New listing: Sunnyvale 4 Plex

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1008 Helen Ave, Sunnyvale, CA Sunnyvale 4 Plex in a Superb Location Near El Camino and Lawrence 8BR/4BA Multi-Family, 4 units offered at $915,000 Year Built 1961 Sq Footage 2,910 Bedrooms 8 Bathrooms 4 full, 0 partial Floors 2 Parking 4 Covered spaces Lot Size 6,708 sqft HOA/Maint $0 per month DESCRIPTION Great 4 plex in a great location near Lawrence and El Camino. This large 4 plex offers the investor an excellent chance to take advantage of the HOT Sunnyvale rental market. see additional photos below PROPERTY FEATURES - Tile floor - Living room - Refrigerator - Stove/Oven COMMUNITY FEATURES - Covered parking - Laundry on-site OTHER SPECIAL FEATURES - 4 units, 2 bedroom 1 bath each - Pretty garden area - Great location - Excellent upside rental potential - Room air-conditioners ADDITIONAL PHOTOS Front Side Rear Side Garden Carport Kitchen Kitchen floor Bedroom Bedroom Bath Bath Laundry Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: May 25, 2012, 7:07am PDT

Sunnyvale Townhome Open This Saturday, 1-4PM

Marcy Moyer | Keller Williams Realty | (650) 619-9285 969 Asilomar Ter Apt 4, Sunnyvale, CA Elegant Sunnyvale Mediterranean Townhome 2BR/2+1BA Townhouse offered at $535,000 Year Built 1991 Sq Footage 1,553 Bedrooms 2 Bathrooms 2 full, 1 partial Floors Unspecified Parking 2 Car garage Lot Size 2,613 sqft HOA/Maint $411 per month DESCRIPTION OPEN SATURDAY 5/26, 1-4PM. Welcome to Expressions in Sunnyvale. This large 2 bedroom/2.5 bath townhome features 1553 square feet, 2 master suites, granite kitchen counters, walk in closet, huge master bath with a soaking tub and separate shower, 2 balconies and a patio, and a lovely gated complex with a pool and spa. see additional photos below PROPERTY FEATURES - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Tile floor - Living room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Laundry area - inside - Balcony, Deck, or Patio - Swimming pool - Jacuzzi/Whirlpool COMMUNITY FEATURES - Garage parking - Guest parking - Swimming pool(s) - Sauna/Spa - Playground - Gated property - Secured entry OTHER SPECIAL FEATURES - Elegant Sunnyvale Townhome ADDITIONAL PHOTOS Front Living room Living room Fireplace Dining room Breakfast Bar Kitchen Half bath Master bedroom Master bath tub Master bath vanity Bedroom 2 Patio Pool Park Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: May 25, 2012, 8:40am PDT

Does The Amount A House is Underwater Matter in Menlo Park Short Sales

As a Menlo Park Short Sale Agent I get asked this a lot. My answer is a definitive sort of, especially if it is a Chase short sale. Here is how it may make a difference. Some homeowners owe more on their homes than the home is worth, the definition of being underwater. The home is not going to sell for what it is worth, it will sell at or around market value. The bank generally understands that. The bank as representative for the investor on the loan wants to lose as little money as possible, but knows there is going to be some loss. The banks have procedures in place to approve short sales. At Chase they have the number of people who have to approve a short sale broken down by the amount of loss, not by the value of the house. So if the loss is $250,000 or less, only one lowest level of negotiator needs to approve. If the loss is $250,000 to $350,000 the offer goes to the 1st negotiator and then a negotiator one level up. At $350,000-$450,000 it goes to the first 2 plus one level up in management. And so forth. So the greater the loss the more people have to approve before it even gets to the investor and/or mortgage insurance company. Each person who needs to approve can ask for more documentation or just ok the file. All of this takes time. The bottom line, the bigger the loss, the more time you should expect for approval and the more doumentation you may need to provide. So knowing that, don't try to keep up with the Joneses. Just because your best friend's short sale was approved in 3 weeks, and you are still waiting at 8 weeks, it does not mean you got the B team looking at your file. You just may have more managers that have to approve that are gumming up the process. 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

