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As a Menlo Park Short Sale Agent I get asked this a lot. My answer is a definitive sort of, especially if it is a Chase short sale

Here is how it may make a difference.

Some homeowners owe more on their homes than the home is worth, the definition of being underwater. The home is not going to sell for what it is worth, it will sell at or around market value. The bank generally understands that. The bank as representative for the investor on the loan wants to lose as little money as possible, but knows there is going to be some loss.

The banks have procedures in place to approve short sales. At Chase they have the number of people who have to approve a short sale broken down by the amount of loss, not by the value of the house. 

So if the loss is $250,000 or less, only one lowest level of negotiator needs to approve. If the loss is $250,000 to $350,000 the offer goes to the 1st negotiator and then a negotiator one level up. At $350,000-$450,000 it goes to the first 2 plus one level up in management. And so forth.

So the greater the loss the more people have to approve before it even gets to the investor and/or mortgage insurance company. Each person who needs to approve can ask for more documentation or just ok the file. All of this takes time.

The bottom line, the bigger the loss, the more time you should expect for approval and the more doumentation you may need to provide.

So knowing that, don't try to keep up with the Joneses. Just because your best friend's short sale was approved in 3 weeks, and you are still waiting at 8 weeks, it does not mean you got the B team looking at your file. You just may have more managers that have to approve that are gumming up the process.

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

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

263 closed short sales

104 closed bank owned homes

Total sales during this time period were 626

Total % Short Sales: 42%

Total % REO Sales: 16.6%

Total Percentage  Blossom Valley Distressed Properties: 58.6%

58.6% of all Blossom Valley sales being distressed is enough to still have major 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, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

Read more…

Menlo Park Ca REO/Short Sale Roundup

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

9 closed short sales

9 closed bank owned homes

Total sales during this time period were 227

Total % Short Sales: 4%

Total % REO Sales: 4%

Total Percentage  Menlo Park Distressed Properties: 8%

8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.

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

Read more…

Menlo Park Distressed Property Sales Watch 2011

It's the end of the year so time for the round-up of distressed property sales in Menlo Park. So here's what happened:

 

Single family and condo townhomes 2011:

Total sales:  451

Short Sales: 39

REO:           22

Distressed sales as a percentage of total sales: 13.5%

Compare to 2010

Total sales:   431

Short Sales:   28

REO:            29

Distressed sales as a percentage of total sales:  13.2%

 

My conclusion:

The percentage of distressed properties in Menlo Park are  very similar to 2010 at 13.2%, however, there is one big difference. In 2010 there were 6 distressed property sales in homes in the Menlo Park or Las Lomitas School District, with the remainder in the Redwood City or Ravenswood District. In 2011 there were 18 distressed property sales in homes in the Menlo Park School District. This follows a national trend of the higher priced homes as a growing segment of distressed sales.

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

Read more…

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