Marcy Moyer
eXp Realty of California

Realtor®
Home SiteMap


eXp Realty of California
2603 Camino Ramon, San Ramon, CA 94583
CalBRE License Number: 01191194


Have you fallen behind on your mortgage payments, or know someone who has, and don’t know what to do? Watch this brief video, and find out what a Short Sale is, and why it may be the solution you have been searching for.


Then contact me at 650-619-9285 or marcy@marcymoyer.com for a FREE consultation to find out if a Short Sale is right for you.

 

 

 

 

 


Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com

 


 

 

 

Santa Clara County Foreclosure

 

Are you looking for a deal in a Short Sale or Bank Owned home in Santa Clara County? If so, don't bother. The inventory of distressed properties in the county is so low it is not worth doing a specific search for either a short sale or foreclosure. If one comes up in your general area search, go for it, but don't expect to get a deal, because there are so few of them.

 

Total number of single family homes for sale in Santa Clara County

 

1045 (historically low number)

 

Total number of short sales SFR For Sales in Santa Clara County:

 

65 or 6.2%

 

Total Number of SFR Foreclosures For Sale in Santa Clara County

 

18 or 1.7%

 

Total Number of Condos/Townhomes For Sale in Santa Clara County

 

233 (historically low number)

 

Total Number of Short Sale Condos For Sale In Santa Clara County

 

23 or 9.8%

 

Total Number of Bank Owned Condos For Sale in Santa Clara County

 

11 or 4%

 

Combined Single Family Homes and Condos/Townhomes for Sale in Santa Clara County

 

1278

 

Total Number of Single Family Homes and Condos/Townhomes for Sale That Are Short Sales or Bank Owned in Santa Clara County

 

117

 

Total Percentage of Short Sales and Bank Owned Homes and Condos/townhomes In Santa Clara County

 

9.2%

 

As you can see the inventory of Santa Clara County Short Sales and Bank Owned properties that are currently for sale is less than 10%. This is not enough to bring the price of homes down in Santa Clara County, and not enough to allow for these homes to sell for less money than any other home in a similar location and condition. So, ifone shows up in your search, be prepared for having to work harder to get through the offer and escrow process, but do not expect to to get a bargain.

 

 

It's Almost Midnight For Sunnyvale Short Sale Federal Tax Debt Forgiveness

 

 

If you can not pay your mortgage you might want to do something about it sooner rather than later. Here's why:

  1. The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012.
  2. This act says that if you sell your primary residence as a short sale or it is foreclosed then no federal tax is owned on the debt foregiveness, the difference between what you owe and what the bank was paid back after the short sale or foreclosure.

  3. In 2013, unless the act is extended there will be taxes owned on homes that are foreclosed or sold as short sales.Do you really think the congress is going to pass anything like an extension of this tax relief during the election season?

So, if you can not pay your mortgage DO SOMETHING NOW. Don't be stuck with losing your home and then still owing taxes on it.

 

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

 

 

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

 

 

 

 

 

 

 

 

 

 

 

What is a Hardship in a Mountain View Short Sale?

 

 

 

 

 

It is estimated that about 25% of home in the US are underwater, that is the owner owes more on the mortgage than the home is worth. So if the owner has to sell, they would have to either make up the difference or do a short sale.

 

 

However, just being underwater is not enough reason for most banks to do a short sale. They want to know you have a hardship. what is a hardship?

 

 

there are a number of reasons that banks will accept as a hardship. they basically want to know what has changed since you purchased the home. some examples of hardships would be:

 

 

1. Job loss

 

 

2. Relocation

 

 

3. Death in family

 

 

4. Illness in family

 

 

5. Increased expenses from things like debts or an increase in mortgage payments

 

 

6. Divorce

 

 

So basically if your income has decreased or your expenses have increased or you need to leave your home it is a hardship. there are others, but they all have in common that something has changed in your financing or circumstances from when you purchased or refinanced your home.

 

 

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

 

 

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

 

 
 
 

 

 

 

 

 

 

 

San Jose Single Family homes

 

Active 

Short Sale Listings

:  371

 

Active Bank Owned Homes: 77

 

Pending 

Short Sale Homes

: over 578 (mls stops counting at 500 and there are more than 500 San Jose Short Sales waiting for bank approval, 41 bank approved waiting for buyer to remove contingencies, and 338 just waiting to close)

 

Pending Bank Owned Homes: 127

 

 

Sold Short Sale Homes, Last 6 months 378

 

 

Sold Bank Owned Condos/Townhomes: 378

 

 

That is an amazing coincidence!

 

 

 

 

 

San Jose Condo Townhomes

 

 

Active Short Sale Listings: 166

 

 

Active Bank Owned Condos:  78

 

Pending 

Short Sale Condos/Townhomes

: 578

 

Pending Bank Owned Condos/Townhomes: 104

 

 

Sold Short Sale Condos/Townhomes:  210

 

 

Sold Bank Owned Condos/Townhomes 314

 

 

 

 

 

So, if you add up all the short sale activity there are/were 2281+ for short sales and 1078 bank owned transactions.

 

 

My conclusion: even there has been a lot of press recently about how foreclosure filings are up in California right now short sales are dominating the distressed property market in the city of San Jose.

 

If you have any questions about 

short sales

 or foreclosures anywhere 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

 

 

 

 

 

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

 

 

 

 

When making an offer on a San Jose Short Sale it is common for the 

buyer's agent

 to ask the listing agent about his or her experience with short sales. They want to know if the seller's agent knows what he or she is doing because that is essential for a successful short sale completion. So when I am asked those questions I can honestly say that I am certified (CDPE), experienced, and successful.

But enough about me, what about you buyer's agent.  How many buyers have you ushered through the sometimes long and tedious 

process of a short sale

? How many of your buyers have dropped out because they got tired of waiting or found something better? How many of your buyers really understand what "As-Is" means? How much do you understand about the process.

When I represent the 

buyer on a short sale

 I make sure they understand what is going to happen, how long it could take, and what will be expected of them.  I also make sure the buyer really wants that particular house, and is not just making lots of offers and willing to take the first one that gets approved.  

