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It's time for the short sale/vs REO round-up for the first half of 2012. Today I will do the entire county, and then will break down the numbers by city.

So, in Santa Clara County from Jan 1, 2012 until June 30, 2012 there were:

1783 closed short sales

1099 closed bank owned home

Total sales during this time period were 8201

Total % Short Sales: 21.7

Total % REO Sales: 13.4%

Total Percentage Santa Clara County Distressed Properties: 35.1%

This is still a significant number in terms of percentages and at this percentage they are bound to have an effect on the overall market.

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

If you have a home loan through Bank of America and you are currently concerned about making your payments or your home is worth less than you owe, you may qualify for a short sale incentive from BoA. They refer to it as an 'enhanced relocation assistance payment'. To qualifying home owners/sellers, this could mean a check given to you for up to $30,000 after a successful short sale closing! Trust me, this is no scam. Here is a recent email that was sent to Bank of America Short Sale Specialists, like myself.

My name is Michael Collins, real estate agent and broker at Rock Realty. If you are currently considering a short sale in Wisconsin, I would be happy to walk you through the process and answer any questions you may have. I am certified as a Short Sales & Foreclosure Resource through the WRA.

Realtors® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. Call my cell at 608-921-8536 and we can see if you qualify for any of these incentives.

Also feel free to fill out our simple
Short Sale Home Evaluation Form

Additional Short Sale Information

• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

If you receive a letter from Chase Bank stating that you are eligible for a short sale incentive, please do not throw it away. It is not a scam. Distressed home owners have been receiving these letters for over a year now, and guess what? They are the real deal!


Real estate agents and Realtors® have been reporting that their clients are getting large checks cut to them at closing. In some cases, as much as $30,000! Yes, Chase Bank is not only forgiving the debt on a short sale, they are giving the current sellers/owners a check at closing. Don't believe it? See an example letter below:


My name is Michael Collins. If you are currently considering a short sale in Wisconsin, I would be happy to walk you through the process and answer any questions you may have. I am certified as a Short Sales & Foreclosure Resource through the WRA. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. Call my cell at 608-921-8536 and we can see if you qualify for any of these incentives.


Original Post -
Chase Bank Short Sale Seller Incentive


Additional Short Sale Information


• 

• Is a Short Sale right for my home?
• 

• Half of Homeowners Underwater on their Mortgage
• 

• Buying a Wisconsin home after a Short Sale or Foreclosure
• 

• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• 

• Tips for Buying a Wisconsin Short Sale

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

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

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

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

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

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

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

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

If you have any questions about buying or selling a home in Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

My mom is a garage sale warrior. She’s constantly on the prowl for the next great deal she might uncover on an unsuspecting Saturday morning drive. I on other hand will swing by on occasion lacking the enthusiasm that she usually arrives with. As I rummage through old frames, board games with missing pieces, and the occasional  holiday sweater, I’m always amazed that near the clothes there are used underwear!!

Who buys used underwear? Although these undergarments have been cleaned, the reality is these cotton have touched, supported, and wiped the very most intimate parts of our bodies. I’ve seen them with worn elastic and even the faint proverbial skidmark. Even at 50cents, I think it’s worth the extra money to buy these new and fresh. Where you know what you’re getting into.

Currently the GSEs, Fannie and Freddie (along with many other banks) are steering their eviction coordinators and pre-marketers towards the idea that tenant-occupied properties make the single family home more attractive, especially to investor purchasers.  My partner and I have sold maybe 2 dozen of these tenant-occupied properties, but almost all have been problematic and the investors have NOT considered the tenant occupant a positive selling feature.  I’d say it’s a lot like buying a used pair of underwear. The price may be slightly better, but you don’t know what kind of crap may have went down in the tenancy or boxers you now are the proud owner of.

Anyone had a different take on this? Good experience when buying used underwear or selling tenant-occupied SFRs?

Bank of America Launchers new Short Sale Processes and Inititaions as of April 13, 2012

In an effort to reduce time frames, get faster approvals and streamline the short sale inititaion process, BOA will be launching new processes as of April 13, 2012.

They are....

1. Concurrent Workflows: This means that instead of BOA waiting to get a BPO until they have recevied all document, they will do the BPO and doucment collection at the same time.

2. Form Standardization: BOA will only accept their forms....for example, only their 3rd Party LOA will be accepted.

3. Back Up Offers: If your initial offer is declined, you will have 5 days to get in a back up offer. Your file will not decline out till after your 5 days.

