Something For Palo Alto Seniors To Think About

Today I pulled into my Midtown Palo Alto driveway around 2:30. Like most of the homes in midtown there is only a one car garage, and after you put the washer and dryer in it there is no room for a car. Most people park in their driveways, which today was very fortunate.

When I opened my car door my neighbor from across the street called out "Marcy I need help!" His garage door was open and I ran across the street. Ed was lying on his kitchen floor after falling in the driveway and crawling back to the house. Quite a feat for this feisty 88 year old man. His wife Char was out shopping and he had been alone on the floor for about an hour.

I called 911 who showed up in less than 10 minutes and took him to Stanford. Char came home and I drove her to Stanford. She was shaking and obviously quite upset. As we drove over she said, I guess we will have to move now.

I don't know. Ed's hip is broken and he will have surgery. I don't know if they will be able to maintain their independent life style or not. I do know they have not made contingency plans.

I also know that moving from a home of 20-40 years into assisted living is a huge step. Decisions should be made carefully as the options are varied. It takes careful planning and a lot of input from family and financial advisers to make the best decisions. Buy or rent? Nursing home or continuing care? A program with steps of care? How many meals per day? Who are the doctors? How much does it cost? What city? Should you stay close to home or go to where your kids are? What do you do if you have pets?

I also know that making that decision during a crisis is not ideal. While many people say the only way they are leaving their home is in a wooden box, that is not always the case. Sometimes life changes in a heartbeat and you need to go some place to get some help even though you may be years from that wooden box.

So if you are reading this, or if you have parents that are in this position, please think about what you want to do if you need more help than you can get living at home. The choices are varied, so investigate carefully, and hopefully you will be able to make this decision methodically and not while you are in a crisis and forced to do something immediately.

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

Watch Out For Blossom Valley Short Sales When The Seller is a Realtor

I was reading about short sales, as I do every Sunday morning on a great site for short sale information Short Sale Superstars. There was a discussion about a Bank of America Short Sale that had been approved, and then denied after the approval, a few days before closing. The reason:

The seller was a real estate broker and the listing agent works for the seller. The buyer used the listing agent to represent her.

Surprise Surprise, B of A said this is not an Arm's Length Transaction and rescinded the approval.



There are multiple things wrong with transaction so let me see if I can organize the problems coherently.

1. All short sales must be an Arm's Length Transaction and an affidavit needs to be signed by all parties saying they are not related to each other in any way. The listing agent works for the seller so that is not arms length.

2. The seller may be offered a closing incentive by the bank, but is not allowed to receive any money from the buyer. Since the buyer is using the the listing agent who works for the seller and would have received commission for the sale, a portion of which would go to the broker, then the seller is getting money from the buyer.

3. Again, since the listing agent works for the seller and would get commission from the sale, a portion of which would go to the broker, the seller would be receiving money from the sale outside of the closing incentive.

4. The buyer has agreed to a dual agency and is entitled to the information that the listing agent works for the seller and that this can cause potential problems with The Arm's Length Transaction.

I do not know if the seller was trying to pull something over on the bank, or if he was just not familiar with short sales but this was totally avoidable.

Buyers: get your own agent to represent you.

Sellers: If you are a broker, get a different company to represent you. If you are an agent, get another agent to represent you, not your broker, and ask the bank if it is ok to be represented by someone else in your campany first, not after you are about to close.

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

Even in Palo Alto's Heated Market, Overpricing is Not a Good Idea

Everyone knows Palo Alto's housing market is hot, homes get multiple offers, and sales can be wildly over asking price, but that does not mean a seller can price his/her home at any price and get these results. As a long time Palo Alto real estate agent I can assure you that today's buyers are more informed than any buyers from previous years.

Most buyers looking at a specific neighborhood are as informed about values as most realtors helping them. They know what has sold, and for how much and they know how the recent sales compare to your home, so don't think you can fool them.

If you price your Palo Alto home a lot under market value you will get many offers and a price over asking. If you price your Palo Alto home at market value, you will not get as many offers, and you will not end up with a price wildly over asking, but you will probably end up at the same price as if you priced it wildly under value.

