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la quinta short sale expert: The entry level market has turned into a slug fest! - 05/16/12 01:18 PM
I consider myself a Real Estate cynic..well, maybe more of an extreme Realist.  I have not been able to sugar coat the definition of the "bottom" for myself or my clients.  Just would NOT go there.  Until recently.  I am feeling more and more like 2011 is going to be looked back on as the "bottom" in my Palm Springs Valley real estate market.  Especially when I experience the slug fest that is occuring at the entry level in La Quinta and certain parts of other desert cities.
The entire country?  Maybe even that! 
I know for a solid, proven fact that … (1 comments)

la quinta short sale expert: Classic Loan Mod story.. - 05/10/12 06:56 AM
So I went on a Short Sale Listing appointment yesterday.  One note with my nemesis, Bank of America.  Got the Listing if the Sale Date isn't eminent, but the lead up story was another classic..
In 2009, Borrower calls B of A and says something like.." we're current right now, but my business is suffering and my husband has lost his job.  We cannot continue to pay and are hoping for some help..maybe a loan mod?"
B of A rep.."We'll be sure to have someone call you..."
A year later, she goes directly to the local B of A, "I MUST … (0 comments)

la quinta short sale expert: La Quinta Sales in March..booming!!! - 05/01/12 05:06 AM
The Sales Reports for March are in, and the Palm Springs Valley is booming!!  La Quinta, which is one of our newer cities in the Palm Springs area reported strong increases over the past 12 months.  One year and we have seen tremendous changes..all positive.  It could very well be that we will be looking back at 2011 as the "bottom in the Palm Springs Valley."
 
La Quinta Sales Stats:
Total Number of Sales:  166 homes in March of 2012 (A 19.4% increase from March 2011)
Median Price:  $322,500 An increase of 13.2% from last year
Highest Priced Home sold:  … (2 comments)

la quinta short sale expert: Another Short Sale APPROVED in La Quinta, California - 04/24/12 02:37 PM
This Short Sale was with a smaller mortgage company called Carrington Mortgage.  The did a great job of communicating with me and the Negotiators were quick to respond and also to let me know if there was anything they needed.
 
 51835 Avenida Alvarado, La Quinta; Short sale-Listed to acceptance in 67 days!  List Price was $148,000, reduced to $135,000 and that is what was negotiated and accepted.  No cost to Seller or buyer. Agents Commission was the full 6%.  Conventional Loan to close by 5/25.  Note Value:  Approx. $385,000. 

As you can see, the home is in great condition.  Slab granite in … (2 comments)

la quinta short sale expert: Short Sale in La Quinta..just listed! - 04/23/12 07:32 AM
This Short Sale is going to make someone VERY happy!  Not the Sellers, but they're ready to move on.  The Buyers of this gorgeous home in the Norman Estates in PGA West, however, will be laughing!
81-375 National Dr.  PGA West   $1,100,000
The Norman Estates at PGA West is a privately gated community of only 58 semi-custom homes.  One wide, gently curving street with mature shade trees and homes on large lots well set back from the street, it almost feels like a street in a small town.  Owners are neighborly, dogs are walked leisurly and golfers pass by in their … (0 comments)

la quinta short sale expert: Palm Springs Valley Foreclosure numbers continue to drop.. - 04/19/12 05:02 AM
The Foreclosure home numbers continue to decline.  Great, except if you are a buyer that REALLY wants to buy, but REALLY  does not believe it.  I have many buyers..particularly at the $350,000 and below price point that will NOT believe there will be multiples.  Just not going to happen.  They are CASH, so write the offer for less..period!  Don't both looking at those comps..I know best.  So..higher offers purchase the homes and the inventory continues to drop...yeah!  Great for our Palm Springs area market!
Palm Springs Foreclosures continue to drop in numbers...
Our Valley is a resort area.  Fantastic winter weather, … (0 comments)

la quinta short sale expert: Easter Sunday in La Quinta, Calif. - 04/07/12 07:34 AM
Tomorrow is Easter Sunday and there is plenty to choose between here in La Quinta, California.  The weather is gorgeous today, clear and warm..about 80 degrees and is predicted to remain the same, except a couple degrees warmer for Easter Sunday.  Perfection! 
There will be all kinds of churches having family doings.  Yesterday at the Coffee shop in Old Town I saw two little girls of about 2 years old.  Both had matching Tutus on.  Turns out they were their Easter skirts and they were "test driving" them.  Gotta love it! 
Old Town La Quinta is offering Yoga in the Park … (0 comments)

