It's the end of the year so time for the round-up of distressed property sales in Mountain View. So here's what happened:

Single family and condo townhomes :

Total sales:  563

Short Sales: 62

REO:           34

Distressed sales as a percentage of total sales: 17%

Compare to 2010

Total sales:   572

Short Sales:   50

REO:            34

Distressed sales as a percentage of total sales:  15.5%

My conclusion:

The percentage of distressed properties in Mountain View is a higher in 2011, 17% as compared to 2010, 15.5% but the majority of these distressed properties are in the lower price range of Mountain View sales so are being purchased by investors and first time home buyers. West of El Camino is not seeing much distressed property activity.

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

From the early days of this network, it has been a dream to offer our members a quality training and certification program however, early on I had not developed the relationships and gathered the expertise that I felt was strong enough to truly give our membership a program to be proud of. So, I spent these past years networking and now I feel we have in place the right people, the right experience, the right insight for a short sale training and certification program like none other in this industry.

So, what makes our training and certification so different? Here are the top 5 reasons we are different and the top 5 reasons you should obtain our certification.

1. No annual dues: As many of you have come to expect, REOPro does things a little differently, with the agent in mind first and foremost so, it was important to me that if we were going to offer a Certification that we don't take advantage of the agent by charging them annual dues. You see, I realize it's not the dues you pay that determine if you are truly "certified experienced" as a short sale agent, it's performance.

2. Your training is not revocable: In other words, once you have been trained and passed the exam, you can always say you have obtained short sale training by REOPro. This isn't something we can revoke or take back from you.

3. You achieve the Certification, you can't buy it: Just taking the training course and passing the exam in no way guarantees you the certification. In fact, taking the training and passing the exam is only 2 parts of 3 that must happen in order for you to achieve the certification. You must still provide us proof of at least 5 short sales completed in the form of client referrals. That's right, you can't buy the REOPro Certification, it must be earned in the form of actual successful closings.

4. Your continued Certification depends on your performance: Once you obtain the Certification, now you must maintain it. Now, unlike other Certifications, to maintain the Certified Experienced Short Sale Agent by REOPro means you will have to complete at least 5 short sales a year with client referrals. In other words, paying dues, attending a continuing education class or visiting with us at a conference isn't enough, you have actually got to perform to maintain your Certification.

5. The quality of the training material and our instructors is based on their successful experience getting to the closing table. Real world experience is by far, the best training anyone can get....at least that is our opinion and therefore, the training material and our instructors are actually experienced and successful Our material is proven to work because we are working it now, using it and being successful.

So, from what I have listed above, as you can imagine we are truly making a difference in this industry and I am proud of this training and certification program so much so, that I will personally be involved in its instruction.

For more information or to register, visit,

 http://events.constantcontact.com/register/event?llr=shpa9aiab&oeidk=a07e5hjyc328c7e2ce2

It's the end of the year so time for the round-up of distressed property sales in San Carlos. So here's what happened:

Single family and condo townhomes :

Total sales:  357

Short Sales: 24

REO:           18

Distressed sales as a percentage of total sales: 11.7%

Compare to 2010

Total sales:   312

Short Sales:   17

REO:            10

Distressed sales as a percentage of total sales:  8.6%

My conclusion:

The percentage of distressed properties in San Carlos is a higher in 2011, 11.7% as compared to 2010, 8.6%. However, at this point the percentage is still ow enough not to have a major effect on property values.

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 end of the year so time for the round-up of distressed property sales in Palo Alto. So here's what happened:

Single family and condo townhomes 2011:

Total sales:  590

Short Sales: 13

REO:           9

Distressed sales as a percentage of total sales: 3.73%

Compare to 2010

Total sales:   563

Short Sales:   8

REO:            6

Distressed sales as a percentage of total sales:  2.5

My conclusion:

The percentage of distressed properties in Palo Alto are not enough to make a difference in the market value of homes. There was an increase in both short sales and REO in 2010 over 2011, but again, not enough to make a big difference. Palo Alto has so far managed to escape the trauma of very many people losing their homes. The same can not be said about many surrounding neighborhoods.

