1143 WEBSTER ST, Palo Alto 94301

$1,795,000                      SqFt:    1,900

Beautiful Queen Anne Cottage in historical Professorville.
Tucked behind a majestic Magnolia tree in the historic and desirable Professorville area of Palo Alto sits this quaint expression of the Victorian era. Built in 1902, this charming 3 bed, 2 bath Queen Anne cottage is the perfect blend of vintage styling and modern amenities. Designated a Palo Alto Historic Property, this lovely home has undergone extensive renovation and remodeling without sacrificing period details and charm. Features Include: • Inviting covered front porch with period posts, spindles and corbels. • Bay window with period trim; exterior hand-carved appliqués and rosettes. • Gracious living room with marble fireplace and dental crown mouldings. • Separate, elegant dining room with leaded glass windows. • Resurfaced face-nailed honey oak floors and period pocket doors throughout. • Chef’s eat-in kitchen with granite-topped breakfast bar and counters, separate nook. • Tranquil master suite with walk-in closet and luxurious master bath. • Light and bright attic studio with skylight and accessed by spiral staircase. • Original carriage house converted for use as exercise room or home office. • Beautifully landscaped front & rear yards with private brick patio and small pond. Recent upgrades include: new foundation (1996/2004), repaint exterior (2005), front/back sprinklers and drainage system (2005), both bathrooms and master bedroom remodeled (2004), new roof (2002), new water heater (2001), upgraded electrical (1994). ~~~~~~~~~~~~~~~~ • 3 bedrooms and 2 full baths. • Approx. 1900 sq. ft. of living space (per seller) • Approx. 4,144 sq. ft. lot (per county). • Just blocks from University Ave. and downtown Palo Alto

Location:          Google Map

Property Features:

Familyroom No Family Room Informal Dining Area Eat in Kitchen Breakfast Nook Breakfast Bar Other Rooms Recreation Room Bonus Room Bedroom Descriptions Ground Floor Bedroom 1 Master Bedroom Suite Shower And Tub 1 Shower over Tub Shower 1 Stall Shower Other Areas Artist Studio Extra Storage Laundry Area – Inside Loft Attic

Amenities 220 Volts in Laundry Area Bay Windows Cable TV Available Ceiling Fan(s) Gas Hookup in Kitchen Gas Hookup in Laundry Area Gas Water Heater High Ceilings Skylight(s) Fireplace Location Fireplace in Living Room Floor Covering(S) Hardwood Tile Wall to Wall Carpeting Energy Features Low-Flow Toilet(s)

Listing Includes 1 Dishwasher 1 Refrigerator Disposal Dryer Free Standing Range/Oven Washer Cooktop Range Garage/Parking 1 Car Garage Detached Garage – Converted Lot Description Level Lot View Neighborhood View

Yards/Grounds Automatic Sprinkler(s) Fenced Yard Patio Sprinklers – Front Sprinklers – Rear Pool – Pool Options – Style Victorian

Listing Agent/Office Information:
Ron Kucera (DRE#01374273)
Alain Pinel Realtors
Pref Phone: 650-743-5084,  Email: rkucera@apr.com
Pref Fax: –,  Off Ph: 650-548-1111,  Off Fx: 650-548-1238

Short sale

In real estate, a short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances and pay the expenses of sale. If the lender is convinced that the owner, for various reasons, is unable to continue making the payments the lender will often agree to take less than the full amount owed to allow the sale to close escrow. The incentive for the bank to approve a short sale is to have the property sell before the loan becomes a problem account on their books.

This Process may be difficult to believe but it is a definite possibility. As stated below there are hoops to jump through. Banks are willing to allow individuals to assume the loan if they meet the required criteria. This is a system that works because the banks do not want to hold property for one but they also do not want to pay a fee (at times up to $25,000) in order to send the property through the foreclosure process.

Before a lender approves a short sale they will make two key decisions.

First, can the owner afford to continue making the payments on the property? If they can there is no reason for the bank to eat the loss. Banks will not look favorably upon a borrower that they determine lied to get the loan.

Second, will approving the short sale leave the bank in relatively the same position as they are likely to be in by going though the foreclosure process and then selling the property? If the bank can do significantly better by foreclosing they are likely to do so.

The seller must not receive any sale proceeds for themselves.

If there is a junior lienholder, the discounts can be substantial, sometimes as high as 90% or more. Question two is the primary determinant here. If the senior lender forecloses the junior may get nothing so they may take a deep discount to get something out of the property.

Short sale sellers need to be careful because there is no free lunch. The seller may end up with taxable income in the amount of the debt that is forgiven. The seller may also end up with adverse entries in their credit history. Any property owner considering a short sale needs to seek the advice of competent legal and tax advisers before entering into the transaction.