So if you are selling a 

San Jose Short Sale

, ask your agent to talk to the buyer about their short sale experience and expectations before you sign that offer.

 

If you have any questions about buying or selling a short sale in San Mateo or Santa Clara Counties please feel free to contact me.

 

 

Marcy Moyer CDPE

 

 

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 

 

 

)

 

Menlo Park Condo

 

Right now it is estimated that nationally 1 in 4 homeowners owes more on their mortgage than their home is worth. You may be be one of those homeowners.  While not everyone who owes more money than their home is worth is going to sell that home, if they do, it will have to go through the 

short sale process

. If you decide that a short sale is the best option for your circumstances be sure and check with a lawyer and/or accountant to get the best legal and tax advice.  You may find yourself unable to make the payments on the mortgage at all. If you own a condo the situation can get a little more complicated.  

 

In California the HOA can initiate foreclosure proceedings against a homeowner who does not pay his/her HOA dues.  In addition to that, many banks who are very willing to allow a borrower to do a short sale will not pay any money for back due HOA dues.  

 

So, if you can not afford your home, if you can not afford your mortgage, if you want to 

try a short sale

, try to find a way to pay the HOA dues. If you do not, you could get to the end of the short sale process and not be able to close because a few thousand dollars are owned to the HOA and since that is a lien against the property the sale will not close.

 

If you have any questions about 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

 

What to Do If Credit Report Shows Foreclosure Instead of a Silicon Valley Short Sale (edit/

 

)

 

Credit reports frequently have mistakes. Very often consumers are not aware of these mistakes until they are trying to obtain credit for a large purchase like a home or car.  There is a process for rectifying credit mistakes, but it can take some time.

 

As more and more 

short sales are being processed

 it is only natural that some mistakes are showing up on credit reports, especially since there is no standard way for a credit report to reflect a short sale. The bank may report loan paid as agreed, or loan paid for less than the full amount. Which ever way it is reported it should not say foreclosure. Unfortunately occasionally this will happen, but the fix is easy.  When you sell a home as a short sale you will receive a HUD1 statement. this is a statement that spells out what money came in from the sale and how it was distributed. If a home is foreclosed there is no HUD1 given to the owner.  So, if you have a HUD1 your home was not foreclosed.  You should send the HUD1 to the credit reporting agency along with the statement that since you have a HUD1 you were not foreclosed on. They can then remove the foreclosure from your credit report. 

It is probably a good idea to check your credit report 6 and 12 months after a 

short sale

 just to make sure this has not happened.

 

If you have any questions about short sales please feel free to contact me.

 

 

Marcy Moyer CDPE

 

 

Keller Williams Realty

 

www.marcymoyer

.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194 

 

 

)

When a buyer makes an offer on a 

Mountain View, or any Silicon Valley Short Sal

e they ocassionally want to purchase some of the furniture in the house.  Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?

 

NO NO NO NO NO!!!!!!!

 

 

Should I say it again?  Ok, NO DO NOT DO IT!!!!!

 

 

Here is why.  The seller is not allowed to have any gain from the sale of the home.  The bank gets all the money from the buyer in exchange for allowing the loan to be written down so the seller can get out of his/her obligation. If the seller sells furniture to the buyer it can be considered by the bank to mean that the seller has received money from the buyer. So, if the buyer wants a big table they will have to go to Ikea and buy one.  If the seller does not want a couch, put it on Craigslist, but do not sell personal property to the buyer.

 

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@marcyoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

Can a Bank Really Change My Locks on My Mountain View Short Sale? (edit/

 

)

Seems like a bizarre question doesn't it? Well guess what, it is not.  If you are 

selling your home as short sale

 the bank may have the right to send a property preservation company to the house and "secure it" if they feel the house is vacant and abandoned. But it is still my house, right?

 

Yes, it is still your house, even if you have stopped making payments, but here is the catch. Many loans contain clauses that say if you abandon your home the bank has a right to secure the property to preserve their interest in the home while they are waiting to re-posses it.

 

 

So here is the typical situation.  Owner has a home that they need to short sell.  They have already left the home, often to take a job somewhere else, but maybe for some other reason.  The short sale is initiated and the bank finds out the property is vacant. They do not want any damage to the property so they send out a property preservation company to secure the house.  The company changes the locks and may even board up windows. There are even some instances where the property preservation company employees help themselves to some things that were "abandoned" in the home that do not belong to them. The realtor listing the property may not be given the key and other agents may not be able to get in until the mess is straightened out.

 

 

What is the solution?  There is no fool proof solution but there are some things you can try.  If you are selling an empty home for what ever reason the best thing to do is to hire a realtor who can stage it for you. (I do this for all my listings) Once the home is staged, or even if that is not possible, take pictures. Show the bank the house is being cared for by the realtor, that the windows are not broken, and that there are locks on the door.  Take pictures of all the fixtures to show what is in the house.  Send these pictures to the bank along with the initial short sale authorization and then again with the short sale package to show that the home is not abandoned and in case there is any question about things going missing.

 

 

This may not stop the the bank every time from "securing" an un-abandoned house, but it should help.

 

If you have any questions about 

short sales in San Mateo or Santa Clara countie

s please feel free to contact me.

 

Marcy Moyer

 

 

Keller Williams Realty

 

www.marcymoyer

.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

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

 

 

)

 

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

 

 

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 (edit/

 

)

 

 

 

 

East Palo Alto short sale

 

 

 

 

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

 

 

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

 

 

)

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

 

 
 
 

Sunnyvale Ca Short Sale and Carbon Monoxide Monitors

 

 

 

Carbon monoxide monitor

 

There is a new law that mandates Carbon Monoxide monitors be installed in all residential properties in California. Lenders are taking this seriously! I had a buyer purchasing a 

short sale in Sunnyvale

 that was scheduled to close last Friday, after several extensions. (The first lender kept asking for closings that were not physically possible to adhere to due to a second loan.) We managed to get to loan docs being drawn within 3 weeks of the approval on the second, a miracle in itself. This was on Wed., 2 days before drop dead close date.  Loan docs were signed and sent by currier (for a cost of $180) back to the lender. Thurs morning, when they were supposed to fund, the lender said they wanted to see a picture of the required carbon monoxide detectors before they would fund. The picture was taken and sent back to the lender after a little hysteria on everyone's part and we closed on Fri.