However, if you over price your home it will sit, and you may end up getting less for your home than if you priced it realistically the first time.

Palo Alto real estate is precious. The inventory is at historic lows. The prices are now back to about what they were before the crash. So be smart and take advantage of this wonderful time to sell and price your home correctly.

If you have any questions about selling a home 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

What A Palo Alto Executor Should Look For In An Appraisal Contingency

The market is roaring in Palo Alto and most homes are getting multiple offers. If you are a Personal Representative for a Palo Alto Probate Sale, or a Successor Trustee for a Trust Sale how do you know which is the best offer? How do you choose from the embarrassment of riches, especially if you are not from the area and are not familiar with area?

If you follow these steps you should be fine.

1. If you have an all cash offer with no contingencies that is the highest of all offers. Pick that one.

2. If you have an all cash offer for less than a financed offer it may still be the best, but it may not be.

3. If the financed offer has no appraisal contingency and it is higher than the cash offer you can make an argument that that is a better offer because it is higher. If the buyer is pre-approved and the house does not have to appraise for offered price the risk of the transaction falling through because of of the loan not being approved is small.

4. If there are multiple offers with financing contingencies and appraisal contingencies things get a little more complicated. It is very likely that there will be offers that will over what the appraisal will bear.



5. When Number 4 happens I counter offers by asking the agents what will your client do if the home does not appraise for the value you have offered. This is important because if you have a home worth $800,000 and the buyers have offered $850,000 but subject to appraisal, they may have really just offered $800,000 if the home will not appraise higher. So, what I want to know is what is the buyer going to do if the home does not appraise for what was offered.

6. Take the offer that you feel has the best chance of giving the estate the best realistic price based on what the buyer is capable of doing vs what they have offered to do.

Even in this crazy Palo Alto seller's market, negotiations still matter, and you will not automatically get what you are offered, so hire someone who knows what he or she is doing and get the interests of the estate protected. Also, if the agent you are interviewing does not know what a Personal Representative or a Successor Trustee is, interview someone else for the job.

If you have any questions about selling a home in Trust or Probate 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

Why Should I Put My Palo Alto Home On The Market In The Fall?

Fall is officially here. You can tell, not because the calendar says September 21 has come and gone, not because there are a few maple trees with leaves starting to turn, not because football season is in full bloom, but because getting to Half Moon Bay is a bear, especially on the one hot day of the year since June. I just wanted to take my labradoodle Demi to the harbor in Half Moon Bay for a good swim and some quality ball catching time. Here she is in her beach robe after a hard swim.

The way you know it is really Fall is that everyone in the bay area is trying to get to Half Moon Bay to pick pumpkins for Halloween and it is not even the week-end of the Pumpkin festival.

But back to business. One of the most common questions I am asked: is it a good idea to put MY PALO ALTO home on the market in the fall since school has started and the Holidays are upon us? My answer most years is yes, but this year it YES YES YES!!!!!!

As a very long time Palo Alto realtor I can tell you that these things are true:

Right now the inventory is still at historic lows, and will likely get lower in November and December

There are hundreds of buyers out there looking

Interest rates are at historic low levels

The stock market is doing well which is where the down payment and sometimes purchase money is coming from

The European Financial Crisis seems to be under control at this moment

We are not imminently about to go to another war

Many out of town buyers are in the area during the holiday season.

Will you get more for your home if you wait till next spring? Maybe, but maybe not. Will you sell your Palo Alto home easily and for a good price right now? Yes.

Will taxes on the profit be higher after Jan 1 than they are right now? Probably

Should you gamble and maybe get more next spring or maybe not? Your choice.

So if you want or need to sell now do not let the fall dissuade you from doing anything but trying to get to the beach when everyone else is trying to get their pumpkin.