Sunnyvale Townhome OPEN Saturday/Sunday 1-4pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285     969 Asilomar Ter Apt 4, Sunnyvale, CA Elegant Sunnyvale Mediterranean Townhome 2BR/2+1BA Townhouse offered at $535,000             Year Built 1991 Sq Footage 1,553 Bedrooms 2 Bathrooms 2 full, 1 partial Floors Unspecified Parking 2 Car garage Lot Size 2,613 sqft HOA/Maint $411 per month   DESCRIPTION Welcome to Expressions in Sunnyvale. This large 2 bedroom/2.5 bath townhome features 1553 square feet, 2 master suites, granite kitchen counters, walk in closet, huge master bath with a soaking tub and separate shower, 2 balconies and a patio, and a lovely gated complex with a pool and spa.   see additional photos below    PROPERTY FEATURES - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Tile floor - Living room - Dining room - Dishwasher - Refrigerator - Stove/Oven - Microwave - Granite countertop - Laundry area - inside - Balcony, Deck, or Patio - Swimming pool - Jacuzzi/Whirlpool     COMMUNITY FEATURES - Garage parking - Guest parking - Swimming pool(s) - Sauna/Spa - Playground - Gated property - Secured entry   OTHER SPECIAL FEATURES - Elegant Sunnyvale Townhome   ADDITIONAL PHOTOS Front Living room Living room Fireplace Dining room Breakfast Bar Kitchen Half bath Master bedroom Master bath tub Master bath vanity Bedroom 2 Patio Pool Park   Contact info:     Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: May 16, 2012, 6:25pm PDT

Sunnyvale Underwater Homeowners, Open Those Letters From Chase

Many homeowners who are having trouble paying their mortgages will stop opening their mail from the lender. It is understandable to feel, what is the point? I can't pay and nothing they say to me will change that. However, if your lender is Chase you may want to open that letter.

Chase is giving relocation assistance to some homeowners who are in default if they agree to short sell their home. The incentives can be anywhere from $2500 to $45,000. Not everyone will get this incentive, and there is no uniform way that these incentives will be offered. In other words, Chase is not saying why one borrower gets an incentive and another does not.

So if you get a letter from Chase, open it up. It may say you have won the lottery. You will need to find an experienced Sunnyvale short sale agent to help you sell your home, or Chase will give you the names of some who can help you. You then list your home as a short sale, accept an offer, have it approved by Chase, and at closing you get your relocation assistance.

It is a pretty good deal if you ask me, an experienced Sunnyvale Short Sale Agent.

If you have any questions about 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

Does Sunnyvale Win for Having the Most Variety in School Districts?

Many cites in the Silicon Valley have multipe school districts that the homes feed into, but I think Sunnyvale wins for the most variety.  All of these combinations are possible:

1. Sunnyvale with Sunnyvale Schools
2. Sunnyvale with Cupertino Schools
3. Sunnyvale with Santa Clara Schools

Within these districts there are numerous combinations of Middle Schools and High Schools
So, with Sunnyvale with Sunnyvale Schools there are 2 possible middle schools: Columbia or Sunnyvale. Columbia covers the eastern part of Sunnyvale and Sunnyvale Middle the western portion.

High Schools for Sunnyvale elementary schools are either Fremont High or Homestead High.

Ok, so Sunnyvale with Cupertino Schools. Here the possibility of Middle school is Cupertino Middle and again either Fremont High or Homestead High.

And finally there is Santa Clara Unified. The Middle School would be Peterson and the High School Wilcox.

It can be confusing! So if you are doing a home search and are interested in a particular school or school district, go to the district's web site and look up the boundaries and also the specific address if you are interested in a particular home.

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

Taking the Yuck Out of a Palo Alto Probate or Trust Sale

If your are the Executor or Personal Representative for a home in Trust or Probate you may be faced with a home to sell that can be anywhere from in need of a little TLC all the way to being totally gross. So the question is what can you do to not overly expose the estate to liablilty while still doing what you can to maximize the price you can get for the home.

There are different philosphies on this but since this is my blog I will stick with mine. As an experienced PALO ALTO TRUST AND PROBATE REALTOR here is what I suggest in order of priorities:

1. Get the smell out. Painting, ripping out old carpet, and removing old furniture and window coverings is usually enough. Professionally clean the house.

2. Stage the home with clean and modern furniture and accessories.

3. Spruce up the landscaping, water the lawn, and add some flowers.

4. Replace old light fixtures and hardware.

Notice I do not say repair anything. If there is a major health or safety issue speak with your estate attorney about how repairs may effect the liability of the estate.

If the estate does not have the money to do any of these things find a realtor who can help you find contractors who will agree to be paid at closing.

Or call me. I provide many of these services, including free staging in my commission.

If you have any questions about buying or selling a home in trust or probate anywhere 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

I Keep Loosing Mountain View Multiple Offers, Should I Change Agents?

