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While prices are rising in the Silicon Valley there are still homes that are underwater and you may need to short sale your South San Jose home. If this is the case, don't wait!

Bank of America has instituted some new policies which can have a major influence on your South San Jose short sale.

Co-operative Short Sales: Bank of America has a program where they will let you know ahead of time how much they are willing to accept for you South San Jose home in a short sale. Once you agreed to do the short sale they would put a hold on foreclosure activity and give you some money at close of escrow.

The new policy is that there will be no holds on foreclosure until the offer is fully accepted by Bank of America. What this means is that if you can not make your payments  on your South San Jose home and want to short sell you can not wait. You will not be allowed to stay in your home for months trying to modify your loan and trying to get a new job. Once the notice of default has been recorded you will have 3 months to get your South San Jose home sold as a short sale before the notice of trustee sale is recorded. At that point you have another 3 weeks before foreclosure on your South San Jose home.

As any real estate agent familar with south San Jose short sales knows, they take time for approval. Even a Bank of America co-operative short sale can take time. 4 months is not unheard of to obtain approval on a South San Jose Short Sale, so if you can not make your payments, do something or you could lose your home to foreclosure.

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

D.R.E. 01191194

650-619-9285

I am so excited about this news! I know, it doesn't take much for me to get excited, but this is really big news in my opinion.

Up until now if you were involved in a Silicon Valley Bank of America Short Sale they did not take electronic signatures. This would have been ok if the bank could sit with you in your conference room and look at the offers. We all know this does not happen and the paperwork will often be faxed several times before B of A gets to see a document. Since they cannot accept illegible documents it made things harder for the participants.

Also, despite the sometime lengthy process of a short sale, Bank of America will often say they need a document now, and not being able to get electronic signatures is sometimes tough.

Now, for any new short sales, you can send all documents with electronic signatures. This makes me very happy. As a Silicon Valley Short Sale Specialist anything that can make a short sale more efficient is ok with me.

So 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

For many distressed home sellers, the term "BPO' is totally greek. Sadly enough, it doesn't ring a bell with many Realtors either. What's more disturbing is that very few Realtors consider the significance or the power of someone else (who's probably traveled for more than 30 miles away) taking a look at your property and giving their opinion of what it would sell for in today's market....sounds simple, right??? It's much more complicated than that.

The reality is that the fate of your client's property (and financial future) may rest upon this single, solitary number...because when that figure lands in the hands of your negotiator on a short sale, it's considered GOLDEN....regardless of whether or not the BPO agent searched all MLS databases for your area for comps or not, or whether they even slowed their car down long enough to actually take a photo or not....it's your negotiator's only link between your offer and the perceived value of your listing. So, what do you do?? I'm so glad that you asked....

1) Remove all access portals to your property - Make it imperative that the person completing the BPO go through you for access and DISCUSS, DISCUSS, DISCUSS the property with the agent. Provide them with a copy of your very own BPO so that they can compare. Many times, if a lender has a pre-existing BPO for a property and a second BPO comes in with a value that's significantly different, a third BPO will be ordered.

2) Submit YOUR very own BPO to the lender along with your highest and best offer. Make sure that your comps are as close to your property in size, condition, age, location, and lot size as humanly possible.

3) ASK, ASK, ASK the BPO agent about their value opinion. To be totally honest, most BPO providers don't even read the fine print where it states that their not supposed to discuss value with anyone other than the requestor. TRY IT ANYWAY!!!

4) DON'T STEER....DISCUSS!!! Don't try to overwhelm or impress the other agent with your vast knowledge of market activity. Humble yourself and actually have a conversation with the other person. It's true, you'll actually catch more bees with honey.

I can't stress enough the importance of completing a BPO on your listing. Use it as as leverage in negotiating with the buyer's agent. Use it in discussing your opinion of value to the loss negotiator. Use it to line the bird cage....just USE IT!!!

Beautiful 3 bdrm/ 2 bth family home with rocking chair from porch originally sold on July 19, 2010 for $109,829.00. Our short sale approval timeline is as follows:

June 9, 2010 - Submitted short sale paperwork to lender along with offer and preliminary HUD-1

July 15, 2010 - BPO assigned to area agent.

July 22, 2010 - BPO received by lender.

July 23, 2010 - File assigned to negotiator.

July 27, 2010 - Negotiator conducts phone interview with seller.

July 29, 2010 - Short sale approval received!!!

Original Loan Amount - $ 109,829.00
Short Sale Purchase Price - $ 48,637.00
Amt of waived deficiency - $ 61,192.00