 

Lesson learned. Plug in the little devise before the inspection before the appraisal, and save yourself a lot of last minute drama.

 

If you have any questions about 

short sales in Santa Clara or San Mateo Counties

 please feel free to contact me.

 

Marcy Moyer CDPE

 

 

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 

 

Today in the Mercury News there was a story about how first time home buyers who need to purchase with loans are getting beaten out by investor cash buyers who often offer less than traditional buyers for 

foreclosures

. http://www.mercurynews.com/business/ci_18853804?IADID=Search-www.mercurynews.com-www.mercurynews.com

 

Has this happened to you? If so, I may have the answer, buy a short sale!

 

In a 

short sale

 the seller owes more than the property is worth and has to have the bank forgive the difference between what is owed and what the house is worth.  The seller decides who has given the best offer, signs it, and sends it to the bank for approval.  THE BANK DOES NOT DECIDE WHICH OF SEVERAL OFFERS IS THE ONE THEY WANT, JUST WHETHER OR NOT THEY WILL ACCEPT THE OFFER THAT IS PRESENTED TO THEM.

 

Most banks have said very specifically they want the highest offer, and do not think cash offers are more attractive than ones with loans. This is in direct conflict with what they seem to prefer on foreclosures.

 

 

Since most investors try to pay significantly below market value if you make a higher offer, which is closer to market value then your offer will have a much better chance of being accepted, especially if there are not issues which would make the house unlendable.

 

 

Sure you have to wait longer for an answer from the bank, and some will not close, but lenders re speeding up the process and you can be happily ensconced in your home usually in 2-6 months instead of still looking 18 months and 15 offers later.

 

So if you are looking for good deal (though probably not a steal) on a home and are tires of losing to all cash offers find a 

short sale

 and enjoy home ownership.

 

If you have any questions about buying or selling a short sale in Santa Clara or San Mateo Counties please feel free to contact me.

 

 

Marcy Moyer CDPE

 

 

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 

 

 

 

In 2008/2009 I listed a 

Bank of America Short Sale in Mountain View

. It took 11 months to close it, with the first buyer walking and the second one sticking it out.  11 months, and I was thrilled to have gotten approval from Bank of America for a short sale.  At that time they had a terrible reputation for short sale approvals, and now they are most agents favorite company. 

Boy have things changed!  It has now taken me 3 months, from seller signature on a contract to approval of both a 

first and second loan from Wells Fargo

. It sounds great, but expectations have changed. I would have expected 6-8 weeks from signed offer to full approval on this short sale? I kept asking what is taking so long? The answer in this case is that the sellers never stopped making payments, instead choosing to keep paying as long as they could, which actually ended on their last payment. Because they were not in default there was a longer review process, but even so, 3 months for 2 loans is really so much better than a few years ago. 

 

So I guess it is all relative.  I was happy 2 years ago just to get a yes, even though it took almost a year.  Now I think 3 months is a long time.  I am hoping that in a year one month will seem like forever.

 

 

If you have any questions about buying or selling short sales, please feel free to contact me!

 

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

wwwmarcymoyer.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

 

 

 

 

Menlo Park Condo

 

Right now it is estimated that nationally 1 in 4 homeowners owes more on their mortgage than their home is worth. You may be be one of those homeowners.  While not everyone who owes more money than their home is worth is going to sell that home, if they do, it will have to go through the 

short sale process

. If you decide that a short sale is the best option for your circumstances be sure and check with a lawyer and/or accountant to get the best legal and tax advice.  You may find yourself unable to make the payments on the mortgage at all. If you own a condo the situation can get a little more complicated.  

 

In California the HOA can initiate foreclosure proceedings against a homeowner who does not pay his/her HOA dues.  In addition to that, many banks who are very willing to allow a borrower to do a short sale will not pay any money for back due HOA dues.  

 

So, if you can not afford your home, if you can not afford your mortgage, if you want to 

try a short sale

, try to find a way to pay the HOA dues. If you do not, you could get to the end of the short sale process and not be able to close because a few thousand dollars are owned to the HOA and since that is a lien against the property the sale will not close.

 

If you have any questions about 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

 

Palo Alto Distressed Property Update 2011 Jan-June

 

 

 

It's time again. Curious about how many distressed properties there really are in Palo Alto?  Despite what you may be reading these are the homes for sale or sold on MLS as Short Sales or Bank Owned.

 

 

Sold: 

 

 

Short Sales: Single Family Homes  3

 

 

Short Sales: Townhome or condo:  2

 

 

Bank Owned: Single Family Homes  2

 

 

Bank Owned Townhomes or Condos  4

 

 

 

 

 

Active:

 

 

Short Sales:  Single Family Homes  1

 

 

Short Sales Townhomes or condos   1

 

 

Bank Owned Single Family Homes   0

 

 

Bank Owned Townhome or Condo    1

 

 

 

 

 

Pending Sales:

 

 

Short Sales: Single family homes  2

 

 

Short Sales: Townhomes or condos 1

 

 

Bank Owned  Single Family Home  0

 

 

Bank Owned Townhome or Condo   1

 

 

As you can see the number of distressed properties for sale is continues to be extremely low. This small number of short sales and reos are not enough to have a major impact on the market as they do in many other markets.

 

 

If you have any questions about short sales or bank owned properties 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.

 

 

 

 

 

 

 

 

 

 

 

It's time again. Curious about how many distressed properties there really are in Menlo Park?  Despite what you may be reading these are the homes for sale or sold on MLS as 

Short Sales

 or Bank Owned.