It is no secret Mountain View as well as most of the Silicon Valley is experiencing multiple offers on homes for sale. While this is great for sellers, it can be extremely frustrating for buyers, and their agents. After losing 5-10 homes a buyer will unquestionalbly start to doubt their agent. They may feel that their agent is doing something wrong and maybe it is time to find someone else.

Will this work? Maybe, but there are limits to what a Mountain View real estate agent can do. A lot of winning an offer is up to the buyer, so maybe you need to look in the mirror first, before changing your agent.

In a real estate offer the buyer has some control over what happens. Here are some things you should do:

1. Are you making realistic offers? If a home is listed for $475,000, you know there are 10 offers, and you offer $470,000, what do you think is going to happen?

2. You have been pre-approved for $800,000 with 20% down. You only have down payment for 20% of $800,000, so you need to only offer a price that will make it through an appraisal. However, most homes are selling for prices higher than they can appraise for, so what do you do? You will need to find a less expensive home so that you have a 5-10% reserve of cash over the price where you think the home will appriase, i.e., you need to find a home where you can put down 25-30%, not 20%, so that when it does not appraise you have the cash to cover it.

3. The seller has completed a a full disclosure package, including a property inspection, termite, roof, chimney inspection, and you ask for a 17 day property contingency period. I am not saying you should not have your own inspection, but keep the time to a minimum.

4. You have a pre-approval letter from Happy Birthday Mortgage with nothing from an underwriter, and nothing from a direct lender. I don't care if the mortgage broker from Happby Birthday Mortgage is your mother, it is not going to fly. Get a full approval from a direct lender. It is hard enough to compete against a cash offer, but to try to compete with a pre-approval letter that may not be worth the paper it is written on is no way to act in a competitive market.

5. You are making an offer on a short sale and don't offer to open escrow until after bank approval. While that may be ok in a buyer's market, when there are so few homes for sale, and so many hopeful buyers, it is not going to work anymore.

So look at yourself first. Tomorrow I will talk about what your agent can do to help your offer win.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
D.R.E. 01191194

Redwood City Short Sales Don't Look So Bad in A Low Inventory Market

The landscape for short sales is changing. As the inventory of homes for sale stays at historically low levels all over Silicon Valley, short sales are gaining in popularity for buyers. Added to that is the fact that short sales, while not a sure thing, are getting approved at increasingly higher rates.

Short sales can still be time consuming and frustrating, but when there are so few choices for buyers they begin to look better. So if you are thinking of selling your home as a short sale here are some tips to make things smoother.

1. PICK AN EXPERIENCED SHORT SALE AGENT TO LIST YOUR HOME. IF YOU ALREADY HAVE A RELATIONSHIP WITH A REALTOR WHO IS NOT EXPERIENCED WITH SHORT SALES ASK THAT AGENT TO CO LIST WITH AN AGENT WHO KNOWS HOW TO PROCESS AND NEGOTIATE A SHORT SALE.

2. Price your home realistically, not at a rock bottom price. The market is already hot and and appreciating. Banks are not stupid. If the home is worth $600,000 and you list it for $400,000 and get an offer for $500,000 it is unlikely to get approved.

3. Have the buyer put the deposit in escrow upon acceptance by you, not at acceptance by the bank.
4. If possible get inspections before you put the home on the market. It will make the transaction go much smoother.

5. Talk to your lender before putting the house on the market. find out what they need for the short sale and get it ready to send as soon as you get the accepted offer.

6. Enjoy your short burst of popularity. In this market everyone loves a seller, even a seller of a short sale, so enjoy.

7. Hopefully in 2-4 months you will hear the words from your agent, "Congratulations, you are off the hook."

If you have any questions about buying or selling a short sale 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

Chase Approves Another San Jose Short Sale

Just got approval on another short sale in San Jose with Chase. They are getting to be one of my favorites!

This was not straight forward. Client lost his job and was not able to make payments. He tried a loan mod but did not qualify due to having too much in retirement account. Client is close to retiring.

Put condo on market and got 13 offers. The San Jose inventory for small affordable condos is quite low. Accepted an offer 30% over asking price, cash, with no appraisal contingency. Asking price was market value at the time of the listing. Last 2 sales in the complex were within 5K of listing price.

6 weeks later get approval from Chase but buyer, who was an investor, dropped out.

I start to worry because none of the other 12 offers were over 10% over list price and I am afraid Chase (or actually Freddie) will want more since first offer was so high.

