Chase Approves Another San Jose Short Sale

Just got approval on another short sale in San Jose with Chase. They are getting to be one of my favorites!

This was not straight forward. Client lost his job and was not able to make payments. He tried a loan mod but did not qualify due to having too much in retirement account. Client is close to retiring.

Put condo on market and got 13 offers. The San Jose inventory for small affordable condos is quite low. Accepted an offer 30% over asking price, cash, with no appraisal contingency. Asking price was market value at the time of the listing. Last 2 sales in the complex were within 5K of listing price.

6 weeks later get approval from Chase but buyer, who was an investor, dropped out.

I start to worry because none of the other 12 offers were over 10% over list price and I am afraid Chase (or actually Freddie) will want more since first offer was so high.

Submit a back up offer for 10% over list price, cash with no contingencies. 4 weeks later get approval.

 Everyone is happy!!!

So fortunately the first offer which was so high did not taint the the process, and since there was no foreclosure date set there was not a danger of losing the condo to a foreclosure. But this is a risk in short sales in the Silicon Valley. The inventory is low. There are many investors and first time buyers in the market competing with each other. Sometimes people make ridiculous offers which they later regret.

How do you know what is the best offer? Is it the highest, is it the owner who wants this home more than anything, is it the person who puts the most money in escrow, has the least contingencies?

This is a complicated question that deserves its own blog. But my best advice to sellers of short sales is start by picking an experienced agent who knows how to analyze offers from a short sale perspective. This is not the same as a traditonal sale perspective. And understand that sometimes things go south, so be prepared for some bumps in the road to finally get to the magic words:

Congratulations: You are off the hook!

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

San Jose Short Sale Got Wells Fargo Approval

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediatley rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission.

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about 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

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

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

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