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Marcy Moyer's Blog

By Marcy Moyer | Agent in Palo Alto, CA
  • Are Santa Clara County Foreclosures Still a Bargain in 2013

    Posted Under: Market Conditions in Santa Clara County, Home Buying in Santa Clara County, Foreclosure in Santa Clara County  |  November 25, 2013 2:19 PM  |  446 views  |  No comments

    The short answer to the question are bank owned homes still a bargain in Santa Clara County in 2013 is NO. 

    Santa Clara county foreclosures

    This is a chart of all the single family foreclosures sold in Santa Clara County in 2013. Of the 211 single family bank owned homes the average sales price vs list price was over asking every month this year except for the average of the homes that closed in October. These figures are very similar to the traditional resale of homes in Santa Clara County in 2013.

    Santa Clara County foreclosures. 

    Santa Clara County condos/town homes that are bank owned and sold in 2013 also sold over list price. The average sale price was over list price in every month in 2013 except Aug where the average was 98% of list price. 

    Santa Clara County foreclosures

     

    This is very similar to what happened with traditonal resales of condos in Santa Clara County.

    Santa Clara County Foreclosures

    So what happened to the great deals you can get with foreclosures? I am sorry but those days are gone. The inventory of homes for sale in Santa Clara County is so low and the demand so high that almost every listing gets multiple offers, whether it is a traditional resale, short sale, or Santa Clara County foreclosure. Added to that is the fact that there are very few foreclosures that make it to the market anyway. Most of the people who could not afford their mortgages lost their homes years ago. Also, since there has been so much appreciation this year the number of people who owe more on their mortgages than the home is worth is very low. If they can not afford to keep the home is is very easy to sell it and pocket some cash.

    So if you are looking for a bargain in a single family home or condo it is not likely you will find it in a Santa Clara County Foreclosure.

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

    Marcy Moyer

    Keller Williams Realty

    http://www.marcymoyer.com

    marcy@marcymoyer.com

    Cal BRE 01191194

    650-619-9285

  • Santa Clara Trust Sale Goes Very Wrong! (Not My Listing)

    Posted Under: General Area in Santa Clara, Home Selling in Santa Clara, Foreclosure in Santa Clara  |  July 29, 2013 9:05 PM  |  909 views  |  No comments

    Santa Clara Trust Sale

     

    photo credit: <a href="http://www.flickr.com/photos/leviphotos/2332987961/">noyava</a> via <a href="http://photopin.com">photopin</a> <a href="http://creativecommons.org/licenses/by-nc-sa/2.0/">cc</a>

    I got a call this morning from a very sweet but distraught woman about a home in Santa Clara that belonged to her grandmother and was supposed to be a trust sale. However the home is now 2 weeks away from a foreclosure sale and this did not have to happen.

    Here is the situation:

    1. Grandmother owned the home and took out a reverse mortgage with Wells Fargo. 

    2. After Grandmother got her reverse mortgage and before she died she put the home in a trust and did not inform Wells Fargo she had done this.

    3. Grandmother dies and the successor trustee, grand daughter is in charge of dealing with the house. 

    4. Granddaughter tells Wells Fargo she is the successor trustee and will be selling the house which is a requirement with in 3 months of the owner passing or leaving the house.

    5. Wells Fargo tells Granddaughter they were never informed that the house was in a trust and they can not speak with Granddaughter because Grandmother never gave them permission and never transferred the reverse mortgage into the trust with their permission.

    6. In April Wells Fargo records Notice of Default.

    7. Granddaughter calls a lawyer who says he does not know why this happening but does nothing.

    8. In July Wells Fargo records Notice of Trustee sale for Aug 13.

    9. Granddaughter call me for advice. 

    10. I tell her to call my lawyer, Rebeccah Miller at Lakin Sprears in Palo Alto to try to get this sorted out.

     

    I have no idea what the legal issues are here with the home being put in a trust without Wells Fargo knowledge. I do know that this sort of issue comes up often and can not be ignored. If you do not act in a timely manner the estate can lose a home to foreclosure. I have written about this before. http://actvra.in/P75

    If the home were in Probate then the Probate lawyer could go to a judge for an emergency postponement of foreclosure. I am hoping this can happen in a trust as well. Or maybe they can open a Probate since it looks like maybe the loan/house can not be in the trust and they need to probate it. In that case if someone works quickly enough a judge could stop the foreclosure.

