For Sale: 3BR/2BA Single Family House in San Jose, CA, $676,000

For Sale: 3BR/2BA Single Family House in San Jose, CA, $676,000

East Palo Alto Probate Sale - Open Saturday & Sunday 1:30-4:30pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1108 Newbridge St, East Palo Alto, CA Great Probate Sale In East Palo Alto Court Confirmation Not Required. Great for First Time Homeowner or as Rental 3BR/1+1BA Single Family House offered at $260,000 Year Built 1954 Sq Footage 1,020 Bedrooms 3 Bathrooms 1 full, 1 partial Floors 1 Parking 1 Covered spaces Lot Size 5,980 sqft HOA/Maint $0 per month DESCRIPTION Great opportunity in East Palo Alto. Home has new carpets and new exterior paint. Home is fully fenced with front wrought iron gate. Gas kitchen. Good sized yard, nice wide street. Could use updating but is in livable condition. Bonus room with half bath in back of house. Permits unknown. Hardwood floors under carpet, condition unknown. see additional photos below PROPERTY FEATURES - Bonus/Rec room - Dining room - Family room - Master bath - Storage space - Stove/Oven - Fenced yard - Lawn - Yard - Controlled access - Gated property - Security system - Covered parking - Off-street parking - On-street parking - Hardwood floor OTHER SPECIAL FEATURES - Great Opportunity For a Non Distressed Property in East Palo Alto ADDITIONAL PHOTOS Front Living Room Family Room Dining Room Kitchen Master Bedroom Master Half Bath Bedroom 2 Bedroom 3 Hall Bath Bonus Room Front Gate Yard Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: Sep 17, 2012, 4:17pm PDT

Redwood City Personal Representatives: How Do You Find A Realtor?

If you are a Personal Representative for a home in Probate in Redwood City you may be wondering what is the best way to find a realtor to help you sell the estate's home in Redwood City. You probably understand that you have a very large responsibility and making this decision is important. With so many realtors from which to chose, and conflicting information on the internet, it can seem overwhelming.

Well, there is a trick. Call a realtor and tell them you are the Personal Representative for the Estate of ........

If the realtor has no idea what you are talking about hang up. It is a quick and simple test. If a realtor understands probate, they will know what you are talking about. If they don't understand probate they won't. A Redwood City Probate Sale is not like a traditional sale, a short sale, a foreclosure, etc. It is special and the requirements must be followed or you can find yourself in a lot of trouble.

If the realtor you called knows what you are talking about then you can interview, go through a marketing plan, and see if he or she is a good fit for you. Trust me, you will not have too many agents to interview so it should not be a very hard decision.

If you have any questions about selling a home in Probate 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

East Palo Alto Probate: Court Confirmation May Not Be Needed: Meaning?

When a home is sold through the probate system sometimes court confirmation is required, and sometimes it may not be required. The operative word here is MAY. What this means is that under the Independent Administration of Estates Act, the person in charge of settling the deceased's estate, the Personal Representative, can ask the court if he/she can have the authority to sell a property without court confirmation. Court confirmation happens when an offer is accepted by the Personal Representative and then has to go to the probate court to be approved. At that time there is an overbid process and someone else can come in and offer more money for the house.


When a probate listing says court confirmation not required or MAY not be required, what it means is that the Personal Representative was given the authority to sell the home without court confirmation and the overbid process, but it is not a done deal. If one of the heirs has an objection to the price or terms of the sale, he/she can petition the court for an overbid process. This is not common unless the Probate Referee, who is the person who estimated the value of the home, says the home is worth more than the offer for the home. So for example if a home was estimated to be worth $500,000 and the accepted offer was $400,000 and the Personal Representative can not show good reason for the 20% difference, the other heirs may want to go to court and object.

So if you are a Personal Representative on an East Palo Alto or other San Mateo County Probate home make sure the agent you chose to sell the home gives you a rock solid market analysis. If the price suggested to list is more than 10% less than the Probate Referee's opinion of value work out the discrepancies ahead of time. It will save countless hours of headaches, and lots of money by not having to go to court.