I would advise anyone facing foreclosure to discuss their situation with an experienced Realtor. Short Sales are not a part of real estate basic training but there are a number of educational seminars a Realtor can take to get up to speed. Lenders will pay a reasonable selling commission so Realtors have an incentive to get involved in Short Sale situations. The basic requirements for a Short Sale are a Listing Agreement with a Realtor and a Sales Contract from a Buyer which are submitted to the Lender along with a Hardship Letter from the Seller explaining why they cannot continue to pay the mortgage and supporting documents such as tax returns, bank statements, information and photos of the home and the Comps, or comparative home prices supporting the offer. The way mortgages are sold, the mortgage holder can be anywhere and certainly not aware of local real estate conditions. If the package is complete, the Lender will order a BPO, or Broker’s Price Opinion, from an independent Realtor. Ths BPO is the key to the whole process. If it is too high, the Lender will not accept a low offer. Your Realtor can meet with the Agent doing the BPO and offer information supporting the offer, such as the average time on market of comparable homes, recent selling prices and point out any defects in the home. Most Lenders will accept an offer lower than the BPO, but usually not much more than 10% lower, though that will vary depending on the company. The sales contract should specifically state that the offer is contingent on the Lender accepting the purchase price in full and forgiving the Seller the deficiency on the mortgage. Yes, there can be tax consequences. The Seller does receive a 1099 on the forgiven part of the mortgage, but there are provisions in the tax code for the offset of the phantom income due to insolvency. Most Short Sellers will satisfy the insolvency requirements or the Lender would not be allowing the Short Sale in the first place. Be aware too that if the home goes to foreclosure, a 1099 is received for the FULL amount of the mortgage, plus late fees, legal fees etc. Obviously every individual situation is different so a CPA or tax attorney should be consulted.

The process does all take time and Lenders are swamped, expect at least 2-3 months before a sale can be finalized, even if the Lender accepts the first offer. If they do not, the price can be negotiated.

The Short Sale is a detailed but fairly straightforward process that can work to benefit Buyer, Seller and even the Lender. The Buyer gets a good price on a home, the Seller gets to avoid the disruption and credit hit of a foreclosure and the Lender avoids the delay and expense of foreclosing on a property they don’t want to own and that would negatively impact their ability to make more loans.

Thank you but we are not agent

We received a lot of emails regarding the houses listed on our webiste. Thank you but we are not agent or related to any real estate agent. We live here and we just love to show some real estate information around our home and want to share our thoughts and ideas with whoever interested in Los Altos and Palo Altos area.

For every house we listed on our website, we also provided agent’s information. Please contact with them directly to schedule a appointment.

Thank you and visit us again.

BaoRealEstate.com

306 ALTA VISTA AV, Los Altos 94022

 $1,975,000                              SqFt: 2,306

Remarks:
HALF ACRE+ LOT! Open Sat 11/10 noon-5, & Sun 11/11 1:30-4:30. Build your dream home or restore the existing one on a spectacular 24,394 sf lot (per Real Quest). Enjoy the serene setting of the breathtaking backyard overlooking majestic Oak Trees and Adobe Creek. A peaceful and secluded location, yet only blocks to downtown. Excellent Los Altos Schools!!

Location:

Google maps

Property Features:

Familyroom Separate Family Room Informal Dining Area No Informal Dining Area Other Rooms Utility Room Bedroom Descriptions 1 Master Bedroom Suite Shower And Tub 1 Shower over Tub Shower 1 Stall Shower Other Areas Extra Storage Amenities 220 Volts in Laundry Area Fireplace Location Fireplace in Living Room Floor Covering(S) Hardwood Energy Features     – Listing Includes 1 Refrigerator Built-In Oven Washer Garage/Parking 2 Car Garage Attached Lot Description     – View View of Mountains Yards/Grounds Fenced Yard Pool     – Pool Options     – Style Ranch

Open House Info: 
11/10/2007  1:30PM To 4:30PM 
11/11/2007  1:30PM To 4:30PM 

Listing Agent/Office Information:
Owen Halliday (DRE#01453658)
Coldwell Banker-PA Downtown  Pref Phone: 650-492-0062,  Email: owen.halliday@cbnorcal.com
Pref Fax: –,  Off Ph: 650-325-6161,  www.owenhalliday.com,  Off Fx: 650-322-3606
 

575 LOS ALTOS AV, Los Altos 94022

$1,795,000                              SqFt: 2,411 

Well-maintained 4B/3Ba home offers a light & spacious living room with abundant windows over looking the beautiful backyard, separate dining room & open kitchen/family room with hardwood floors.
Newly painted inside and out, this well-maintained 4-bedroom, 3-bathroom home offers a light and spacious formal living room with abundant windows over looking the beautiful backyard, separate dining room, and open kitchen/family room with hardwood floors. Close proximity to downtown and highly desirable Los Altos Schools.

Location:

Google map

Property Features:

Familyroom Family Room Kitchen Informal Dining Area Breakfast Nook Other Rooms     – Bedroom Descriptions 1 Master Bedroom Suite Shower And Tub 1 Shower over Tub Shower 2 or More Stall Showers Other Areas Extra Storage Formal Entry Laundry Area – Inside Pantry Attic Amenities 220 Volts in Kitchen 220 Volts in Laundry Area Air Purifier Built-in Attic Fan Built-in Vacuum Cable TV Available Gas Water Heater Vaulted/Cathedral Ceiling Fireplace Location Fireplace in Family Room Floor Covering(S) Linoleum or Vinyl Tile Wall to Wall Carpeting Energy Features     – Listing Includes 1 Dishwasher 1 Refrigerator Built-In Oven Disposal Dryer Self Cleaning Oven Window Coverings Washer Garage/Parking 2 Car Garage Attached Off Street Parking Lot Description Lot Sloped Up from Street View Neighborhood View Yards/Grounds Automatic Sprinkler(s) Fenced Yard Patio Patio or Deck Covered Sprinklers – Front Pool     – Pool Options     – Style Spanish

Open House Info: 
11/10/2007  1:30PM To 4:30PM 
11/11/2007  1:30PM To 4:30PM 

Listing Agent/Office Information:
Kathy Bridgman (DRE#01189798)
Alain Pinel Realtors  Pref Phone: 650-209-1589,  Email: kbridgma@apr.com
Pref Fax: –,  Off Ph: 650-941-1111,  http://www.kathybridgman.com,  Off Fx: 650-941-1411