Menlo Park Distressed Property Sales Watch 2011

It's the end of the year so time for the round-up of distressed property sales in Menlo Park. So here's what happened:

Single family and condo townhomes 2011:

Total sales:  451

Short Sales: 39

REO:           22

Distressed sales as a percentage of total sales: 13.5%

Compare to 2010

Total sales:   431

Short Sales:   28

REO:            29

Distressed sales as a percentage of total sales:  13.2%

My conclusion:

The percentage of distressed properties in Menlo Park are  very similar to 2010 at 13.2%, however, there is one big difference. In 2010 there were 6 distressed property sales in homes in the Menlo Park or Las Lomitas School District, with the remainder in the Redwood City or Ravenswood District. In 2011 there were 18 distressed property sales in homes in the Menlo Park School District. This follows a national trend of the higher priced homes as a growing segment of distressed sales.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Palo Alto Distressed Property Watch 2011

It's the end of the year so time for the round-up of distressed property sales in Palo Alto. So here's what happened:

Single family and condo townhomes 2011:

Total sales:  590

Short Sales: 13

REO:           9

Distressed sales as a percentage of total sales: 3.73%

Compare to 2010

Total sales:   563

Short Sales:   8

REO:            6

Distressed sales as a percentage of total sales:  2.5

My conclusion:

The percentage of distressed properties in Palo Alto are not enough to make a difference in the market value of homes. There was an increase in both short sales and REO in 2010 over 2011, but again, not enough to make a big difference. Palo Alto has so far managed to escape the trauma of very many people losing their homes. The same can not be said about many surrounding neighborhoods.

If you have any questions about short sales or bank owned homes 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

Why Does Bank of America Keep Rejecting Me?

I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!

I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals, and the current policy is only original statements are accepted, no web page screen shots.

I guess I should not be surprised. Just yesterday I got an e-mail from PNC saying the same thing. They needed the original October bank statement, not the one that was downloaded from the internet. At least PNC did not tell me I was rejected.

So if you want to keep your ego in tact while doing a short sale with Bank of America or PNC, be sure and give your Santa Clara County short sale agent original bank statements (which you may need to order from your bank if you are paperless), or see if you can download something that does not say web page on the screen. And be sure and ask your agent to get original bank statements for the buyer's proof of funds. There may be other banks requiring that now as well, but these are my two latest encounters.

If you have any questions about buying or selling short sales in San Mateo or Santa Clara County 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

For Sale: 1BR/1BA Condo in San Jose, CA, $90,000

For Sale: 1BR/1BA Condo in San Jose, CA, $90,000

Be Careful Your Redwood City Loan Modification Attempt Does Not Led To Foreclosure

Sad story. A client told me last February that she was not able to make the payments on her $750,000 home loan. The house is now worth about $400,000 and this person wanted to get a loan modification and get the principle reduced. I can not tell you how many times I hear this story and how few times I have heard that there actually was a principle reduction. Actually I can tell you how many times I have heard of a principle reduction, once.

Ok, so it is bad enough that banks have been unwilling to reduce principle but things can get worse. My client received a Notice of Default last February and at that point she decided to try to to get the loan modification. In November she was finally offered the loan mod, which she turned down because not only did she not get the pricnciple reduced, but all the missed payments and late payments were added on to the back end of the mortgage.

So on Dec 20th she got a Notice of Trustee Sale and on Dec 26th signed a listing agreement to short sale the Redwood City  home. Here's the problem. While getting an offer before the sale date of Jan. 12th would be hard, but possible, the Mortgage Servicer, Carrington Mortgage said no deal. THEY DO NOT POSTPONE TRUSTEE SALES FOR SHORT SALES.  That is harsh. Not only that but in order to do a HAFA Short Sale and get the auto postponement you need to initialte it 60 days before the Trustee Sale Date.

So now, this person is going to have her home foreclosed. I am very sorry for her, but maybe someone can learn a lesson from this.  

Do not put your head in the sand!!!!! If you can not make your payments do something the first month it happens, not a year later. If you have a change of circumstances, lose your job, get divorced, your loan resets, have a health problem, do something right away. If you want to keep your home and can make payments if they are lowered then apply for a loan mod. Don't do it after you get the notice of default, because by then it may be too late. Some banks will allow you to postpone a sale up to 3 days before the sale, but not all. If you can not make payments and need to short sell, do it right away, not at the last minute. Don't take chances with your financial future.

