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palm desert 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)

palm desert 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)

palm desert 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)

palm desert 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)

palm desert 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)

palm desert 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)

palm desert 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)

palm desert 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)

palm desert short sale expert: Palm Springs Area posts large drop in Dec. Foreclosure Numbers - 01/19/12 10:09 AM
The Palm Springs Valley has posted a large drop in overall Foreclosure numbers for the last month of 2011.  There are several reasons for this..
1.  Holiday Moratoriums by Lenders.  This has obviously gone away now.
2.  More Loan Mods being appoved.  I hope this is true.  Should keep Foreclosure Numbers down.
3.  Short Sales are being processsed quicker and CLOSED.  Should help keep Foreclosure numbers down.
Realty Trac reports that it took an average of 348 days to complete the foreclosure process nationwide.  This is up from 336 days in the third quarter and up from 305 days in the … (0 comments)

palm desert short sale expert: Another Bank of America Short Sale APPROVED! - 01/11/12 09:42 AM
Another Bank of America Short Sale APPROVED!  Had to battle my way through two Negotiators until I got the sane one I have now, but have received Approval Letter for a February Close.
Gorgeous home in great condition. Primary Residence, documented hardship and very co-operative Seller.  As you can see from recent photo attached, it's gorgeous and Sellers are maintaining it per my Short Sale instructions.
First Two Buyers walked when the Investors came back with a Counter offer that was more than $100,000 over the offers..which were solid and exactly the same amount.
BPO came in too high.  They are … (4 comments)

palm desert short sale expert: Luxury Real Estate Brokerages continue to thrive.. - 01/07/12 10:40 AM
Interesting article in the LA Times this past week.  Smaller, boutique real estate Brokerages are popping up again.  Apparently, Agents that have survived the last 3-4 years are becoming very "nimble"..meaning they are jumping ship to new Brokerages to try to increases numbers or take advantage of their Marketing or just try something new.  I've noticed this in the Palm Springs area.
Also seeing an increase of Luxury Properties receiving offers much closer to List Prices..good for the Palm Springs Valley and La Quinta areas!  The most desireable orientation..that would be South here in the desert due to the most sun … (4 comments)

palm desert short sale expert: Listing Appointment must have tool..the Reality Hammer. - 12/22/11 09:41 AM
Every one of us that go on Listing Appointments has a tool kit.  Each of our kits has something unique to us.  There's the standard list of things...
1.  Your personal information
2.  What I can do for my Seller to produce a CLOSING for them.
3.  Company credentials
4.  Comps, Comps, Comps..
5.  Personal items to you..here's my personal tool-The Reality Hammer.
 
What exactly is a Reality Hammer?  It's a small, light weight..actually completely weightless, invisible to my clients' eyes..hammer.  Clawtooth of course, and I know mine has a pink handle.  I had to use it yesterday..
Seller: "I … (35 comments)

palm desert short sale expert: Put on those Buyers' glasses and SEE your home as they will.. - 12/21/11 10:43 PM
How will your Buyers truly SEE your property?  This is something every Seller should ask themselves BEFORE they list their property!  And be honest!  This is no time to see your home as you wish it were..this is the time to be REALLY, REALLY honest.
I like to help my Sellers visualize their buyers seeing their home.  I advise them to put on their "buyers glases", walk out the front door with me and all the way out to the curb in front of the property..or property line...whichever it is!
Then turn around.  Look.  Really look at your home.  Pretend you … (4 comments)

palm desert short sale expert: HAFA short sale CLOSED; 96 days total! - 12/13/11 10:19 PM
HAFA short sales have a bad reputation.  They can be a pain in the ***, but so can ALL short sales, right??  I have had very good luck with my HAFA short sales through 2011.  Have a couple new listings coming for 2012 already and they feel like they should go right through with the HAFA program.
This one was a Condo in Palm Desert in the gorgeous Condo community called Indian Creek Villas located off of Hwy 74.  Hwy 74 connects our Desert Valley with San Diego and the cities in between, Valley Center, Gardner, Hemet to name a couple. … (0 comments)

palm desert short sale expert: Palm Springs Valley's highest recorded Luxury Home Sale! - 11/28/11 10:49 AM
The highest recorded Luxury Home Sale to Date for the Palm Springs Valley just closed. Listed at 9.75 million, the sale is second only to the sale of the former Blixseth estate, Porcupine Creek. Porcupine Creek is not a good comparable (Sold for 42.9 million recently), because it included a private Golf Course as well as four guest homes! But..for a single family residence, this 9,798 sf home on approx. 2.2 acres at the Bighorn Golf Club pushes our Luxury Home prices to anotehr level.
A sale of this magnitude, in this market, lends some weight to the theory that the … (2 comments)