foreclosures: New California 90 day foreclosure moratorium goes into effect on Monday - 06/13/09 02:05 PM
After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state's long-awaited 90-day foreclosure moratorium law goes into effect Monday.
Startting Monday, loan servicers must prove to the state they have comprehensive loan modification programs in place - or be denied rights to foreclose on their own schedules. The new law is supposed to make lenders try harder to keep borrowers in their homes.
The law will largely press lenders to follow the Obama administration's Making Home Affordable Program that began in March. That encourages lenders to cut interest rates or rewrite loans to 40-year terms to … (3 comments)

foreclosures: Win the fight for REOs/FORECLOSURE Bidding wars - 06/02/09 10:41 AM

 
In the last few months, it seems like whenever a well priced bank owned/foreclosure home comes on the market, there's a fight between multiple buyers bidding on the property. Thus, you need to be prepared if you want to have a chance at winning one of these great deals away from the other buyers.
HERE'S HOW YOU CAN WIN THE FIGHT FOR REO/FORECLOSURES!
 
Follow this list of 5 things you need to do to be prepared to write the most competitive and best offer possible on REO/Foreclosure properties:
Get preapproved and have your preapproval letter with you. This way you'll know what you can afford.  It … (6 comments)

foreclosures: Bloomberg reports Pending U.S. Home Resales Surge the Most Since 2001! Some more good news! - 06/02/09 06:36 AM
Per the Bloomberg News report today, the number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, more than forecast and the fourth increase in five months, as lower prices attracted buyers. The gain in the index of signed purchase agreements, or pending home resales, was the biggest in more than seven years
These numbers are consistent with the market in Palm Springs area as well.  Sales have steadily increased each month in 2009, from 664 sales in January to 933 in April. 
This report also states that  the market may have already bottomed in some … (1 comments)

foreclosures: REO/Foreclosure Inventories are shrinking in California - 05/25/09 02:31 PM
Per ForeclosureRadar, a Web site company that tracks every California foreclosure and provides daily auction updates, has issued its monthly California Foreclosure Report for April 2009. With the rise in REO sales, ForeclosureRadar reported that California's notices of default (NOD), the first step in the foreclosure process, dropped by 18.2 percent from the record level set in March 2009. Last month's filings were down 1.1 percent from April 2008.
It was reported that California  foreclosure notices dropped while foreclosure sales and distressed property purchases by investors rose.  The article also reports that the number of foreclosures sold to third parties increased in  … (0 comments)

foreclosures: Borrowers can now take a quiz to see if they may be eligible for Mortgage Modifications - 05/15/09 06:37 AM
The "Making Home Affordable" program is in full force, thanks to the Obama administration. 
Homeowners wanting to receive a mortgage modification should begin by visiting the government Web site,   http://www.makinghomeaffordable.gov  
Once there, borrowers can take a quiz to find out if they are eligible for a mortgage modification under this  program.  .
The quiz will take the borrower's answers provided to help to determine if they are likely to qualify for a modification under the "Making Home Affordable" program.
Borrowers will also find helpful tips about gathering the proper paperwork, including pay stubs; tax returns; savings account records; mortgage statements; second mortgage information, such … (1 comments)

foreclosures: TLC Channel to feature Palm Springs and Paul Kaplan - Saturday night! - 03/26/09 12:37 PM
The TLC Channel will be featuring Mid-Century Homes in Palm Springs on its upcoming program, "My First Home" on Saturday evening, March 28th at 10:00 PM
I was the Realtor representing an Orange County couple that decided to buy in Palm Springs because it was much less expensive then where they lived. The couple had an appreciation for architecture, and wanted something interesting and  with a mid-century design,  that they couldn't find in Orange County at an affordable price. 
The show follows the couple throughout their buying process, as I show them numerous mid-century homes in various neighborhoods of Palm Springs. Some … (0 comments)

foreclosures: Sales are up 70% in the Palm Springs area... we may have finally hit bottom! - 03/26/09 02:44 AM
The headline in The Desert Sun today, the Palm Springs local newspaper, is:
Valley sees 70% jump in home sales
Area posts third consecutive year-over-year increase; median price at $156,000
Home sales were up 70% in February over last year. This is the 3rd consecutive month that we've seen year over year sales increases.   Many experts are predicting that this is a good sign that the market is stabilizing.  The current dismal economic conditions have caused prices to decline drastically.  And its thought my many that this indications our market is repairing itself.  Now buyers are flooding the market taking advantage of … (7 comments)

foreclosures: Short Sale Information and Frequently Asked Questions & New Information - 03/21/09 02:22 AM
 