If you have any questions about buying or selling a home 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. www.marcymoyer.com

For Sale: 3BR/2BA Single Family House in San Jose, CA, $676,000

For Sale: 3BR/2BA Single Family House in San Jose, CA, $676,000

East Palo Alto Probate Sale - Open Saturday & Sunday 1:30-4:30pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1108 Newbridge St, East Palo Alto, CA Great Probate Sale In East Palo Alto Court Confirmation Not Required. Great for First Time Homeowner or as Rental 3BR/1+1BA Single Family House offered at $260,000 Year Built 1954 Sq Footage 1,020 Bedrooms 3 Bathrooms 1 full, 1 partial Floors 1 Parking 1 Covered spaces Lot Size 5,980 sqft HOA/Maint $0 per month DESCRIPTION Great opportunity in East Palo Alto. Home has new carpets and new exterior paint. Home is fully fenced with front wrought iron gate. Gas kitchen. Good sized yard, nice wide street. Could use updating but is in livable condition. Bonus room with half bath in back of house. Permits unknown. Hardwood floors under carpet, condition unknown. see additional photos below PROPERTY FEATURES - Bonus/Rec room - Dining room - Family room - Master bath - Storage space - Stove/Oven - Fenced yard - Lawn - Yard - Controlled access - Gated property - Security system - Covered parking - Off-street parking - On-street parking - Hardwood floor OTHER SPECIAL FEATURES - Great Opportunity For a Non Distressed Property in East Palo Alto ADDITIONAL PHOTOS Front Living Room Family Room Dining Room Kitchen Master Bedroom Master Half Bath Bedroom 2 Bedroom 3 Hall Bath Bonus Room Front Gate Yard Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: Sep 17, 2012, 4:17pm PDT

Redwood City Personal Representatives: How Do You Find A Realtor?

If you are a Personal Representative for a home in Probate in Redwood City you may be wondering what is the best way to find a realtor to help you sell the estate's home in Redwood City. You probably understand that you have a very large responsibility and making this decision is important. With so many realtors from which to chose, and conflicting information on the internet, it can seem overwhelming.

Well, there is a trick. Call a realtor and tell them you are the Personal Representative for the Estate of ........

If the realtor has no idea what you are talking about hang up. It is a quick and simple test. If a realtor understands probate, they will know what you are talking about. If they don't understand probate they won't. A Redwood City Probate Sale is not like a traditional sale, a short sale, a foreclosure, etc. It is special and the requirements must be followed or you can find yourself in a lot of trouble.

If the realtor you called knows what you are talking about then you can interview, go through a marketing plan, and see if he or she is a good fit for you. Trust me, you will not have too many agents to interview so it should not be a very hard decision.

If you have any questions about selling a home in Probate 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

East Palo Alto Probate: Court Confirmation May Not Be Needed: Meaning?

When a home is sold through the probate system sometimes court confirmation is required, and sometimes it may not be required. The operative word here is MAY. What this means is that under the Independent Administration of Estates Act, the person in charge of settling the deceased's estate, the Personal Representative, can ask the court if he/she can have the authority to sell a property without court confirmation. Court confirmation happens when an offer is accepted by the Personal Representative and then has to go to the probate court to be approved. At that time there is an overbid process and someone else can come in and offer more money for the house.


When a probate listing says court confirmation not required or MAY not be required, what it means is that the Personal Representative was given the authority to sell the home without court confirmation and the overbid process, but it is not a done deal. If one of the heirs has an objection to the price or terms of the sale, he/she can petition the court for an overbid process. This is not common unless the Probate Referee, who is the person who estimated the value of the home, says the home is worth more than the offer for the home. So for example if a home was estimated to be worth $500,000 and the accepted offer was $400,000 and the Personal Representative can not show good reason for the 20% difference, the other heirs may want to go to court and object.

So if you are a Personal Representative on an East Palo Alto or other San Mateo County Probate home make sure the agent you chose to sell the home gives you a rock solid market analysis. If the price suggested to list is more than 10% less than the Probate Referee's opinion of value work out the discrepancies ahead of time. It will save countless hours of headaches, and lots of money by not having to go to court.

If you have any questions about selling real estate in probate 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

When is a Palo Alto Loan Approval Not Really an Approval

I have been selling real estate Palo Alto and the the Silicon Valley for almost 18 years. I have seen a lot, but this last week was a new experience. I have a client buying a home in Palo Alto. They had a pre-approval letter, and 2 weeks ago got an approval from the bank for their loan. They were specifically told to remove their loan contingency and were given written confirmation of the terms of their loan.

