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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
Distressed sales as a percentage of total sales: 3.73%
Compare to 2010
Total sales: 563
Short Sales: 8
Distressed sales as a…Continue
Added by Marcy Moyer on December 29, 2011 at 11:15pm — No Comments
I was starting to feel like the last player picked in dodge ball. The rejections were really hurting, especially since there was never any reason given. Just messages saying your supporting documents were rejected. Oh the pain!
I finally got a really nice B of A negotiator on the phone today who gave me a simple explanation, the buyer's proof of funds were downloaded as a web page instead of being a PDF of the originals, and the current policy is only original statements are accepted,…Continue
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…Continue
Added by Marcy Moyer on December 27, 2011 at 2:00pm — No Comments
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…Continue
Added by Marcy Moyer on December 25, 2011 at 4:04pm — No Comments
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…Continue
Added by Marcy Moyer on December 20, 2011 at 7:10pm — No Comments
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,…Continue
Added by Marcy Moyer on December 18, 2011 at 8:27pm — No Comments
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…Continue
Added by Marcy Moyer on December 17, 2011 at 8:10pm — No Comments
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…Continue
Added by Marcy Moyer on December 14, 2011 at 6:16pm — No Comments