If you have any questions about selling real estate in probate 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

When is a Palo Alto Loan Approval Not Really an Approval

I have been selling real estate Palo Alto and the the Silicon Valley for almost 18 years. I have seen a lot, but this last week was a new experience. I have a client buying a home in Palo Alto. They had a pre-approval letter, and 2 weeks ago got an approval from the bank for their loan. They were specifically told to remove their loan contingency and were given written confirmation of the terms of their loan.

We were then told that loan docs would be ready last Fri. for a Tues close. Last Fri their were no loan docs, and we were told that the underwriter said no and the mortgage broker was trying to get an exception. So of course out question was, why did you send us an approval and tell us to remove loan contingencies if we were not approved?

By Monday still no docs or approval.

On Tues my client walked into the bank and reviewed his file. It turns out there were a lot of mistakes. His file said he makes $1000 a month less than he does, and his student loan payments were $1000 a month higher than they really are. The mistakes were fixed, loan approved on Wed, loan docs in tile on Thurs, signed, and we were able to fund and close today, Fri.

It was stressful, to say the least. So what happened? I cannot answer but I have a hunch.

The Palo Alto market is insane. It is very difficult for buyers with loans to compete with those with cash. Lenders are anxious to get these loans, often for over a million dollars as this one was, and they tend to over promise and rush. When you over promise bad things can happen. When you rush mistakes are made.

My take away from this, when I list a home and a buyer's agent tells me they can get loan approval in 7 days and close in 21 days don't expect it to happen. If I did it would only lead to disappointment. As a buyer's agent don't over promise or believe a lender's over promise. 7 days is not enough time for a true, full approval, period. And when a yes becomes a no, look at the file and don't just accept it.

If you have any questions about buying or selling a home in Palo Alto please feel free to contact me.

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

Sometimes a Blossom Valley Short Sale Is Not The Right Answer

Yesterday I got a call from a client I will never forget. She said "I was able to modify my loan, I can keep my Blossom Valley house, and you were the only one who believed I could do this, so thank you." This made me so incredibly happy.

So what happened was this client and her then husband were pregnant with their first child and ready to buy a home together. They found their dream home in Blossom Valley with my help, purchased it in 2006 with 10% down. In 2007 they had enough appreciation to take out a 2nd loan which they did. In 2010 they had just had their second baby, the home was $250,000 under water, and they split up.

My client did not want to leave the house and try to find a home for herself, the two young children, and her 2 large dogs. She was determined to stay put, get her husband off title, and not disrupt her children any more than necessary. Her lawyer said short sell, her ex stopped helping to pay the mortgage, and her efforts to refinance went nowhere.

I encouraged her to keep trying and not move her children or her border collies from their dream home and lot.

After 2 years she got her principal reduced by 100K (thanks to First Horizon selling the loan to Nation Star who then was very co-operative in modifying her loan). Her ex signed a quick claim deed (don't know why, but he did), and she was able to pay off the second with savings, stock money, and cutting expenses.

So now she has her home, her kids are not disrupted, and with home prices appreciating she probably even has a good investment.

While I always like to help out on Blossom Valley short sales, in this case I am much happier that I did not have to.

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

Redwood City Short Sale Closed, Most Challenging I Ever Had

I finally closed a Redwood City short sale that started in Sept of 2011. Yes, one year for a short sale. What was the problem? Let me count down just the top 10.

10. The sellers asked another agent in my office to sell this home as a short sale but this wonderful agent had never listed a short sale before. She asked me to help her, but by the time she did they were 2 weeks from the trustee sale date and the sellers were sitting on a perfectly good offer they thought was too low.

9. There was a first and second loan with Chase as well as a large 3rd loan which was a carry back from the previous owner. The seller wanted me to negotiate with Chase but have her lawyer negotiate with the 3rd lender.

8. The seller refused to give me any of her financial documents and said she would provide them to Chase herself.

7. The first approval came in Dec of 2011 at purchase price with 5K going to the second and 11K going to the 3rd. The seller said the 3rd lender was going to take that offer, but then the lawyer for the seller said the 3rd lender rejected the offer.

6. The buyer offered to give the 3rd lender another 10K. No response from 3rd lender. Chase said the buyer could not pay off third.

5. The approval from Chase expired, the negotiator at Chase left the country, the house was put back on the market asking for a large contribution to the 3rd. Chase said buyer could not pay off 3rd.

