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short sales: Why Buyers should use a LOCAL Lender in today's market! - 10/17/12 05:56 AM
Just my opinion, but in today's market in the Palm Springs Valley of California...I REALLY like Buyers that use local Lenders. Particularly with a Short Sale! I just closed a difficult B of A short sale in Bermuda Dunes Country Club. The only thing that made it so difficult was the fact that the Buyer insisted on their "personal Lender". I have zero issues with this, but this Buyer's out of town Lender, sent over an appraiser that mis-measured the home and consequently put the brakes on the loan. I recommended a local Lender as it was incorrect according to Riverside (2 comments)
short sales: Coachella Valley cities Foreclosure numbers continue to drop.. - 10/05/12 02:05 PM
The Coachella Valley is HUGE! It is interchanged with the Palm Springs Valley...both names mean the same area in the desert. Basically West from Palm Springs proper, through Rancho Mirage, Indian Wells, Palm Desert, La Quinta, Indio and East Valley to Coachella and Thermal. Keeping that in mind, it has been interesting to read about all the studies regarding Foreclosure numbers throughout the United States. This one from Corelogic caught my eye... In August 2012, 57,000 homes were lost to foreclosure, down from 58,000 in July and 75,000 a year ago, according to the report. The yearly decrease represents a 24 (0 comments)
short sales: Short Sale CLOSED at PGA West by your La Quinta Short Sale Expert - 08/14/12 07:12 AM
Just closed another Short Sale in La Quinta California. List to Close; approx. 95 days. This one was no slam dunk because there were two notes. First: Bank of America of approx. $1.4 million Second: HELOC with Chase of approx. $250,000 Negotiated Sales Price: $925,000 including a payoff to Chase to release the 2nd. Both lienholders released their rights to deficiency pursuit. This sales price may sound low, but it is definately Fair Market Value for this gorgeous neighborhood, Norman Estates, at PGA West. These semi-custom homes were built from 2004-2006..the very peak of the housing rush. Consequently, the loans were high and (0 comments)
short sales: Approval Rate for my La Quinta Short Sales? 100%! - 08/04/12 06:48 AM
This short sale was listed in May, 2012. It's a gorgeous semi-custom home at PGA West, in La Quinta. PGA West is a golf course community with 3 public courses and 3 private courses. Approx 1200 acres in size, it is home to some very serious golfers and also some not so serious golfers. A beautiful community in East La Quinta. 81-375 National Dr. La Quinta Listed in May for 1,200,000 First lienholder: Bank of America Approx. Note Value: $1,400,000 Second Lienholder: Chase HELOC Approx. note value: $250,000
Accepted Sales Price: $925,000 with an $8,500 payoff to Second. All deficiences removed. (0 comments)
short sales: La Quinta, Calif. short sale APPROVED! - 07/21/12 06:04 AM
Another La Quinta, California short sale approved. Listed 5/27 and approved 7/18..two notes, both Lienholders have approved the sale. 81-375 National Dr., La Quinta. This gorgeous home had been on the market for almost 3 years..chasing the market due to the note balances. 1st Lienholder: Bank of America: Approx. note Value: $1,400,000 2nd lienholder: Chase HELOC: Approx. note value: $250,000 Approved Sales Price: $925,000 with an $8500 payout to Chase. Fair Market Value for this home. Seems incredible, right? But..this home was built in 2004. As we all know by now, 2004-2006 is the market hit hardest by the housing crash..all (1 comments)
short sales: La Quinta, California Short Sale..just listed! - 06/18/12 05:37 PM
Another beautiful La Quinta short sale listed just today at 52255 Avenida Obregon. $148,000. MLS #21456002. Built in 1993, this lovely single family home shows beautifully. Well maintained and thoughtfully laid out, it is meant for a family to enjoy. The front door opens to a family room with a fireplace. The large kitchen with dining alcove is to the left and the master bedroom is situated seperately from the two guest suites and their shared bathroom. This cozy home has an enclosed and gated front courtyard, gated sideyards and Western mountain views from the lush, green backyard. The Master Bedroom (0 comments)
