In Santa Clara from Jan 1, 2012 until June 30, 2012 there were:
97 closed short sales
47 closed bank owned homes
Total sales during this time period were 491
Total % Short Sales: 19.8%
Total % REO Sales: 9.6%
Total Percentage Santa Clara Distressed Properties: 29.4%
29.4%
of all Santa Clara sales being distressed is enough to have an effect
on the overall market. However, as inventory is still so low, unless
these homes are truly physically distressed, which is more common with
bank owned homes at this level, most homes will not sell for much less
than fair market value. There are twice as many short sales as
foreclosures in this time period which is what we are seeing in many
other cities.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Monday, July 30, 2012
Mountain View Ca Short Sale/Foreclosure Update
In Mountain View from Jan 1, 2012 until June 30, 2012 there were:
16 closed short sales
22 closed bank owned homes
Total sales during this time period were 349
Total % Short Sales: 4.58%
Total % REO Sales: 6 %
Total Percentage Mountain View Distressed Properties: 10.58%
10.58% of all Mountain View sales being distressed is not enough to have a major effect on the overall market. Additionally, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have much effect at all. Ther are so many employed people looking for homes near Google, Apple, and other high tech companies, that homes are getting multiple offers, selling at appreciating prices, and are almost always in high demand. It is interesting to see there are more foreclosures than short sales which we have not seen in other cities.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
16 closed short sales
22 closed bank owned homes
Total sales during this time period were 349
Total % Short Sales: 4.58%
Total % REO Sales: 6 %
Total Percentage Mountain View Distressed Properties: 10.58%
10.58% of all Mountain View sales being distressed is not enough to have a major effect on the overall market. Additionally, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have much effect at all. Ther are so many employed people looking for homes near Google, Apple, and other high tech companies, that homes are getting multiple offers, selling at appreciating prices, and are almost always in high demand. It is interesting to see there are more foreclosures than short sales which we have not seen in other cities.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Thursday, July 26, 2012
Whisman Station Townhome open this Saturday 1:30-4:30pm
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Monday, July 23, 2012
Getting an East Palo Alto Ca Probate Home Ready To Sell Part 1
I have a new listing coming on the market in East Palo
Alto that is being sold through Probate. The seller has passed and the
home must be sold to settle the estate. Like many homes in probate, this
East Palo Alto Probate is filled with personal
belongings that need to be disposed. The owners are at a loss, so they
hired me, because I specialize in dealing with selling San Mateo County homes in probate and can help them deal with the mounds of personal property.
The Personal Representative of the estate is one of the sons of the deceased. In addition to the home being filled there were also two automobiles, and 2 large mobile bar-b-ques that his father used for his catering business.
The first thing I did was call an auction house DGW who sent someone to look at the home and contents to see if any of the contents were saleable. The Personal Representative had already given the court an estimate of the value of the personal property and his attorney said it was ok to go ahead and sell anything of value so that the money could be distributed amongst the heirs when the estate is settled.
The rep fro DGW said there was some value in the estate and suggested we call the office to set an appointment for pick up. This auction house will pick up the items they think they can sell and take them to auction. We had the pickers come to the house and remove those items which they thought they could sell. It was only a small portion of what there actually is. They said furniture, especially upholstered furniture has no market and they only took the cars, the stetson hats, some tools, sewing machines, and some very nice boots.
When they left the house was still packed.
So then what?
Well, the next step is the other son is inviting the family to come and take what they want. This is ok, because they can prove the remaining items have no monetary value. They could not do it before the appraiser from DGW came and said everything left is not salable.
I will go there after the family has taken what they want and assess the situation.
This East Palo Alto Probate is to be continued.
If you have any questions about trust or probate 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
650-619-9295
D.R.E. 01191194
The Personal Representative of the estate is one of the sons of the deceased. In addition to the home being filled there were also two automobiles, and 2 large mobile bar-b-ques that his father used for his catering business.
The first thing I did was call an auction house DGW who sent someone to look at the home and contents to see if any of the contents were saleable. The Personal Representative had already given the court an estimate of the value of the personal property and his attorney said it was ok to go ahead and sell anything of value so that the money could be distributed amongst the heirs when the estate is settled.
The rep fro DGW said there was some value in the estate and suggested we call the office to set an appointment for pick up. This auction house will pick up the items they think they can sell and take them to auction. We had the pickers come to the house and remove those items which they thought they could sell. It was only a small portion of what there actually is. They said furniture, especially upholstered furniture has no market and they only took the cars, the stetson hats, some tools, sewing machines, and some very nice boots.
When they left the house was still packed.
So then what?
Well, the next step is the other son is inviting the family to come and take what they want. This is ok, because they can prove the remaining items have no monetary value. They could not do it before the appraiser from DGW came and said everything left is not salable.
I will go there after the family has taken what they want and assess the situation.
This East Palo Alto Probate is to be continued.