    The point I will make again is: IF YOU ARE IN CHARGE OF A HOME OF SOMEONE WHO HAS DIED EITHER AS A PERSONAL REPRESENTATIVE OR A SUCCESSOR TRUSTEE DO NOT PUT YOUR HEAD IN THE SAND. DEAL WITH THE MORTGAGE WHETHER IT IS A TRADITIONAL OR A REVERSE AND MAKE SURE THE HOME DOES NOT GET FORECLOSED BECAUSE SOMEONE, INCLUDING YOUR LAWYER DROPPED THE BALL.

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

    Marcy Moyer

    Keller Williams Realty

    www.marcymoyer.com

    marcy@marcymoyer.com

    DRE 01191194

    650-619-9285

     

  • Santa Clara County Foreclosure Update 2013

    Posted Under: Market Conditions in Santa Clara County, Foreclosure in Santa Clara County, In My Neighborhood in Santa Clara County  |  June 25, 2013 10:58 AM  |  920 views  |  No comments

    San Jose foreclosure

    If you are looking for a bank owned home in Santa Clara County don't hold your breath. The number of foreclosures in Santa Clara County have plummeted in 2013. Here are the numbers:

    Bank Owned Single Family Homes:

    Active listings: 13

    Pending sales: 18

    Closed Escrow in 2013  163

    Total single family homes in Santa Clara County

    Active listings: 1215

    Pending Sales: 1665

    Closed escrows in 2012:  4982

     The percentage of single family homes that are foreclosures are:

    Active listings: 1 Percent

    Pending Sales: 1 Percent

    Closed Sales: 3 Percent

     

    Bank Owned Condos/Townhomes

    Active listings: 10

    Pending sales: 16

    Closed sales in 2013: 2026

     

    Total Townhome Sales in 2013

    Active listings: 384

    Pending Sales: 673

    Closed Sales 2013

     

    Percentage of townhomes that are foreclosures

    Active listings 2.6%

    Pending sales: 2.4%

    Closed sales in 2013: 3.3%

     

    Total Sold Foreclosures in 2013: 231

    Total Sold foreclosures in the last 6 months of 2012: 579

    What do these numbers tell us? Foreclosures are down, by a lot. There are less than half the number of bank owned homes sold in the first six months of 2013 compared to the second six months of 2012. Additionally there are fewer active and pending listings by percentage compared to closed sales in 2013. This leads me to believe there will be even fewer closed sales in the second half of 2013.

    There are many reasons for the decreased in foreclosures in 2013. Many of the large banks had settlements with the governent in which they agreed to work on loan modifications and principal reductions instead of foreclosures. Also short sales have been getting approved a lot more than previously rather than being foreclosed.

    There is chatter in the foreclosure world that now that the banks have fulfilled their obligations they will begin foreclosing again. While this may be true in some markets, I do not believe it will happen in Santa Clara County. Prices have increased dramatically in Santa Clara County. In many cities we are back to values seen at the peak in early 2008. With these higher values owners can sell if they can not afford the payments, or take advantage of the historically low interest rates and refinance.

    So if you are looking for a bargain in Santa Clara County it is probably a good idea to look for homes other than foreclosures. It is unlikely this decrease in bank owned homes in Santa Clara County is going to change in the near future.

    If you have any questions about foreclosures or any other type of sale in Santa Clara County please feel free to contact me.

    Marcy Moyer

    Keller Williams Realty

    www.marcymoyer.com

    maryc@marcymoyer.com

    D.R.E. 01191194

    650-619-9285

  • Santa Clara County Short Sale/Foreclosure Update through 3/31/2013

    Posted Under: Market Conditions in Santa Clara, Home Buying in Santa Clara, Foreclosure in Santa Clara  |  April 3, 2013 6:41 PM  |  601 views  |  No comments

    Looking for a distressed property in Santa Clara County? Don't hold your breath. Santa Clara County has very few short sales or bank owned properties this year. Here are the numbers:

    Number of Santa Clara County homes for sale (single family and condos): 1123

    Active Santa Clara County Short Sales: 32

    Percentage of Santa Clara County homes for sale that are short sales: 2.8%

    Active Santa Clara County foreclosures: 26

    Percentage of Santa Clara County homes for sale that are foreclosures: 2.3%

    Percentage of total Santa Clara County distressed sales: 5.1%

    This is not enough to have any effect on total home values. Many cities in Santa clara County have no short sales as home values have reached and exceeded the peak in 2007-2008.

    Santa Clara County short sale

    Closed sales in Santa Clara County in 2013: 2928

    Number of closed Santa Clara County short sales in 2013: 402

    Percentage closed Santa Clara County short sales in 2013: 13.7

    Number of closed Santa Clara County foreclosures in 2013: 150

    Percentage of closed Santa Clara County foreclosures in 2013: 5%

    The percentage of closed Santa Clara County short sales and foreclosures is more a reflection of the past, not what is going on in the market now. Santa Clara County short sales can take up to a year to close, and foreclosures can be in the works for years before they hit the market.

