palm desert short sale expert: Who do you call if you need to Short Sale?
- 06/19/14 11:14 AM
What's the first thing you, as a potential Short Sale property seller, need to do? The first thing most of my clients respond is "Call my Lender." Hmmm..not so fast. If you're not delinquent, they may just continue to do their job and try to get you to pay them more money! The Lenders' first response to being informed of your Short Sale options is to say they'll send you their Short Sale package. You can get those easily online. I think your time would be much better spent looking for an experienced Short Sale Agent in your area, who has … (2 comments)
palm desert short sale expert: Palm Desert, California Short Sale; CLOSED!
- 10/07/12 07:51 AM
Palm Lakes Short Sale CLOSED! Short Sales are difficult..I think we'd all agree to that! But..experienced List Agents DO make a difference in actually getting them CLOSED! Another Short Sale Listed, negotiated and CLOSED by the Desert’s Short Sale specialist. This cute condo at Palm Lakes in Palm Desert was a B of A COOP short sale. What’s a COOP short sale? Co-operative. That means Seller was pre-approved for the Short Sale, the List Price was the pre-approved net number to the Investors, so once it was listed and I got an offer, the process was much more efficient. Listed to … (1 comments)
palm desert short sale expert: Not a Short Sale or REO..still only took 20 days to get it into Escrow!
- 09/16/12 05:39 AM
I listed the lovely single family home at 74551 Columbine Dr., Palm Desert, CA. only 20 days ago. I met the Sellers to discuss the listing and what we could sell it for. The recent comps in the neighborhood supported a sale price of about $390,000, BUT there is not a single home available to buy! After going over what they needed to do to get it "sparkling to sell", we listed it at $425,000. The Sellers quickly did the touch-ups I had requested.. 1. Paint the exterior 2. Re-plant flowers along the entry and in the pots. 3. Touch up the interior paint. … (0 comments)
palm desert short sale expert: Short Sales and the Mortgage Debt Relief Settlement..
- 09/12/12 10:40 PM
We all know that 5 of the largest Lenders were spanked slightly with a 20 billion dollar settlement about 5 months ago by the Federal government. I am not sure how the settlement system works exactly, but I understand that Short Sale approvals count as "X" toward their settlement amount and principle reductions count as a larger "X". My own Short Sales have been moving along at about the same speed for approvals as in 2011, so I have not seen the speeding up of the Short Sale process that I had thought would happen. Joseph Smith is the Mortgage Debt Oversight manager and he … (0 comments)
palm desert short sale expert: GMAC calling.."Do you want to list this home as a Short Sale?"
- 09/06/12 01:16 PM
Another interesting and really, pretty unbelievable short sale story. I always looked forward to my GMAC short sales because they generally responded to my offers relatively quickly. Then 3 months ago, I took a Short Sale Listing with one PML with GMAC. Yippee..I'm psyched! Listed it at Fair Market Value. Sellers are only 60 days late, primary residence, job relocation from California to Arizona. I reduced it carefully over the next 30 days. At about 10% below FMV, I got a cash offer. Sweet! Submitted to GMAC..uh-oh..I soon found that things had changed with GMAC. They had hired a 3rd party … (3 comments)
palm desert short sale expert: Palm Springs Valley Labor Day Open Houses..
- 09/01/12 12:17 AM
Labor Day is always a supurb time to check out open houses, and here in the Palm Springs cities of Palm Springs, Rancho Mirage, Indian Wells, Palm Desert & La Quinta..it's no different. It's a good opportunity to familiarize yourself with the different cities and some of the developments within them. Check this one out if you're driving around..it's a beauty in Palm Desert, and Just Listed this week..Not a Short Sale or Foreclosure. Quick Response from Sellers! 74551 Columbine Dr., Palm Desert $425,000 Approx. 2600 sf with 3 bedrooms/2.5 baths and an open floor plan. This family home has been meticulously … (4 comments)
palm desert short sale expert: 74551 Columbine Dr., Palm Desert, California...Just Listed!
- 08/29/12 10:46 PM
If Location, wide-open Views and Privacy in Palm Desert, California, are all on your bucket list for things your new home must have..this is it! Not a Short Sale or Foreclosure so a quick response to your offers! 74551 Columbine Dr. Palm Desert, CA. $425,000 OPEN HOUSE Sat. 9/1 from 12-3 pm. There are certain areas of Palm Desert that were designed with families in mind and this is one of them. The general area is very easy to get to off of Fred Waring and Deep Canyon, and very central to ALL the big three schools..Lincoln Elementary for the young … (0 comments)
1. Bank of America Second Liens: New, Enhanced guidelines as follows: The Short Sale must be initiated on or after June 1, 2012 The second lien must be attached to a first lien mortgage owned by B of A. This waiver enhancement based on the Department of Justice settlement went into affect 6/1/2012.
2. HAFA short sale update: (Also applies to current HAFA short sales) HAFA program extended to 12/31/2013. If your contract is dated 12/31/2013, it must … (2 comments)
palm desert short sale expert: Classic Loan Mod story..
- 05/09/12 11:56 PM
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????
- 03/22/12 10:34 PM
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????
- 02/26/12 10:59 PM
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
- 02/23/12 10:32 PM
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 11:55 AM
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 01:56 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 01:46 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 01:55 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 02:09 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 01:42 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 02:40 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 01:41 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)
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