Redwood City, CA

Come enjoy the winter the way it should be- outdoors with skates on! Redwood City is hosting its own outdoor skate rink that is right outside the courthouse doors! This a great opportunity to enjoy the outdoors as a family, go on a date or just get some exercise in the convenience of being in downtown Redwood City.

*** Also some other interesting things going on in Redwood City****

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

Single family and condo townhomes 2011:

Total sales: 553

Short Sales: 91

REO: 49

Distressed sales as a percentage of total sales: 25.3

Compare to 2010

Total sales: 600

Short Sales: 93

REO: 78

Distressed sales as a percentage of total sales: 28.5

My conclusion:

The percentage of distressed properties in Redwood City is a little lower in 2011, 25.3% as compared to 2010, 28,5%. This is dues to a 40% decrease in REO sales in 2011. It will be interesting to see if the rumored release of REO inventory actually happens, and increases the percentage in 2012, or if the econmy picks up and helps people afford their homes.

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

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 have been unwilling to reduce principle but things can get worse. My client received a Notice of Default last February and at that point she decided to try to to get the loan modification. In November she was finally offered the loan mod, which she turned down because not only did she not get the pricnciple reduced, but all the missed payments and late payments were added on to the back end of the mortgage.

So on Dec 20th she got a Notice of Trustee Sale and on Dec 26th signed a listing agreement to short sale the Redwood City home. Here's the problem. While getting an offer before the sale date of Jan. 12th would be hard, but possible, the Mortgage Servicer, Carrington Mortgage said no deal. THEY DO NOT POSTPONE TRUSTEE SALES FOR SHORT SALES. That is harsh. Not only that but in order to do a HAFA Short Sale and get the auto postponement you need to initialte it 60 days before the Trustee Sale Date.

So now, this person is going to have her home foreclosed. I am very sorry for her, but maybe someone can learn a lesson from this.

Do not put your head in the sand!!!!! If you can not make your payments do something the first month it happens, not a year later. If you have a change of circumstances, lose your job, get divorced, your loan resets, have a health problem, do something right away. If you want to keep your home and can make payments if they are lowered then apply for a loan mod. Don't do it after you get the notice of default, because by then it may be too late. Some banks will allow you to postpone a sale up to 3 days before the sale, but not all. If you can not make payments and need to short sell, do it right away, not at the last minute. Don't take chances with your financial future.

If you have any questions about buying or selling 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

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 emphasize this enough. 3rd liens are always tough, but private ones are the worst, because very often there is an emotional component to the person holding the private third, and also because it is often not a large, impersonal bank losing the money, it is a real person, who probably was depending on that income.

But feelings aside, I learned something very interesting today from Chase. I was told it is their policy to only give $1000 to a third lien, period. This is good information to have, because while they made an exception for me on a Redwood City short sale, I do not expect to get it again.

So next time I take a short sale listing with Chase as the first lender and a private 3rd lender, I will be able to negotiate upfront with a solid number. If the third is unwilling to take $1000 then I can hopefully find out what they will take, and get that worked out up front.

If you have any questions about buying or selling 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

650-619-9285

D.R.E. 01191194

If you're looking for a home with a marina location, One Marina is a condominium complex being built on a lagoon on Bair Island Road. It's easy to find: take Whipple Road to Bair Island Road and there you are!

There are currently three units available. We were able to tour several of the completed model units in Building One.

I must say the photos for the listings do not do them justice. Often times, if you are an experienced open house visitor, you may come away from a property feeling somewhat disappointed. You were led on by the photos. This won't be the case here. I think the reason for this is that these units are designed with interesting design features; a great room with kitchen, living room and entry, and an option for some very nice higher end finishes. Another interesting option is to have the interior doorways taller than the normal 80 inches. It's amazing what a difference eight foot doorways make to a hallway and a room.

The three units range in price from $499,000 to $679,000. The lowest priced unit has 2 bedrooms, 2 baths and is 1249 square feet. The next unit at $599,000 has 2 bedrooms, 2.5 baths and is 1416 square feet. The 3 bedroom, 2.5 bath unit with 1498 square feet is listed at $679,000.

Ultimately, there will be 24 buildings placed around the lagoon with the units right on the lagoon to be built last. There are boat slips planned as well. The representative of the developer, Polaris Group, indicated it will take about three to four years for all of the construction to be completed.

The Polaris Group has plans to make a connection from the complex to downtown Redwood City by way of a tunnel that will first accommodate pedestrians and bikes and then to work with the city of Redwood City to expand that for automobile traffic.

I would recommend that, first of all, work with a real estate professional. In order for your REALTOR to be paid a commission, they must accompany you on your first visit and they must register with you. This is the general rule for anyone considering a purchase at a new development. Your real estate professional will be experienced in negotiation and can help you through the process.