bay - Blog - REO Pro Network

Do You Have A Right To Sell That Half Moon Bay Probate Sale Part 3

Posted by Marcy Moyer on November 21, 2016 at 8:23am

As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

3rd Example:

Mom and Daughter 1 own a home together. Both are on title as Joint Tenants and own it equally. They need cash so Daughter 1 gives her share to Mom and Mom gets reverse morgage.

Mom does not make a will leaving 1/2 the house to Daughter 1 and 1/2 the house to each of the 4 daughters including daughter 1. She plans on doing it, but never gets around to it.

Mom dies unexpectantly, with no will, no trust, and only a verbal agreeement with Daughter 1.

Reverse mortgage company tells Daughter 1 she needs to sell the house or pay back the reverse mortgage. Daughter 1 can not sell the house or do anything without Probate Court permission because she does not own the house any more and there is no will or trust.

Daughter 1 calls me and give her a referral to a Probate lawyer who will get paid through the sale of the house since there is no cash in the estate.

Daughter one will ask the court to appoint her Admistrator of the estate then ask the other 3 sisters to give up the half of the equity that was supposed to go to Daughter 1.

Hopefully the Probate Court will agree to all of this. It is not guarenteed.

As you can see, these are complicated issue, made more complicated by actions taken by owners and family members before the owners died.

The moral, just because you think you have the right to sell a house in probate, that does not mean you do. Be sure and consult a Probate Attorney and a Realtor who understand Probate Sales before you proceed.

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Do You Have The Right To Sell That Half Moon Bay Probate Sale Part 2

Posted by Marcy Moyer on November 15, 2016 at 4:58am

As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

Second Example:

Mom owns home in Pacifica in a trust free and clear after Dad passes. She needs money for daily living expenses so she takes out a reverse mortgage.

Eventually she is unable to care for herself. She takes the house out of the trust and gives half to Daughter 1 as joint tenant so daughter has right of survivorship and right to sell house to pay Mom’s assisted living expenses.

Mom’s health gets worse and she needs to be moved to assisted living. Mom and Daughter 1 decide to sell the house to pay for the finest assisted living they can find.

Mom moves to assisted living and 3 days later dies.

Daughter 1 wants to sell the house which has plenty of equity that was not used to take care of Mom, so she plans on splitting it with Daughter 2 and Son 1.

Reverse mortgage company says “Hold Your Horses.” You had no right to change title of house without our knowledge. They claim:

Reverse mortgages are for senior home owners only, not their children. Daughter 1 should not have been on title because she was not given permission by Reverse Mortgage Company.

Joint Tenancy is an equal partnership between all parties. All partied must be equally responsible for any liens/mortgages on the home. Only Mom was on the loan so she should have been the only one on title.

You can see the problem here.

I suspect this one ends up in Probate Court with Court Confirmation needed instead of a fast, clean easy sale.

Tomorrow I will give you details on other issues that have come up in my Probate sales.

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Do You Have The Right To Sell That Half Moon Bay Probate Sale

Posted by Marcy Moyer on November 12, 2016 at 7:45am

Recently I have been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales.

First Example:

Mom owns home in Redwood City free and clear with no mortgage. She has 4 children and wants only 2 of the children to inherit the home. She signs a deed transfer her daughter, not a lawyer, drew up saying that instead of owning the house only in her name she gives 1/3 interest to one daughter and 1/3 interest to one son.

Mom dies. Son and daughter think they inherit the house 50/50, but that did not happeb. Deed does not say all three own as Joint Tenants. That would have provided the right of survivorship. Not only that, but daughter as executor of estate can’t sell the house. The 1/3 interest of Mom now has to go through probate and since there was no will all 4 children get to split Mom’s 1/3. Daughter has to be appointed by the Probate Court as Administrator of the Estate before she can sell the home.

It gets worse. They have to go through probate, hire a lawyer, and pay court costs for 1/3 interest in a house.

The mistake here was not spending the money up front to get advice on how to accomplish Mom’s wish that only two of her children inherit the house.

Tomorrow I will give you details on other issues that have come up in my Probate sales.

If you have any questions about selling a home in Probate in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

The Facts About Palo Alto Short Sales and Foreclosures

Posted by Marcy Moyer on July 11, 2010 at 1:30pm

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.

Marcy Moyer

Keller Williams Realty

D.R.E. 01191194

marcy@marcymoyer.com

www.marcymoyer.com

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

Glen's San Francisco East Bay Numbers

Posted by Glen Bell on November 6, 2009 at 4:52am

Here’s a snapshot of the San Francisco East Bay Real Estate Market. I run these numbers monthly and have been tracking 38 cities since 2005. I primarily look at two indicators, Months Supply and Pending Over Active ratios.Pending Over Active Ratio relates to buyers and sellers. Basic Econ 101, Supply and demand. Actives (represents sellers), or properties that are still available, versus Pending (represents buyers), or properties leaving the market. That relationship often indicates whether we’re in a “sellers or buyers” market. A ratio of 1 (an equal number of Actives and Pending) is considered a normal market or in a state of equilibrium. Anything under (high inventory, few buyers), prices are flat or dropping. Anything above (low inventory, many buyers) is considered a seller’s market. The trend since earlier this year indicates that we are in a “sellers” market in most cities. However, one factor that may be skewing the numbers is that there are longer escrows due to REOs and increased government loans.Months Supply, Basically, months supply is the ratio of inventory to sales. What it tells us is how many months the stock of homes for sale would last, if sales continued at their current rate. Six months supply is considered normal or equilibrium. We are currently at a two month supply of houses for sale for the entire 38 cities that I track. Many cities are now below that level with a few even below 30 days. This is also an indicator that we are in a “sellers” market in most cities.DOM, (Days On Market), continue to decrease in most areas. Houses are going into escrow quicker. However, once in escrow, they are taking longer to close.Also, the relationship between what, on average, homes are selling for to list price support this. We’re seeing properties in many areas getting multiple offers and actually now, on average, selling at or above the average list price. The spreadsheet takes into account sales by city during the last 4 months.Areas that were hit hardest last year due to high inventories and downward pressure on prices due to the high number of distressed properties on the market, are now starting to see some recovery, especially in the lower priced areas. Examples would be in East Contra Costa along highway 4, (Pittsburg, Antioch, Brentwood, even Concord). More recently, in West Contra Costa in the San Pablo, Richmond, Pinole, Hercules areas).Finally, we are starting to see a slight increase in foreclosed properties coming onto the market. 17% of active listings are foreclosed properties (REOs), as compared to 14% last month.See attached spreadsheet HERE:Glen's Numbers 10.31.090001.pdf

bay (5)

Do You Have A Right To Sell That Half Moon Bay Probate Sale Part 3

Do You Have The Right To Sell That Half Moon Bay Probate Sale Part 2

Do You Have The Right To Sell That Half Moon Bay Probate Sale

The Facts About Palo Alto Short Sales and Foreclosures

Glen's San Francisco East Bay Numbers

Note: this page contains paid content.