 

Sold: 

 

 

Short Sales: Single Family Homes  8

 

 

Short Sales: Townhome or condo:  1

 

 

Bank Owned: Single Family Homes  6

 

 

Bank Owned Townhomes or Condos  0

 

 

 

 

 

Active:

 

 

Short Sales:  Single Family Homes  3

 

 

Short Sales Townhomes or condos   1

 

 

Bank Owned Single Family Homes   3

 

 

Bank Owned Townhome or Condo    0

 

 

 

 

 

Pending Sales:

 

 

Short Sales: Single family homes  20

 

 

Short Sales: Townhomes or condos 0

 

 

Bank Owned  Single Family Home  2

 

 

Bank Owned Townhome or Condo   0

 

 

As you can see the number of distressed properties for sale is continues to be extremely low. This small number of short sales and reos are not enough to have a major impact on the market as they do in many other markets. Most of the distressed properties are in the Belle Haven Neighborhood, but there are a number of pending short sales west of 101.

 

 

If you have any questions about short sales or bank owned properties 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.

 
 

 

 

 

Credit reports frequently have mistakes. Very often consumers are not aware of these mistakes until they are trying to obtain credit for a large purchase like a home or car.  There is a process for rectifying credit mistakes, but it can take some time.

 

As more and more 

short sales are being processed

 it is only natural that some mistakes are showing up on credit reports, especially since there is no standard way for a credit report to reflect a short sale. The bank may report loan paid as agreed, or loan paid for less than the full amount. Which ever way it is reported it should not say foreclosure. Unfortunately occasionally this will happen, but the fix is easy.  When you sell a home as a short sale you will receive a HUD1 statement. this is a statement that spells out what money came in from the sale and how it was distributed. If a home is foreclosed there is no HUD1 given to the owner.  So, if you have a HUD1 your home was not foreclosed.  You should send the HUD1 to the credit reporting agency along with the statement that since you have a HUD1 you were not foreclosed on. They can then remove the foreclosure from your credit report. 

It is probably a good idea to check your credit report 6 and 12 months after a 

short sale

 just to make sure this has not happened.

 

If you have any questions about short sales please feel free to contact me.

 

 

Marcy Moyer CDPE

 

 

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.

 
 

 

 

When a buyer makes an offer on a 

Mountain View, or any Silicon Valley Short Sal

e they ocassionally want to purchase some of the furniture in the house.  Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?

 

NO NO NO NO NO!!!!!!!

 

 

Should I say it again?  Ok, NO DO NOT DO IT!!!!!

 

 

Here is why.  The seller is not allowed to have any gain from the sale of the home.  The bank gets all the money from the buyer in exchange for allowing the loan to be written down so the seller can get out of his/her obligation. If the seller sells furniture to the buyer it can be considered by the bank to mean that the seller has received money from the buyer. So, if the buyer wants a big table they will have to go to Ikea and buy one.  If the seller does not want a couch, put it on Craigslist, but do not sell personal property to the buyer.

 

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@marcyoyer.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.

 

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

 

 
 
 

How Does A Short Sale Work? (edit/

 

)

Question: I am interested in a house that is a 

short sale

. How does that work?

 

Answer: That is a huge question! Here is the very simplified version of the answer:

 

•1.       The 

seller owes more money to the bank than home is worth

 but still needs to sell it.

 

•2.       The seller needs to get permission from the bank to sell the house for market value and have the bank agree to take less than what they owed.

 

 

•3.       If there is more than one loan or other liens against the house they all have to agree to accept a payoff that is less than what they are owed. The first lender will decide how much the house must sell for and how much they are willing to give to any junior lien holders to accept a short payoff.

 

 

•4.       The junior lien holders then decide if they will accept what the first lender offered or if they want to stop the sale.

 

 

•5.       Any of the lien holders can ask the seller to contribute money to close the deal.  The seller can agree or refuse to do the short sale.

 

 

•6.       The buyer can either accept the price the bank has insisted on (if it is higher than their original offered price), or they can  say they do not want to buy the house.

 

 

•7.       The process of short sale approval can take anywhere from a month to a year. It is only worth making an offer on a short sale if you are motivated to wait out the process and do not have a deadline where you must buy that house.

 

 

•8.       Once everyone agrees to the price and terms, the seller, the buyer, the banks, then the sale goes pretty much like a normal transaction but must be an As Is sale with no money going back to the seller for anything.

 

 

•9.       This is a very simplified explanation and there are many nuances to a short sale, but this is the general overview.

 

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194

 

 

)

If you want to sell your home but it is worth less than your mortgage then you are not alone. A large percentage of homeowners are in this situation.  Fortunately, in the last year many banks have made the process of doing of short salesmore efficient and are approving short sales in record numbers.  However, many homeowners want to keep their privacy while this is happening. If you are a Palo Alto homeowner, or a homeowner in the surrounding areas like 

Menlo Park, Los Altos, Portola Valley, Woodside, Redwood City, or Mountain View

, and do not want your neighborhood to know what is going on then I have a solution for you, a more private short sale.

 

A more private short sale would eliminate the following if that is your wish:

 

 

1. Sign

 

 

2. Newspaper ad

 

 

3. Broker's open house

 

 

4. Public open house

 

 

It will include:

 

 

1. Showings by appointment only of qualified buyers

 

 

2. Internet exposure

 

 

3. Multiple listing exposure

 

 

4. Networking with local realtors

 

So if you want to sell your home as a short sale, the way many high end sellers sell their homes then give me a call. (You can also call if you want traditional marketing for your home) I am 

an experienced local Short Sale Agent

 ready to help you.

 

Marcy Moyer

 

 

Keller Williams Realtor

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194

 

 
 
 
 
 
 

 





There's a lot of chatter on real estate blogs about the steep increase in foreclosures and short sales in Palo Alto. Unfortunately many sites post stats from a company called Realty Trac which tracts everything from a Notice of Default through a listed bank owned property. 

 

 

 

Many things can happen before a home with a Notice of Default actually gets to be sold by the bank, but unless you read the fine print carefully it is easy to confuse a house that is behind a few months in payments with an actual bank owned property on the market for sale.