If you have any questions about buying or selling short sales in San Mateo or Santa Clara County 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

Why a Palo Alto Short Sale Agent is Working on Christmas Eve

One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it isa 2 day task and it is assigned on a Friday, it is due Sunday, period.

So my latest Bank of America short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happens to be Christamas.

And that is why this Palo Alto short sale agent is cheerfully working Christmas Eve. 

Enjoy your holidays!

If you have any questions about buying or selling short sales in Santa Clara or San Mateo County 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

What is a Silicon Valley Short Sale?

Have you fallen behind on your mortgage payments, or know someone who has, and don’t know what to do? Watch this brief video, and find out what a Short Sale is, and why it may be the solution you have been searching for.

Then contact me at 650-619-9285 marcy@marcymoyer.com for a FREE consultation to find out if a Short Sale is right for you.

http://www.youtube.com/watch?v=49sS88Cbsc8

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
D.R.E. 01191194
650-619-9285

Coming Soon: San Jose Short Sale Listed for $90,000

 

A Post Christams Present!

This true one bedroom condo is a real gem.  You get maple cabinets, an inside washer dryer, high ceilings, a large bath, and beautiful architecture, all for only $90,000 (subject to lender short sale approval.) The complex has a pool and secure parking, a locked front door, and is only minutes from downtown San Jose and all of the culture and night life that this lovely city has to offer. Rarely can you find so much at such an affordable place in such a great location.

472 square feet

HOA fees $289.15

Located in desireable Sienna Court

On MLS Dec 26th

Call or email for more info:

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

What I Learned About Chase Offering To 3rd Liens on a Redwood City Short Sale

I know a lot of you are going to think I am crazy but I really love short sales. I am sorry that the market is such that there are many people who need to sell their homes short, but that is the current reality. Given that reality there are many things about the short sale process that I enjoy, fewer things that I just tolerate, and even fewer I hate. 

I HATE PRIVATE THIRD LIENS ON SHORT SALES!!!! I can not emphasize this enough. 3rd liens are always tough, but private ones are the worst, because very often there is an emotional component to the person holding the private third, and also because it is often not a large, impersonal bank losing the money, it is a real person, who probably was depending on that income.

But feelings aside, I learned something very interesting today from Chase. I was told it is their policy to only give $1000 to a third lien, period. This is good information to have, because while they made an exception for me on a Redwood City short sale, I do not expect to get it again. 

So next time I take a short sale listing with Chase as the first lender and a private 3rd lender, I will be able to negotiate upfront with a solid number. If the third is unwilling to take $1000 then I can hopefully find out what they will take, and get that worked out up front.

If you have any questions about buying or selling short sales in Santa clara or San Mateo County 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

Get Your Paperwork For Your Chase San Jose Short Sale in Before You Get An Offer

There are several different types of short sales that will approve your price and the seller's eligibility before you get an offer. If you do not qualify for one of those programs (like HAFA or Bank of America co-operative short sales) then you can try to do a traditional short sale.

In most traditional short sales after the seller signs an offer, his/her short sale real estate agent will send the offer and all of the seller's financial documents to the lender. This can be a time consuming process, and if the lender is still using faxes to gather information rather than online platforms, several weeks can be lost while the lender checks to make sure all the needed documents have been collected.

Chase has a policy which makes this portion of the short sale truly shorter. Once the seller signs the listing agreement the short sale realtor can send all of the documentation to Chase. Once an offer is received and signed, you will be weeks ahead of the game.

So, if you are short selling your home with Chase be sure and ask your short sale realtor to send in your documents right away and save time when you get that offer!

If you have any questions about buying or selling short sales in Santa Clara or San Mateo County 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

A Plea For More Silicon Valley Listings in December

It happens every year. Agents tell their sellers that they should wait until after the holidays to put their homes on the market. They say no one is looking during December so don't bother. Translation: Agent wants much needed and deserved time off during the holidays, or seller has a lot of family coming and does not want people traipsing through their home with all of the activity going on.

Other side of the equation: Very busy professional gets some down time the last two weeks of the year. Or, out of town relocation buyers are coming to the area to look for a place to live in the new year.

It doesn't take a rocket scientist to see the problem. The only inventory left on the market at this time of year tends to be overpriced or weird which does not help the buyers who finally have time to look. 

