It's Almost Midnight For Sunnyvale Short Sale Federal Tax Debt Relief

If you can not pay your mortgage you might want to do something about it sooner rather than later. Here's why:

1. The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012

2. This act says that if you sell your primary residence as a short sale or it is foreclosed then no federal tax is owned on the debt foregiveness, the difference between what you owe and what the bank was paid back after the short sale or foreclosure.

3. In 2013, unless the act is extended there will be taxes owned on homes that are foreclosed or sold as short sales.

4. Do you really think the congress is going to pass anything like an extension of this tax relief during the election season?

So, if you can not pay your mortgage DO SOMETHING NOW. Don't be stuck with losing your home and then still owing taxes on it.

If you have any questions about short 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

650-619-9285

D.R.E. 01191194

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

But The Seller Gave Me Three Days To Respond To Her Counter Offer On Her Menlo Park Home

Yesterday I wrote about a happy clause inthe CAR contract, today is a sad clause for my buyer. She wrote an offer and got a counter. The counter gave her 3 days to respond, so naturally she thought she was protected and that no one else could have an offer accepted during that time period on this Menlo Park home.

WRONG!

Paragraph 2 of the California Purchase Contract sayd that the seller has the right to market the property and accept any other offer during the time period that the counter offer is valid.  

So, while my client is hemming and hawing, and thinking very carefully about a five thousand dollar difference, someone else could make a higher offer and get the property. Every buyer must decide carefully about what they are willing and able to pay for a home, just as every seller needs to decide carefully and without pressure how much they are willing to accept for their home. But, the buyers must know that there is always a risk that they may lose out by taking their time and be ok with that. Same goes for the seller.  they should make the decision carefully, but must understand that during that time period the buyer may find a different home they like better.

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@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 If The Palo Alto Home Is Destroyed Before I Close Escrow?

What If The Palo Alto House is Destroyed Before I Close Escrow 

I was writing an offer with a client yesterday and for once, this buyer was pleasantly surprised by a provision of the California Real Estate Purchase contract.  We were discussing contingencies and deposits and what happens if.....

I explained that she would put a deposit in escrow and then start her inspection process. If something came up during the 10 day contingency period that she was not comfortable with, or that the seller refused to fix or give her a credit for, then she could drop out and get her deposit back. However, if she removed her contingency and then did not go through with the sale her deposit would be at risk. 

My client's daughter then said, " So if the house is destroyed by an earthquake, and you do not want to by it you could lose your deposit."  They were so happy to hear that no, that was not the case. There is another provision in the contract which says if the house is substantially damaged then the buyer can elect to cancel the contract or take the insurance proceeds and rebuild themselves. 

This fact made my buyers happy as it really eliminated a big risk for them.  Basically even after the contingencies are removed, if the house is substantially damaged by an earthquake, fire, flood, etc., the buyer can cancel and not loose their deposit.

Unfortunately when you buy or sell a home in Palo Alto things can happen that are out of everyone control. Homes burn down, get flooded, and even occasionally get damaged by earthquakes. If this happens during that short period of an escrow, especially the part of the escrow when the contingencies have been removed, there is a remedy that relieves the buyer of the responsibility of purchasing that home.

I wonder if any homes on the east coast were in escrow and damaged by the quake last summer?

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@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

