Do You Have Right To Sell That Half Moon Bay Probate Home Part 3

As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

3rd Example:

Mom and Daughter 1 own a home together. Both are on title as Joint Tenants and own it equally. They need cash so Daughter 1 gives her share to Mom and Mom gets reverse morgage.

Mom does not make a will leaving 1/2 the house to Daughter 1 and 1/2 the house to each of the 4 daughters including daughter 1. She plans on doing it, but never gets around to it.

Mom dies unexpectantly, with no will, no trust, and only a verbal agreeement with Daughter 1.

Reverse mortgage company tells Daughter 1 she needs to sell the house or pay back the reverse mortgage. Daughter 1 can not sell the house or do anything without Probate Court permission because she does not own the house any more and there is no will or trust.

Daughter  1 calls me and give her a referral to a Probate lawyer who will get paid through the sale of the house since there is no cash in the estate.

Daughter one will ask the court to appoint her Admistrator of the estate then ask the other 3 sisters to give up the half of the equity that was supposed to go to Daughter 1.

Hopefully the Probate Court will agree to all of this. It is not guarenteed.

As you can see, these are complicated issue, made more complicated by actions taken by owners and family members before the owners died. 

The moral, just because you think you have the right to sell a house in probate, that does not mean you do. Be sure and consult a Probate Attorney and a Realtor who understand Probate Sales before you proceed.

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Do You Have a Right to Sell That Half Moon Bay Probate Home Part 2

Do You Have a Right To Sell That Half Moon Bay Probate Home Part 2?

As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

Second Example:

Mom owns home in Pacifica in a trust free and clear after Dad passes. She needs money for daily living expenses so she takes out a reverse mortgage.

Eventually she is unable to care for herself. She takes the house out of the trust and gives half to Daughter 1 as joint tenant so daughter has right of survivorship and right to sell house to pay Mom’s assisted living expenses.

Mom’s health gets worse and she needs to be moved to assisted living. Mom and Daughter 1 decide to sell the house to pay for the finest assisted living they can find.

Mom moves to assisted living and 3 days later dies.

Daughter 1 wants to sell the house which has plenty of equity that was not used to take care of Mom, so she plans on splitting it with Daughter 2 and Son 1.

Reverse mortgage company says “Hold Your Horses.” You had no right to change title of house without our knowledge. They claim:

Reverse mortgages are for senior home owners only, not their children. Daughter 1 should not have been on title because she was not given permission by Reverse Mortgage Company.

Joint Tenancy is an equal partnership between all parties. All partied must be equally responsible for any liens/mortgages on the home. Only Mom was on the loan so she should have been the only one on title. 

You can see the problem here.

I suspect this one ends up in Probate Court with Court Confirmation needed instead of a fast, clean easy sale.

Tomorrow I will give you details on other issues that have come up in my Probate sales.

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Do You Have a Right To Sell That Half Moon Bay Probate Home?

Recently I have been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales.

First Example:

Mom owns home in Redwood City free and clear with no mortgage. She has 4 children and wants only 2 of the children to inherit the home. She signs a deed transfer her daughter, not a lawyer, drew up saying that instead of owning the house only in her name she gives 1/3 interest to one daughter and 1/3 interest to one son.

Mom dies. Son and daughter think they inherit the house 50/50, but that did not happeb. Deed does not say all three own as Joint Tenants. That would have provided the right of survivorship. Not only that, but daughter as executor of estate can’t sell the house. The 1/3 interest of Mom now has to go through probate and since there was no will all 4 children get to split Mom’s 1/3. Daughter has to be appointed by the Probate Court as Administrator of the Estate before she can sell the home.

It gets worse. They have to go through probate, hire a lawyer, and pay court costs for 1/3 interest in a house.

The mistake here was not spending the money up front to get advice on how to accomplish Mom’s wish that only two of her children inherit the house.

Tomorrow I will give you details on other issues that have come up in my Probate sales.

If you have any questions about selling a home in Probate in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Elegant Sunnyvale Town Home - 360 Santa Elena Terace, Sunnyvale, CA 94085

Elegant Sunnyvale Town Home - 360 Santa Elena Terace, Sunnyvale, CA 94085

How Much To Offer On A Mountain View Condo With Multiple Offers

Anyone trying to buy a condo in Mountain View right now knows that it is tough out there. There are many more buyers than sellers and many Mountain View Condos sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Mountain View condo multiple offer situation and not overpay?

