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It is a common occurrence in the Silicon Valley for homes that are in Probate to also go into default. For many older home owners there is scant cash in the bank, they may still have a mortgage, and without a trust a home goes to Probate. When that happens the bills, including the mortgage do not get paid until a Personal Representative is appointed by the court. This can be a lengthy process if there is a disagreement amongst heirs as to who should be in charge. Unfortunately that is a very common occurrence in Santa Clara probate sales.

So while the relatives are arguing over who rules the Santa Clara Probate roost, the mortgage does not get paid and the lender starts the foreclosure process.  

Once at least three payments are missed a Notice of Default may be filed on the Santa Clara Probate Sale. This notice will give you three months to cure the default. If the owned money on the Santa Clara Probate home is not paid during that three month period a Notice of Trustee Sale can be filed and the Santa Clara Probate home can be sold three weeks after that.

The attorney for the Santa Clara Probate home can go to court and get an order to temporarily stop the foreclosure process while the estate is being settled, but this takes some time as well.

Because the inventory is so low and the demand for homes is so high in Santa Clara, most Santa Clara Probate Sale homes can be sold and ownership transferred during the Notice of Default period. The defaulted loan on the Santa Clara Probate home can be paid off, and the rest of the equity used to pay the other bills and then distributed to the heirs.

Sounds simple, but sometimes it isn't. Once a loan on a Santa Clara Probate sale goes into default it is transferred to the loss mitigation department. Sometimes that is the equivalent of going into a black hole. These departments are overwhelmed and under staffed. It can take many weeks to get pay off information from them. In a traditional sale the title company will order pay off information less than a week before closing which is more than enough time to determine exactly how much is owed by the seller to pay off their loan.

In a Santa Clara Probate sale when the loan is in default it can take many weeks to get the pay off information. The title company should start the pay off demand as soon as there is a contract. That way, maybe 30 days later they will have the figures to pay off the loan.

If it is a short escrow period for the Santa Clara Probate Sale it is possible that everyone might be ready to close and there is still no pay off demand from the lender. When this happens, the escrow can still close and title can be transferred, but the money can not be distributed until the mortgage is payed off, and the estate will have to pay for a mortgage on a home it no longer owns until the bank gets its money.

So if you are involved in a Santa Clara Probate Sale and there is no money to pay the mortgage make sure that the process is started right away to get the pay off demand for the loan or the estate will be paying on the loan after the escrow is closed.

If you have any questions about Probate 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

D.R.E. 01191194

650-619-9285 

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, if one 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.

If you have any questions about Short Sales or Bank Owned Homes in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

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

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

My client did not want to leave the house and try to find a home for herself, the two young children, and her 2 large dogs. She was determined to stay put, get her husband off title, and not disrupt her children any more than necessary. Her lawyer said short sell, her ex stopped helping to pay the mortgage, and her efforts to refinance went no where.

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

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

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

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

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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

There are currently 196 pending homes listed as short sales.

There are 286 pending sales of all types.

The percentage of total pending sales which are short sales is 68%.

This is pretty impressive, but the big question is how did this happen?

I have a few theories.

Blossom Valley had some remarkable levels of appreciation early in the century, especially between 2005-2007. There are a number of reasons.

1. Easy money

2. Easy access to downtown San Jose which had ambitious plans for redevelopment

3. Good schools. At one point there were sections of Blossom Valley where you could get a home in a school district with a high API for less than any other neighborhood in Silicon Valley.

4. High tech companies close by including IBM right in the neighborhood.

Then the market crashed, credit tightened, San Jose gave up their redevelopment plans, major employment areas kept moving north to Mountain View, Palo Alto, and San Francisco, and Blossom Valley values plummeted in 2008-2009.

We are on the way up again, but many homeowners are still underwater. The inventory is now quite low. There are only 61 homes for sale right now, and 13 are short sales, or 21%.

If you are a seller, your home will sell, and quickly. If you are a buyer, there is a lot of competition, but the values are there.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

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

97 closed short sales

47 closed bank owned homes

Total sales during this time period were 491

Total % Short Sales: 19.8%

Total % REO Sales: 9.6%

Total Percentage  Santa Clara Distressed Properties: 29.4%

29.4% of all Santa Clara sales being distressed is enough to have an effect on the overall market. However, as inventory is still so low, unless these homes are truly physically distressed, which is more common with bank owned homes at this level, most homes will not sell for much less than fair market value. There are twice as many short sales as foreclosures in this time period which is what we are seeing in many other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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

16 closed short sales

22 closed bank owned homes

Total sales during this time period were 349

Total % Short Sales: 4.58%

Total % REO Sales: 6 %

Total Percentage  Mountain View Distressed Properties: 10.58%

10.58% of all Mountain View sales being distressed is not enough to have a major effect on the overall market. Additionally, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have much effect at all. Ther are so many employed people looking for homes near Google, Apple, and other high tech companies, that homes are getting multiple offers, selling at appreciating prices, and are almost always in high demand. It is interesting to see there are more foreclosures than short sales which we have not seen in other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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

58 closed short sales

32 closed bank owned homes

Total sales during this time period were 447

Total % Short Sales: 12.9%

Total % REO Sales: 7.1%

Total Percentage  Sunnyvale Distressed Properties: 20%

20% of all Redwood City sales being distressed is enough to still have some effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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

Many homeowners who are having trouble paying their mortgages will stop opening their mail from the lender. It is understandable to feel, what is the point? I can't pay and nothing they say to me will change that. However, if your lender is Chase you may want to open that letter.