    The bottom line is, if you are looking for a deal in Santa Clara County, you will not likely find it in a short sale or foreclosure, because their are not enough of them and the total inventory is so low the 90% of all homes on the market get multiple offers.

    If you have any questions about buying or selling a home 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

  • Request Pay Off Early in a San Mateo Probate Sale in Foreclosure

    Posted Under: General Area in San Mateo, Foreclosure in San Mateo, In My Neighborhood in San Mateo  |  January 29, 2013 12:14 PM  |  817 views  |  No comments

    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 San Mateo probate sales.

    So while the relatives are arguing over who rules the San Mateo 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 San Mateo Probate Sale. This notice will give you three months to cure the default. If the owned money on the San Mateo Probate home is not paid during that three month period a Notice of Trustee Sale can be filed and the San Mateo Probate home can be sold three weeks after that.

    The attorney for the San Mateo 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 San Mateo, most San Mateo Probate Sale homes can be sold and ownership transferred during the Notice of Default period. The defaulted loan on the San Mateo 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 San Mateo 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 San Mateo 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 San Mateo 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 San Mateo 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 

  • Request Pay Off Early In A Santa Clara Probate Sale In Foreclosure

    Posted Under: General Area in Santa Clara, Foreclosure in Santa Clara, In My Neighborhood in Santa Clara  |  January 26, 2013 11:26 AM  |  626 views  |  No comments

    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

  • Thought I Was Out of a San Jose Probate but I Was Pulled Back In

    Posted Under: Home Buying in San Jose, Foreclosure in San Jose, In My Neighborhood in San Jose  |  January 23, 2013 11:07 AM  |  712 views  |  No comments

    As a  San Jose Probate real estate agent I am always amazed at how new issues always come up. I thought I was finished, but someone else did not. (Remember the line from The Godfather which was repeated in Sopranos) My San Jose Probate sale did not want to end.

    San Jose Probate Sale

    Here is the back story. The owner of this San Jose probate sale died last June, leaving no cash in her estate, but a home with some equity. She did have a loan with Wells Fargo. I was hired by the Personal Administrator of this  San Jose Probate to sell the home. The week the home went on the market I was contacted by a company called LPS who had been hired by Wells Fargo, the mortgage holder to make sure the San Jose probate home was not left vacant an unattended. As requested I faxed LPS the listing agreement and my statement saying I was going to be caring for the home and it would not be abandoned. The field service supervisor at LPS assured me everything was fine. I told him they would have their money in January.

    At the end of December Wells Fargo recorded a Notice of Defualt against the property, but since we were going to close in a few weeks I was not worried. The Notice of Default gave us three months to pay Wells Fargo off. LPS did not contact me so I was not concerned that there would be any issues with this  San Jose Probate home.

    The buyer used Wells Fargo to obtain their loan and escrow was delayed two weeks, entirely because of Wells Fargo delays. We closed last Friday. Today, which is Martin Luther King's Holiday the new owner showed up at his new home to find LPS there changing the locks and the field service worker refused to stop, even when he was told that there is a new owner and Wells Fargo has no more say over what happens to this San Jose probate home.

    I tried to call LPS, but since today is Holiday no one was there. I called the LPS Field Service Supervisor I originally dealt with and his phone was disconnected. I suggested the new owners of this San Jose Probate sale change the locks and call the police. i am hoping the police can post something saying that if LPS tries to enter the house again they will be guilty of trespassing. I am not sure that this is possible.

    So what have I learned from this San Jose Probate sale debacle? 

    1. Just because one person at LPS said everything is fine make sure and check in with them during the escrow process and keep them updated on any San Jose Probate sales when there is no money to pay the mortgage.

    2. Have the San Jose Probate sale lawyer keep in regular contact with the mortgage company, especially if it is Wells Fargo, who is the most aggressive about trying to protect their investment by changing locks and winterizing vacant homes that are in default. I don't blame them, but in this case it was definitely over kill!

    3. Confirm with the Title Company of a San Jose Probate sale that they let the lender know we have recorded even though the money will not be at the bank the next day because of a holiday.

    Hopefully the next time I think I am out of a San Jose Probate Sale I will not get pulled back in.

    If you have any questions about San Jose Probate sales please feel free to contact me.

    Marcy Moyer

    Keller Williams Realty

    www.marcymoyer.com

    marcy@marcumoyer.com

    D.R.E. 01191194

    650-619-9285

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