I was with one of these too busy for the last 3 months buyers today. You would not believe some of the weird stuff we saw in San Carlos today. A house with a kitchen with gorgeous newer cherry cabinets, and a tiled blue stone counter that would hold bacteria in its many ridges forever. Why someone spent the money to tile a kitchen counter with these impossible to keep clean tiles when they could have put a slab of granite on for the same price is beyond my comprehension. this same home had replaced the asbestos wrapped heating ducts in the entire house, except for about 5 feet under the house. Why? If you are going to spend the money to remove asbestos on yards and yards of ducting why leave a few feet undone? Another home had 7 different kinds of flooring, on a 1400 square foot home.  A third home had removed the bathtub from the main hall bathroom and installed a double vanity. They then added a full bath with tub in the family room completely on the opposite side of the house from the bedrooms.

I was with a pre-approved buyer who can afford a million dollars with time on his hands to buy a home, and there is nothing for him to consider. 

I know I am not the only one frustrated by this disconnect between buyers and sellers.

So I am putting my money where my mouth is and putting a short sale condo in downtown San Jose on the market on Dec 26th. It is not overpriced or weird.

So sellers, next year put your home on the market in December if you want to attract hard working qualified buyers who have time to look.

If you have any questions about buying or selling a home in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@mrcymoyer.com

650-619-9285

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

Don't Go To That New Home Development In Sunnyvale Without An Agent

First time home buyers almost always start their home search on the internet. Next is to go out looking at open houses and driving neighborhoods. Eventually they usually pick a real estate agent to help them buy their first home. Along the way, they often stop in to a new home development. That is when the trouble can potentially start.

If a buyer goes into a new home development with out an agent the first time they will generally not be able to use a realtor to help them if they decide to purchase in that development.  There are some exceptions to this but for the most part it is a big problem. 

If you have already made this mistake there are a few things you can do.

1. You can ask a realtor to talk to the developer about making an exception and paying that realtor to represent you.

2. You can pay the realtor yourself. This can be done as a percentage of the home price, a flat fee, or an hourly consulting fee.

Can you buy a new home without representation? Of course. Is it a good idea? Probably not if this is your first home.  The developers have legions of lawyers and brokers helping them. Many of these developers are good, honest business people, but the process is complicated and I believe it is better to have someone looking after your interests, not the interest of the developer.

If you have any questions about buying a new home in Santa Clara or San Mateo County 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

It's a Good Idea To Check Your Redwood City Trustee Sale Postponement

Unfortunately many homeowners get behind in their mortgage payments. The good thing is that there are many programs out there to help homeowners including loan modification programs or short sales.  Very often a trustee sale date is set before a short sale or loan modification is completed, but this date is most likely be postponed in order to give the homeowner the opportunity to work thinking out with the bank. The homeowner or their agent needs to ask the bank representative with whom they are working to postpone the trustee sale date. That rep will then make sure it is ok with the investor on the loan (which it usually is) and then postpone the sale. The record of postponement can be found on foreclosure tracking sites like www.foreclosureradar.com

However, sometimes mistakes are made.  While I do not subscribe to the theory that corporations are people, it is actual people who have to deal with the day to day operational issues, and sometimes they make mistakes.  Someone may have agreed to a postponement and for what ever reason the word did not get to the person who actually makes that happen.

Last week I went to a trustee sale on the San Mateo County court house steps for the first time. It was very interesting. There were 2 people there whose homes had been scheduled for a trustee sale but were postponed. At the beginning of the sale the auctioneer reads off the addresses of the sales that have been canceled or postponed. The people who were there to check on their homes left after they heard that their postponements actually did happen. At the time I thought that was overkill, but I changed my mind quickly.

I was there checking on another property that had been listed as a short sale. This particular property was sold back to the bank, by mistake. It had in fact gotten an offer that was acceptable to the bank but someone forgot to stop the sale. It was not a big conspiracy or a plot for the bank or investor to take back this property, just a human mistake.

So if you are in a situation where there is a trustee sale date that you have been told is postponed or canceled, I would recommend going to the court house on the originally scheduled date and making sure. It is a lot easier to save your house before a foreclsoure than after.

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

Dec 10, 2011 Deadline for this Year's California Property Taxes

It's that time of year again. Christmas lights are going up, holiday music is starting to get annoying, menora candles are purchased, and the big one: PROPERTY TAXES ARE DUE.

This is a bad one to forget because the penalty is high, 10% of the amount due. So if you owe $2500 and you are late the fine is $250, unlike a $35 fine on a credit card.

If you can not find your tax bill you can get it online. In Santa Clara County go to http://payments.scctax.org/payment/jsp/startup.jsp

In San Mateo County go to: http://sanmateocountytaxcollector.org/securedTaxes.html

After you pay them you can enjoy the rest of your holiday season.

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