New Construction in Sunnyvale and Santa Clara

There are several new developments in Sunnyvale and Santa Clara that are a big hit with buyers.  These homes are priced from the mid 400's to mid 600's, seemingly a sweet spot for Silicon Valley buyers. I have visited several of these communities and am pretty impressed with their size, floor plans, price, and finishes.
Fusion in Sunnyvale is a large development off of Duane between Wolf and Lawrence.  It has a more modern look, and has some great amenities like an exercise center.  There are 2, 3 and 4 bedroom models with the 3 and 4 bedrooms selling the fastest. they only release a few homes at a time and so far the sales of the larger models has been swift! the smaller units are selling, but not as fast and there are more of them, so they are easier to get.  Fusion  built by O'Brian Homes , an excellent high quality builder. More info can be found at www.fusionsunnyvale.com
Fair Oaks Place is lovely development in Sunnyvale off Fair Oaks between Maude and Duane. It is a smaller development than Fusion with 3 and 4 bedroom homes that have some outside space that will have some landscaping. The exterior style is Mediterranean and the homes all come with solar panels which will keep the utility bills very low.  There are no models because the builder thinks that adds a cost to the home so they have very detailed virtual tours and you can walk through the homes that are in the process of being built to get a feel for the space. The builder is City Ventures and more info can be found at http://www.cityventures.com/sunnyvale.php
KB Homes has a new development near Rivermark called Toscana. These are 3 and 4 bedroom homes  are also selling fast, especially the 4 bedrooms. They are very familiar looking homes to those who have seen KB's work.  They are known for their great floor plans and have front patio areas. The elementary school is Don Callejon which makes this complex extremely popular for families with children. You can learn more about Toscana at ttp://www.kbhome.com/Community~CommID~00650795.aspx
Just remember that if you want to use a realtor to represent you in the purchase of new home (which I highly recommend, especially for first time buyers, they need to go with you on the first visit. If you wander into a new development alone the first time, you will not be able to have a realtor come later and represent you unless you pay them yourself instead of having the builder pay.
If you have any questions about purchasing a new home 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

When Is a Palo Alto Home Sold Through a Probate Court?

This is the most basic question there is on probates, but I keep getting the question so I guess is needs to be answered. 

The answer is : When the home has not been placed in a trust by the owner. It is that simple. It is not a question of is there a will or no will, it has nothing to do with the value of the estate, and it has nothing to do with whether the heirs are on good terms or can not agree on anything.

If a person, or people own a home, have a trust, and put their home in that trust, then when they die, the home is inherited by whom ever they have designated as their successive trustees.

If those same people do not set up a living trust then whether they have a will or not, the estate needs to go through probate court in order to be sold or distributed to the heir or heirs.

If you have any questions about trust or probate 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

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

Should I Buy a Big or Small Home in Sunnyvale?

any buyers face the question should I buy smaller than I can afford or a larger home that I can afford but is at the higher end of what I can afford. the answer to this is complex and very personal but here are some things to consider:

If I buy smaller:

1. More affordable so better cash flow and safer if unexpected bills or income decreases occur

2. Less money for utilities

3. May have to move sooner if family grows

If I buy larger:

1. More expensive so riskier for cash flow

2. More money for utilities

3. Can expand household without having to move. This may be important if conditions are not favorable for selling in the future or if interest rates are much higher in the future.

There is no way to know what the market will look like 3,5, or 10 years from now, so there are always going to be risks. The important thing is to determine which risks are more comfortable for you.

I can say that I have visited a number of new home developments recently. Fusion and Fair Oaks in Sunnyvale and Toscana in Santa Clara.  At all of these developments  the larger homes are selling faster and the builders built more smaller than larger homes. So, in general, you may get a better deal, or at least an easier buy with the smaller purchase, but the larger homes may be an easier resell, if the popularity of larger stays the same.

If you have any questions about buying or selling homes 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

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

Open House in Menlo Park This Sat and Sun! 1 - 4 pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1115 Madera Ave, Menlo Park, CA Great 2 bedroom home with additional family room, wood floors, huge attic, large kitchen, convenient location! 2BR/1+1BA Single Family House offered at $350,000 Year Built 1947 Sq Footage 1,460 Bedrooms 2 Bathrooms 1 full, 1 partial Floors Unspecified Parking Unspecified Lot Size 5,750 sqft HOA/Maint $0 per month DESCRIPTION Welcome to one of the best homes in Belle Haven. This charming home features wood floors, large rooms, a show stopping attic, large, 5,700 square foot lot, 1,460 square feet of living space, a huge kitchen, separate dining room, a family room that is currently being used as a bedroom, and really nice architectural details. Belle Haven is a great neighborhood that is now home to Facebook, as well as several other high tech, health, and law companies. see additional photos below PROPERTY FEATURES - Fireplace - Walk-in closet - Hardwood floor - Family room - Living room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Attic - Laundry area - inside - Balcony, Deck, or Patio ADDITIONAL PHOTOS Front Living Room Dining Room Family Room Kitchen Bathroom Bedroom Bedroom Front Yard Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Equal Opportunity Housing Posted: Oct 27, 2011, 7:06am PDT

