Menlo Park Ca REO/Short Sale Roundup

In Menlo Park from Jan 1, 2012 until June 30, 2012 there were:

9 closed short sales
9 closed bank owned homes

Total sales during this time period were 227
Total % Short Sales: 4%
Total % REO Sales: 4% Total
Percentage Menlo Park Distressed Properties: 8%

8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.

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

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

Great News For Silicon Valley Short Sale Sellers

A few days ago short sale sellers in California got great news!  Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales.  First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going after the borrower for any deficiencies. So if the second lender says they will take $6000 for an $85,000 HELEC, that is all they get. After close they can not come back to the borrower and say we still want more money.

This is great news for short sale sellers in Santa Clara and San Mateo Counties.  Certain exceptions apply if the bank can prove fraud, but for most sellers, this is the last piece they need to be able to transition out of their homes and have a chance to start over.

Since California has had such a large percentage of homeowners who owe more on their homes than they are worth, and of those people there are always going to be those who need to sell, this is a welcome relief for huge numbers of homeowners.

If you have any questions about buying or selling short sales 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

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

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 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

Why Hasn't My Offer For menlo Park Short Sale Been Submitted Yet?

Question: We wrote our offer over a week ago. Why hasn't the listing agent presented it yet? The offer has expired. Should we withdraw? Are they playing games and using this to get a better offer?

Answer: Good question. In our area if a seller or agent believes there are going to be multiple offers or wants to have multiple offers they will often set a date for offers and either not present any offers until that date, or keep presenting offers as they come in until that time.  In this case the short sale was listed right at market value, not below market in order to stimulate multiple offers, and the agent said offers will be presented as they are received.  The agent told me he had the flu and was not able to get together with the client. I spoke to him on the phone and he does sound very sick. He is not faking the illness. He is an independent broker with no agents working for him who could meet with the sellers. While this is not particularly convenient for us, I believe he is telling the truth.

Real estate transaction involve trust and are not always predictable. Sometimes you trust one of the parties is doing the right thing and they are not, but many times they are. This agent knows you wrote a great offer and are very likely to stick it out for the short sale process. 

So the bottom line is if you want the house you should hang in there and if you do not want the house withdraw the offer. But you have no control over what the agent does, what the lender does, or what the seller does. You need to do what you want and what is best for you and hope the other parties in acting in their best interests coincide with your best interests.

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

Silicon Valley/Bay Area Short Sale Up Front Pricing: How It Can Help Both Buyer and Seller

HAFA does it, and now Bank of America is trying it. What is it?  In a short sale the seller owes more to the bank than their home is worth. In order to sell the home the bank or banks have to agree to accept less than property is worth to satisfy the loan.  The problem is that no one knows what the bank will accept until they get an offer and that offer is analyzed by the lenders.  Since this often takes many months it can often lead to foreclosure at worst, and incredible frustration at best.

  

HAFA short sales which were started by the Obama administration can give you the amount the bank will accept ahead of time so that the seller, agent, and buyer know how to structure the offer in order to get it approved.  The seller still needs to qualify, and having a vacant home eliminates the qualification.  Bank of America is now beginning to try this method as well, and it should cut down the amount of time it takes to do a short sale, which in most cases is anything but short.

As a Silicon Valley/Bay Area short sale specialist I can help you buy or sell a short sale property. Feel free to contact me for help.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285