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

Sad story. A client told me last February that she was not able to make the payments on her $750,000 home loan. The house is now worth about $400,000 and this person wanted to get a loan modification and get the principle reduced. I can not tell you how many times I hear this story and how few times I have heard that there actually was a principle reduction. Actually I can tell you how many times I have heard of a principle reduction, once.

Ok, so it is bad enough that banks have been unwilling to reduce principle but things can get worse. My client received a Notice of Default last February and at that point she decided to try to to get the loan modification. In November she was finally offered the loan mod, which she turned down because not only did she not get the pricnciple reduced, but all the missed payments and late payments were added on to the back end of the mortgage.

So on Dec 20th she got a Notice of Trustee Sale and on Dec 26th signed a listing agreement to short sale the Redwood City  home. Here's the problem. While getting an offer before the sale date of Jan. 12th would be hard, but possible, the Mortgage Servicer, Carrington Mortgage said no deal. THEY DO NOT POSTPONE TRUSTEE SALES FOR SHORT SALES.  That is harsh. Not only that but in order to do a HAFA Short Sale and get the auto postponement you need to initialte it 60 days before the Trustee Sale Date.

So now, this person is going to have her home foreclosed. I am very sorry for her, but maybe someone can learn a lesson from this.  

Do not put your head in the sand!!!!! If you can not make your payments do something the first month it happens, not a year later. If you have a change of circumstances, lose your job, get divorced, your loan resets, have a health problem, do something right away. If you want to keep your home and can make payments if they are lowered then apply for a loan mod. Don't do it after you get the notice of default, because by then it may be too late. Some banks will allow you to postpone a sale up to 3 days before the sale, but not all. If you can not make payments and need to short sell, do it right away, not at the last minute. Don't take chances with your financial future.

If you have any questions about buying or selling 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

One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it isa 2 day task and it is assigned on a Friday, it is due Sunday, period.

So my latest Bank of America short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happens to be Christamas.

And that is why this Palo Alto short sale agent is cheerfully working Christmas Eve. 

Enjoy your holidays!

If you have any questions about buying or selling short sales in Santa Clara or San Mateo County please feel free to contact me!

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

I know a lot of you are going to think I am crazy but I really love short sales. I am sorry that the market is such that there are many people who need to sell their homes short, but that is the current reality. Given that reality there are many things about the short sale process that I enjoy, fewer things that I just tolerate, and even fewer I hate. 

I HATE PRIVATE THIRD LIENS ON SHORT SALES!!!! I can not emphasize this enough. 3rd liens are always tough, but private ones are the worst, because very often there is an emotional component to the person holding the private third, and also because it is often not a large, impersonal bank losing the money, it is a real person, who probably was depending on that income.

But feelings aside, I learned something very interesting today from Chase. I was told it is their policy to only give $1000 to a third lien, period. This is good information to have, because while they made an exception for me on a Redwood City short sale, I do not expect to get it again. 

So next time I take a short sale listing with Chase as the first lender and a private 3rd lender, I will be able to negotiate upfront with a solid number. If the third is unwilling to take $1000 then I can hopefully find out what they will take, and get that worked out up front.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

There are several different types of short sales that will approve your price and the seller's eligibility before you get an offer. If you do not qualify for one of those programs (like HAFA or Bank of America co-operative short sales) then you can try to do a traditional short sale.

In most traditional short sales after the seller signs an offer, his/her short sale real estate agent will send the offer and all of the seller's financial documents to the lender. This can be a time consuming process, and if the lender is still using faxes to gather information rather than online platforms, several weeks can be lost while the lender checks to make sure all the needed documents have been collected.

Chase has a policy which makes this portion of the short sale truly shorter. Once the seller signs the listing agreement the short sale realtor can send all of the documentation to Chase. Once an offer is received and signed, you will be weeks ahead of the game.

So, if you are short selling your home with Chase be sure and ask your short sale realtor to send in your documents right away and save time when you get that offer!

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

It happens every year. Agents tell their sellers that they should wait until after the holidays to put their homes on the market. They say no one is looking during December so don't bother. Translation: Agent wants much needed and deserved time off during the holidays, or seller has a lot of family coming and does not want people traipsing through their home with all of the activity going on.

Other side of the equation: Very busy professional gets some down time the last two weeks of the year. Or, out of town relocation buyers are coming to the area to look for a place to live in the new year.