la quinta short sale expert: Palm Springs housing Investors..are they good for us? - 04/03/12 06:41 AM
I've been showing lots of property to Investors..I'm sure this is not startling for any Realtors right now.  My Palm Springs Valley has pockets that are ripe for investors looking to buy low, re-hab and either lease or flip.
I believe this is a good thing for La Quinta and my valley.  The numbers of foreclosed and abandoned properties will continue to be absorbed, and better yet..be cleaned up!  Would I prefer homeowners to purchase these properties?  Yes.  But, there are not that many of them and even if there were..they cannot act as quickly as the Investors do.
What are … (1 comments)

la quinta short sale expert: "I've missed the bottom, haven't I?" - 03/31/12 06:49 AM
I don't know about the rest of you Realtors, but I heard this twice last week!  I received two calls from new clients looking for homes in the La Quinta and Indian Wells areas of the Palm Springs Valley.  Both of them made the comment.."I've missed the bottom, haven't I?"  I almost dropped over!  What a swing from the past 3 years where every person was worried about...
Where IS the bottom?   When would it hit?   How much further can it drop? When will my home value go up? My crystal ball was broken completely.  I don't mean a … (46 comments)

la quinta short sale expert: The Madison Club, La Quinta..Luxury Golf re-defined.. - 03/26/12 07:07 AM
I had a recent opportunity over the past weekend to show property at the gorgeous Madison Club in La Quinta, CA.  Wow!  There is luxury and then there is The Madison Club.  First off the location is stellar for privacy and exclusivity, but not so far away from the shopping and restaurants.  The entrance is across from the Eldorado Polo club off of 52nd avenue.  The entrance alone is startling in it's beauty.  
Drive up a winding driveway, past the Sales Office, where a lovely guard gate complete with burning fireplace welcomes you.  Once inside, leave the desrt behind for … (0 comments)

la quinta short sale expert: Who READS these posts anyway???? - 03/23/12 05:34 AM
I often wonder who actually READS the posts we all take the time to put out there.  Are people seeing what we write?  Are our blogs instigating discussions, causing others to laugh or nod their heads in agreement..maybe just find comfort in numbers?
You never know when you'll strike a nerve..social Media DOES get seen and read by people.  LOTS of people.
I've been blogging about my latest horrendous experience with a Bank of America short sale.  I have received the normal help from Bank of America Customer Service, Managers etc...basically, "Have I resolved all your questions & concerns today?"  They … (40 comments)

la quinta short sale expert: Palm Springs Valley new home projects; they're baaack.... - 03/14/12 07:13 AM
I started my real estate career in the New Homes Industry in 2001, so it is very familiar to me and I keep a close eye on it.  It has been very sad to see the acres upon acres of abandoned, cleared, sandy lots surrounded by tattered green tarps.  The desert wind has done it's thing...but the tide is turning.  The best thing???  Builders are not ever expanding as they were, they are finishing out the stalled projects to completion.  Even better?  homes are selling!
The New Home Project Resurrection is occuring from down town Palm Springs with it's recently purchased … (0 comments)

la quinta short sale expert: How Low is TOO low???? - 03/04/12 05:41 AM
I'm submitting Counter 3 today.  Unfortunately, I think my Buyer is going to actually have to pay MORE than he would have if he had initally accepted their first counter..which was extremely fair.
House listed at $144,900..$87/sf.  A very good price as it's been remodeled, new bathrooms, kitchen, A/C, roof, 1989 home with over 1600 sf and in a great location.  Listed 30 days.  I suggest $140,000 as we are cash and I think they may accept.  Nope.
Buyer decides he wants to barter.  We offer $130,000.."because we're cash and they'll want cash."  OK..I feel defeated, but I know the list … (8 comments)