4. Privacy Changes: To protect the client and Realtor, all communications will be done in Equator only. No outside or Outlook communications anymore.

Before April 13, agents must complete the following task for all current short sales initiated with an offer.

1. Submit short sale offer.

2. Upload offer documents

3. Upload supporting documents

If you don't do these task by 13th. you will get new task and soem task may activate simultaneiously, slowing down the process and possibly declining your file.

Go to the BOA Training by visiting www.BankofAmerica.com/realestateagent

For questions, call 1-866-880-1232

The $25 billion robo signing settlement was reached with 5 banks recently, but what effect is this really going to have. For most of us, nothing. But even for those who will receive payment from the settlement it will be very minimal.

However, this will have a hugh impact on the market. These banks are most likely getting ready to release a ton of foreclosures on the market that were previously unreleased because they were tied up in this litigation. Now that they have settled, and they know that they can move forward with the foreclosures, get ready,

If you are a licensed agent and not actively listing or selling foreclosures, now is a good time to start.

If your a buyer waiting for a great buying opportunity...well it has been here but now it is about to get even better.

"We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months," said RealtyTrac CEO Brandon Moore in a press release. http://tinyurl.com/7cff2la

Here is today's market listings update for Active foreclosure single family homes located in Rock County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:30 A.M.

• 59 total Foreclosure|Bank Owned|REO homes are currently listed in Rock County, WI
• Low listing price: $10,000
• High listing price: $369,900
• Average listing price: $85,857
• Median listing price: $60,000
• Average days on the market: 63

Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

At Rock Realty, we currently have great single family homes listed for sale in Rock County. Feel free to visit our listings page linked below:

Rock County Wisconsin Home Listings 

Additional Foreclosure|Bank Owned Home Purchase Information

• Tips for Purchasing a Foreclosure
• Using FHA 203K Loan to Purchase a Fixer-Upper
• Getting Approved for an FHA Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Avoiding Problems with Your Escrow Account
• Half of Homeowners Underwater on their Mortgage

Here is today's market listings update for Active foreclosure single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:15 A.M.

• 130 total Foreclosure|Bank Owned|REO homes are currently listed in Dane County, WI
• Low listing price: $39,900
• High listing price: $430,000
• Average listing price: $169,812
• Median listing price: $154,400
• Average days on the market: 67

Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

At Rock Realty, we currently have great single family homes listed for sale in Dane County. Feel free to visit our listings page linked below:

Dane County Wisconsin Home Listings 

Additional Foreclosure|Bank Owned Home Purchase Information

• Tips for Purchasing a Foreclosure
• Using FHA 203K Loan to Purchase a Fixer-Upper
• Getting Approved for an FHA Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Avoiding Problems with Your Escrow Account
• Half of Homeowners Underwater on their Mortgage

The group this week hit a milestone I wanted to welcome all the new members and thank the first members for their posting of comments and keeping the group active and growing.

This group is to discuss Bank of America properties with Bank Of America and to share solutions to getting more business with Bank of America or getting in the door with Bank of America and to stay up to date on their requirements.

Website: http://reopro.ning.com/group/bankofamerica

Members:                            169

Here is today's market update for Active single family foreclosure and bank owned home MLS listings located in Madison Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/15/2012 at 10:45 A.M.

• 42 total Foreclosure|REO|Bank-Owned home listings in Madison, WI
• Low listing price: $58,000
• High listing price: $340,000
• Average listing price: $152,235
• Median listing price: $149,500
• Average days on the market: 57

There are some fantastic deals available right now! Of the 42 foreclosure listings in Madison, 21 of them are listed for under $150,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Madison Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

Original Post - Foreclosures in Madison Wisconsin

Here is today's market update for Active foreclosure and bank owned home MLS listings located in Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/14/2012 at 2:50 P.M.