We were then told that loan docs would be ready last Fri. for a Tues close. Last Fri their were no loan docs, and we were told that the underwriter said no and the mortgage broker was trying to get an exception. So of course out question was, why did you send us an approval and tell us to remove loan contingencies if we were not approved?

By Monday still no docs or approval.

On Tues my client walked into the bank and reviewed his file. It turns out there were a lot of mistakes. His file said he makes $1000 a month less than he does, and his student loan payments were $1000 a month higher than they really are. The mistakes were fixed, loan approved on Wed, loan docs in tile on Thurs, signed, and we were able to fund and close today, Fri.

It was stressful, to say the least. So what happened? I cannot answer but I have a hunch.

The Palo Alto market is insane. It is very difficult for buyers with loans to compete with those with cash. Lenders are anxious to get these loans, often for over a million dollars as this one was, and they tend to over promise and rush. When you over promise bad things can happen. When you rush mistakes are made.

My take away from this, when I list a home and a buyer's agent tells me they can get loan approval in 7 days and close in 21 days don't expect it to happen. If I did it would only lead to disappointment. As a buyer's agent don't over promise or believe a lender's over promise. 7 days is not enough time for a true, full approval, period. And when a yes becomes a no, look at the file and don't just accept it.

If you have any questions about buying or selling a home 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

Sometimes a Blossom Valley Short Sale Is Not The Right Answer

Yesterday I got a call from a client I will never forget. She said "I was able to modify my loan, I can keep my Blossom Valley house, and you were the only one who believed I could do this, so thank you." This made me so incredibly happy.

So what happened was this client and her then husband were pregnant with their first child and ready to buy a home together. They found their dream home in Blossom Valley with my help, purchased it in 2006 with 10% down. In 2007 they had enough appreciation to take out a 2nd loan which they did. In 2010 they had just had their second baby, the home was $250,000 under water, and they split up.

My client did not want to leave the house and try to find a home for herself, the two young children, and her 2 large dogs. She was determined to stay put, get her husband off title, and not disrupt her children any more than necessary. Her lawyer said short sell, her ex stopped helping to pay the mortgage, and her efforts to refinance went nowhere.

I encouraged her to keep trying and not move her children or her border collies from their dream home and lot.

After 2 years she got her principal reduced by 100K (thanks to First Horizon selling the loan to Nation Star who then was very co-operative in modifying her loan). Her ex signed a quick claim deed (don't know why, but he did), and she was able to pay off the second with savings, stock money, and cutting expenses.

So now she has her home, her kids are not disrupted, and with home prices appreciating she probably even has a good investment.

While I always like to help out on Blossom Valley short sales, in this case I am much happier that I did not have to.

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

Redwood City Short Sale Closed, Most Challenging I Ever Had

I finally closed a Redwood City short sale that started in Sept of 2011. Yes, one year for a short sale. What was the problem? Let me count down just the top 10.

10. The sellers asked another agent in my office to sell this home as a short sale but this wonderful agent had never listed a short sale before. She asked me to help her, but by the time she did they were 2 weeks from the trustee sale date and the sellers were sitting on a perfectly good offer they thought was too low.

9. There was a first and second loan with Chase as well as a large 3rd loan which was a carry back from the previous owner. The seller wanted me to negotiate with Chase but have her lawyer negotiate with the 3rd lender.

8. The seller refused to give me any of her financial documents and said she would provide them to Chase herself.

7. The first approval came in Dec of 2011 at purchase price with 5K going to the second and 11K going to the 3rd. The seller said the 3rd lender was going to take that offer, but then the lawyer for the seller said the 3rd lender rejected the offer.

6. The buyer offered to give the 3rd lender another 10K. No response from 3rd lender. Chase said the buyer could not pay off third.

5. The approval from Chase expired, the negotiator at Chase left the country, the house was put back on the market asking for a large contribution to the 3rd. Chase said buyer could not pay off 3rd.