la quinta short sale expert: Tough enough for that Short Sale???? - 02/27/12 06:59 AM
This is a question I think every Buyer's Agent should ask their prospective Short Sale Buyer.  There are so many invisible obstacles in the path of a successful short sale closing, that educating your Buyer is absolutely critical!
My area of Riverside County, the Palm Springs Valley, is seeing a huge decline in entry level inventory.  If you are looking at that price point, it is approaching the realm of "should I take the Short Sale or should I pay $5-$10/sf more and KNOW what I'm getting and when?"
Even with an experienced List Agent, things can go very wrong.  So … (1 comments)

la quinta short sale expert: Getting a Loan after Foreclosure/Short Sales - 02/24/12 06:32 AM
Short Sales do have a less critical hit on your credit and future ability to secure a loan.  They definately DO affect your credit scores, but not as hard or as long as a Foreclosure does. 
The real problem is GUIDELINES.  Each purchaser of loans, FNMAE, FREDDIE..FHA..they all have their own sets of guidelines.  It's hard to get past them and each is different..
If a borrower makes their house payments, the wait time is shorter.  If a borrower has extenuating circumstances, the wait time is shorter.  
Overall, if a person that has had a SHort Sale OR a Foreclosure … (0 comments)

la quinta short sale expert: La Quinta Short Sale...just listed! - 02/20/12 07:29 PM
Just listed a new Short Sale in the La Quinta Cove, La Quinta, California.  The Seller is a true hardship, and is very co-operative.  You can't just drive by because you need to call with a 24 hr. notice.  Seller has her elderly father living with her so be kind..give her a call!  
51-835 Avenida Alvarado, La Quinta. $148,000.  Built in 1997, 4bd/2ba with so many special upgrades that the Seller did herself.  There's 18 by 18 ceramic tile floors plus hardwood floors in the bedrooms.  There is even a custom hand carved wooden mantle over the fireplace..really special.  All … (1 comments)

la quinta short sale expert: Want to Short Sale? Don't wait for too long! - 02/06/12 07:55 PM
I had an Agent call me last week..
"I have a listing I'd like you to take over..call me."
I did.  Turns out it was her own personal residence and it was also a Short Sale.  Unfortunately, she self-listed and worked it for 8 months.  Got several sale date postponments and now..sale date is set for 2/6.  Uh-oh!
Several things jump out here..
1.  With all the Short Sales being done, all the classes being given, all the written updates that come across my e-mail and websites with regards to Short Sale Rules..why would a Realtor NOT know she couldn't self-list?
… (0 comments)

la quinta short sale expert: Short Sale in Palm Desert, California..JUST LISTED! - 02/01/12 09:56 AM
77540 Barons Circle, Palm Desert, California, (Listing #21446840), is a former model home in the private, gated community of Whitehawk.  Priced at just $100/sf, this home will go quickly at $289,900.  Whitehawk has low monthly HOA's of $110/month and is ideally located near the overpass to the I-10 Fwy, with the entrance off of Country Club.  
The homes in Whitehawk were built in the late 90's and this model home was completed in 1996.  Approx. 2900 sf with 4 bedrooms & 4 baths, the usual model upgrades run throughout the property.  Marble floors, granite, vaulted ceilings, arbors & splash pool, … (2 comments)

la quinta short sale expert: California Short Sales; Debt Forgiveness Act expires 12/31.. - 01/29/12 09:46 AM
I wonder if people considering a Short Sale in California know about the Debt Forgiveness expiration date?  This is something that must be considered if you are one of these potential Sellers....                       DID YOU KNOW ABOUT THIS??? Critical that homeowners considering listing their home as a Short Sale do it in 2012..and in time to CLOSE by 12/31/2012. Why??? The Debt Forgiveness Act expires then! In California, although you will receive a 1099 for the debt that was forgiven, the debt is wiped out on primary and secondary residences..both first … (2 comments)

la quinta short sale expert: Deficiencies and Short Sales in California - 01/23/12 09:55 AM
It's been written about before, but judging by the questions that my Short Sale Sellers are asking, it's still a gray area.
                                        "Can my Lender come after me for the difference?"
In California, the answer is a resounding "NO!"  (Exceptions of course..read on)
Jan. 1, 2011 saw Section 580e of the Civil Code of Civil Procedure come into effect.  July 15, 2011 saw it expanded to offer more Seller protections..
What types of Loans are covered under section 580e? (One to … (1 comments)