It doesn't take a rocket scientist to see the problem. The only inventory left on the market at this time of year tends to be overpriced or weird which does not help the buyers who finally have time to look. 

I was with one of these too busy for the last 3 months buyers today. You would not believe some of the weird stuff we saw in San Carlos today. A house with a kitchen with gorgeous newer cherry cabinets, and a tiled blue stone counter that would hold bacteria in its many ridges forever. Why someone spent the money to tile a kitchen counter with these impossible to keep clean tiles when they could have put a slab of granite on for the same price is beyond my comprehension. this same home had replaced the asbestos wrapped heating ducts in the entire house, except for about 5 feet under the house. Why? If you are going to spend the money to remove asbestos on yards and yards of ducting why leave a few feet undone? Another home had 7 different kinds of flooring, on a 1400 square foot home.  A third home had removed the bathtub from the main hall bathroom and installed a double vanity. They then added a full bath with tub in the family room completely on the opposite side of the house from the bedrooms.

I was with a pre-approved buyer who can afford a million dollars with time on his hands to buy a home, and there is nothing for him to consider. 

I know I am not the only one frustrated by this disconnect between buyers and sellers.

So I am putting my money where my mouth is and putting a short sale condo in downtown San Jose on the market on Dec 26th. It is not overpriced or weird.

So sellers, next year put your home on the market in December if you want to attract hard working qualified buyers who have time to look.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@mrcymoyer.com

650-619-9285

There are many obstacles and challenges to closing a Mountain View Short Sale, but there are 2 that I find the most challenging to get around.

1. A private 2nd or 3rd lender: These are often more difficult to negotiate than a bank. There are homes where the seller may have taken back a note for a second or third, or where a relative may have invested with a loan thinking that he/he was going to make money or at least not be left holding the bag for a relative,

2. A person on the loan who makes no contribution but refuses to sign off on the short sale.

Both of these circumstances are really hard to deal with, and unless they are handled up front it is probably not worth initiating a short sale.

The private lender will not get anything if a home is foreclosed, so that fact needs to be drilled into the lien holder's head. Sometimes they can be convinced.

A person on a loan who won't let go is a little harder. You may have to go to court to get them off the loan, but it can be done if you can prove they have no equity in the property.

Short sales can take a lot of work, and keeping a buyer through the process is a real challenge. So if you know that you have some unusual and/or difficult challenges it is best to get those handled up front so that you have a better chance in keeping the buyers and closing the sale.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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.

4. 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

50% of Homes with Mortgages now Underwater


I came across the video below and was shocked to hear that nearly 50% (half) of the nations homeowners are effectively underwater. In times like these, it's important to know that there is help available. If you are a home owner that is struggling to make mortgage payments, I would first suggest that you talk with your bank. They may be able to offer you a few different options. They can sometimes lower your interest rate, offer you a forbearance, or even roll your past due amounts into the mortgage principal.

In the event that you need to sell your home due to your financial situation, I would be happy to discuss if a short sale might work for you. This is a process in which we work with your bank to sell your home for less than you owe on the mortgage. Does your home qualify for a short sale? Fill out our Short Sale Home Evaluation Form to find out.

There are approx 5,056  Las Vegas Short Sales for sale in the Las Vegas area per the local MLS.

This is for homes without contracts on them.

Short Sale pendings and homes with contracts on them are at .... 7,089

248 short sales have sold so far this month.

