Santa Clara Ca Short Sale/Foreclosure Round Up

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

Wells Fargo Gave Me a Save the Date on a Santa Clara Short Sale

Have you ever gotten a Save the Date invitation for an upcoming event? They are great because they help you plan for the future, and bring excitement for the future into the mix. I got a lovely e-mail today from my negotiator on a Santa Clara Short Sale Listing.  He said that he was just waiting for management to approve his approval and he should have something in writing to me in a few days.  This was very nice for a number of reasons:

1. Everyone involved is looking forward to getting approval and moving forward. The buyer and seller need to know things are moving forward.

2. After short sale approval there is a lot that needs to be done. The buyer's loan gets initiated, appraisal is ordered, and the property inspections are completed. The HOA docs also need to be ordered if the home is a condo and they have not already been ordered.

Knowing that approval should be coming in a few days (baring any management hiccups) means we all have a heads up to get ready to roll.

If you have any questions about short sales 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

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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

My Week In Silicon Valley Short Sales

This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:

1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer.  It was smooth, and took 3 months start to finish.

2.  Another buyer is buying a short sale in Sunnyvale.  The file had been lost in bowls of HAFA, (government assisted short sales), but the listing agent managed to find it, get it back to a tradional sale, and we are waiting for a negotiator to be assigned.  we are 6 weeks into it.

3.  My Menlo Park Short Sale Listing with Chase has been in and out of escrow 4 times now.  the investor for Chase wants more money than the house is worth based in its condition.  After being with the latest negotiator 6 weeks we got another response from the investor asking for more money now than what they approved last time.  The buyer has now agreed to the previously approved price and we are waiting to hear back from teh negotiator.

4.  My Santa Clara Short Sale Listing was submitted 5 weeks ago.  It finally got a negotiator this week.

So all in all it has not been a bad week.  Short sales are still long, and can have problems, but all in all there are a lot of yeses so they are worth pursuing if you can not keep your home and want to avoid foreclosure.

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

Federal Government Disclaimer (MARS):
1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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

Open House This Sun feb 20! 1 - 4!

DREAM HOME ON THE GOLF COURSE...

Gorgeous 10 year old home with a huge gourmet kitchen, extensive use of granite, slate, marble, and hardwood.  

4 bedrooms plus an office that can be used as a 5th bedroom. Beautiful views of the hills and golf course. Downstairs bedroom and bath. Extraordinary opportunity to live in Eagleridge

Take a Visual Tour...

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

Santa Clara County Short Sale: Wells Fargo is OK!

I have a listing for a beautiful home in Gilroy as a short sale. Indymac approved the short sell off of the first through their 3rd party negotiator Service Link.  Wells Fargo has had the file for 3 1/2 weeks now and the negotiator has said it looks fine with him and will recommend the upper management approve the short payoff with the 10% of the loan balance the first has offered.  He is not asking for a seller contribution or a deficiency judgment.  The upper management still needs to approve but he said it is incredibly unlikely they will go against his recommendation. So why do I think I was successful so far on this one.

It is not rocket science but there is a method to my madness:

1. First and foremost it is in the best interests of the banks/investors right now to approve this short sale.  If it wasn't I really do not believe there is much I could do to make it happen. i also believe it is often in their best interests so it is a great idea to try and not just let a house go to foreclosure.

2. I read the instructions, many times.  The banks and servicers tell me what they want to have submitted and I provide what they need.  When they lose it I re-submit and do not make a stink.  I check 24 hours after submittal to make sure they received everything. Wells Fargo will even check the file when you call and stay on hold while they check.

3. I am nice to people. It does not help the process in my opinion, if I yell and huff and puff. We are all trying to do a job here, and that is for me to help people in a bad situation and for the banks or servicers to get as much money re-couped for the bank.  In the case of a short sale those goals are usually in sync with each other. so if we take the attitude that I can help them and they can help me it is much easier and more fun to negotiate.

4. Wells Fargo kept this home equity line in house and did not sell it to an investor. My experience has been that dealing directly with a bank is easier than dealing with a third party investor.

So if you have a home in Santa Santa Clara or San Mateo Counties that you need to short sell, call, e-mail, or text and let mw show you how I can help.

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 Trust and Probate Sales

LUXURY GILROY SHORT SALE! Open House This Weekend!

DREAM HOME ON THE GOLF COURSE...

Gorgeous 10 year old home with a huge gourmet kitchen, extensive use of granite, slate, marble, and hardwood.  

4 bedrooms plus an office that can be used as a 5th bedroom. Beautiful views of the hills and golf course. Downstairs bedroom and bath. Extraordinary opportunity to live in Eagleridge

OPEN HOUSE THIS WEEKEND SAT 20 /SUN 21 1 - 4

Take a Visual Tour...

Disclosures available at www.marcymoyer.com

Gilroy Ca Luxury Short Sale

DREAM HOME ON THE GOLF COURSE...

Gorgeous 10 year old home with a huge gourmet kitchen, extensive use of granite, slate, marble, and hardwood.  

4 bedrooms plus an office that can be used as a 5th bedroom. Beautiful views of the hills and golf course. Downstairs bedroom and bath. Extraordinary opportunity to live in Eagleridge

OPEN HOUSE THIS WEEKEND SAT/SUN 1 - 4

Take a Visual Tour...

Disclosures available at www.marcymoyer.com