Open House in San Jose! This Sun 1 - 4

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Marcy Moyer | Keller Williams Realty | (650) 619-9285 1523 Oak Canyon Dr, San Jose, CA Lovely large home in Almaden with Union Schools, mountain views, and mature landscaping. 5BR/3BA Single Family House offered at $949,000 Year Built 1980 Sq Footage 2,760 Bedrooms 5 Bathrooms 3 full, 0 partial Floors 2 Parking 3 Car garage Lot Size 7,405 sqft HOA/Maint $0 per month DESCRIPTION Lovely, large Almaden home with gorgeous maple pergo floors, 3 car garage, separate dining room, family room that opens to the kitchen, huge master bedroom and bath, + 4 additional bedrooms. One bedroom and full bath is on the first floor. Fantastic neighborhood! see additional photos below PROPERTY FEATURES - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Hardwood floor - Family room - Living room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Washer - Dryer - Laundry area - inside - Balcony, Deck, or Patio - Yard ADDITIONAL PHOTOS Front Living room Dining room Kitchen Kitchen Family Room Downstairs bedroom Downstairs bath Master bedroom Master bath Balcony Bedroom Back Yard Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Equal Opportunity Housing Posted: Oct 27, 2011, 7:19am PDT

No It's Not Okay For One Agent to Represent More Than One Buyer in a Menlo Park Short Sale

This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening. 

I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues.  At thus point I have 2. It is in Belle Haven,  a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are good.

Today I got a call from an investor who asked if I would represent him. I told him I do not double end deals as a general rule, and never do it in a multiple offer situation. I gave him the name of an associate who could help him.  He then asked if this person would be representing multiple buyers. I was shocked. If being a dual agent does not seem right to me, representing multiple buyers is beyond all sense of ethical behavior. The investor told me he has bought and sold many homes and this practice has been coming up recently.

All I can say is not on one of my listings, no way, no how.

If you have any questions about buying or selling short 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

650-619-9285

D.R.E. 01191194

Can Redwood City Short Sales Be Sold To Flippers?

If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.

However, there are many banks who disagree and often will put limits on the minimum time a home must be held before they will lend on it for the next buyer. That is an issue for the buyer of your short sale. As a seller there is a more important issue for you. Some banks will make a buyer sign a notarized document promising not to resell the home for a minimum of 90 and up to 180 days after the purchase.  If you accept an offer from a flipper it is a good idea to find out ahead of time if your lender has a policy about minimum holding times after close of escrow.  there is no point in taking your home off the market for 4-12 weeks and then get a notice from your lender that the buyer needs to hold the property for longer than they want. If this happens the buyer will walk, and you will need to start over again.

If you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

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

San Jose Open House This Sat / Sun 1 - 4!

27 Camille Cir Unit 12, San Jose, CA 3BR/2.5BA Single Family offered at $575,000 Year Built Sq Footage Bedrooms BathroomsFloors Parking Lot Size 1991 1,710 3 2.5 2 Unspecified 1,320 sq ft description Fabulous short sale opportunity! Lovely large 3 bedroom/2.5 bath town home with additional large downstairs bonus room not included in square footage of living space. Wood floors, separate family room, granite counters in kitchen, balcony, large master suite, attached 2 car garage. Great complex in convenient location! see additional photos below additional photos                                   Contact info:   Marcy Moyer Keller Williams - Palo Alto (650) 619-9285 Equal Opportunity Housing

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