 

 

 

Most bank owned homes as well as short sales (where the seller owes more than the home is worth and the lender/lenders have agreed to accept less than the amount of the mortgage to release the debt) are sold through the MLS. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So to see how many of these distressed sales have hit the market in the last year I went to the MLS and looked.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here is what I found for single family homes:

 

 

 

 

 

 

 

 

 

 

 

Bank owned properties sold in last year: 4

 

 

 

 

 

 

 

Current Pending sales of Bank owned: 2

 

 

 

 

 

 

 

Short Sales sold in last year: 3

 

 

 

 

 

 

 

Current Pending Short Sales: 1

 

 

 

 

 

 

 

Current Active Short Sales: 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For condo/townhomes the numbers are:

 

 

 

 

 

 

 

 

 

 

 

Bank owned sold: 2

 

 

 

 

 

 

 

Bank owned pending sales: 1

 

 

 

 

 

 

 

Short Sales sold:  3

 

 

 

 

 

 

 

Short sales pending: 4

 

 

 

 

 

 

 

Short sales active: 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As you can see this is not a huge number, especially since the total number of homes sold in Palo Alto in the last year is 369, making distressed sales account for less than 2%.  There have been 97 condo/townhomes sold in the same period making the distressed sales about 5% of that market. 

 

 

 

 

 

 

 

 

 

 

 

These numbers are not enough to have any impact on the price of homes in Palo Alto at this point. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The percentage would have to increase several fold before Palo Alto prices are affected by distressed properties.  I am not saying that this is or is not going to happen, that is a discussion for a future post, just that it has not happened yet.

 


*Photo Credit: found this picture at the website for The Sacramento Bee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here's the problem. The buyers on my 

short sale listing

 want to close on March 23 because they have a great loan lock.  They make an offer on a one of my short sale listings on Feb 20th. The price had been previously approved but I tell them that I would be surprised if we will be ready on our end that quickly.  However, I have a great relationship with the negotiators for both loans. It was easy to do that. I always assume they are on my side until proven otherwise.  They are hired to move short sales through the system and to work with the investors on the loans to that. It is the investors that I get mad at, but I do not get to deal with them directly so they do not get to hear how mad I get at them sometimes.  In any case, my two negotiators got me a second approval in 3 days on the first loan, and 2 days later on the second. I think that is pretty remarkable! So we are all set on our side. They negotiators tell us that Service Link who is negotiating for the first through Indy Mac needs 48 hours to approve the final HUD1 statement, which specifies who is paying for what , and how much money the lender is getting from the sale.  Wells Fargo has the second, and they need one week.  So one week before the planned close date of March 23 my wonderful title officer, Lee Kocjan at Fidelity Title sends in the final HUD1 for approval with a close date of March 23.  

 

But of course, the buyer's loan docs are not ready.  The buyer's loan docs are finally ready on March 28th, but guess what the final approval for the second has expired. We have to send in a new HUD1 and get a new final approval.  But guess what, the buyer's loan docs will expire on March 31 and the county recording office isn't even open on March 31 because is is a local holiday.  So the loan docs will have to be re drawn, but by then the 2nd HUD1 approval letter will expire, and you can see the Catch 22 here.  

 

 

So the moral, DO NOT ORDER THE FINAL HUD1 APPROVAL FROM WELLS FARGO UNTIL THERE IS ABSOLUTELY NO QUESTION THAT THE LOAN DOCS ARE READY.

 

 

I would have done that, but I was trying to accommodate the buyer and their agent and by doing so they have a longer delay.

 

If you have any questions about short sales in San Mateo or 

Santa Clara Count

y please feel free to contact me. I LOVE SHORT SALES even with their Catch 22s.

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194

 

 

 

 

What Makes a Good (or Bad) Short Sale Buyer in Santa Clara County (edit/

delete

 

)

Not everyone is cut out to be a 

short sale buye

r. It is a long, and sometimes frustrating process. It is not for everyone. so how do you know what makes for a good short sale buyer, one who will stick it out for the duration and be committed to the process. Here are some attributes I think contribute to being a good short sale buyer:

 

 

 

 

1.  Really want the house, not just make an offer because it is a short sale so probably a "good deal"  It is difficult for the seller and listing agent to really access the buyer's motivation, but if you are a buyer trying to get a good investment property or a home it is a waste of your time and the seller's to make offers on homes you really do not want and are not willing to fight for.

 

2.  Does not have a problem with authority.  When you are involved in a 

short sale

 you have to do what the bank asks you to do. If you don't, the sale will not be completed. If you are a control freak and do not like to be told what to do, do not try to buy a short sale.

 

3. Is not in  a hurry. If you have a loan rate that is expiring in 30 days and you can not afford or do not want to pay an interest rate that is any higher than the approval rate do not make an offer of a short sale. Even "approved" short sales can take months so if you are in a hurry buy form a traditional seller.

 

 

4. Does not expect a house to be in perfect condition. short sales have to be sold "As-Is." the bank is agreeing to take a loss on the loan but will not pay for repairs. Do not expect them to.

 

 

5. Be ok with your price. Do not think you can negotiate a lower price once you are in contract, even if you find repairs are needed. The lender or investor may be willing to negotiate, but they often will not.

 

 

 

 

 

These are not the only attributes that make for a good short sale buyer, but they certainly are important.

 

 

 

 

If you have any questions about buying or selling a Santa Clara County or 

San Mateo County Short Sale

 please feel free to contact me.

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

)

One of my listings is a short sale in a lovely complex in 

Santa Clara

.  It was only on the market about a week and I got 3 offers on it.  It was priced appropriately, looked good, and I had an open house on Sat and Sun. with plenty of traffic. My sellers signed one of the offers which included a good down-payment, a copy of the earnest money deposit, a pre-approval letter. All of this was sent to the lender by fax and I have been doing my weekly follow up every week. Nothing unusual here. After 3 weeks I was still waiting to hear from a negotiator.

 

So this morning when I called for my weekly update the service rep read me the notes on the file from the processor. She was asking for some updates, including an updated pre-approval letter from the buyer.  I looked at the date on the pre-approval letter and it was only a month old. this seemed like a new enough pre-approval to me. then I looked at the bottom of the letter which said the pre-approval was only good for 30 days, and guess what, the 30 days is up today. 

