- 714 Answers
- 27 Best Answers
- 125 First Answers
- 675 Useful Answers
Share this profile
Report this profile
Report this profile
About Me
2005 & 2008 "Realtor of the Year"--Santa Rosa Chapter of Realtors.
MISSION STATEMENT and PERSONAL PHILOSOPHY
"I believe I operate like other quality professionals who serve your accounting, medical, and legal needs. I treat each transaction as another important event in my continuing relationships. You will recognize this as a "Client-Centered" concept which by itself is not unique, yet its application to real estate is certainly rare."
"As an individual and a responsible member of the community, I share a unique vision of how I can contribute expertise to the positive benefit of my select group of clients. I assist my clients by providing today's vital information for tomorrow's decisions."
Host of the "REAL ESTATE HOUR" radio show on KSRO,1350AM, 9 to 10AM,PST,Sundays,web streaming at http://www.MikesRealEstateShow.com or http://www.KSRO.com
"...One Of Sonoma County's natural resources"
Realtor for 30 years exclusively in Sonoma County (The Wine Country). Voted 2005 AND 2008 "Realtor of the Year" Santa Rosa Chapter of Realtors.
Certified International Property Specialist--special training to work with the "International" buyer and Seller.
Certified Residential Specialist (CRS-only 3% of ALL Realtors hold this designation)
Senior Residential Specialist (SRES--specialty in working with the mature consumer)
Past President of the Santa Rosa Chapter of Realtors, NorthBay Assoc. Of Realtors and Chairman of the Board of the NorthBay Assoc. Of Realtors.
Fly fishing nut(fat bows and big steelies!), golf lover (been to the Master's twice!) and successful Weight Watcher!
Married for 33+ years (with the windchill it sometimes feels like 50!),Rotarian, Jazz Buff (Monterey Jazz Festival since 1986)and proud uncle of numerous Nieces and Nephews and great Nieces and Nephews (Emma, Aiden and the newest Eli). Raised in Guerneville (not Guerneyville!), first full term graduating class from El Molino in Forestville (and on 1st football Team to beat the dreaded Analy!), SRJC and San Francisco State University educated. Journalism major, broadcasting minor.Have worked for 30+ years exclusively in Sonoma County. Now with Keller Williams Realty for the past 1 1/2 years.
CITIES AND ZIP CODES SERVICED BY
MICHAEL J. KELLY,CRS,
BODEGA: 94922,94923 CLOVERDALE: 95425
COTATI 94931
FORESTVILLE: 95436
GEYSERVILLE: 95441
GLEN ELLEN: 95442
HEALDSBURG: 95448
KENWOOD, 95452,
PENNGROVE: 94951
PETALUMA 95452, 94954
ROHNERT PARK: 94928
SANTA ROSA: 95401,95403,95404,95405,95407,95409
SEBASTOPOL: 95472,95465
SONOMA: 95416, 95433, 95476,95487
Keller Williams Realty of Santa Rosa http://www.MikesRealEstateShow.com http://www.MikeKelly.com
Email: mkelly@realtour. com 1-800-959-7244
MISSION STATEMENT and PERSONAL PHILOSOPHY
"I believe I operate like other quality professionals who serve your accounting, medical, and legal needs. I treat each transaction as another important event in my continuing relationships. You will recognize this as a "Client-Centered" concept which by itself is not unique, yet its application to real estate is certainly rare."
"As an individual and a responsible member of the community, I share a unique vision of how I can contribute expertise to the positive benefit of my select group of clients. I assist my clients by providing today's vital information for tomorrow's decisions."
Host of the "REAL ESTATE HOUR" radio show on KSRO,1350AM, 9 to 10AM,PST,Sundays,web streaming at http://www.MikesRealEstateShow.com or http://www.KSRO.com
"...One Of Sonoma County's natural resources"
Realtor for 30 years exclusively in Sonoma County (The Wine Country). Voted 2005 AND 2008 "Realtor of the Year" Santa Rosa Chapter of Realtors.
Certified International Property Specialist--special training to work with the "International" buyer and Seller.
Certified Residential Specialist (CRS-only 3% of ALL Realtors hold this designation)
Senior Residential Specialist (SRES--specialty in working with the mature consumer)
Past President of the Santa Rosa Chapter of Realtors, NorthBay Assoc. Of Realtors and Chairman of the Board of the NorthBay Assoc. Of Realtors.
Fly fishing nut(fat bows and big steelies!), golf lover (been to the Master's twice!) and successful Weight Watcher!