Good information on short sales-  Updated May 15, 2009.   However keep in mind, it is very difficult to get a bank to accept a short sale.  In California, the current average as of May, I'm told, is 2 out of 10 short sales are being processed.  That's up from 1 out of 25, at the beginning of the year.
In my experience, that short sales can take over 4 months to get them processed.  If you're trying to buy a short sale, you have to be extremetly patient....these are not good properties for anyone that has a timeline to move. Additionally, … (1 comments)

foreclosures: Foreclosure Bargain- Mid-century Alexander in Palm Springs $175,000?? - 01/08/09 12:24 AM
Their loss could you be your gain!Here's a chance to buy a Mid-Century home in Palm Springs, built by the Alexanders, designed by Palmer and Krisel in the famous Racquet Club Road Estates. Although not for the timid, this home needs some serious renovation work!  However, the lowest priced home in this tract, last sold for $207,000; this home has a more desireable roof line and larger square footage.
I just negotiated a deal for a client on this house and got the bank to accept $175,000. However, the client had to back out at the last minute. Click on the link … (0 comments)

foreclosures: Fence sitters - are you missing out by waiting too long? - 12/29/08 03:23 AM
Some clients spend months looking for properties-  they agonize over the process...When they find something they like, they are convinced the price is too high! Regardless of what I explain to them regarding reality, comps, inventory and appraised value, for whatever reason, they still feel the property is over priced.  We refer to these buyers as  "Fence Sitters"
When these Fence Sitters come back to the market to look again on subsequent trips to the desert, they learn that the properties they were once interested in, have sold.  Often times, there aren't any other units available in their favorite neighborhood or development when they return.  Those properties they were … (0 comments)

foreclosures: Mid-Century Foreclosure in Palm Springs- A renovator's dream $194,900 - 12/17/08 01:32 AM
Just listed: http://www.paulkaplanrealtor.com/details.php?mid=59
Located in north Palm Springs, this home was built by Meiselman and is a great opportunity for someone looking for a "fixer" mid-century home at a bargain price.  Open floor plan, oriented with a wall of windows overlooking the classic 1960's huge sparkling pool. Enjoy mountain views from the south facing back yard. Other features include clerestory windows, decorative stonework on the facade.  A similar home with the same floor plan, redone, recently sold for over $400,000. 
The home features three bedrooms plus a bonus room off the kitchen- could be a media room, home office, den. 
For … (4 comments)

foreclosures: Protect your pets- Free Pet Safety Pack from ASPCA - 11/28/08 03:37 AM
As a fellow pet parent and lover, I wanted to share this free offer from the ASPCA with my clients and friends. 
In the event of an emergency, our pet rescue window decal alerts rescue personnel that pets are inside your home. The safety pack also includes an ASPCA Animal Poison Control Center magnet-a great way to keep the APCC's toll-free emergency number and website address handy in case your pets get into something they shouldn't!
Visit http://www.aspca.org/site/PageServer?pagename=petsafetypack_PCeCard&s_subsrc=07pcecard to get your free kit today.  And please share this with your friends and clients!
… (1 comments)

foreclosures: Sales are up over 50% in the Palm Springs area due to bargain priced properties - 11/20/08 12:07 PM
The Desert Sun reported today: "Coachella Valley home sales during the third quarter of 2008 jumped 51.5 percent compared to 2007, driven predominately by buyers nabbing foreclosures and other distressed properties that have been sharply discounted."
Bargains for buyers:  Although sales are up, averge prices are down.  This is partly a result of banks wanting to unload the numerous foreclosures currently on the market.  Those that don't have to sell, are holding off. However, motivated sellers are having to meet or beat the foreclosure pricing in order to be competitive. Over half of all homes sold recently were foreclosures. The end result, is that … (2 comments)

foreclosures: REO Auction coming to Palm Springs, June 23rd - 06/06/08 01:59 PM
A national REO auction company is coming back to Palm Springs to auction off bank owned homes.  Their last auction, was a packed house..incredible values were had all over the Coachella Valley!
I will be representing a number of buyers at the next auction, and I will be happy to assist you too if you're interested.  Its an exciting event.  Perfect for 2nd home buyers, foreign and local investors as well as first time buyers. This could be an excellent opportunity to purchase that home you've always wanted in the desert!
Please contact me for more info!
 