 

One thing I love about 

short sales

 is that every day I learn something new. I now know to check the expiration dates on the pre-approval letters. They, like the financial documents of the seller can expire and the lender needs to know that the buyer still qualifies.

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

)

While much of the Bay Area has seen a large increase in the number of homes being sold as short sales there have not been very many Menlo Park homes or Palo

 Alto homes

 that are being sold this way.  However, as long the housing market has not appreciated back to the peak levels, and there are still people who need to sell homes that are worth less than the mortgages on them, short sales will be here, and possibly in increasing numbers.  So what happens when you find a home you really want to buy but it is priced higher than the market value and you can not get the seller to budge?

 

 

 

 

At this point it is time to get your realtor to do some investigation.  Find out when the home was purchased or refinanced, and for how much.  Add in the transfer taxes, closing costs, and commissions, and if that number is above the list price then what you have is possible ostrich seller. This seller has his/her heard buried in the ground and will not look at the realty of what is going on.  Maybe your agent can help, if your agent is an experienced short sale agent.

 

 

 

 

 

If your agent can convince the seller's agent to attempt a short sale you may be able to get the house.  Since it is unrealistic to expect that the seller will make any money on the house, if they have to sell you may be in luck. If they do not have to sell there is nothing you can do about it, but it is worth a try to see if they are in the former category.

 

It is very likely that if the house is in a more expensive city, like 

Menlo Park, Palo Alto, Atherton, Los Altos

, the listing agent has never done a short sale and may need some coaching. They may not know that many short sales are being approved in 30 days or less, that hardships can include running out of savings or moving away. Ask your agent to have a sit down with the seller's agent and explain how a short sale works and why it might be worth a try.

 

 

 

 

Maybe you can help turn an ostrich into something more appropriate, like a flamingo.

 

 

 

 

 

If you have nay questions about Short Sales, please feel free to ask.

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

)

I have a listing for a beautiful home in Gilroy as a 

short sale

. Indymac approved the short sell off of the first through their 3rd party negotiator Service Link.  Wells Fargo has had the file for 3 1/2 weeks now and the negotiator has said it looks fine with him and will recommend the upper management approve the short payoff with the 10% of the loan balance the first has offered.  He is not asking for a seller contribution or a deficiency judgment.  The upper management still needs to approve but he said it is incredibly unlikely they will go against his recommendation. So why do I think I was successful so far on this one.

 

It is not rocket science but there is a method to my madness:

 

1. First and foremost it is in the best interests of the banks/investors right now to 

approve this short sale

.  If it wasn't I really do not believe there is much I could do to make it happen. i also believe it is often in their best interests so it is a great idea to try and not just let a house go to foreclosure.

 

2. I read the instructions, many times.  The banks and servicers tell me what they want to have submitted and I provide what they need.  When they lose it I re-submit and do not make a stink.  I check 24 hours after submital to make sure they received everything. Wells Fargo will even check the file when you call and stay on hold while they check.

 

 

3. I am nice to people. It does not help the process in my opinion, if I yell and huff and puff. We are all trying to do a job here, and that is for me to help people in a bad situation and for the banks or servicers to get as much money re-couped for the bank.  In the case of a short sale those goals are usually in sync with each other. so if we take the attitude that I can help them and they can help me it is much easier and more fun to negotiate.

 

 

4. Wells Fargo kept this home equity line in house and did not sell it to an investor. My experience has been that dealing directly with a bank is easier than dealing with a third party investor.

 

So if you have a home in 

Santa Santa Clara or San Mateo Counties

 that you need to short sell, call, e-mail, or text and let mw show you how I can help.

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194

 

 

 

 

 

)

 

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

 

 

 

 

 

)

 

Question: My lender said that the offer of $360,000 on my house was too low because the realor hired by the bank to perform a BPO said it was worth $380,000. What is a BPO?

 

 

Answer: A BPO stands for Broker's Price Opinion. When a lender wants to know the market value of a home for that moment in time they will often hire a realtor ( or a company who hires realtors) to give them their opinion of what the current market will bear for the property in question. This is not a full appraisal but there are certain parameters that must be followed by the realtor. In general the parameters are:

 

 

3 active listings and 3 recently sold comps that are:

 

 

1. Within 1 mile of an urban property, 2 miles of a suburban property,and 20 miles of a rural property

 

 

2. Within 20% of the gross living area and lot size of the subject property

 

 

3. Within 10 years of the age of the property

 

 

4. Not a foreclosed or short sale property unless a lot of the neighborhood sales are distressed properties

 

 

These comps should bracket the subject property, that is they should be a little above and a little below in all parameters and ultimately in value.

 

 

By sticking to these parameters a value can be placed on the home.

 

 

Problems can arise when there are not enough active listings or sales in the previous 6 months of similar homes to make comparisons. When this happens the realtor needs to go outside the required parameters and then make adjustments. Most problems BPO's happen during this adjustment time.

 

 

If your BPO comes in at a price that seems off the wall, the listing realtor can do his/her own or hire an appraiser to justify what they think is market value. Of course, it is ultimately the bank or their investor's decision, so they can listen to reason or not.

 

 

If you have any other questions about short sales please ask!

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

650-619-9285

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

D.R.E,  01191194

 

 

 

 

 

 

 

 

)

 

Menlo Park Short Sale

 

 

Arms Length Transactions in Silicon Valley Short Sales Is It Too Onerous?

 

When a seller sells their home as a 

short sale

, most lenders  will make everyone, the buyer, the seller, and the agents sign and notarize an Arms Length Transaction document. This states that the sellers and buyers do not know each other, are not related, and the seller will never again, EVER, live in the house , or ever make any profit off of the sale of the home. They can never rent the house or ever buy it back from the new owner.

