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palm springs short sale expert: Short Sale; Just Listed in Bermuda Dunes Country Club - 05/18/12 05:51 AM
This is a great opportunity for a lucky Buyer.  The poor Borrowers tried for 2 years to get a Loan Mod from B of A.  Complete disaster as usual.  Used up most of their IRA trying to stay afloat after husband lost his job.  Tried to keep their house, but to no avail.  Anyway..finally decided to move on after 18 years in this home.
One Note with B of A; Primary Residence.  Note Value:  Approx. $415,000
43785 Caballeros Dr.   Bermuda Dunes, CA.  $240,000
The HOA's are low (Approx. $135/mo) and current.  The home needs some TLC..especially the landscape and pool, but the interior … (2 comments)

palm springs 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)

palm springs 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)

palm springs 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)

palm springs short sale expert: Bank of America; Short Sale Killer! - 03/20/12 07:23 AM
I've been listing, working and closing my Short Sales here in the Palm Springs Valley, Calif., for about 5 years now.  Way back in 2007 when Short Sales were just beginning to rear their ugly heads, it was not uncommon to work a listing for months and months, just to have it crash and burn.  Not too hard to understand because there were no guidelines in place.  Realtors, Servicers and Investors could not work together because nobody on either side knew the rules.  But that was then..
I am now, 5 years and many closed deals later, re-living the nightmare of … (8 comments)

palm springs 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)

palm springs 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 springs 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 springs 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 springs short sale expert: Palm Springs, California..our first Bank. - 01/12/12 08:38 AM
Palm Springs, California is known for it’s history..mostly known for it’s Celebrity History to be more accurate. But there is much more. Nellie Coffman’s Inn was the catalyst for much of Palm Springs original business growth. People came to the desert for both rest and relaxation, and also to try to heal Tuberculosis. It was thought the dry air and warm temperatures would help cure it..and they did appear to help. Our many hot springs added to the healing process.
Back to Palm Springs first bank. None of the big banks wanted to touch Palm Springs due to our seasonal life … (0 comments)

palm springs 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 springs short sale expert: Palm Springs Film Festival keeps our Valley on the International Map! - 01/08/12 10:42 AM
The International Palm Springs Film Festival, right here in Palm Springs, California is very heavy with star power this year.  George Clooney, Brad Pitt & Angelina Jolie, Michelle Williams, Charlize Theron and Oprah Winfrey just to name some of the big names walking the red carpet last night.  This film festival is now considered an Oscar's Preview as many of the stars that win here, go on to win at the Oscars.  Check it out..
I guess we needed yet another reason for people to come visit Palm Springs, lease, or buy a home in our beautiful valley???  Along with the … (1 comments)

palm springs short sale expert: A funny thing happened at the Liquor Store yesterday.. - 12/23/11 10:09 AM
Yes, I admit it..I'm a Realtor that LOVES BevMo.  I often shop there for my Closing Champagne, and yesterday I was doing just that.  The kind gentleman that approached me turned out to be...a former client!!  Who knew?  We got to talking..
"So, what did that Short Sale at the end of the block sell for?" he asks me finally.
I tell him.
"Well, I'm in the same boat, but my attorney told me to forget about a Short Sale..just a pain in the butt.  He told me to just walk away when I'm ready."
I felt the blood rush to … (1 comments)

palm springs 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 springs short sale expert: Short Sale Hardship Letter..what should you write???? - 12/02/11 11:04 AM
Short Sale Hardship Letters are personal to each Seller.  These hardship Letters are NOT for public viewing, nor are they for Buyer or Buyer Agent viewing.  They are strictly for my viewing as their Palm Springs Short Sale List Agent, and the Lenders/Investors viewing..that is it!
There are three distinct parts of the ONE page short sale hardship letter.  
Introduction paragraph.  This paragraph should focus on where you were when you originally took out the loan on your property.  What were you thinking, feeling and planning to do with the home at that time?
Middle Paragraph:  This is the meat … (2 comments)

palm springs short sale expert: California Pending Home Sales continue to climb! - 11/26/11 04:21 PM
 
California pending home sales climb from previous month and year, post higher for sixth straight month, C.A.R. reports
LOS ANGELES (Nov. 21) – Pending home sales in California rose in October and were up from the previous year for the sixth consecutive month. Additionally, distressed home sales rose in October from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales: California pending home sales climbed 3.1 percent in October and were up from a year ago. October marked the sixth consecutive month that pending sales rose from the previous year. Pending home … (0 comments)

palm springs short sale expert: Palm Springs and La Quinta Foreclosure Activity is DOWN! - 11/18/11 08:12 PM
One year ago in October of 2010, Foreclosures in the Palm Springs Valley were approximately 32% higher in numbers than they were just last month..twelve months and a huge drop across the Valley.  October marked the 7th straight month of double digit declines in foreclosure numbers (Desert Sun 11/17).
The decline in foreclosure filings in recent months has reduced the inventory of bank-owned and short sale properties on the market.  Valley Default nnotices (NOD's), however, jumped to 569 in October from 471 in September of this year..so there will be more Short Sales and Foreclosures coming down the pike.
Valley Foreclosure … (0 comments)

palm springs short sale expert: Short Sales and that Arms Length paper..er document.. - 11/15/11 10:15 AM
Short Sales and the Arms Length Affidavit, as the Lenders call it. I kow that it is intended to keep scammers away, illegal activities to a minimum, but as always, there are huge flaws in these things.
1.  I've seen Short Sales rejected because of the infringement of Arms Length when the two Agents work in the same office..or for the same Brokerage.  
2.  Short Sale approvals have been rejected when a member of a Team represents Buyer and another member of a Team represents Seller.
3.  Approvals get rejected when the Lender sees a similar last name of the … (0 comments)