4. New buyer came in and offered 30K to the third on top of the old price (515K).

3. New BPO said house is worth 540-560K so Chase said offer is not high enough. Lawyer for seller and seller told me I should start negotiating with the 3rd. He said he wanted 80K from the buyer and 7K from Chase. I get him down to 50K, Chase said submit again.

2.Buyer, Chase, 3rd lender, seller all agreed to purchase price of 562K with 50K going to 3rd from the buyer and no contribution from Chase. Chase inexplicably changed their policy and will now allow the buyer to contribute to the 3rd payoff. Chase said close by Aug 31.

1. Lots of delays getting the loan funded. Aug 29th still no loan docs. Chase said after 10 trustee sale postponements they were done. Close on Aug 31 or they take the house back. Seller was in Europe but managed to come to back last week of Aug to get her things and sign off. Buyers agent got lender to fund without loan docs and we somehow managed to get buyers signed and closed on Aug 31.

This was a tough one. Most short sales are not this hard, but the secret here was believing that no does not mean no. Not a lesson I would want to teach to my children, but in the short sale world it is a great one.

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

Silicon Valley Investors, Buy and Hold or Buy and Flip?

Silicon Valley Home Prices are on the rise. Inventory is low, and there are plenty of buyers out there making multiple offers the norm, not the exception. Investors have been a big factor in the market since the crash, but now it may be time for a change if you are an investor.

For the last few years investors were gobbling up foreclosed homes, short sales, and other bargain priced properties. These were often rehabbed and resold quickly. While there was often competition from other investors, it was manageable for many investors.

The landscape has changed. The inventory is so low, and the interest rates are not only low, but loans are a little easier to get than right after the crash. This along with a very high employment rate, and skyrocketing rents, has sent first time home buyers flocking back into the market.

As a result, the chance to buy a home for a low enough price to rehab and resell while making a 30% profit is not working in the investor's favor. It may happen occasionally, but not often.

However, there is still plenty of money to be made investing in real estate. Maybe it is time to look into a buy and hold strategy. It will not make you money overnight, but in the long run will bring in more money than being able to snare the occasional flip.

So if you have $500,000 to spend, why not look for 2-3 homes you can purchase, get a positive cash flow, and sell in 5 years for a great profit if the market has appreciated, or keep holding until your profits are at an acceptable level. With a buy and hold strategy the investor should be looking more at appreciation potential than getting the best price or not buying. It is still number crunching, but the set of numbers being crunched is different.

If you have any questions about buyer or selling investment properties 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
DRE 01191194

Palo Alto Ca is a great place for runners, and dogs

So I left my Midtown Palo Alto home this morning with my Labradoodle Demi for our morning run. We ran by El Carmelo Elementary where she was admired by parents and children, then stopped to give her friend Luna, a wild yellow lab, a big kiss and a treat. Down Bryant to Demi's niece Mowgli's house. Of course we had to stop to say hi to Mowgli and get another treat. Across Oregon to the frontage road and we had stop to say hi to Teddy, a huge goldendoodle who loves our organic chicken treats from Pet Food Express in the Piazza's shopping center. From there we went to the corner of High and Oregon and the rat terrier on the roof barked his head off at Demi. Of course Demi had to stop and try to stare the dog down. Through the park and underpass to California Ave, and then Demi had to stop and sniff. She was checking to see if it was a Farmer's Market day when she gets treats from the Avocado lady, Fontana Farms, the cucumber guys, the flower lady, and assorted kids and parents. I think the explosion of labradoodles in Palo Alto can be attributed in part to Demi's Ambassadorship for California Labradoodles in Woodside at the Farmers market every week. It was not Sunday so on to Peers Park, where she had to look for tennis balls for her BFF Kiely, a brilliant Border Collie. Demi will only play with the soft latex balls from Pet Food Express, but we did find a stray tennis ball from the courts at Peers Park for Kiely. Next we ran to Stanford and stopped to chase squirrels in a Eucalyptus grove. We turned around, followed the same path back, treat with Teddy, no Mowgli, Luna was out again and ready for another treat, then home.