Submit a back up offer for 10% over list price, cash with no contingencies. 4 weeks later get approval.

 Everyone is happy!!!

So fortunately the first offer which was so high did not taint the the process, and since there was no foreclosure date set there was not a danger of losing the condo to a foreclosure. But this is a risk in short sales in the Silicon Valley. The inventory is low. There are many investors and first time buyers in the market competing with each other. Sometimes people make ridiculous offers which they later regret.

How do you know what is the best offer? Is it the highest, is it the owner who wants this home more than anything, is it the person who puts the most money in escrow, has the least contingencies?

This is a complicated question that deserves its own blog. But my best advice to sellers of short sales is start by picking an experienced agent who knows how to analyze offers from a short sale perspective. This is not the same as a traditonal sale perspective. And understand that sometimes things go south, so be prepared for some bumps in the road to finally get to the magic words:

Congratulations: You are off the hook!

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

Silicon Valley Buyers Do Not Pay Their Own Agent's Commission

Today I met with a lovely family who wanted to sell a home in Santa Clara they no longer live in. I met them at the home and went over a number of things about the value of the home, what I would do to help them sell, including my staging, painting, and landscaping, and current market conditions. When we got to talking about commissions they were flabbergasted. I told them what commission I wanted and how it would be split between the buyer's agent and myself. That's when things got interesting. They were flabbergasted that the seller paid the buyer's agent commission and asked why. I was flabbergasted they asked. In 17 years in real estate I had never been asked that question. I just took it for granted that everyone knew that the seller pays. Period. When they asked me why all I could think of was because that is the way we do it. I did talk a little about how in the old days the seller's agent was the agent for the house, and represented the buyer and seller unless he or she agreed to something called sup agency, but that this was not done anymore in California. If the seller's agent represents both sides everyone has to agree to it and it is not automatic. After I left I realized that I had never really thought about why the seller pays commission to the buyer's agent, except by habit. But I think the main reason is that the seller will have cash at the end of the transaction (unless of course it is a Silicon Valley short sale where the bank pays the commission and closing costs) and the buyer often uses all of their available cash just to buy the house. If the buyer had to pay the commission it would mean many buyers just would not have enough money to buy a house. So the answer was really simple and i feel silly for taking it for granted. After all everything in real estate is negotiable, but some things that are so common we don't even stop to think about why they are so commonly done. I am glad I had the chance to do that today. If you have any questions about buying or selling a home in Santa Clara County please feel free to contact me. Marcy Moyer Keller Williams Realty www.marcymoyer.com marcy@marcymoyer.com 650-619-9285

Chase Says Keep Trying For a Redwood City Short Sale

I am helping out on a short sale in Redwood City where Chase is servicing the first and second loan. What this means is that the owner has first and second mortgages that were originally gotten from Chase. These loans were then sold to investors and Chase maintained the servicing. This means that ultimately Chase no longer makes the decision about whether or not to approve a short sale. The problem is there is also a third lender, and the third lender wants a lot of money to approve the short sale. The buyer agreed to pay the third what he wants, but the investor for Chase's first loan said no way. I guess from that investor's perspective if they foreclose they do not have to pay off the second or third and they get to keep all the money. Maybe they will make more if they foreclose.

But maybe they won't. And in any case foreclosures are complicated and costly, and we have a ready willing and able buyer. Chase seems to have tried to convince the investor to take the offer. The Short Sale Department at Chase has even told us to submit another offer in an attempt to change the investor's mind.

I do not know if the new offer will make any difference, but I am immensely impressed with Chase's efforts on our behalf. I obviously am not privy to all of the number crunching as to who gets what if there is a short sale vs a foreclosure, but I do know at least Chase is really trying to help the borrower avoid foreclosure. That makes me feel pretty warm and fuzzy about them today.

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

Gorgeous new condo for rent in Pacific Heights

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1840 Washington St # 201, San Francisco, CA Newly constructed condo in Pacific Heights with beautiful views 2BR/2BA Condo $4,500/month           Bedrooms 2 Bathrooms 2 full, 0 partial Sq Footage 824 Parking 1 dedicated Pet Policy Conditional Deposit $4,500 DESCRIPTION Gorgeous new condo in Pacific Heights for rent!

Because I Said So or How to Survive Silicon Valley Real Estate

It is no secret that the market in Silicon Valley is crazy. The inventory has never been lower so the competition for homes is fierce. For example, Taylor Morrison is opening up a new town home development in Sunnyvale in May and they already have 300 people on the waiting list. Homes in Palo Alto are sometimes getting over 10 offers. 

