Tuesday, May 24, 2011

How is a Mountain View Probate Sale Different From a Regular Sale?

How is a Mountain View Probate Sale Different From a Regular Sale

A probate sale is not the same as a regular sale,  but unless court confirmation is required the differences are not that great. It is a world away from a short sale or foreclosure.

In a probate sale, the owner of a property has passed away and the home is being sold to settle an estate.  The owner may have had a will, or may not have had a will, but definitely did not put the house in personal or family trust.  The seller of the house is the personal representative of the deceased and is charged with disposing of the assets of the estate to be distributed to the heirs.  The personal representative can be anyone the owner requested if their was a will, a child or other relative, a trust department from a bank, a professional like a lawyer or accountant, or  a Public Administrator. This person must be appointed by the court and will get his or her authority from the probate court. 

The personal representative can request full authority to sell the estate, meaning they do not have to get the offer confirmed by the probate court or in certain circumstances they do not have full authority and must have any offer confirmed by the probate court and leave open the possibility of over bids to the original offer.

Certain rules apply:

1.     The house is sold “As Is”
2.     Disclosures are limited.  You will not be given a transfer disclosure statement, a seller’s supplemental disclosure, an earthquake hazard report, or a signed Natural Hazard Disclosure. You will be given the report, but the successor trustee does not have to sign it.
3.     The water heater needs to be strapped but there is no smoke detector requirement for a trust house.
4.     If the Personal Representative has information about the house they have to give it to you, but they may not know much.  For example, if the Personal Representative is a child of the owner and was involved in repairs on the house they will need to disclose that.
5.     All heirs to the estate are given a Notice of Proposed Action to sell the home.  If this is not done until after an offer is accepted by the successor trustee then they have 45 days to return the notice or any objections, so escrow can not close before then. 
6.     If the offer needs court confirmation then things can get tricky.  After an offer is accepted the court sets a confirmation date and a minimum over bid amount.  On that day another potential buyer can purchase the house if they offer the amount of the overbid or higher and the first buyer does not want to offer more.  At that point the subsequent buyer can not have any contingencies and must accept the house the way it is.

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

Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E.  01191194


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

How is a Palo Alto Short Sale Different From a Regular Sale?

How is a Palo Alto Short Sale Different From a Regular Sale

A short sale is not the same as a regular sale and the differences are very significant. It is not a simple process and if you are buying or selling a short sale you should be working with an agent who knows what her or she is doing.

In a short sale the seller owes more on the home than it is worth. The seller needs to ask the lien holders if they will accept less than the amount owed to them.  There can be one or more lenders, and there can also be liens from other places, tax liens, personal loan liens, etc.  Every lien holder has to agree to agree to take less, and the first lien holder gets to say how much they are willing to give to the other lien holders. If everyone can come to an agreement then the sale can proceed.

Certain rules apply:

1.     The house is sold “As Is”
2.     Disclosures are the same as in a regular sale.
3.     The water heater needs to be strapped and smoke detectors are required.
4.     The home goes on the market and one or more people can make offers on the property.  The seller accepts one offer, and that offer is sent to the first lien holder for approval.  All other offers and any subsequent offers can be back up offers, but they are not supposed to be sent to the bank unless the accepted offer drops out.
5.     The buyer must include a proof of funds for the down payment, a pre-approval letter, and if the first lien holder requests it, their social security number.  They must not have any relationship to the seller.
6.     The first lien holder will look at the seller’s financial information and the strength of the buyer’s offer and determine if they will accept, reject, or counter the offer.  They also determine how much money they are willing to give to any other lien holders to settle the debt. This can take anywhere from a few weeks to a few months.
7.     Once the first lien holder has made a decision they put it in writing and the seller and buyer have to accept the terms of what the first lien holder is offering.  If everyone agrees and there are no other liens then the sale can proceed.
8.     The buyer has their contingency period, gets a loan, and closes escrows.
9.     If there are other liens the same process occurs for those loans.

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

Marcy Moyer
Keller Williams Realty
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

Friday, May 20, 2011

Do Atherton Trust Sales Always Require a 45 Day Close for Notice of Proposed Action?