I think I am beginning to figure out why I am not getting any faster.

So if you have any questions about running, dogs, or living 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

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

Blossom Valley Pending Short Sales

Blossom Valley is a hot bed of short sales. It is one of the neighborhoods in the Silicon Valley that has not gone back to the values of 2007-2008. So many of the homes for sale right now are being sold as short sales since the owners have negative equity in their homes.

There are currently 196 pending homes listed as short sales.
There are 286 pending sales of all types.
The percentage of total pending sales which are short sales is 68%.
This is pretty impressive, but the big question is how did this happen?

I have a few theories.

Blossom Valley had some remarkable levels of appreciation early in the century, especially between 2005-2007. There are a number of reasons.
1. Easy money
2. Easy access to downtown San Jose which had ambitious plans for redevelopment
3. Good schools. At one point there were sections of Blossom Valley where you could get a home in a school district with a high API for less than any other neighborhood in Silicon Valley.
4. High tech companies close by including IBM right in the neighborhood.
Then the market crashed, credit tightened, San Jose gave up their redevelopment plans, major employment areas kept moving north to Mountain View, Palo Alto, and San Francisco, and Blossom Valley values plummeted in 2008-2009.

We are on the way up again, but many homeowners are still underwater. The inventory is now quite low. There are only 61 homes for sale right now, and 13 are short sales, or 21%.
If you are a seller, your home will sell, and quickly. If you are a buyer, there is a lot of competition, but the values are there.

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

Sunnyvale CA Town Home for Rent, Open Saturday 8/11 12-1:30pm

 

Marcy Moyer | Keller Williams Realty | (650) 619-9285 220 Red Oak Dr W Apt A, Sunnyvale, CA Adorable Sunnyvale single story town home in a lush complex near downtown. Pets Allowed! 2BR/1BA Townhouse $2,200/month           Bedrooms 2 Bathrooms 1 full, 0 partial Sq Footage 926 Parking 1 dedicated Pet Policy Cats, Dogs Deposit $2,200   DESCRIPTION One story town home with all laminate floors in living area and bedrooms. Cheerful paint colors. Private stone patio, community pool, coin op laundry, and lots of trees are some wonderful features of this home.   see additional photos below
RENTAL FEATURES - Dining room - Dishwasher - Garbage disposal - Balcony, Deck, or Patio - Cable-ready - Covered parking - On-street parking - Fireplace - Hardwood floor    COMMUNITY FEATURES - Swimming pool - Guest parking   LEASE TERMS 1 year
ADDITIONAL PHOTOS Patio Living room Fireplace Dining room Kitchen Bathroom Bedroom 1 Bedroom 2
Contact info:     Marcy Moyer Keller Williams Realty (650) 619-9285

Posted: Aug 3, 2012, 8:03am PDT

Blossom Valley San Jose Ca Short Sale/Foreclosure Round Up

In Blossom Valley from Jan 1, 2012 until June 30, 2012 there were:

263 closed short sales
104 closed bank owned homes
Total sales during this time period were 626
Total % Short Sales: 42%
Total % REO Sales: 16.6%
Total Percentage  Blossom Valley Distressed Properties: 58.6%

58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.

If you have any questions about short sales or foreclosures in Santa Clar County please feel free to contact me.

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

Los Altos Ca Short Sale/Foreclosure Round Up

In Los Altos from Jan 1, 2012 until June 30, 2012 there were:

3 closed short sales
3 closed bank owned homes
Total sales during this time period were 192
Total % Short Sales: 1.5%
Total % REO Sales: 1.5 %
Total Percentage  Los Altos Distressed Properties: 3%

Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available.

Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.

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

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

Los Altos Hills Short Sale/Foreclosure Round Up

In Los Altos Hills from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales
0 closed bank owned homes
Total sales during this time period were 45
Total % Short Sales: 2.2%
Total % REO Sales: 0%
Total Percentage Los Altos Hills Distressed Properties: 2.2%

The low number of distressed property sales in Los Altos Hills is consistent with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definitely different.