If you are a seller you may be trying to acomplish a short sale, and life becomes complicated with all of the details of supplying documents, giving the bank what they want, when they want it, and living by their timelines.

Maybe you are trying to buy an reo and you have to sign documents that make you do everything short of giving up your first born.

So the big question is "Do you want to buy a sell a house right now?" If then answer is yes then you need to listen to the person saying "because I said so." Whether that person is the listing agent for a home you want to buy, the bank who needs to approve your short sale, or the bank who owns the foreclosed property you want.

Follow directions, exactly. If the directions say fill out the disclosure package completely, fill it out. If Bank of America says they want the first 5 numbers of your social if you are trying to buy a short sale then give it.

This is not an environment for everyone, and it will not last forever, nothing does. But if you want to buy right now it is best not to have issues with authority, just do what is asked of you. This is not to say that you should go into this blindly or give up your inspection rights, but it does mean you need to follow directions and do what is asked of you.

If you are selling short, do what the bank wants. You have the right to accept or reject their their conditions but you do not get to tell them what they need to do.

If you are selling in a hot market and it is a sale with equity, don't be a bully. Give clear directions and be grateful for the people who want to buy your home.

If you have any questions about buying or selling a home in 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

An Unusual Silicon Valley Wells Fargo Short Sale Just Closed

I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to pay the mortgage but they will not be able to in the near future because of an impending change of circumstance. These owners were current on their payments, and were hoping to sell short and then finalize their divorce.

So last fall I put the town home on the market, got a good offer, and submitted it to Wells Fargo. It was promptly denied. I was told that while this was not Wells Fargo policy, the particular investor on the loan (the person on entity who purchased the loan from Wells Fargo, and hired Wells to keep servicing the loan) had a policy of not allowing short sales unless the borrower was behind in their payments.

So, my clients stopped making payments for a few months and we put the home back on the market. We got another offer for the same price and 2 months later got an approval and closed escrow in 30 days. 

So here is what happened to the investor: They lost 5 months of payments of about $4000 a month, so $20,000 of missed payments for the same price of the home. Call me crazy, but that make no sense to me. Let me re-iterate:

THIS IS NOT THE GENERAL POLICY OF WELLS FARGO SHORT SALES.

So, if someone owed me money and I had the chance of recovering 70% of it, or 70% minus $20,000 I would go for the straight 70%. But maybe I am greedier than that investor.

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

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

315 Melville Ave, Palo Alto, CA | Open Sun April 1 1:30-4:30

315 Melville Ave, Palo Alto, CA | Powered by Postlets

The Great Rebate Debate in Silicon Valley Real Estate

Some companies rebate a portion of their commissions to the buyer, or charge a lower commission than other realtors in the area. Some individual realtors do it with permission from their brokers. Some realtors do it on a case by case basis, or to help bring a transaction together.

It is a business model, not a moral, ethical, or expertise failing or superiority on the part of the realtor or brokerage.

As a consumer, you need to decide if the services being offered, as well as the personality of the individual, fit with what you need in a Silicon Valley realtor.

If you need more hand holding, someone who answers his/her phone at 10 PM, someone who spends a lot of time/money on marketing, someone who responds to emails or texts immediately, a discount broker may not be right for you. If you need someone with a key to get you in a home and who can write a contract for you, but does not get overly involved in your decision making, or puts your home on mls and just collects offers you may do better with a discount broker.

You may hear from full service brokers that discount brokers are less skilled or they would not be discount brokers. I disagree. Analogies do not always apply, but I doubt the people who run Walmart are any less skilled at retail marketing than the owners of Neiman Marcus, it is just a different business model.

Now I can say this because I am NOT a discount realtor. I personally bring a lot to the table, and cutting my commission is not one of the things I bring. Instead I offer extra services, like free staging and cosmetic upgrades for my sellers, and extensive, specialized knowledge about short sales, probate, and trust sales.  However, I strongly believe that the consumer has the right to chose what business model works best for them, just as I have the right to decide which business model a brokerage has that works best for me. I choose Keller Williams Realty while other agents may choose Coldwell Banker or Remax. Coldwell Banker is not incompetent or morally bankrupt, it just is not the right fit for me.
So if you are in the market for a realtor to help you buy or sell a house, take some time to talk to some, assess your needs, and see how the individual business model fits with what is most important to you.