Chase is giving relocation assistance to some homeowners who are in default if they agree to short sell their home. The incentives can be anywhere from $2500 to $45,000. Not everyone will get this incentive, and there is no uniform way that these incentives will be offered. In other words, Chase is not saying why one borrower gets an incentive and another does not.

So if you get a letter from Chase, open it up. It may say you have won the lottery. You will need to find an experienced Sunnyvale short sale agent to help you sell your home, or Chase will give you the names of some who can help you. You then list your home as a short sale, accept an offer, have it approved by Chase, and at closing you get your relocation assistance.

It is a pretty good deal if you ask me, an experienced Sunnyvale Short Sale Agent.

If you have any questions about 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

Just got approval on another short sale in San Jose with Chase. They are getting to be one of my favorites!

This was not straight forward. Client lost his job and was not able to make payments. He tried a loan mod but did not qualify due to having too much in retirement account. Client is close to retiring.

Put condo on market and got 13 offers. The San Jose inventory for small affordable condos is quite low. Accepted an offer 30% over asking price, cash, with no appraisal contingency. Asking price was market value at the time of the listing. Last 2 sales in the complex were within 5K of listing price.

6 weeks later get approval from Chase but buyer, who was an investor, dropped out.

I start to worry because none of the other 12 offers were over 10% over list price and I am afraid Chase (or actually Freddie) will want more since first offer was so high.

Submit a back up offer for 10% over list price, cash with no contingencies. 4 weeks later get approval.

Everyone is happy!!!

So fortunately the first offer which was so high did not taint the the process, and since there was no foreclosure date set there was not a danger of losing the condo to a foreclosure. But this is a risk in short sales in the Silicon Valley. The inventory is low. There are many investors and first time buyers in the market competing with each other. Sometimes people make ridiculous offers which they later regret.

How do you know what is the best offer? Is it the highest, is it the owner who wants this home more than anything, is it the person who puts the most money in escrow, has the least contingencies?

This is a complicated question that deserves its own blog. But my best advice to sellers of short sales is start by picking an experienced agent who knows how to analyze offers from a short sale perspective. This is not the same as a traditonal sale perspective. And understand that sometimes things go south, so be prepared for some bumps in the road to finally get to the magic words:

Congratulations: You are off the hook!

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

I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to pay the mortgage but they will not be able to in the near future because of an impending change of circumstance. These owners were current on their payments, and were hoping to sell short and then finalize their divorce.

So last fall I put the town home on the market, got a good offer, and submitted it to Wells Fargo. It was promptly denied. I was told that while this was not Wells Fargo policy, the particular investor on the loan (the person on entity who purchased the loan from Wells Fargo, and hired Wells to keep servicing the loan) had a policy of not allowing short sales unless the borrower was behind in their payments.

So, my clients stopped making payments for a few months and we put the home back on the market. We got another offer for the same price and 2 months later got an approval and closed escrow in 30 days. 

So here is what happened to the investor: They lost 5 months of payments of about $4000 a month, so $20,000 of missed payments for the same price of the home. Call me crazy, but that make no sense to me. Let me re-iterate:

THIS IS NOT THE GENERAL POLICY OF WELLS FARGO SHORT SALES.

So, if someone owed me money and I had the chance of recovering 70% of it, or 70% minus $20,000 I would go for the straight 70%. But maybe I am greedier than that investor.

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@marcymoyer.com

650-619-9285

D.R.E.  01191194

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0

Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %

Sunnyvale: Single Family Homes and Condos: 62 Short Sales: 10  Percentage Short Sales: 16%

Cupertino: Single Family Homes and Condos:  39  Short Sales: 1  Percentage Short Sales  2.5%

Santa Clara Single Family Homes and Condos: 58  Short Sales: 19 Percentage Short Sales: 32.8%

Milpitas Single Family Homes and Condos : 56 Short Sales: 23 Percentage Short Sales: 41%

San Jose Single Family Homes and Condos: 981 Short Sales: 237 Percetnage Short Sales: 24%

Morgan Hill: Single Family Homes and Condos:  119  Short Sales: 17 Percengtage of Short Sales: 14.2%

Gilroy Single Family Homes and Condos: 123  Short Sales: 38 Percentage Short Sales: 30.9%

So the ciites with the highest percentage of short sales are Milpitas with 41%, Santa Clara with 32.8%, and Gilroy with 30.9%.