The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

 

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Mountain View condo in a multiple offer situation,

1. In my opinion the most important thing is, how much is this home worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variables, and the market is a moving target, but a good Mountain View real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Mountain View listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Mountain View real estate agents like to do.

 

In the end, the final offer price and terms will be your decision, but if you have a great Mountain View real estate agent he or she can help guide you through the murky waters of Mountain View multiple offers. On the plus side for would be buyers, now that the spring market is over, the prices are starting to stabilize and this could be a good opportunity to buy without quite as much competition.

If you have any questions about buying or selling a condo in Mountain View please feel free to contact me.

If you would like to search for condos for sale in Mountain click here.

 

Marcy Moyer

Keller Williams Realty Palo Alto 

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Silicon Valley Housing Inventory Snap Shot June 2015

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot May 28, 2015   Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active/sold 30 Days Trend Number of Listings Alameda County, CA Single Family under $1M $626,220 0.80% $649,000 3.02% 32 0 687 Single Family over $1M $1,842,079 1.42% $1,500,000 0.01% 61 0 270 Condo/Townhome under $600K $407,617 -2.42% $399,900 -4.33% 27 -1 189 Condo/Townhome over $600K $755,051 1.88% $698,880 -3.85% 17 -1 58 Contra Costa County, CA Single Family under $1M $532,167 1.05% $498,000 2.05% 42 -3 975 Single Family over $1M $2,086,584 5.24% $1,699,000 2.67% 68 2 454 Condo/Townhome under $600K $355,286 2.36% $349,500 5.94% 30 -2 182 Condo/Townhome over $600K $734,172 1.31% $724,999 0.83% 20 5 56 Monterey County, CA Single Family under $1M $568,607 -2.28% $519,450 -7.08% 71 / 16 -3 / -78 309 Single Family over $1M $3,662,292 0.40% $2,095,000 -0.24% 161 / 10 -5 / -134 298 Condo/Townhome under $600K $322,434 3.83% $305,000 -6.30% 72 / 45 -3 / 45 35 Condo/Townhome over $600K $929,938 13.87% $839,000 8.96% 131 / 38 43 / 38 24 San Benito County, CA Single Family under $1M $580,165 -1.87% $529,000 -2.94% 104 / 10 -12 / -22 64 San Mateo County, CA Single Family under $1M $780,580 3.76% $794,888 4.59% 27 / 9 -2 / -11 80 Single Family over $1M $4,390,247 8.99% $2,288,800 14.50% 72 / 9 4 / -12 234 Condo/Townhome under $600K $463,969 2.96% $468,000 -0.21% 14 / 15 -4 / -1 25 Condo/Townhome over $600K $1,002,913 1.86% $868,000 5.21% 36 / 14 -5 / 4 42 Santa Clara County, CA Single Family under $1M $754,971 3.98% $765,000 3.52% 33 / 23 0 / 11 516 Single Family over $1M $2,555,419 -3.66% $1,850,000 -5.52% 53 / 13 5 / 0 593 Condo/Townhome under $600K $449,515 3.44% $450,000 2.74% 23 / 19 4 / -3 131 Condo/Townhome over $600K $905,763 0.86% $848,000 0.00% 18 / 14 0 / 6 117 Santa Cruz County, CA Single Family under $1M $694,762 3.17% $709,900 4.47% 55 / 55 2 / 40 222 Single Family over $1M $1,904,654 -3.45% $1,560,000 4.00% 81 / 11 -17 / -15 138 Condo/Townhome under $600K $412,789 3.00% $435,000 9.02% 72 / 3 5 / -8 57 Condo/Townhome over $600K $813,265 -2.00% $725,000 0.00% 104 / 18 0 / 0 30

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.

Sincerely,     Marcy Moyer Realtor® Direct (650) 619-9285 Cell Phone (650) 619-9285 Fax (650) 560-6290 CalBRE License Number: 01191194 marcy@marcymoyer.com www.marcymoyer.com Keller Williams