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

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

Beautiful, pet-friendly Sunnyvale rental open this Saturday, 1-3pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285 220 Red Oak Dr W Apt A, Sunnyvale, CA Adorable Sunnyvale single story town home in a lush complex near downtown. Pets Allowed! 2BR/1BA Townhouse $2,200/month Bedrooms 2 Bathrooms 1 full, 0 partial Sq Footage 926 Parking 1 dedicated Pet Policy Cats, Dogs Deposit $2,200 DESCRIPTION One story town home with all laminate floors in living area and bedrooms. Cheerful paint colors. Private stone patio, community pool, coin op laundry, and lots of trees are some wonderful features of this home. see additional photos below RENTAL FEATURES - Dining room - Dishwasher - Garbage disposal - Balcony, Deck, or Patio - Cable-ready - Covered parking - On-street parking - Fireplace - Hardwood floor COMMUNITY FEATURES - Swimming pool - Guest parking LEASE TERMS 1 year ADDITIONAL PHOTOS Patio Living room Fireplace Dining room Kitchen Bathroom Bedroom 1 Bedroom 2 Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 Posted: Aug 3, 2012, 8:03am PDT

Woodside Ca Short Sale/Foreclosure Round Up

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

3 closed short sales
4 closed bank owned homes
Total sales during this time period were 51
Total % Short Sales: 5.8%
Total % REO Sales: 7.8%
Total Percentage  Woodside Distressed Properties: 13.6%

These numbers do not tell the whole story. 3 of the 4 foreslosures and 2 of the 3 short sales were in the Skyline area which is always a harder sell than closer to town, so given that information again, there are almost no distressed property sales in Woodside. There are currently 47 active listings in Woodside, about the same number as in Palo Alto, but without the incredible competition for homes like in the Palo Alto market. Maybe it is worth giving Woodside a look if you are having trouble finding what you want in Palo Alto.

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

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

Portola Valley Ca Short Sale/Foreclosure Round Up

In Portola Valley from Jan 1, 2012 until June 30, 2012 there were:
 
0 closed short sales
1 closed bank owned homes
Total sales during this time period were 32
Total % Short Sales: 0%
Total % REO Sales: 3.2%
Total Percentage  Portola Valley Distressed Properties: 3.2%

Obviously Portola Valley is not a hotbed of distressed property activity. The one foreclosure was on a small house on Aliso in Ladera which sold for $1,075,000, a great price for that neighborhood. It is however a fabulous place to look for a home if you want a large lot, an incredible community feel, and plenty of local services as well as recreational activities.

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

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

Palo Alto Ca Short Sale/Bank Owned Round Up

In Palo Alto from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales
3 closed bank owned homes
Total sales during this time period were 284
Total % Short Sales: .3%
Total % REO Sales: .9%
Total Percentage  Palo Alto Distressed Properties: 1.2%

1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.

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

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

Another Example of Why You Need a Realtor When Buying A New Home

Just read this article about a disaster for a Silicon Valley home buyer who signed a contract with a new home builder and lost $98,000 when things went sour.

I have written about this many times but this case is much more powerful than just me saying don't go into the new development without a realtor.

For those of you who have not read my previous posts about this topic here is the executive summary.

If you go to a new development in Santa Clara or San Mateo County with out a Silicon Valley realtor on your first visit you will not be able to to have a realtor represent you if you decide to buy a home in that development.

The contracts are complicated and are in the builders' best interests, not the buyers'.

The only contingency you have is for financing.

Not all financing contingencies are created equal. You need an expert to help you understand what the contingency is.

If you order upgrades you will need to pay upfront for all or a portion of the upgrades. You need to understand under what conditions you will get your deposit back for the upgrades if the transaction falls through.

The builder needs to complete the home in a specified time period. What happens if they don't? What happens if the market tanks during that time period? Do you understand those parts of the contract?

I could go on, but you get the drift. Most Silicon Valley Home Buyers will not lose $100,000 on a deal that goes bad, but having a realtor to help you may be the difference between winning and losing, and I don't mean the lottery, to get one of these new homes.

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