreclosures. http://www.mercurynews.com/business/ci_18853804?IADID=Search-www.mercurynews.com-www.mercurynews.com

Has this happened to you? If so, I may have the answer, buy a short sale!

In a short sale the seller owes more than the property is worth and has to have the bank forgive the difference between what is owed and what the house is worth.  The seller decides who has given the best offer, signs it, and sends it to the bank for approval.  THE BANK DOES NOT DECIDE WHICH OF SEVERAL OFFERS IS THE ONE THEY WANT, JUST WHETHER OR NOT THEY WILL ACCEPT THE OFFER THAT IS PRESENTED TO THEM.

Most banks have said very specifically they want the highest offer, and do not think cash offers are more attractive than ones with loans. This is in direct conflict with what they seem to prefer on foreclosures.

Since most investors try to pay significantly below market value if you make a higher offer, which is closer to market value then your offer will have a much better chance of being accepted, especially if there are not issues which would make the house unlendable.

Sure you have to wait longer for an answer from the bank, and some will not close, but lenders re speeding up the process and you can be happily ensconced in your home usually in 2-6 months instead of still looking 18 months and 15 offers later.

So if you are looking for good deal (though probably not a steal) on a home and are tires of losing to all cash offers find a short sale and enjoy home ownership.

If you have any questions about buying or selling a short sale in Santa Clara or San Mateo Counties 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

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

What is a Buyer's Walk Through Inspection

Today was a good day in real estate, The Buyer's Walk through inspection.  the last 6 weeks have been rough. For some reason every lender that my clients used (and there were 4 different one) decided that despite promising a 14 day approval and 30 day close, it just did not happen. It was as some one just turned of the money spicot. Anyway, I managed to get the  clients through the escrows and today was walk through for a condo in Menlo Park.  

At the walk through the buyer checks to make sure that everything is in the same general condition as when the offer was made.  If any repairs were agreed upon they have been completed.  We check the plumbing, make sure no windows were broken, use the appliances, and turn lights on.  Sometimes the seller will be at the walk through to show the new buyer how to work things. sometimes the seller's agent is there to help out. Sometimes the buyer and his/her agent are there alone.

What many buyers do not realize about the walk through in California is that if something is found to be wrong it is not a license to hold up the escrow.  The remedy is to ask the seller to fix the problem, and if they do not agree you need to close escrow and then proceed to take legal action. You can not just say I am not closing escrow unless the broken window is fixed. 

I have had some interesting experiences at closes. Very often the seller is not aware of the obligations of what they need to leave behind, and sometimes they just do not care.  On one sale a seller fixed the septic tank, but dug up the whole yard to get it fixed, and never replaced the ground cover.  Sometimes window coverings are removed when they are supposed to stay.  Sometimes houses have burn down. (that was actually an office mates walk through.)

So, even if you were just at the house you are buying the week before, it is a very good idea to do your walk through at the very end. that way, if something really bizarre has happened, like the house burning down, you know what has happened and can deal with it. And while you can not hold up an close for missing curtains, you absolutely can for a burned down home.

If you have any questions about buying or selling homes 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

D.R.E. 01191194

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

Sunnyvale Short Sale and Carbon Monoxide Detectors

There is a new law that mandates Carbon Monoxide monitors be installed in all residential properties in California. Lenders are taking this seriously! I had a buyer purchasing ashort sale in Sunnyvale that was scheduled to close last Friday, after several extensions. (The first lender kept asking for closings that were not physically possible to adhere to due to a second loan.) We managed to get to loan docs being drawn within 3 weeks of the approval on the second, a miracle in itself. This was on Wed., 2 days before drop dead close date.  Loan docs were signed and sent by currier (for a cost of $180) back to the lender. Thurs morning, when they were supposed to fund, the lender said they wanted to see a picture of the required carbon monoxide detectors before they would fund. The picture was taken and sent back to the lender after a little hysteria on everyone's part and we closed on Fri.

Lesson learned. Plug in the little devise before the inspection before the appraisal, and save yourself a lot of last minute drama.