This year approx 7,900 short sales have sold in the Las Vegas area

Today I got a call from an agent about a short sale I have listed. In talking I mentioned the current owner is not in default to which he countered "but he must be." I am here to tell you from experience, from closings, from approvals in my hand your client does not have to be in default to obtain an approval for a short sale. If the mortgage co tells you they must be ask them to show you in writing where this is their policy so you can show your client 9 out of 10 can't and this will get you past this hurrdle..
Myth #2, I get all the time, "once I short sale I can't get a mortgage to buy for some time." INCORRECT!! In July of 2011 I executed and closed a short sale on my listing and the same client was approved to purchase a new home and closed 3 weeks later. There is no rule that says you can't, if you keep your current mortgage current and the person negotiating your short sale gets an approval that say lender is going to except short sale as mortgage paid in full. We supplied the payoff (actually both it was a first and second) and credit showed always paid on time client upgraded to bigger and better house for same payment and maintained good credit.
This point brings me to myth #3 "it doesn't save me any to short sale I should let my house go and save my money."  NO NO NO! See above scenario if you bide your time and pay payments till your agent can negotiate a short sale for you, you can save your credit by paying your payments and getting that payoff showing paid zero balance! Just because a bank didn't go after your friend for his foreclosed home doesn't mean they won't come after you and garnish your wages, freeze your bank accounts, or harass you till you can't stand it any more. Problems don't just go away a short sale is a proactive solution to an economy induced problem.
Myth#4 I make to much money I will not get granted a short sale....you can make 500k a year and still be granted a short sale on your house and here is why. You bought 123 Apple St for 700k 4 years ago now it's worth 200k as it stands with you in it, looking nice and clean and put together. HOWEVER if 123 Apple street is foreclosed and then has chance to be stripped down or vandalized the bank knows it will then only be worth 100k so they are better off letting you short sale then risking another foreclosure on their books which will be supported when appraiser goes out and does BPO. This also disproves myth#5 that "I owe way to much compared to what home will sell for bank will never do it." I closed a home that had a $750k loan on it but appraised only for $295 so bank allowed the short sale after they did their bpo and we sent copy of FHA appraisal.
Myth 6 my agent is a "short sale expert" I'm here to say I have been doing short sales since 2006, I was taught by a bank how to structure and execute them and still I am not an expert and I'll tell you why. You can not be an expert at something that changes with every file, every day. You can be very good, you can be excellent but not an expert. There is no such animal for short sales.. I give the example that a short sale is like a snow flake, every single one is different! I have closed one in two weeks YES TWO WEEKS but in the same token I have had one take eight months. The eight monther was a first and second for a divorced couple with a husband that claimed bk on the second but none the less it took eight months to get to closing. I am great at them and many others are too but be wary of the self proclaimed expert as often they over promise and underperform.
These are all just my experiences as stated earlier there are many others out there and every file differs but I think education is important as many agents are telling people they can't when in fact they just don't know yet that they can! :-)

I have an urgent need for a key contact in Loss Mitigation at American Home Mortgage Servicing Inc.

The internal contacts I have are literally the most incompetent people I have ever encountered in a financial institution or loan servicing company.

They demand paperwork, it is provided, then they demand the same paperwork after acknowledging the receipt of the previously requested paperwork

Then they just scheduled the trustees sale date of our home because the requested paperwork was not sent to the correct number even though the paperwork was Correctly sent to the number listed on their letter requesting additional paperwork. REALLY!

I know this sounds absurd but it is happening right now and it is happening to me with my home. The trustees sale date has been set for mid November.

I Need A Key Contact Who Can Review The Transaction And Correct Their Error.

My wife was literally been driven to tears of frustration this morning by their blind incompetence and lack of accountibility. We have very accurate records of the doc requests, timelines kept and errors made at AHMSI. I am looking into legal options to remedy but think it makes a lot of sense to reach out to the REOPro Community for the best alternatives to fix this.

While I expect most to ignore this post due to the lack of interest since "Who cares if another home goes down" but I am hoping that someone in REOPro reads this who knows a way to get me in contact with a person at AHMSI who can fix their mistake.

I know they exist because I know several who can do the same at BofA, Wells Fargo, and Chase.

If anyone has a way to help, I really need to hear from you right away.

Milpitas Single Family homes

Active Short Sale Listings:  23

Active Bank Owned Homes: 9

Pending Short Sale Homes: 49

Pending Bank Owned Homes: 11

Sold Short Sale Homes: Last 6 months 23

Sold Bank Owned Homes: 19

Milpitas Condo Townhomes

Active Short Sale Listings: 12

Active Bank Owned Condos:  4

Pending Short Sale Condos/Townhomes: 43

Pending Bank Owned Condos/Townhomes: 4

Sold Short Sale Condos/Townhomes: 19

Sold Bank Owned Condos/Townhomes 26

Unlike San Jose, where short sales far outnumber bank owned transactions, the numbers are much closer for short sales and bank owned homes in Milpitas. There are many more pending short sale listings than bank owned, but short sales take so much longer to close that number is not surprising.

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

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

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