The answer is, ask your lawyer? When a home is being sold through a trust, the heirs of the estate need to be informed. If there are any objections they need a chance to express their concerns.  It does not mean that the home can not be sold, just that whatever the objection is needs to be dealt with, sometimes through court action.
There heirs can agree to to forgo the 45 day waiting period for the Notice of proposed action by singing off before the home is sold. So, if you are selling a home in trust be sure and ask your lawyer if the waiting period can be waived before the sale of the house so that the escrow can close in less time.  You don't want to sign an offer with a 30 day close and find out there needs to be a 45 day waiting period.
If you have any questions about selling a home in San Mateo or Santa Clara that is in a trust or probate please feel free to contact me.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E.  01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

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
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

Coming Soon: An Atherton Acre With a House and Pool House $1,850,000

Coming soon: An Atherton Acre with a 3 bedroom main house and 2 bedroom pool house. This lovely lot offers many fruit an avocado trees, a pool and pool house built in 2002, a main house built in 1951 with some very nice architectural touches, an artist studio, and an surprisingly private lot.  560 Middlefiled Rd Atherton, Ca.
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Sunday, May 15, 2011

How Will Litigation Affect My Getting a Loan for a Palo Alto Condo?

You have been searching for months and finally found the condo that works the best for you. It is all remodeled with your taste, is on the top floor, has ample parking, inside laundry, and air conditioning in your price range.  Sound like a fantasy.
The disclosures are on line and when you and your agent read them you discover your dream home just turned into a nightmare.  The HOA is suing the builder, or the someone is suing the HOA.  Well, there goes the loan.
Getting a loan on a condo is a little more difficult than getting a loan on a single family home to begin with.  If you add in a law suite it becomes almost impossible.  Without a cash buyer or maybe a hard money lender (private investor) the home will probably not sell.  
So what should you do?  I wish I had a majic bullet, but unfortunately I don't. However, you can talk to a lender before you make an offer and see if they will make an exception for the type of law suite occurring.  You can try to get cash from a relative, or you can try to find a private investor until the suite is settled.
Other than that, I am afraid I have to say you will need to move on.



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

Menlo Park Wells Fargo Short Sale Default vs. Eminent Default

I frequently hear the question "Can I short sell my house if I have not stopped making payments."  The answer to this depends on your lender, the investor on the loan, and the phases of the moon.  However, at least right now, if you have a loan with Wells Fargo then at this moment in time they will look at approving a short sale if you have not stopped making your payments.  Wells Fargo has two different review processes, one for currently defaulted and one for eminent defaults.  So if you are currently making your payments, but you have circumstances which will make it impossible for you to make the payments in the future then you are likely to have an eminent default and can potentially qualify for a short sale.  Nothing is for ever, and with short sales there are no guarantees, but it is worth a try.
If you have any questions about short sales in San Mateo or Santa County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
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.

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

Wednesday, May 11, 2011

A Great Home in Mountain View, CA

While out looking for homes for a client in Mountain View I previewed one at 847 Runningwood Circle.  It is a 3 bedroom, 2 bath nicely remodeled home in the planned development Heatherwood.  It is a single family home, no common walls, 1497 square feet on a 6900 square foot lot built in 1977. It is listed and owned by Victor Bell of Elm Lane Properties and is listed for $859,000.  It is a great way to have a single family home with all the amenities of a townhome and get Huff Elementary for under $875,000.  I was impressed.

Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
DRE  01191194



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

Why Use a Trust Department To Be the Executor of Your Estate?

