My Bermuda Dunes CC listing for a single-family HAFA Short Sale was Approved !!! This sizable home of 2,555sf at 42185 Caballeros Drive has 4 bedroom/3 bath and sits on an estate size lot of 10,454sf.
This home in Bermuda Dunes CC was Listed on 5/16 for $240,000… went into Back-up on 6/5…and was approved on 7/19… for $240,000! There was only one note with Bank of America and that was for approximately $284,000. That’s a Total of only 64 Days from List to Approval !!!
Not only was the accepted Sales price the same as the List price at $240,000, but the Seller will also receive a $3,000 HAFA Relocation Fee! The HAFA program is reserved for primary residences, but if you have moved out and can show you’ve lived in the home within the past 12 months, you may qualify. There are other restrictions, but a terrific program and a huge help to borrowers who have lost so much on their homes.
Only 64 Days from List to Approval? That’s why it’s important to work with a Listing Agent who knows Short Sales and has a proven track record of CLOSING their Short Sales. I List, Work and Negotiate my own Short Sales – I do not use a 3rd party to Negotiate for me. If your Agent is not working their own files then maybe they just have too many files..or even worse, don’t understand the short sale process?
Thinking about Short Selling your Home? Please give me a call for your free consultation. There is NO COST to you, for me to negotiate your Short Sale from list to close. Kim Kelly, Short Sale Specialist with HK Lane Real Estate in La Quinta.
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La Quinta Cove – Yes, another Short Sale submitted, just one note with Chase!
This home is so Cute, listed at $143,000, and is located at 52255 Avenida Obregon.
Built in 1993, this home has 3 bedrooms and two baths and has 1414 sf on a 4792 sf lot. You enter into its Enclosed Front Courtyard – and this home is charming, clean as a whistle and well designed and thought out. It boasts a separated Family Room and very large Kitchen with an Eating Area.
The Master Bedroom in this home is on opposite side of house from the two Guest Rooms and Bathroom, giving it a great flow. There are ceiling fans throughout, and home is beautifully maintained and very welcoming.
There is a finished double Garage with a Laundry Area within. The backyard is lush and green with ideal Western mountain views. The backyard even has a Storage Shed.
Deals like this one are still to be had in the Cove . . . if you are interested in buying or selling a home, contact Kim Kelly with HK Lane Real Estate in La Quinta. She Lists, Negotiates and SELLS her Short Sales !!!
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Yet another Short Sale submitted, this one in Indio . . . with only one note with Wells Fargo. This beautifully maintained single level condo at Indian Palms Country Club in Indio boasts frontage on the fairway, a front porch with an inviting double entry door and is an End Unit, making the entry and front door private.
This 3 bedroom/2 bath home has a vaulted ceiling, giving the condo a light and spacious feel. The kitchen is upgraded with granite slab counters, stainless steel appliances and a double sink. Ceiling Fans exist throughout and there are no popcorn ceilings. The dining area is separate and off the kitchen.
Two porches complete this lovely home, along with lots of storage and an interior laundry area. It has a single enclosed garage plus a single covered carport.
Location is everything, and this Indian Palms condo at 49020 Eisenhower Dr. in Indio is close to the restaurant and community pools. Built in 1981 and 1368sf in size, the list price is $110,000
Such a lovely living opportunity in a gated golf community where amenities are plenty and the the living is easy, all at an affordable cost. Monthly HOAs are only $285.
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Several Short Sale updates came down last week from our friends at Bank of America. I always read these with trepidation, but eternal hope. I think the thought is good..but the reality of implementation is never what the original thought was! Just too many loans with Bank of America and not enough personnel. But here we go anyway…
Update #1: Bank of America 2nd Liens: Enhanced lien deficiency Guidelines
- Short Sale must be initiated by June 1, 2012
- Second lien must be attached to a first lien mortgage owned by Bank of America
This waiver enhancement is based on the Department of Justice settlement and went into effect 6/1/2012.
Update #2: HAFA short sale update
HAFA Short Sale help has been extended to 12/31/2012, but also applies to current HAFA contracts. If you write a contract on 12/31/13, it has to close by 9/30/2014 for it to qualify for the HAFA program.
- The $3,000 relocation fee is only paid to the Primary resident.
- Vacant properties not elegible.
- Non-borrowers can now qualify if occupying the property (tenants, parents, relatives)
So there you have it..the continuing attempt to help the Short Sale process. If you need any more information, please give me a call at 760-285-3578 for a FREE consultation.
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FNMAE short sale changes
I got a call on Thursday last week from a guy that claimed he was my contact for a FNMAE short sale at Atlas Mountain in Desert Hot Springs. What??? I get calls all the time from short sale negotiation companies claiming they can “help me close my deals.” I don’t need their help. I close 100% of my short sales. I did call the servicer, GMAC, and they confirmed he was for real.
Here’s the deal….(not sure if it’s ALL FNMAE backed notes, or just GMAC)
If the investor on your note is FNMAE, the negotiation company, Kazork, skips the Servicer completely, GMAC in this case, and negotiates my offer directly with the Investor (FNMAE). Sounds great, right? I hope so. I have already submitted offer + supporting docs to GMAC, so it’s a redo, but oh well.