short sales: Managed Move-out VS. Strategic Default..be smart! - 05/27/12 06:05 AM
For those of us who do a lot of Short Sales, it has become obvious over the past several years, that Short Sales are really a term for a "Managed Move-out". Short Sales enable the Borrower to have some control over the loss of their home. Many of my first interviewes with potential Short Sale clients come about because they are so frustrated with their Lenders. They have normally tried to work out Loan Modifications or Refinances, have filed and re-filed stacks of paper, talked to many different entities in their attempts to avoid Foreclosure. We all know how this normally (1 comments)
short sales: Mortgage principle reductions..they're coming.. - 04/11/12 06:57 AM
Great article in the New York Times this mornign concerning the mortgage principle reduction quandry. It is a wonder to me that it hasn't happened already, but Lenders/Investors just are not willing...yet. I have said for the past 3 years and continue to believe that this would be the single most advantageous event to stop the housing market decline. Keep people in their homes. Most homeowners don't want to leave, but they are becoming more and more educated about real estate and how and why the downturn occured. More and more are looking at their homes as part of their portfolios (2 comments)
short sales: Palm Springs Valley Foreclosure rate DOWN 13% for August! - 10/06/11 09:42 PM
Palm Springs Valley Foreclosure rate DOWN 13% for August. Wow! Our Local paper, The Desert Sun, reports that August of 2011 sw mortgage default notices, bank repossessions and foreclosure autcions fall 16.3% compared to the same month a year ago..all the way across the Coachella Valley! This is fantastic because we were hit almost as hard as Las Vegas and Florida in this housing crisis. Land here was cheap, and the developers/builders churned the homes out from 2001-2006. Bank owned and Short Sales dropped to 54 percent of all sales compared to 62 percent in August 2010. In the condo (0 comments)
short sales: Mr. Bankster..one question, please. WHY won't you reset the mortgage principle??? - 09/15/11 09:14 AM
I actually have ALOT of questions, but this one is the leader. I have been working Short Sales for almost five years now. Just about every single one of my past and present clients would have kept their home IF their Lenders' would have been willing to reset their mortgage values to FMV (maybe +20%). I've thought for a very long time that this is THE ANSWER! I understand that the Banks would have to take the loss at the time of the reset. So What??? They are writing off the losses as it is..they're just doing it on their time (5 comments)
short sales: Short Sale Ethics..maybe we just misunderstood each other???? - 09/05/11 04:58 PM
This is a strange story, but true and I am still trying to figure out if I could have handled it any differently. I got a last minute, paniced Seller, who needed to list their home as a Short Sale and the Sale Date was less than 10 days away..oh, and there's a nasty Tenant in the home that won't allow Agents to view it. Could I list it? Good Sellers who got me all my documentation because they had just been on the Loan Mod roller coaster. I listed it, "Write offers contingent upon Interior Inspection" in the MLS, priced (0 comments)
short sales: Short Sale Appraisers..Please, Please, Please be LOCAL! - 08/30/11 09:19 AM
Short Sale Appraisers..how I wish, hope, do a "Short Sale Appraiser Dance" every time you are local. When I get that call from the Appraiser who is making an appointment to come do their Lender ordered BPO, I am.. 1. Very Excited! Yeah! This means we are getting closer..go, go, go! 2. Very Cautious: "Are you familiar with the La Quinta Cove area?" Or wherever.... 3. Very Depressed: If they are "driving down from LA..should be there about 2."