Deaths in families are always hard. They can bring out both the best and worst in a family. There is often a combination of sorrow and a bubbling to the surface of many past, and normal family rivalries and childhood issues. Every estate must have an executor and this executor can be anyone the owner of the estate appoints if the estate has been put in trust. If there is no trust but there is a will and the will names an executor that person must be affirmed by the probate court.  If there is no will the probate court will asign a personal representative.
As a realtor who has been fortunate enough to list many homes in trusts and probates I have found that the ones that go the smoothest are those where a trust department at a bank has been named the executor. My experience has been that when a trust department handles an estate:
1.  Everything is done in a fair and impartial manner. No one gets to help themself to some personal and sometimes valuable effects that were not specifically left to them. Everything is divided according to the terms of the trust or will.
2.  No one is left to do the many many hours of tedious work needed to dispose of the estate leaving them resentful and/or exhuasted. A professional does that.
3. There are laws which govern how an estate is settled. They must be followed or there can be financial consequences.  Trust departments are experienced in following these laws and doing things properly.
4. Sometimes estates are to be distributed over time instead of in a lump sum. When this happens trust departments are in a good position to hold the money and distribute it in accordance with the terms of the trust or will.
5.  Trust departments charge money. It will cost your heirs money to have a bank settle an estate, but it may be worth it to have things done properly and keep peace in the family.

If you have any questions about selling a home in a trust or probate please feel free to contact me:
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E.  01191194


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

Rice is Nice in Palo

I do not go out to eat a lot, but when I do I want something good, and at least a little different from what I usually eat.  Rice on El Camino in Palo Alto has become my new favorite place to lunch in Palo Alto.  As the name suggests they serve food made from, or with rice, and you get your choice of either brown or jasmine rice.  They have a wide variety of curries, soups, and rice noodle dishes. My favorites are Drunken Noodles, Green Curry, and spicy rice noodle soup.
Drunken Noodles, are like chow fun, but much more flavorful. Spicy noodle soup is a very flavorful chicken broth with chile spices and thin rice noodles. You can add meat, shrimp, or chicken to either of those. The curries are also delicious, and nothing tastes too greasy.
Rice is located at 3924 El Camino, next to Happy Donuts in the old Quizno's building.


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

Wells Fargo Short Sale Call Center is Actually Very Helpful

Wells Fargo has a call center which is where you call to initiate a short sale, and then to get updates before they assign a negotiator.  But what sets them apart from some other banks' call centers is that they stay involved throughout the short sale process.  So, if you call or e-mail your negotiator and he or she is not available you can ask the call center to talk to them directly.  It is a very nice system, kind of like talking to an agent's personal assistant. Sometimes you get more information from an assistant then you do from agent. 
Isn't nice to know that at least some banks are trying to get this process more organized?
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
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

WHY WORK SO HARD ON AN ATHERTON LISTING THAT WILL PROBABLY BE TORN DOWN?

neon green patio

WHY WORK SO HARD ON AN ATHERTON LISTING THAT WILL PROBABLY BE TORN DOWN?



Happy Mother’s Day! I hope everyone is treating their mothers especially nice today.  A childhood friend of mine posted a picture of his 96 year old mother on Facebook.  She looks old, but lively.  No reason not to put makeup on and dress up this vibrant woman.

The picture reminded me of my soon to be on the market new listing in Atherton.  While the house is not 96 years old, rather a rancher from the 60’s, it has been recently neglected.  The owner passed away after not living in the house for several years, and the estate is selling the home , which is on a very neglected one acre.

The pool is green with a broken filter, there are abandoned cars on the lot, the landscaping is completely overgrown, dead trees pepper the lot, the house has the ugliest green carpet I have ever seen, the furniture in the house is so ugly that the auction house did not want most of it, and there are all kinds of wood structures that are falling apart.

A trust department at a local bank asked me to take over and get the house on the market because that is what I do best, put lipstick on tired old houses.  Everyone who comes to see the house asks me why I am putting the lipstick on a house that will so obviously be torn down.

The answer is simple, maybe it won’t be torn down.  The house is not horrible.  I have sold many homes on smaller lots in much worse condition that were not torn down.  Just because the lot is big enough for a mansion that doesn’t mean someone has to build one. Atherton has plenty of big expensive homes on acre lots that take a long time to sell.  It is very possible that there is someone out there who wants to live on a gorgeous property and not build a mansion.   Maybe someone does want to tear it down and start over, but needs to live there during the long process of planning and permitting a new home. If not, and a builder buys the home and tears it down at least the people who come to see it will be spared a very yucky experience.