Married for 33+ years (with the windchill it sometimes feels like 50!),Rotarian, Jazz Buff (Monterey Jazz Festival since 1986)and proud uncle of numerous Nieces and Nephews and great Nieces and Nephews (Emma, Aiden and the newest Eli). Raised in Guerneville (not Guerneyville!), first full term graduating class from El Molino in Forestville (and on 1st football Team to beat the dreaded Analy!), SRJC and San Francisco State University educated. Journalism major, broadcasting minor.Have worked for 30+ years exclusively in Sonoma County. Now with Keller Williams Realty for the past 1 1/2 years.
CITIES AND ZIP CODES SERVICED BY
MICHAEL J. KELLY,CRS,
BODEGA: 94922,94923 CLOVERDALE: 95425
COTATI 94931
FORESTVILLE: 95436
GEYSERVILLE: 95441
GLEN ELLEN: 95442
HEALDSBURG: 95448
KENWOOD, 95452,
PENNGROVE: 94951
PETALUMA 95452, 94954
ROHNERT PARK: 94928
SANTA ROSA: 95401,95403,95404,95405,95407,95409
SEBASTOPOL: 95472,95465
SONOMA: 95416, 95433, 95476,95487
Keller Williams Realty of Santa Rosa http://www.MikesRealEstateShow.com http://www.MikeKelly.com
Email: mkelly@realtour. com 1-800-959-7244
Testimonials
"Though this is a delayed letter, it’s tardiness does not diminish our gratitude for your consistently professional and helpful service.
From the first home you helped us buy, through the recent sale of our Monroe St. house, you always gave us honest advice and immense effort. Your experience in the field was invaluable at every turn and in each transaction, we felt well taken care of, no matter what the challenge. (And we know we weren’t always easy ).
You are not just a good realtor, but also a great guy. Now that we have moved to the Midwest, we really miss you. Though we finally bought a house here, we never found a realtor whose personal attention and overall know-how came close to what you provided.
Thank you for being such a good realtor and always treating like we were so much more than merely clients.
Best to you always!
Laurie and Michael"
Mike and Laurie Wed Aug 13, 2008
Mike and Laurie Wed Aug 13, 2008
My Q&A
View all »
Michael J Ke…'s Questions (16)
Michael J Ke…'s Answers (714)
Michael J Kelly,CIPS,CRS,SRES answered:
Amy, Here's some comparison's of a short-sale vs. a Foreclosure when it comes to obtaining new loans after either happens.
FORECLOSURE VS. SHORT SALE
Homeowner Consequences
Foreclosure Successful Short Sale
Future Fannie Mae Loan –Primary Residence (effective May 21, 2008) A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae
backed mortgage after only 2 years.
Future Fannie Mae Loan –Non Primary (effective May 21, 2008) An Investor who allows a property to go to
Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed
investment mortgage after only 2 years.
Future Loan with any Mortgage Company On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates.
There is no similar declaration or question regarding a short sale (at this time).
Foreclosure: Credit Score Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
Short-Sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated.This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be a brief as 12 to 18 months.
Credit History Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
Short sale is not reported on a credit history. There is no specific reporting item for ‘short sale’. The loan is typically reported ‘paid in full, settled’.
FORECLOSURE VS. SHORT SALE
Homeowner Consequences
Foreclosure Successful Short Sale
Future Fannie Mae Loan –Primary Residence (effective May 21, 2008) A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae
backed mortgage after only 2 years.
Future Fannie Mae Loan –Non Primary (effective May 21, 2008) An Investor who allows a property to go to
Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed
investment mortgage after only 2 years.
Future Loan with any Mortgage Company On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates.
There is no similar declaration or question regarding a short sale (at this time).
Foreclosure: Credit Score Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
Short-Sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated.This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be a brief as 12 to 18 months.
Credit History Foreclosure will remain as a public record on a person’s credit history for 10 years or more.
Short sale is not reported on a credit history. There is no specific reporting item for ‘short sale’. The loan is typically reported ‘paid in full, settled’.
Michael J Kelly,CIPS,CRS,SRES answered:
I agree with Craig, I'd talk to a Trust/Probate/Estate Attorney. You are referring to the 'Alienatoin Clause" of the Note secured by the Deed of Trust on the subject property. Take this with you when you visit the attorney. Good luck! If you wish to find out the value of the Condo then you should have an appraiser do one at the "time of death" to determine the taxable "basis" at the time of your relative.
Michael J Kelly,CIPS,CRS,SRES answered:
Just a word to the wise. You need to be licensed to "negotiate" a loan for a Seller. I'd also be careful about advising on lenders rights for recourse against a Seller and have an attorney on standby to send the "hammer" letter to relunctant lender. We are seeing even Non-Recourse loans being challenged by lenders. I thought REO's were scary--but short-sales are a whole new world.
