Why a Palo Alto Short Sale Agent is Working on Christmas Eve

One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it isa 2 day task and it is assigned on a Friday, it is due Sunday, period.

So my latest Bank of America short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happens to be Christamas.

And that is why this Palo Alto short sale agent is cheerfully working Christmas Eve. 

Enjoy your holidays!

If you have any questions about buying or selling 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

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

I Want To Short Sale My Palo Alto Home, Now What?

If you find yourself in the position of having to sell your home and it is not worth as much as you owe, you may be wondering what you should do. I am assuming here that you have either been turned down for a loan modification or have to move because of divorce, job transfer, or other circumstance.

So you have to sell. Here is what you should do.

FIND A REALTOR

1.  You can not do this on your own. The banks will want the home to be extensively marketed and you can not do that as a FSBO. Since the lender will pay the real estate commissions that should not be a concern.

2.  Gather your financial information. You will need 2 years tax returns, 2 months bank statements form all accounts, 2 months statements from all investment accounts, profit and loss for 2 years from any self employment.

3. Fill out a financial statement which shows all your income and expenses

4. Write a hardship letter which explains why you need to do a short sale

5. Make your home available for showings and open houses

6. Keep your financials updated every month and give the bank everything they ask for

7. Accept the best offer you can get on the property

8. Be PATIENT

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

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

East Palo Alto Short Sales: Watch Out For Rental Restrictions

There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash.  Since condos are the least expensive properties, have the fewest maintenance issue,  and tend to bring in more rent per dollar spent they are popular with investors. Coupled with the more restrictive lending practices on condos, many bay area developments are now in a position where the number of owner occupied units has fallen to a critical level. Owners of these properties are having trouble refinancing and buyers trying to get loans are being rejected by the lenders.  As a result, many complexes are starting to pass new HOA regulations limiting the number of rentals allowed in the condo development.

These restrictions can be a double edged sword.  If they occur in a building where the delinquency rate on the HOA dues is too high then a buyer will not be able to get a loan anyway and it will effectively cut off all sales.  In the future when the market has settled down the rental restriction could put a damper on future sales.  However, if they are not instituted it may become impossible for anyone but investors to purchase in some condo complexes, which in itself will lower values not to mention make things harder for the first time home buyer. It will also make it impossible for current homeowners to ever refinance in some of these buildings.

I do not have the answer here as to what is right or wrong here. I can only give some advise on what to do if you want to purchase or sell a condo and want to get the information about potential rental restrictions.

1. Ask your agent to find out if the HOA docs are available yet.  If it is an reo they most likely will not be and a

short sale very likely not

2. If the docs are not available before you make an offer ask your agent to ask the listing agent for the number of the HOA management company

3. Call the management company and ask about any current or contemplated rental restrictions

It is not that hard to find out and can save a lot of time and possibly money.

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

Past Due Palo Alto HELOCS Can Be Sent To Collection Agencies

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to collect the money or take your home back. However, with a HELOC the lender can turn the account over to a collection agency, get some money for it right away, and you are left to deal with the debt collector.  

This can become a potential problem if you decide that your best option is a short sale. If you decide to sell your home as a short sale it is often easier to negotiate the payoff to the second if it is still owned by the bank, rather than the collection agency. The bank sold to a collection agency for pennies on the dollar, and would be more likely to let you go for the amount that the first lender offers.  By the time it goes to collection that entity had invested money and will expect to make a profit by getting a settlement larger than what they paid. If you cut out the middleman (in this case the collection agency) it should be cheaper.

So, if you can not pay your mortgage, don't just stand there, DO SOMETHING.  Whether is is going for a loan modification, refinance, or short sale, get started earlier rather than later. It will be less stressful in the long run, and generally much less complicated.

If you have any questions about short sales in the Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Gorgeous East Palo Alto Short Sale West of 101

Gorgeous Condo in Secure Building	$125,000.00
480 E Okeefe St #209, East Palo Alto, CA 94303 7 Photos 1 Bed, 1.0 Bath 542 SF Tour # 2567413   This beautiful condo on the west side of 101 features a remodeled kitchen and bath. There is covered parking as well as gusest parking. The building has electronic gates as well as a locked front entrance, on site laundry room, and an elevator. Don't miss this great opportunity. For more information, please contact: Marcy Moyer DRE#01191194 Keller Williams  Palo Alto, CA 650-619-9285 650-619-9285 Cell 650-560-6290 Fax Information supplied by sellers. Deemed reliable, but not guaranteed.