In the mean time the pool has been drained, cleaned, and refilled, the landscaping has been cleaned up and dead trees removed, the horrible ugly neon green trim and green patios are being changed to a beautiful forest green trim and grey decks and patios, the neon green carpet is being replaced with beige, the furniture is going to people who need it, and the house will be scrubbed completely.  If a 96 year old woman can put on lipstick and new clothes so can this home.

Marcy Moyer
Keller Williams Realty
650-619-9285
D.R.E.  01191914
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Thursday, May 5, 2011

Palo Alto May Fete 2011 Focuses on Children's Books

Every year Palo Alto has a May Fete Parade. This year it is this Sat May 7th starting at 10 AM on University Ave.  One of the special aspects of this years parade will be the emphasis on children's books.  The theme this year is "Books are a Hidden Treasure."


According to the city of Palo Alto:
In keeping with the theme, there will be a Reading and Literacy Fair on Lytton Plaza from 9-11AM.  There will be reading and literacy programs and perhaps some children’s book authors (pending).  We are looking for donations of gently used children’s books, preschool-8th grade, preferably in paperback, for library projects in both Ghana and Malawi. Please bring the donations to Lytton Plaza from 9-11am on parade day.  You can also drop off the books at the Lucie Stern Community Center, 1305 Middlefield Road, up until May 6th.
So bring your children, your used books, and a smile to Lytton Plaza this Sat for a wonderful parade and a great time!



Sister Yessa's Story
Written by Karen Greenfield
Illustrated by Claire Ewart

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

Wednesday, May 4, 2011

Distressed Property Watch Menlo Park CA

The first quarter of 2011 has net seen a lot of activity of distressed properties in Menlo Park.  Here’s the update:

1.     Sold foreclosures: 4 single family home  0 condos  All are in the Belle Haven neighborhood
2.     Active and pending foreclosures: 5 All single family homes:  3 Belle Haven, 2 West of 101

1.     Sold short sales:  1 condo 4 Single family homes: Condo west of 101  homes, est of 101
2.     Active and pending short sales:  21   20 single family homes and 1 condo 14 are east of 101 and 7 are west

Total Homes sold in first quarter:  86 (combined single family homes and condos)
Total Active and Pendings:  162

As you can see the percentage of distressed properties is still very low in Menlo Park.  There have been more in Belle Haven, east of 101, but overall the numbers are still quite low.  The number of short sales is higher than REOs, so that may be an option for people looking for a good deal.
If you have any questions about short sales or bank owned properties in Menlo Park please feel free to contact me.
Marcy Moyer
Keller Williams Realty
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 governmPublish Postent, 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

Distressed Property Watch Palo Alto CA

The first quarter of 2011 has net seen a lot of activity of distressed properties in Palo Alto.  Here’s the update:


1.     Sold foreclosures: 1 single family home  4 condos
2.     Active and pending foreclosures: 0

1.     Sold short sales:  1 condo
2.     Active and pending short sales:  5 single family homes and 1 condo

Total Homes sold in first quarter:  156 (combined single family homes and condos)



The percentage of distressed properties in Palo Alto is still very low compared to most of the country with almost no foreclosure activity.  However, there are a few short sales, and for those willing to wait out the escrow period they can be a good deal.


If you have any questions about Palo Alto short sales or Palo Alto foreclosures, please feel free to contact me.

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
marcy@marcymoyer.com
650-619-9285
D.R.E.  01191194

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

Menlo Park Short Sale Approval Today!!!!!

Well, it has taken a lot of months, and 4 buyers, but I finally got approval today from Chase for a short sale in the Belle Haven neighborhood of Menlo Park.  So far everyone is delighted, and hopefully we will make it through the loan and property contingencies. 
Short sales are sold "As-Is", period. Banks do not allow any credits, repairs, or other consessions for things that are wrong.  That is why I try to get inspections on all my short sale listings before they go on the market. That way there are fewer surprises at the end.
Nothing is a done deal until it is done, but we have come a long way, and my record is still 100% on getting an approval, and hopefully will stay at 100% on closing.
Marcy Moyer
Keller Williams Realty
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