I was at a seminar/legal briefing by a CAR attorney and she stated the lenders in 2nd position, those getting the token $2-5,000K payoffs have decided to just take their paltry pay-off and close the deal and SUE!! Lovely! Who's got the deepest pockets in these deals? The Seller OR THE REALTORS and their BROKERAGES!! And heavens forbid if your a major franchise player--gulp!
I was at a seminar/legal briefing by a CAR attorney and she stated the lenders in 2nd position, those getting the token $2-5,000K payoffs have decided to just take their paltry pay-off and close the deal and SUE!! Lovely! Who's got the deepest pockets in these deals? The Seller OR THE REALTORS and their BROKERAGES!! And heavens forbid if your a major franchise player--gulp!
Michael J Kelly,CIPS,CRS,SRES answered:
Troy, I'd first get a market analysis to MAKE SURE your home is really WORTH $110,000. You can't imagine how many homeowners still think their value is way above MARKET PRICE!! You may wish to try and get the 2nd/equity line to convert this to a unsecured line of credit. Are you current on all loans? Lenders are very wary of "Buy and Bail" scenario's where someone is trying to buy a move up house and state their current residence is going to be kept as a rental. They are tough as nails on these scenarios.
Can you pay off the 2nd? How do you intend to buy your move up residence. All questions for your Realtor.
Can you pay off the 2nd? How do you intend to buy your move up residence. All questions for your Realtor.
Michael J Kelly,CIPS,CRS,SRES answered:
Please clarify--you are buying a home in a short-sale where the SELLER does NOT wish to conduct the short-sale? Lenders CANNOT sell to you until AFTER the property is forclosed upon and becomes the property of the lender. If the Seller will NOT cooperate do you REALLY want to then have her living with you!! Perish the thought!! Besides, if you are getting an owner occupied loan the lender will insist upon this and no doubt the short-sale lender(s) will NOT allow ANY credit to Seller NOR allowing them to "rent back" at NO cost!! You're on shaky ground--careful! Loan Fraud ain't nice!!
My Blog Posts
View blog »
| no comments yet | |
| no comments yet | |
| no comments yet |
Great Homes for Sale in Sonoma County!
View all 35 listings
Specialties
I work with many REO (Real Estate Owned) properties which are the result of a homeowner loosing their home to the bank in the foreclosure process. This is "post-Foreclosure". This is called Asset Management and I believe my duty to my client, the bank/lender, is the present their property to the community in the best light possible. I do this by immediately attempting to stave off any negatives the property now has in the neighborhood. We do this by having our clean-up crew get to the property and revitalize the home, secure it from any local vandals and soften its impact on those long-suffering neighbors. Once we do this we will gradually bring the property to market by fix-up, clean-out and whatever the bank feels, upon my advice, the home will need to fetch top dollar in the least amount of time to the owner.
If my name goes on a property then I want it to represent not only my own way of doing business, but that of my company Keller Williams Realty. You might see me out there pulling weeds, picking up debris and in general making sure all work is done to MY standards within the confines of the owner's funding.
By having a Realtor represent you in the purchase of these REO properties who also knows the ways and thought process of the lender and Asset Manager, can add big dividends to your real estate transaction. I know how to properly put together the "perfect" offer to the OTHER REO agent and more importantly to his/her support staff. That is why my Buyer Specialists are perfect agent's to work with when you seek to buy a property in the post-foreclosure arena.
I also work with "Country Property" Buyers having been a member for years in the Realtor's Land Institute. The issues associated with buying either bare land or a home on larger acreage with septic and well is a specialty not for the average single family residence type agent. This particular transaction comes with a host of challenges not for the faint of heart or the average agent!! From identifying property lines, understanding the workings of a septic system, the function of a well, right to farm ordinances, endangered species acts plus a litany of other items make this a fun, fascinating niche in the real estate world.
If my name goes on a property then I want it to represent not only my own way of doing business, but that of my company Keller Williams Realty. You might see me out there pulling weeds, picking up debris and in general making sure all work is done to MY standards within the confines of the owner's funding.
By having a Realtor represent you in the purchase of these REO properties who also knows the ways and thought process of the lender and Asset Manager, can add big dividends to your real estate transaction. I know how to properly put together the "perfect" offer to the OTHER REO agent and more importantly to his/her support staff. That is why my Buyer Specialists are perfect agent's to work with when you seek to buy a property in the post-foreclosure arena.
I also work with "Country Property" Buyers having been a member for years in the Realtor's Land Institute. The issues associated with buying either bare land or a home on larger acreage with septic and well is a specialty not for the average single family residence type agent. This particular transaction comes with a host of challenges not for the faint of heart or the average agent!! From identifying property lines, understanding the workings of a septic system, the function of a well, right to farm ordinances, endangered species acts plus a litany of other items make this a fun, fascinating niche in the real estate world.