Come on You goofball Lenders! Get it into your heads that if you want the appraisals to come in at (24 comments)
short sales: What do I need to do Mr. Short Sale Buyer..to make you happy? - 08/15/11 02:14 PM
What a strange question to be asking of the Short Sale Buyer in this particular Short Sale scenario. Here's what went down and how this question came up.. My Listing: Seller had listed the property as an Equity Sale a year previously and received an offer of $680,000. The home is located in Indian Wells, California which is a very desireable area and that price was a pretty good offer. Unfortunately, the Seller owed over $750,000 and so could not go that low. A year goes by. He is now a couple months delinquent and contacts me to sell the property (3 comments)
short sales: No Short Sales here in Vancouver, BC! - 07/24/11 09:51 AM
The real estate market here in Vancouver, BC appears to be blazing right along. I was up here visiting last summer, and found the same thing..it's a Seller's market here in Canada. Especially in the gorgeous, highly desireable area of Vancouver. Last summer I spent some time in the Deep Cove area of North Vancouver. This summer, I am staying with Clients/friends in West Vancouver..equally stunning and if possible...even MORE desireable an area. The contrast between my Palm Springs, CA. real estate reality and the one here in Vancouver, BC is startling. There is absolutely NO wonder why so many of (2 comments)
short sales: Short Sale; CLOSED, PGA West in La Quinta, California - 07/06/11 07:45 PM
Just recorded a Short Sale that was a toughie. They all are to some degree, and this one wasn't my worst..far from it. Vacation home with two loans. Both with Wells Fargo, BUT the second was a HELOC. The biggest obstacle for me was that there were 5 family members on Title! Once the family got together, they decided that two of them would release their rights to the home, leaving me with three people to deal with. Not so bad you say??? Well... One Seller is the mother. Her son was Seller #2 and his wife was Seller #3. Biggest (0 comments)
short sales: The ONE critical element for a CLOSED Short Sale; an experienced List Agent! - 06/26/11 09:00 PM
An Agent with no experience in the Short Sale world should NOT go into the processing alone. It can be done, and yes, that's exactly what I did over 5 years ago when I jumped into the Short Sale pool. However, I suggest learning from my mistake, not repeating it. Find someone that is experienced in the Short Sale process. Do NOT waste the time of your Short Sale Seller trying to learn the ropes as you go. Ride the shirt tails of an experienced Agent and REALLY pay attention. The List Agent in a Short Sale runs the show. If (1 comments)
short sales: Could Short Sales alter our Credit Rating Systems? - 06/16/11 09:39 AM
Yes, I truly believe that the sheer volumne of prperty owners seeking Short Sales will have this affect. A blanket statement to be sure and one with absolutely NO proof behind it. Except 5 years of growing Short Sale experience. The thread amongst my Sellers from the first through the most recent listings, (yesterday) is this..their mentality about the importance of "credit damage" has changed dramatically. In the Old Days..about 2006 at the peak and also the peak of nervousnous for on-site New Home Sales Managers such as myself, Credit didn't matter a hoot. That's what made me nervous. Seeing my (3 comments)
So apparently, there are scammers out there in the Short Sale industry..who knew??? Ha! I know of particular Agents that claim to be Short Sale Specialist, and can close your Short Sale faster than anybody else. Might be true, but beware... All the Lenders If am dealing with now have been extra diligent in presenting "Arms Length Transaction Docs" which specifically say the Seller may NOT re-sell the property within a certain amount of time 90 days to a year or more. If all parties sign this, and then it (4 comments)
short sales: Back at it with Active Rain.. - 06/07/11 09:38 PM
Well, I had to prove a point to myself so I quit my Active Rain subscription about a year or so ago. I just wasn't sure I was getting enough out of it. Well, here I am back at it again..I re-activated today. I missed all the blogs from other working Realtors! Isn't that wild?? I loved hearing about Realtor trials, tribulations, laughter and whining in different states. Hey, we all whine at times..admit it. Active Rain has fantastic contributors. I still blog on my other sites as well, but am so happy to be back. I've continued my slamming Short (11 comments)
short sales: Time for Banksters to be held accountable..pay up big guys! - 10/07/10 09:47 AM
It is infuriating to get a Short Sale all the way through to negotiations, countering, everybody kicking in a few bucks to get it done, then..Wham! Short Sale Declined. Try to find out why some time..good luck. "We don't have the power to overturn a negotiators decision." "Please send an e-mail to the Investors @....." I show them comparables, I show them net sheets, I try to explain that when they close the file, I re-open the file, they assign a new negotiator, the market declines, the offer comes in lower..blah, blah, blah. The Banksters do NOT want to help borrowers, (6 comments)
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