 

The intention of this rule is obvious. The banks do not want to sell a home for less money than is owed on it and then have the seller get the benefit of being able to own the home for less money than they originally promised to pay for the home. I am not going to take sides here on whether the seller or the bank has the moral high ground on this. I am just going to say that the banks have made a decision that it is in their best interest not to reduce principal on most loans, but allow a short sale with new owners instead.

 

In addition to not being able to buy back the house for less money, or have a friend or relative buy the house for less money, the seller is also not allowed to rent the house, ever. This is where I start to have a problem. Some  banks have been allowing foreclosed owners to stay in the homes as renters which makes a lot of sense. The house does not get stripped or destroyed and the renter has a relationship with the house which will help preserve the home's value.  So why can't a seller rent from the new owner in a short sale? Many of these sellers do not have money to move and except for 

HAFA short sales

 or an occasional generous bank they are not given moving expenses.  It may be hard to find a place to rent after having some credit hits from missed mortgage payments or high credit card bills due to trying to keep up with the mortgage. It seems like an onerous rule to me, and one that does not directly benefit the bank anyway. Why should the bank care who the next owner rents to, especially if the original bank no longer owns or services the note?

 

And most importantly, what is wrong with a little humanity? Why can't families stay in their familiar surroundings, keep their children in the same schools, have the same neighbors? Isn't is enough punishment to lose your home, your equity, and your savings?

 

 

What do you think?

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

 

 

 

)

 

Pending Short Sale Santa Clara County

 

I have a short sale listing in Gilroy which had an offer accepted by the seller at the beginning of December.  All of the paperwork was forwarded to Indymac who had it for about 2 1/2 weeks and then gave to Service Link for negotiation.  By then it was Christmas Week.  A negotiator was assigned who contacted me the first week of Jan.  I got approval, at purchase price, on Jan 10th. That was fast! There were no special tricks I used other than 

the way I handle all of my short sales

.

 

1. A realistic, but still a good purchase price, not too high, not too low, but on the lower end of market value.

 

 

2. All the documentation was submitted at one time and the documents were tripled checked to make sure everything was there.

 

 

3. The sellers provided every single financial document that was required.

 

 

4. I followed up to make sure everything was in order and received by Service Link.

 

 

This is my first short sale with Service Link, who has just recently ramped up their short sale department.

 

 

I am now officially an Indymac/Servive Link short sale fan.

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

 

 

 

)

 

 Question: I have an accepted offer on a short sale where Bank of America owns the mortgage, and I am using Bank of America for my lender.  The appraisal came back $40,000 less than the offer price. Will Bank of America lower the price?

 

 

Answer:  The short answer is they may possibly lower the price.  Here is the long answer:Bank of America is no better or worse than any other bank right now. It is very hard to deal with any of the big banks. That being said, they do not actually still own the note on the house in house. They sold their mortgage notes to other investors, Fannie Mae, Freddie Mac, Wall Street, China, etc.  Many of these loans that were sold to investors are still serviced by the banks that did the loans to begin with. So let's say that B of A made the loan and sold it to a Hedge Fund. The owner of the home can not make the payments and asks B of A to let them do a short sale.  B of A is now responsible for co-ordinating the short sale, but may not be the decision maker.  There are two classes of B of A short sale loans, delegated, or non delegated. If the loan is delegated it means that B of A has the ability to make financial decisions about the loan.  If the loan is non delegated it means there is an investor who is the one making the decision. So, let's say everyone comes to an agreement on the price, the sellers, the buyers, B of A, &/or the investor. You have your appraisal done but an appraiser hired by B of A who says the house is worth 40K less than the agreed upon price. If the loan is delegated it is probably more likely that B of A will act rationally and lower the price. If the loan is non delegated, it is entirely up to the investor as to what they will do. The person who is in charge of short sales for B of A suggested that the listing agent ask the negotiator whether a loan was delegated or non delegated. If the negotiator says, "I can not tell you" that means it is non delegated and you are at the whim of an investor who may or may not know anything about the market. Remember, the banks are not obligated to approve a short sale. If it is in the best interest of them or their investor they will, and if it isn't they won't 

 

 

I personally have not had this problem with B of A short sales, but it did happen once on an REO owned by B of A.  My buyers had an offer accepted at what we believed was a very good price.  They opted to go with a lender from B of A who was terrific. The appraisal was ordered and came in 30K less than the offer price, but we felt the appraiser did not use good comps. He used comps that were on the same street, but in a different neighborhood that had less value. (It is a long street) My buyers agreed to let B of A throw out that appraisal and order a different one.  The new appraisal came in at the value of the offer, but they said they would not do the loan because the roof looked like it needed to be replaced. At this point my buyer asked B of A to replace the roof and they did.Marcy Moyer's Sale Pending Sign 

 

 

So the bottom line is that you will not know what B of A (or their investor) will do until you ask.  Logically, if the value has dropped, they should take a lower price. However logic is not always dictates the decisions of the people involved.

 

 

 

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

)

 

Silicon Valley Short Sale with Wells Fargo: Take Time to Make Follow Up Calls

 

Short Sales

 

 are not short, as anyone knows, but many banks are making great strides in streamlining the process.  There are short sale platforms, like Equator, where everything goes online and you can see where you are in the process by going on line to your account.  Aurora has a website where you can type in your loan number and check the status. Chase has a system called List Assist where they collect all of the needed documents and do an appraisal before you get an offer.  Wells Fargo has an interesting system in place right now in their Home Equity Line short sale department. 24-48 hours after your agent submits the documents including the purchase contract, your agent can call and see if they have been received.  That is not what is so innovative. The good part is that if the agent has the time to hold for 10-20 minutes the customer service rep can go over the file right on the spot and let the agent know if anything else is needed for the file before it goes on to the negotiator.  This may not seem like such a big deal but in the past the time between file submission and moving the file to a negotiator can take months. Now it can be done in a few days to weeks depending on how quickly you can get the information together. This is progress. It may not solve everything, but every advancement in streamlining is a plus!

If you have any question 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. 011911941970 Club Gilroy

 

 

 

 

 

 

 

 

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Relocation Expenses From a Menlo Park Short Sale

 

 

 

 

The owners of a home in Menlo Park just got a 

short sale approval

 from Aurora.  They asked me the following:  "The approval letter did not say anything about $3000 towards relocation expenses. On their web site they said we could get that money for our relocation. Do you know how we can get it?"