4. New buyer came in and offered 30K to the third on top of the old price (515K).

3. New BPO said house is worth 540-560K so Chase said offer is not high enough. Lawyer for seller and seller told me I should start negotiating with the 3rd. He said he wanted 80K from the buyer and 7K from Chase. I get him down to 50K, Chase said submit again.

2.Buyer, Chase, 3rd lender, seller all agreed to purchase price of 562K with 50K going to 3rd from the buyer and no contribution from Chase. Chase inexplicably changed their policy and will now allow the buyer to contribute to the 3rd payoff. Chase said close by Aug 31.

1. Lots of delays getting the loan funded. Aug 29th still no loan docs. Chase said after 10 trustee sale postponements they were done. Close on Aug 31 or they take the house back. Seller was in Europe but managed to come to back last week of Aug to get her things and sign off. Buyers agent got lender to fund without loan docs and we somehow managed to get buyers signed and closed on Aug 31.

This was a tough one. Most short sales are not this hard, but the secret here was believing that no does not mean no. Not a lesson I would want to teach to my children, but in the short sale world it is a great one.

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

Silicon Valley Investors, Buy and Hold or Buy and Flip?

Silicon Valley Home Prices are on the rise. Inventory is low, and there are plenty of buyers out there making multiple offers the norm, not the exception. Investors have been a big factor in the market since the crash, but now it may be time for a change if you are an investor.

For the last few years investors were gobbling up foreclosed homes, short sales, and other bargain priced properties. These were often rehabbed and resold quickly. While there was often competition from other investors, it was manageable for many investors.

The landscape has changed. The inventory is so low, and the interest rates are not only low, but loans are a little easier to get than right after the crash. This along with a very high employment rate, and skyrocketing rents, has sent first time home buyers flocking back into the market.

As a result, the chance to buy a home for a low enough price to rehab and resell while making a 30% profit is not working in the investor's favor. It may happen occasionally, but not often.

However, there is still plenty of money to be made investing in real estate. Maybe it is time to look into a buy and hold strategy. It will not make you money overnight, but in the long run will bring in more money than being able to snare the occasional flip.

So if you have $500,000 to spend, why not look for 2-3 homes you can purchase, get a positive cash flow, and sell in 5 years for a great profit if the market has appreciated, or keep holding until your profits are at an acceptable level. With a buy and hold strategy the investor should be looking more at appreciation potential than getting the best price or not buying. It is still number crunching, but the set of numbers being crunched is different.

If you have any questions about buyer or selling investment properties 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
DRE 01191194

Palo Alto Ca is a great place for runners, and dogs

So I left my Midtown Palo Alto home this morning with my Labradoodle Demi for our morning run. We ran by El Carmelo Elementary where she was admired by parents and children, then stopped to give her friend Luna, a wild yellow lab, a big kiss and a treat. Down Bryant to Demi's niece Mowgli's house. Of course we had to stop to say hi to Mowgli and get another treat. Across Oregon to the frontage road and we had stop to say hi to Teddy, a huge goldendoodle who loves our organic chicken treats from Pet Food Express in the Piazza's shopping center. From there we went to the corner of High and Oregon and the rat terrier on the roof barked his head off at Demi. Of course Demi had to stop and try to stare the dog down. Through the park and underpass to California Ave, and then Demi had to stop and sniff. She was checking to see if it was a Farmer's Market day when she gets treats from the Avocado lady, Fontana Farms, the cucumber guys, the flower lady, and assorted kids and parents. I think the explosion of labradoodles in Palo Alto can be attributed in part to Demi's Ambassadorship for California Labradoodles in Woodside at the Farmers market every week. It was not Sunday so on to Peers Park, where she had to look for tennis balls for her BFF Kiely, a brilliant Border Collie. Demi will only play with the soft latex balls from Pet Food Express, but we did find a stray tennis ball from the courts at Peers Park for Kiely. Next we ran to Stanford and stopped to chase squirrels in a Eucalyptus grove. We turned around, followed the same path back, treat with Teddy, no Mowgli, Luna was out again and ready for another treat, then home.

I think I am beginning to figure out why I am not getting any faster.

So if you have any questions about running, dogs, or living in Palo Alto 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