If you have any questions about buying or selling real estate 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

How Many Short Sales Are on the Market in Santa Clara County?

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0
Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %
Sunnyvale: Single Family Homes and Condos: 62 Short Sales: 10  Percentage Short Sales: 16%
Cupertino: Single Family Homes and Condos:  39  Short Sales: 1  Percentage Short Sales  2.5%
Santa Clara Single Family Homes and Condos: 58  Short Sales: 19 Percentage Short Sales: 32.8%
Milpitas Single Family Homes and Condos : 56 Short Sales: 23 Percentage Short Sales: 41%
San Jose Single Family Homes and Condos: 981 Short Sales: 237 Percetnage Short Sales: 24%
Morgan Hill: Single Family Homes and Condos:  119  Short Sales: 17 Percengtage of Short Sales: 14.2%
Gilroy Single Family Homes and Condos: 123  Short Sales: 38 Percentage Short Sales: 30.9%

So the ciites with the highest percentage of short sales are Milpitas with 41%, Santa Clara with 32.8%, and Gilroy with 30.9%.

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

What Does it Take to Win in a Silicon Valley Short Sale Multiple Offer Situation

The real estate market in the Silicon Valley is very heated up this days, but there are still plenty of short sales being offered. Many of these short sales are in higher price ranges that have previously not seen a lot of short sale activity. What that means is that agents who do not have a lot of experience with short sales are making offers. Because the inventory is so low, most of these short sales are getting multiple offers. So if you are an experienced agent but not with short sales, or a buyer here are some things you need to know:

1. Don't low ball. The bank won't accept it and you will have plenty of competition from buyers wanting to pay market value.

2. Follow all of the instructions the agent gives on the MLS. If they say email instead of call, SEND AN EMAIL. Do not pester the agent with multiple calls a day. Your pre offer behavior is a sign of how you will act during the long short sale process.

3. Fill out the short sale addendum carefully. The addendum allows for the deposit and contingency period to start after bank acceptance unless you change it. CHANGE IT!!!!  At a minimum you should put the deposit in escrow immediately. If you really want the home I would also recommend offering to do the inspections right away instead of waiting for bank approval. It is a risk to the buyer in case the bank does not approve, but it is better than waiting 1-3 months for an approval and then finding out the home has more repairs needed than the buyer is willing to make.

4. The home is being sold "As-Is" Don't ask for repairs.

5. Don't ask for buyer credits unless it is an FHA loan. Banks are most likely going to reject the request for credit and if your buyer needs to have it or they walk it does not put you in a good position.

6. Don't change the title and escrtow company. The seller's company has already done a lot of work and has a relationship with the listing agent.

7. Give at least 90 days for approval on the short sale addendum.

8. Present a great case on why your client is able to wait for short sale approval.

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

San Jose Short Sale Got Wells Fargo Approval

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediatley rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission.

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about 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

Why Is There Nothing For Sale in Palo Alto

The inventory of single family homes for sale in Palo Alto has never been lower in last two decades. There are about 30 homes for sale in any given week. In The boom years of 2000-208 there were generally 60-90 homes on the market at any given time. In 2009 when the market was at it's worst there were 110-140 homes on the market at any time.

So why are we so devoid of choices now?

No one has the definitive answer to this but I have a few thoughts.

1. The inventory is low everywhere so this is just part of a national trend, but to an extreme in Palo Alto

2. Homes are selling quickly with the average days on market being 13. The rapid sales pace helps keep the number of homes for sale very low.

3. There are not a lot of empty nestors or retired homeowners selling and moving down. Many of these people who used to sell homes allowing new people to come into Palo Alto are reluctant to sell. It is not because prices are down, because by the end of 2012 I suspect we will have regained the equity lost in 2009. the reason is that there are fewer and fewer empty nest homes.  Many young people are moving back home, sometimes after college, and sometimes with their own families. Many children who grew up in Palo Alto can not afford to live here, and some are having problems finding jobs in other areas so they come home to work. the great job market in the Silicon Valley is attracting natives to come back.

4. Many long time Palo Altans are working much longer than previosu generations. It is not unusual for people to be working into their 70's and beyond which keeps people in their homes rather than selling and moving to a retirement area.

5. Palo Alto is a great place to live at any age so why leave?

6. As I said before there is a great employment market in the Silicon Valley. People are coming here to get jobs, not leaving to find a job.

There are probably more reasons but these are the ones that make sense to me.

If you have any questions about buying or selling homes in Palo Alto please feel free to contact me.

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