Paul
… (0 comments)

foreclosures: Buyers- don't take your time on well priced Foreclosure Properties - 03/18/08 07:50 AM
We've been experiencing some Foreclosure properties selling after only being on the market for days lately!  If a property is priced right, it will sell, and often we see multiple offers. 
So yes, it is a buyers market.  Yet, buyers need to be prepared to jump on great deals when they hit the Multiple Listings and be ready to compete for them.  The market is flooded with buyers sitting on the sidelines, closely watching, waiting for these great buys.  As a result, be prepared,  and ready to go, so you can take advantage of well priced property deals too. 
 I monitor the … (0 comments)

foreclosures: REOs getting mulitple offers when priced right in Palm Springs - 03/06/08 11:33 AM
Yesterday, a new REO listing came on the market for $249,000, a 3 bedroom 2 bath mid-centry fixer, at about $178/sf in Palm Springs.  Today, the selling agent informed me that there are already 5 offers, the lowest one being at asking price!!
Some REO properties are priced at bargain prices.  So buyers should know they can often get a great deal on an REO property, but that if priced right, you may end up paying more then the asking price.  You may also get involved with mulitple offer competition too.
 

 www.RepoCaravan.net
… (2 comments)

foreclosures: Foreclosure Activity for February in Palm Springs area - 03/02/08 04:41 AM
The following is a list of new foreclosure listings recorded in the month of February 2008
Palm Springs            21
Cathedral City           26
Desert Hot Springs     44
Rancho Mirage          10
Palm Desert              17
Indio                        53
 
The above information is from reports by LandAmerica Title
… (1 comments)

foreclosures: 270 Homes under $300,000, 222 Condos under $200,000 in Palm Springs/Cathedral City - 03/02/08 04:06 AM
As of March 1, 2008, there are currently 222 condos available for sale, under $200,000; and 270 single family homes under $300,000  in the Palm Springs/Cathedral City markets.
Palm Springs has a higher concentration of condos in this price range: 157
Cathedral City has a  higher concentration of single family homes in this price range: 209
 The Palm Springs market is definately affordable again.  Great for investors too that can now buy properties  where rents will cover their mortgages and some may even have positive cash flow.
 
… (2 comments)

foreclosures: Brand new condos go to Auction in Palm Springs - $100,000 below market - 02/26/08 11:24 AM
Terra Vita in downtwon Palm Springs will be holding an auction on March 15th for their standing unsold inventory.
 Terra Vita is a contemporary medditerranean style gated community consisting of 3 townhome style plans.  These beautiful residences feature outstanding craftsmanship, as well as the versatility of an optional den and finished 2 car garage. These town home and carriage units range in size from 1,349 to 1,715 square feet.  Enjoy a resort style pool and spa, and cabana.  Some homes have yards large enough to install your own private pool too.  Auction prices start at $240,000!!!  Similar homes have sold in the $600s.  … (6 comments)

foreclosures: 15 homes for under $300,000 - 02/24/08 04:08 PM
We spent the weekend researching the best REO properties available in the north Cathedral City neighborhoods of Tapestry, Rio Vista and Century Park to be included on our next REO tour.  Its amazing what special values are out there right now:

Highlights:  3 bedroom 2 bath home with pool - $239,000
                 4 bedroom 2 bath home for $229,000
                 4 bedroom 2 bath home on a cul-de-sac, amazing views, huge pool sized yard, close to Century Park  $299,000
                  2 bedroom + den, great room plan, direct west mountain views, center island kitchen, 12' ceiling,  built in 2002  $259,000 (similar … (0 comments)