Experience
Latest:
Sr. Sales Consultant for Keller Williams Realty
Joined Keller Williams Realty as they were looking for what they described as a "Icon" agent of which I fit their description. I'm still trying to find out what that means! I went back to Austin, Texas and checked them out and was thoroughly impressed by their corporate culture (no debt, genuine caring for the agent and their "profit-sharing" revenue plan which is based not on some hot-air multi-level marketing but one based on a solid sharing of profit within your own "market-center" or office.
January 2007—present
Previous:
Brand new Agent! for McElenny Levy
Got my license in 1978. Took the test twice. First time studying my butt off but missed 3 questions! They tell you that when you FAIL your state test. When you pass you just get a big envelope with all the forms you need to fill in! The second time I looked at a guy's watch across the table and totally mis-read it thinking I only had 15 minutes left! I tore through the questions, handed my test in and was lamenting my score in the bathroom when one of the testers came in and said to me, "That's the fastest we've ever seen anyone get through the test. You had more than a hour remaining--a record!" I had mis-read my fellow testee's watch wrong! I had a hour AND fifteen minutes! No matter--I passed!!
After McElhenny Levy, Inc. sold out to Merrill Lynch I didn't like the corporate structure and left after a year. Another company I joined was during the Savings and Loan go-go days and that company ended up being sold off as a bad assett (sound familiar?) and I stayed there but eventually moved on to a small boutique outfit only to have the last big crash of the late 80's kill THAT company. I then joined RE/MAX and stayed there until a couple of years back when Keller Williams Realty came to town. it suits my ideal of creating for everyone a greater piece of the buy not just a bigger piece for me!
July 1978—July 1982
Certifications & Awards
I was named 2008 "Realtor of the Year" by the Santa Rosa Chapter of Realtors which follows up my 2005 award of the same name. Through my 30+ years in the Sonoma County Real Estate Community I have been honored to serve in many positions including past Chairman of the Board of our Regional "NorthBay Assoc. of Realtors". I was the first Chair of this regional association and the LAST President of the Sonoma County Realtor Association.
One of the highlights of my career was being chosen as the "Spirit-Award" winner for our Realtor Community in 2000. This is a general business excellence award presented by our local Economic Development Board which is funded by our Board of Supervisors. Through the different real estate companies I have been associated, I have won numerous "production" awards which culminated in my RE/MAX "Hall of Fame" award.
One of the highlights of my career was being chosen as the "Spirit-Award" winner for our Realtor Community in 2000. This is a general business excellence award presented by our local Economic Development Board which is funded by our Board of Supervisors. Through the different real estate companies I have been associated, I have won numerous "production" awards which culminated in my RE/MAX "Hall of Fame" award.
Interests
I love fly-fishing but am woefully "under-fished" as they say! I desperately need to get a "line-wet" as we say! Love Steelhead fishing with my baby-brother Shannon up in Oregon on the Rogue River plus trout anywhere they roam. Also enjoy golf and have been to the "Master's Tournamnent" twice. I'm also a drummer preferring jazz with a leaning towards contemporary big bands (no schmaltz please!) and love bee-bop. Was raised on rock 'n roll so can play that anytime! I don't play as much music as I should, actually I don't "play" as much as I should but am working on incorporating that into my schedule as well as visiting my Tolly-Craft over in the delta!
View Michael J Kelly,CIPS...'s...
Michael J Kelly,CIPS... is a member of Trulia Voices:
Get the inside scoop on your area and home buying and selling.
Ask and answer questions about real estate.
Build your profile and contact home buyers, sellers and agents.
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.
|
|
|
Founding members are a small number of participants who submitted content at launch of Trulia Voices to kick off community discussions.
|
|
|
Your question:
Max. 200 characters
Name:
Email:
|
|
Company Info
Trulia Links
Real Estate Professionals
Residential Real Estate
San Francisco real estate | New York real estate | Los Angeles real estate | Orlando real estate | Miami real estate | Philadelphia real estate | Phoenix real estate | San Diego real estate | San Jose real estate | Chicago real estate | Arizona real estate | California real estate | Florida real estate | Illinois real estate | Massachusetts real estate | New Jersey real estate | Pennsylvania real estate | Texas real estate | Other local real estate | Home price maps | Real estate community | U.S. Property records
Legal
General Terms of Use |
Advertiser Terms of Use |
Trulia Pro Terms of Use |
Privacy Policy |
Community Guidelines
Copyright © 2009 Trulia, Inc. All rights reserved. | 
Fair Housing and Equal Opportunity