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

The real estate market in the Silicon Valley is very heated up this days, but there are still plenty of short sales being offered. Many of these short sales are in higher price ranges that have previously not seen a lot of short sale activity. What that means is that agents who do not have a lot of experience with short sales are making offers. Because the inventory is so low, most of these short sales are getting multiple offers. So if you are an experienced agent but not with short sales, or a buyer here are some things you need to know:

1. Don't low ball. The bank won't accept it and you will have plenty of competition from buyers wanting to pay market value.

2. Follow all of the instructions the agent gives on the MLS. If they say email instead of call, SEND AN EMAIL. Do not pester the agent with multiple calls a day. Your pre offer behavior is a sign of how you will act during the long short sale process.

3. Fill out the short sale addendum carefully. The addendum allows for the deposit and contingency period to start after bank acceptance unless you change it. CHANGE IT!!!!  At a minimum you should put the deposit in escrow immediately. If you really want the home I would also recommend offering to do the inspections right away instead of waiting for bank approval. It is a risk to the buyer in case the bank does not approve, but it is better than waiting 1-3 months for an approval and then finding out the home has more repairs needed than the buyer is willing to make.

4. The home is being sold "As-Is" Don't ask for repairs.

5. Don't ask for buyer credits unless it is an FHA loan. Banks are most likely going to reject the request for credit and if your buyer needs to have it or they walk it does not put you in a good position.

6. Don't change the title and escrtow company. The seller's company has already done a lot of work and has a relationship with the listing agent.

7. Give at least 90 days for approval on the short sale addendum.

8. Present a great case on why your client is able to wait for short sale approval.

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

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. www.mercurynews.com-www.mercurynews.com">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

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 nay 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

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.

Have you ever gotten a Save the Date invitation for an upcoming event? They are great because they help you plan for the future, and bring excitement for the future into the mix. I got a lovely e-mail today from my negotiator on a Santa Clara Short Sale Listing.  He said that he was just waiting for management to approve his approval and he should have something in writing to me in a few days.  This was very nice for a number of reasons:

1. Everyone involved is looking forward to getting approval and moving forward. The buyer and seller need to know things are moving forward.

2. After short sale approval there is a lot that needs to be done. The buyer's loan gets initiated, appraisal is ordered, and the property inspections are completed. The HOA docs also need to be ordered if the home is a condo and they have not already been ordered.

Knowing that approval should be coming in a few days (baring any management hiccups) means we all have a heads up to get ready to roll.

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@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.

Wells Fargo has a call center which is where you call to initiate a short sale, and then to get updates before they assign a negotiator.  But what sets them apart from some other banks' call centers is that they stay involved throughout the short sale process.  So, if you call or e-mail your negotiator and he or she is not available you can ask the call center to talk to them directly.  It is a very nice system, kind of like talking to an agent's personal assistant. Sometimes you get more information from an assistant then you do from agent. 

Isn't nice to know that at least some banks are trying to get this process more organized?

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

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.

This was not a terrible week for me with short sales. In fact, it was pretty good. Here's the summary:

1. Closed a Menlo Park Short Sale with Bank of America, I represented the buyer.  It was smooth, and took 3 months start to finish.

2.  Another buyer is buying a short sale in Sunnyvale.  The file had been lost in bowls of HAFA, (government assisted short sales), but the listing agent managed to find it, get it back to a tradional sale, and we are waiting for a negotiator to be assigned.  we are 6 weeks into it.

3.  My Menlo Park Short Sale Listing with Chase has been in and out of escrow 4 times now.  the investor for Chase wants more money than the house is worth based in its condition.  After being with the latest negotiator 6 weeks we got another response from the investor asking for more money now than what they approved last time.  The buyer has now agreed to the previously approved price and we are waiting to hear back from teh negotiator.

4.  My Santa Clara Short Sale Listing was submitted 5 weeks ago.  It finally got a negotiator this week.

So all in all it has not been a bad week.  Short sales are still long, and can have problems, but all in all there are a lot of yeses so they are worth pursuing if you can not keep your home and want to avoid foreclosure.

If you have any questions about 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

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.

I sell a lot of of Probate and Trust sales. They are not quite like a traditional sale, but not as unlike a traditional sale as a Short Sale or Foreclosure. One of the differences are disclosure obligations. In California one of the diclosure requirements that causes the most confusion is what happens about the Natural Hazard Disclosure Report and statement. It is simple:

As per the Trust Advisory or Probate Advisory that needs to be signed in each of these transaction the Trustee in the case of a Trust, or the Personal Representative in the case of a Probate, is required to provide a Natural Hazard Disclosure report, but is not to sign the report.

The most common request I have with these sales is for the Trustee's signature on the Natural Hazard Report. It is not an oversight that it was not signed, it was on purpose.

If you have any questions about trust or propabate sales in Santa Clara or San Mateo Counties, please feel free to ask me.