| Welcome to my web site. |
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Whether you are just browsing, or have specific real estate needs, I hope you find the tools and content here helpful.
Please take your time to look around, and I sincerely hope to hear from you, or answer any questions you have regarding real estate in the Bay Area.
Sincerely,
Faye Weng |
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Latest trends in kitchen cabinets
Fri, 16 May 08 00:00:00 -0700 |
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Denied short sale, struggling homeowners look for way out
Fri, 16 May 08 00:00:00 -0700 |
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Be careful what you say about landlord online
Thu, 15 May 08 00:00:00 -0700 |
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Neighbor sabotage kills home sale
Thu, 15 May 08 00:00:00 -0700 |
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Moving to a new city? Web's got you covered
Thu, 15 May 08 00:00:00 -0700 |
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Buying house before marriage can be risky
Thu, 15 May 08 00:00:00 -0700 |
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Home buyer sues when appraiser misses leaky roof
Wed, 14 May 08 00:00:00 -0700 |
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Seniors, leave apartment painting for the pros
Wed, 14 May 08 00:00:00 -0700 |
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Homeowners react to falling real estate values
Wed, 14 May 08 00:00:00 -0700 |
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Best way to divvy up house after failed relationship
Tue, 13 May 08 00:00:00 -0700 |
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Unpermitted upgrades put seller in pickle
Tue, 13 May 08 00:00:00 -0700 |
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Homeowners avoid tax on $1 million capital gain
Mon, 12 May 08 00:00:00 -0700 |
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| I am a realtor who believes in continuous education, and I am committed to perfecting my services. Here are some of the on-going awards and designations I’ve earned: |
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| Browse Blogs |
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Seller FAQ |
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Short Sales |
 Can a home seller sell
a home for less than its mortgage?
How does a home go into foreclosure?
How does someone sell a slow mover?
How long do bankruptcies and foreclosures
stay on a credit report?
When does foreclosure begin? |
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Question: Can
a home seller sell a home for less than its mortgage?
Answer: Yes,
in some case you can sell your home for less
than what you still owe on the mortgage. But
it is complicated and depends on the lender.
This situation is known as a "short sale." Sometimes
a lender will be willing to split the difference
between the sale price and loan amount, which
still must be paid.
A short sale may be more
complicated if the loan has been sold to the
secondary market because then the lender will
have to get permission from Freddie Mac, the
two major secondary-market players.
If the loan was a low down payment
mortgage with private mortgage insurance, then
the lender also must involve the mortgage insurance
company that insured the low-down loan. |
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Question: How does a home go into foreclosure?
Answer: Foreclosure
proceedings usually begin after a borrower has
skipped three mortgage payments. The lender will
record a notice of default against the property.
Unless the debt is satisfied, the lender will
foreclose on the mortgage and proceed to set
up a trustee sale. |
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Question: How does someone sell a slow mover?
Answer: Even
in a down market, real estate experts say that
price and condition are the two most important
factors in selling a home.
If you are selling
in a slow market, your first step would be
to lower your price. Also, go through the house
and see if there are cosmetic defects that
you missed and can be repaired.
Secondly,
you need to make sure that the home is getting
the exposure it deserves through open houses,
broker open houses, advertising, good signage,
and listings on the local multiple listing
service (MLS) and on the Internet.
Another
option is to pull your house off the market
and wait for the market to improve.
Finally,
if you who have no equity in the house, and
are forced to sell because of a divorce or
financial considerations, you could discuss
a short sale or a deed-in-lieu-of- foreclosure
with your lender.
A short sale is
when the seller finds a buyer for a price that
is below the mortgage amount and negotiates
the difference with the lender.
In
a deed-in-lieu-of-foreclosure situation, the
lender agrees to take the house back without
instituting foreclosure proceedings. The latter
are radical options. Your simplest, and in many
cases most effective, option is to lower the
price. |
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Question: How long do bankruptcies and foreclosures stay on a credit report?
Answer: Bankruptcies
and foreclosures can remain on a credit report
for seven to 10 years.
Some lenders will consider
an borrower earlier if they have reestablished
good credit. The circumstances surrounding
the bankruptcy can also influence a lender's
decision. For example, if you went through
a bankruptcy because your employer had financial
difficulties, a lender may be more sympathetic.
If, however, you went through bankruptcy because
you overextended personal credit lines and
lived beyond your means, the lender probably
will be less inclined to be flexible. |
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Question: When does foreclosure begin?
Answer: Lenders
will initiate foreclosure proceedings when
homeowners become delinquent in their mortgage
obligations, usually after three payments are
missed. The lender will then notify the buyer
in writing that he or she is in default. The
lender can request a trustee's sale or a judicial
foreclosure, in which the property is sold
at public auction.
A borrower can cure the default
by paying the overdue amount and the pending
payment after the notice of default is recorded,
usually no later than a few days before the
property's sale.
Some sales allow the successful bidder
to take possession immediately. If the former
owner refuses to vacate the premises, the court
can issue an unlawful detainer that allows
the sheriff to come out and evict them.
Borrowers
should do everything they can to avoid foreclosure,
which is one of the most damaging events that
can occur in an individual's credit history. |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
 Contact
Faye Today |
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LETTERS FROM CLIENTS |
| Nothing makes me more proud and satisfied
to know that I've served my clients well. |
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All |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$549,000 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,434 |
| Asking Price |
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$698,500 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,024 |
| Asking Price |
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$486,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/.3.5 |
| Sq ft |
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2,783 |
| Asking Price |
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$1,275,000 |
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Virtual Tour |
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Contact Faye |
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