Here is the answer. If this were a HAFA short sale which is a short sale where the government makes the rules, the bank agrees to do certain things when they approve the short sale, including giving the borrower up to $3000 for relocation expenses.  However this is not a HAFA short sale. In order to qualify for a HAFA short sale you must agree to stay in the home until the short sale closes. Since you have already moved you do not qualify for a HAFA short sale and got approved under a

traditional short sale

.

 

There are some advantages to doing a HAFA short sale over a traditional short sale, but not everyone qualifies. In this case the owners were no longer owner occupiers and therefore they do not get relocation assistance. They did however get short sale approval in 45 days with no seller contribution so I think they got a good deal.

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E.  01191194

 

 

www.marcymoyer.com

 

 

 

 

 

 

 

 

)

I have a Menlo Park short sale listing that is in escrow. Chase was the original lender and is now the servicer of the loan.  What that means is that after Chase made the loan they sold it to another investor. It could have been sold to Fannie or Freddie, Wall Street, another bank, or an individual. The important thing to remember is that this investor is The Decider.  The wonderful negotiator at Chase does not get to make the final decision, the investor does.  Now if you have a loan with Chase and have gone onto their web site to investigate what you need to submit for a short sale it does not say you have to send them any information on IRA or 401K accounts.  They are not vultures. However, my clients do have a 401 K and their paystub, which does have to be submitted shows that money is withdrawn every month for a 401 K plan.  As a result the investor wants to see the account, and could possibly ask my clients to take some money out of their 401 K to settle the debt. It is too bad my clients did not stop contributing to the 401K plan before they started the 

short sale process

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

D.R.E. 01191194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Marcy Moyer's Sells Short Sales

 

 

 

 

 

Mountain View Ca. Short Sale and Foreclosure Update 12/4/2010

 

Are you waiting for a distressed property for sale in Mountain View so you can snatch a bargain, or are just curious about them? Well, there are a few of these types of sales, but not that many. 

Short sales

, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

 

Active Short Sale Listings:  20 

 

 

Pending short sale listings:  30

 

 

Closed Short Sales since Jan 1, 2010:  23

 

 

 

 

Foreclosures

 

:

 

Active listings:  8

 

 

Pending:   9

 

 

Closed since 1/1/10:  18

 

 

 

 

There have been 470 sales of homes and condos in Mountain View  since Jan 1, 2010 so the percentage of distressed home sales is not enough to have much influence on the market yet. If the percentage gets over 10% then we will see a greater downward pressure.  The majority of both short sales and foreclosures are in the 

townhome/condo market

 rather than single family home, but there are also a lot more condos and townhomes in Mountain View than there are single family homes.

 

However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

 

 

Marcy Moyer

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

 

 

 

)

 

One of my Menlo Park short sale listings

 

 

 

 

 

Menlo Park, Ca. Distressed Property Update

 

Are you waiting for a distressed property for sale in Menlo Park so you can snatch a bargain, or are just curious about them? Well, there are a few of these types of sales, but not many. 

Short sales

, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

 

Active Short Sale Listings:  8 

 

 

Pending short sale listings:  14

 

 

They break down neighborhood wise into:

 

 

west MP: 1

 

 

Central MP: 1

 

 

East of El Camino and west of 101: 5

 

 

Avenues: 2

 

 

Belle Haven: 14

 

 

 

 

Closed Short Sales

 

 since Jan 1, 2010:  17

 

West MP: 2

 

 

Central MP: 0

 

 

East of El Camino/West of 101: 1

 

 

Avenues: 3

 

 

Belle Haven: 11

 

 

 

 

 

 

 

Foreclosures

 

:

 

Active listings:  6

 

 

Pending:   5

 

 

Breakdown by neighborhood:

 

 

West Menlo Park: 0

 

 

Central: 2

 

 

East of El Camino/West of 101: 2

 

 

Avenues: 3

 

 

Belle Haven: 3

 

 

 

 

 

Closed since 1/1/10:  19

 

 

Breakdown by neighborhood:

 

 

West Menlo Park: 0

 

 

Central:0

 

 

East of El Camino/West of 101: 2

 

 

Avenues: 2

 

 

Belle Haven:15

 

 

 

 

There have been 369 sales of homes and condos in Menlo Park  since Jan 1, 2010 so the percentage of 

distressed home sales

 is not enough to have much influence on the market yet, except in Belle Haven.

 

However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

 

 

Marcy Moye

 

 

Keller Williams Realty

 

 

www.marcymoyer.com

 

 

marcy@marcymoyer.com

 

 

650-619-9285

 

 

 

The short answer to the question are San Mateo County short sale single family homes still a bargain in 2013 is NO.

San mateo county short sales

This is a chart of all the single family San Mateo County short sales sold in in 2013. Of the 73 single family short sales the average sales price vs list price was over asking every month this year. This is very similar to the sales of traditional resale homes in San Mateo County.

San Mateo County short sales

There were 89 condos/town homes that were San Mateo County short sales and sold in 2013. The average sale price was over list price in every month in 2013. 

San Mateo county short sale

This is very similar to traditional resale condos in San Mateo County.

San Mateo County Short Sales

So what happened to the great deals you can get with San Mateo County short sales? I am sorry but those days are gone. The inventory of homes for sale in San Mateo County is so low and the demand so high that almost every listing gets multiple offers, whether it is a traditional resale, San Mateo county short sale, or San Mateo County foreclosure.  Most of the people who could not afford their mortgages lost their homes years ago. Also, since there has been so much appreciation this year the number of people who owe more on their mortgages than the home is worth is very low. If they can not afford to keep the home is is very easy to sell it and pocket some cash. Many homes sales even start out as San Mateo County Short Sales but by the time they get offers over asking they are no longer short. 

So if you are looking for a bargain in a single family home or condo it is not likely you will find it in a San Mateo County Short Sale.

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