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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

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission. 

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

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

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

Single family and condo townhomes :

Total sales:  835

Short Sales: 111

REO:            73

Distressed sales as a percentage of total sales: 22%

Compare to 2010

Total sales:   849

Short Sales:   106

REO:            89

Distressed sales as a percentage of total sales:  23%

My conclusion:

The percentage of distressed properties in Sunnyvale is virtually the same in Sunnyvale between 2011 and 2010. This percentage is starting to have an effect on prices, east of El Camino. However in the 94087 zip code there were 11 short sales and 3 REOs in 2011 compared with 4 short sales and 2 REOs in 2010 out of 295 sales in 2011 and 307 sales in 2010. While short sales almost trippled in 2011 the percentages are still very low compared to the other zip codes in Sunnyvale. 

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

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

5 Simple Things Sellers Should Know About the Value of Home Staging

1: The cost of staging is always less than your first price reduction!

It is a known fact that two things are key in selling real estate….price and location.

So why stage? Many reasons! STANDING OUT from the competition is one, especially in today’s down market where buyers see home after home, without being able to make up their minds.  Very often even the same floor plan comes up repeatedly. Staging makes a home stand out from the rest in a great way! Staging is the surest way to “help” the buyer envision living in the space.

2: Staging does not need to always be a full-blown/fully furnished affair!

‘Staging’ for the purpose of selling means to assess each property, and stage/address issues on a case-by-case basis. Some property conditions may not lend themselves to staging, and that’s fine. Staging is about having the presence of mind to address distractions as needed, (if/when allowed) or financially reasonable.

3: Staging is done with ONE goal - Guiding a buyer’s eye toward functionality!

Too often distractions distract buyers from seeing the true positives in a home. Staging is about removing those distractions, whether it’s a harsh paint color, minor repairs, or just trash and grime. Too many broken “small” details left undone WILL lead buyers to think there are other hidden problems.   

4: Staging is about removing doubt that a property it’s not worth its asking price!

 In today’s market buyers have choices, and they’re able to compare what’s on the market. Two exact floor plans will be set apart by their condition. In today’s market of HUGE homes makes it a daunting task for a buyer to just imagine having to paint an entire house with soaring walls, when there is another exact home down the street for the same price! If there is ANYTHING broken or dirty, it MUST be addressed - otherwise a buyer will feel overwhelmed and move on to the next house. Staging does NOT always mean adding “furnishings” anymore. I can mean addressing the smallest of details and distractions, as supposed to just sticking a For Sale sign in the yard and adding “sold AS-IS” on the MLS! 

5: Home Staging is about helping buyers visualize their dreams coming true!

 When we Stage a home we’re helping buyers gap their lifestyle dream, from what “is”, to what “will be”.   Helping a buyer envision themselves living (hassle-free) in the property, is what Staging is about. When a buyer can see themselves living in the home, wallets open.   

Why should sellers list with REALTORS® WHO STAGE?

Because Staging Realtors consistently do more, and innately go beyond what’s expected to market HOMES (not just houses).  Staging Realtors try to envision and connect the dots with what buyers look for in a HOME. Studies show buyers pay top dollar when they fall in love with THE perfect HOME! 

Here’s an EXAMPLE of how Non-Staging gent and a Staging-Realtor market the SAME space!  

This concept also include Realtors who even though they don't do Staging themselves, they use the services of a Home Staging Professional.

This home was on the market for 63 days with a NON-Staging agent, but on the market for only 7 days after being Staged, by yours truly, before receiving the accepted offer, and consequently TWO backup offers.

By the way, this was an REO listing.