If you have any questions about trust or probate 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
650-619-9295
D.R.E. 01191194
Saturday, July 21, 2012
East Palo Alto Ca. Foreclosure/Short Sale Roundup
In East Palo Alto from Jan 1, 2012 until June 30, 2012 there were:
36 closed short sales
20 closed bank owned homes
Total sales during this time period were 96
Total % Short Sales: 37.5%
Total % REO Sales: 20.8 %
Total Percentage East Palo Alto Distressed Properties: 60.7%
60.7% of all East Palo Alto sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales which has also happened in other cities.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
36 closed short sales
20 closed bank owned homes
Total sales during this time period were 96
Total % Short Sales: 37.5%
Total % REO Sales: 20.8 %
Total Percentage East Palo Alto Distressed Properties: 60.7%
60.7% of all East Palo Alto sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales which has also happened in other cities.
If you have any questions about short sales or foreclosures in San Mateo County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Monday, July 16, 2012
Sunnyvale CA Foreclosure/Short Sale Roundup
In Sunnyvale from Jan 1, 2012 until June 30, 2012 there were:
32 closed bank owned homes
Total sales during this time period were 447
Total % Short Sales: 12.9%
Total % REO Sales: 7.1%
Total Percentage Sunnyvale Distressed Properties: 20%
20% of all Sunnyvale sales being distressed is enough to still have some effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales.
If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Saturday, July 14, 2012
A Great Result on a Very Hard Redwood City Chase Short Sale
I have been working on a Redwood City short sale
with Chase since last September. Now if this were 2009 this would be
more like dog bites man rather than man bites dog. But it is 2012 and
most short sales do not take so long. However, this one has a 3rd loan
for a lot of money and it slowed the process down.
Selling the property at market value was not that hard, despite being on a fairly busy street. We got an offer for $510,000 and a BPO for $510,000 so it started out ok. By December I had approval on the first and second with a payoff of 6K to the third who had previously owned the home and had a $120K note on the property.
Third lender said no way. He wanted 65K as a note from the seller or cash from the buyer.
Buyer and seller said no. Buyer walked.
House went back on the market and we got another offer right away. This was February.
Chase did a new BPO and said the value had increased to $560,000. New buyer agreed to pay the 3rd loan 50K plus $560,000 to chase. After several months Chase said no, they were not going to allow the third lender to get so much money. That was May.
We were then told to try submitting a new offer to see if we could get a different answer. Well that sounded like the definition of insanity to me, but we tried. So we submitted a new offer of $562K plus $50K going to the third lender. Keep in mind that every month during all of this we had to get Chase to postpone the trustee sale.
So several weeks ago the new offer for the Redwood City Short Sale got to the new negotiator who ordered a new BPO. She said the BPO's value had not changed again and the offer was fine as it was. I asked about the issue of the third lender getting so much money and she said she thought it would be fine.
I was doubtful, but she was right. Today we got a Short Sale Approval Letter!!!!! I never believed this would happen but I persisted anyway and it was worth it.
So now my Redwood City Short Sale has Chase Approval, my sellers can get on with their life, the buyer has the home of his dreams, the third lender who is a human, not a big bank has at least a good portion of his money back, and Chase can get a bad performing asset of their books as well as market value for the home. We all won on this one.
If you have any questions about buying or selling a short sale 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
Selling the property at market value was not that hard, despite being on a fairly busy street. We got an offer for $510,000 and a BPO for $510,000 so it started out ok. By December I had approval on the first and second with a payoff of 6K to the third who had previously owned the home and had a $120K note on the property.
Third lender said no way. He wanted 65K as a note from the seller or cash from the buyer.
Buyer and seller said no. Buyer walked.
House went back on the market and we got another offer right away. This was February.
Chase did a new BPO and said the value had increased to $560,000. New buyer agreed to pay the 3rd loan 50K plus $560,000 to chase. After several months Chase said no, they were not going to allow the third lender to get so much money. That was May.
We were then told to try submitting a new offer to see if we could get a different answer. Well that sounded like the definition of insanity to me, but we tried. So we submitted a new offer of $562K plus $50K going to the third lender. Keep in mind that every month during all of this we had to get Chase to postpone the trustee sale.
So several weeks ago the new offer for the Redwood City Short Sale got to the new negotiator who ordered a new BPO. She said the BPO's value had not changed again and the offer was fine as it was. I asked about the issue of the third lender getting so much money and she said she thought it would be fine.
I was doubtful, but she was right. Today we got a Short Sale Approval Letter!!!!! I never believed this would happen but I persisted anyway and it was worth it.
So now my Redwood City Short Sale has Chase Approval, my sellers can get on with their life, the buyer has the home of his dreams, the third lender who is a human, not a big bank has at least a good portion of his money back, and Chase can get a bad performing asset of their books as well as market value for the home. We all won on this one.
If you have any questions about buying or selling a short sale 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
Large Almaden home open this Sunday, 1-4pm!
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Monday, July 9, 2012
Menlo Park Ca REO/Short Sale Roundup
In Menlo Park from Jan 1, 2012 until June 30, 2012 there were:
9 closed short sales
9 closed bank owned homes
Total sales during this time period were 227
Total % Short Sales: 4%
Total % REO Sales: 4% Total
Percentage Menlo Park Distressed Properties: 8%
8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.
If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
9 closed short sales
9 closed bank owned homes
Total sales during this time period were 227
Total % Short Sales: 4%
Total % REO Sales: 4% Total
Percentage Menlo Park Distressed Properties: 8%
8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.
If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Friday, July 6, 2012
Large Almaden home open this weekend, 1-4pm
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