• 26 total Foreclosure|REO|Bank-Owned home listings in Janesville, WI
• Low listing price: $45,500
• High listing price: $679,900
• Average listing price: $118,167
• Median listing price: $84,000
• Average days on the market: 82

There are some fantastic deals available right now! Of the 26 foreclosure listings in Janesville, 19 of them are listed for under $100,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Janesville Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

Original Post - Foreclosure Listings - Janesville, WI

It's the beginning of the year so time for the round-up of last year's distressed property sales in the Blossom Valley Neighborhood of San Jose. So here's what happened:

Single family and condo townhomes :

Total sales:  1141

Short Sales: 412

REO:            271

Distressed sales as a percentage of total sales: 59.8%

Compare to 2010

Total sales:   1125

Short Sales:   366

REO:            271

Distressed sales as a percentage of total sales:  56.6%

My conclusion:

The percentage of distressed properties in Blossom Valley is a little higher in 2011 over 2010. A   59% distressed property sale percentage is enough to affect values significantly.  This may be one of the reasons home prices in San Jose are predicted to fall a little in 2012 while other parts of the Silicon Valley are appreciating.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in the Almaden Neighborhood of San Jose. So here's what happened:

Single family and condo townhomes :

Total sales:  355

Short Sales: 39

REO:            20

Distressed sales as a percentage of total sales: 16.6%

Compare to 2010

Total sales:   384

Short Sales:   28

REO:            14

Distressed sales as a percentage of total sales:  10.9%

My conclusion:

The percentage of distressed properties in Almaden is higher in 2011 over 2010. While a 16.6% distressed property sale percentage is probably not enough to affect values, i think the increase may be indicative of a nationwide trend of higher priced homes being the fastest growing distressed segment. Many of these higher priced homes were purchased with no down payment and interest only loans. When the interest only loan period is up the payments can double. With no equity refinancing is not possible, and some of these home owners are in trouble.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in the Cambrian Neighborhood of San Jose. So here's what happened:

Single family and condo townhomes :

Total sales:  656

Short Sales: 130

REO:            89

Distressed sales as a percentage of total sales: 33.45

Compare to 2010

Total sales:   750

Short Sales:   114

REO:            104

Distressed sales as a percentage of total sales:  29%

My conclusion:

The percentage of distressed properties in Cambrian is higher in 2011 over 2010. Also a 34% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales. This is being seen all over the bay area.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Gatos. So here's what happened:

Single family and condo townhomes :

Total sales:  421

Short Sales: 42

REO:            24

Distressed sales as a percentage of total sales: 15.7%

Compare to 2010

Total sales:   489

Short Sales:   36

REO:            38

Distressed sales as a percentage of total sales:  15.1%

My conclusion:

The percentage of distressed properties in Los Gatos is virtually the same  between 2011 and 2010. Also a 15% distressed property sale percentage is absolutely probably not enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Milpitas. So here's what happened:

Single family and condo townhomes :

Total sales:  513

Short Sales: 150

REO:            112

Distressed sales as a percentage of total sales: 51.1%

Compare to 2010

Total sales:   535

Short Sales:   131

REO:            140

Distressed sales as a percentage of total sales:  50.1%

My conclusion:

The percentage of distressed properties in Milpitas is virtually the same  between 2011 and 2010. Also a 50% distressed property sale percentage is absolutely large enough to affect values. What is interesting is the the number of short sales in 2011 went up as the number of REOs went down from 2010 as banks have been more wiiling to approve short sales.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Los Altos Hills. So here's what happened:

Single family and condo townhomes :

Total sales:  97

Short Sales: 4

REO:            6

Distressed sales as a percentage of total sales: 10.3%

Compare to 2010

Total sales:   81

Short Sales:   5

REO:            1

Distressed sales as a percentage of total sales:  7.4%

My conclusion:

The percentage of distressed properties in Los Altos is higher  2011 over 2010. 7-10% distressed property sale percentage is just beginning to affect values but I think there are other reason Los Altos Hills values are decreasing that are more important than short sales and foreclosures. The area is just not as popular these days as Atherton and Palo Alto are for the high end buyer.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

It's the beginning of the year so time for the round-up of last year's distressed property sales in Cupertino. So here's what happened:

Single family and condo townhomes :

Total sales:  453

Short Sales: 21

REO:            11

Distressed sales as a percentage of total sales: 6.8%

Compare to 2010

Total sales:   844

Short Sales:   31

REO:            33

Distressed sales as a percentage of total sales:  7.6%

My conclusion:

The percentage of distressed properties in Cupertino is virtually the same  between 2011 and 2010. Also a 6-7% distressed property sale percentage is not large enough to affect values. What is interesting is the number of total sales in Cupertino is significantly lower in 2012 than 2011.

If you have any questions about short sales or bank owned homes please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194