Are you waiting for the rash of short sales and REO properties in Palo Alto so you can snatch a bargain. or just curious about them? Well, not much has changed in the last few months. There are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.
Active Short Sale Listings: 1 condo 2 Single family homes
Pending short sale listings: 5 condos 2 Single Family Homes
Closed Short Sales since Jan 1, 2010: 2 Condos 2 Single Family homes
Active listings: 0
Pending: 1 Single Family Home
Closed since 1/1/10: 3 condos 1 single family home
There have been 478 sales of homes and condos in Palo Alto since Jan 1, 2010 so the percentage of distressed home sales is less than 2 %, not enough to have much influence on the market yet.
However, I think that there more may be coming in the next few years. If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor. If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.
Marcy Moyer
Keller Williams Realty
650-619-9285
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