If you have any questions about short sales in Santa Clara or San Mateo Counties 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

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

What Happens If I Want to Buy A Palo Alto Condo and There are MOre Than30% Rentals?

Buying a condo can be complicated. There are many things a buyer and lender will look at to determine if it is the right place to buy and if the lender feels it is a safe investment.  Some of the considerations for the lender are:

1. How many delinquent HOA dues are outstanding?

2. How many recent foreclosures or short sales?

3. Is all of the needed insurance in place for full replacement?

4. How well funded are the reserves?

5. Is there any outstanding litigation?

6. And now a very important question is what is the percentage of owner occupied to rental units?

If you are trying to buy or sell a condo in a development with higher than 30% rental units and the loan is going to be sold to Fannie Mae, then they will want to do a full approval of the HOA before agreeing to make the loan. This will take about 3 weeks after they receive all the HOA documentation, so you will need to be patient.

If you are the seller it is a good idea to have your realtor order the HOA docs as soon as possible and if you are the buyer make sure your lender gets started on this right away.

And for both parties, understand and accept that this may take longer than expected so plan accordingly.

If you have any questions about buying or selling condos in the Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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

Almaden San Jose Open House Sun Sept 4 1:30-4:30

Gorgeous Large Almaden Home With Union Schools	$949,000.00
1523 Oak Canyon Dr, San Jose, CA 95120 26 Photos 5 Bed, 3.0 Bath 2760 SF Tour # 2556279   This beauty on a 7,405 sq ft lot has it all: 5 bedrooms, 3 baths with a full bedroom and bath downstairs, separate family room, separate dining room, pergo floors, and lush landscaping in a very quiet and presigious location. 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.

Silicon Valley Market Report

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot August 28, 2011   Average List Price Median List Price Average Days On Market Santa Clara County, CA Single Family under $1M $591,660 $584,000 72 Single Family over $1M $2,302,182 $1,658,800 83 Condo/Townhome under $600K $345,620 $340,000 80 Condo/Townhome over $600K $750,850 $699,995 66 San Mateo County, CA Single Family under $1M $609,432 $575,000 75 Single Family over $1M $2,790,438 $1,659,000 85 Condo/Townhome under $600K $372,051 $359,000 88 Condo/Townhome over $600K $786,863 $738,000 82 Santa Cruz County, CA Single Family under $1M $556,118 $550,000 84 Single Family over $1M $1,976,729 $1,695,000 113 Condo/Townhome under $600K $357,774 $339,900 121 Condo/Townhome over $600K $799,647 $750,000 117 Monterey County, CA Single Family under $1M $458,950 $389,000 88 Single Family over $1M $3,208,752 $2,295,000 121 Condo/Townhome under $600K $317,087 $299,900 98 Condo/Townhome over $600K $1,106,630 $895,000 88 San Benito County, CA Single Family under $1M $364,428 $325,000 95 Single Family over $1M N/A** N/A** N/A** Condo/Townhome under $300K N/A** N/A** N/A** Condo/Townhome over $300K N/A** N/A** N/A** Alameda County, CA Single Family under $1M $439,042 $399,900 78 Single Family over $1M $1,777,377 $1,495,000 89 Condo/Townhome under $600K $273,721 $249,900 89 Condo/Townhome over $600K $741,988 $693,888 67 Contra Costa County, CA Single Family under $1M $385,303 $311,900 76 Single Family over $1M $1,908,939 $1,495,000 123 Condo/Townhome under $600K $223,416 $175,000 88 Condo/Townhome over $600K $747,859 $695,000 59 What I find so interesting about this is that the days on market for single family homes and condos is very similar.  This was not the case a few years ago.  I think this is because the job market in the Silicon Valley is on fire. However, many of the high tech jobs are being filled by very young workers. Recent college grads are being hired at Facebook, Linkedin, google, and many other very new startups.  The home buying demographic is very young, and these younger buyers are very happy buying condos and townhomes.

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.

With very best regards, Marcy Moyer Keller Williams Direct (650) 619-9285 Cell Phone (650) 619-9285 Fax (650) 560-6290 marcy@marcymoyer.com www.marcymoyer.com CA DRE License Number: 01191194

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