I list the property at Kazork.com. Agents submit offers at their assigned list price or above, and they are negotiated within 30 days. The catch? I’m guessing their list price will be too high..same as with B of A COOP program.
Why the change? The guy tells me there has been extreme fraud on the part of Short Sale List Agents. They are submitting low offers, getting them sold, then turning them again on the other end! What??? I attach prices on my Short Sales that are typically 10% or so below Fair market value. They get accepted..often takes awhile, but there you go.
Anyway….could be good. Keep you posted.
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In La Quinta and across the state of California, Bank of America has announced that for a limited time, they are offering enhanced relocation assistance payments to qualified California homeowners who initiate a short sale without an offer. Those who qualify could be eligible to receive anywhere from $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the short sale of their property.
Many distressed homeowners are not aware of options available to them for avoiding foreclosure. It’s best to be proactive and call your lender before missing a payment. Then the embarassment and credit problems brought on by foreclosing on your home can be avoided. To not call your lender to discuss your options will only hurt your case.
Providing this enhanced Relocation Assistance Payment to distressed homeowners helps them with relocation costs and can also be used to help pay escrow items, such as past due HOA fees (a fee the banks will not pay for in a short sale situation). Banks are now more willing than ever to work with their borrowers to come up with a solution that works for all parties involved.
Remember that the Listing Agent in a Short Sale is your key to success, both for the Short Sale seller as well as the new Short Sale buyer. If you need help with your underwater mortgage, or simply doing your investigative work, give me a call at 760-285-3578. I am
experienced and short sale certified and consultations are FREE! I would be Happy to talk to you.
I am not a tax professional nor an attorney. I am posting this because he IS, and gives a very clear, concise understanding of the tax non-implications of a Short Sale for both Primary and Investment properties. Check it out!
http://www.youtube.com/embed/6901YZhzqII
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Just Listed !!! Check out this new Short Sale Listing in
fabulous Bermuda Dunes Country Club! A little TLC is needed on this home, particularly the outdoor living areas, pool & spa and landscaping.
It’s a great home located on a great street, with 4 bd/3 ba on a large lot with a circular driveway. The backyard is south-facing and has a covered back porch and large pool with spa. The Kitchen had a $35,000 remodel about 3 years ago (per Seller) and includes a custom pantry, Bosch dishwasher and gas cooktop, KitchenAid dual ovens (all stainless).
One of the 3 full bathrooms has been completely remodeled in this home. The floors are 18×18″ ceramic tile set on the diagonal and all bedrooms and the great room are carpeted.
The Master bedroom has two walk in closets . . . and a Sauna !!! The 4th bedroom has a large built-in desk which could easily be converted back to bedroom space.
Bermuda Dunes Country Club offers an exceptional quality of life and some of the finest golf in California. It has hosted the PGA tour event, The Bob Hope Classic, for 49 years and has been home to celebrities such as Clark Gable and Arnold Palmer. The club is surrounded by gorgeous views of the San Jacinto Mountains, rolling fairways, fresh water lakes and luscious desert landscaping. . . and the homes are built around 27 scenic holes of classic style golf. The community is comprised of 17 Home Owners Associations and The Dunes Residence Club, a boutique style Residents Club for golfers – and offers the perfect desert lifestyle.
This home is a steal,
offered at $240,000. Trying to get a COOP Short Sale out of this one – that’s where Bank of America does a co-operative Short Sale listing and once it’s pre-approved, we can Close It within 45 days !!!
Just another Short Sale opportunity presented by the
Palm Springs Valley Short Sale Closer, Kimberley Joy Kelly…
I list, work and CLOSE my short sales, and I’ll CLOSE this one too!
B of A gives principal reductions???
Bank of America NEVER “gives” anything away for nothing. So..I suspect the devil will be in the details with this new little gig. Part of the 26 billion dollar governement settlement, Bank of America is offering 200,000 lucky homeowners that qualify principle reductions. Isn’t that nice of them???
Unfortunately, alot of things must happen…
1. The borrower has to receive, open and read their letter that they are sending in the mail. I would suspecst that many of these “select 200,000 borrowers” have already jumped ship. If they are still there, they are pretty much hiding from their Lender and are OVER getting mail from them. Wonder how many will even open the letters?
2. You have to qualify. We all know about the qualifying process with B of A for Loan Mods and Short Sales. I suspect the paperwork is huge and the negotiator numbers are not.
3. They will write off up to $100,000..yippee! That will help some, but in my area of the Palm Springs Valley, $100,000 isn’t much..in ANY price point.
Let’s see if this program is a little more efficient that Bank of America’s 48 hr. buyer substitution program is. That is a complete disaster. But..I’m an positive thinker and I choose to believe this one is “going to work!” Good luck to all!
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81-375 National Dr. short sale
Seller just accepted an offer on 81-375 National Dr., La Quinta, CA. Now the work begins in ernest for your Short Sale Listing Agent.
1. Seller receives list of required documents including financial docs, hardship letter and lender specific documents..all of which they already have a list of. Now it’s time to gather them up!
2. Buyer’s Agent receives copies of relevent docs.
3. Lenders packages are put together (two loans here..two packages)
4. Lenders packages are scrutinized and then submitted. One is online, one is via dinasour fax.
5. Follow ups are scheduled and relentlessly held to..
Remember that the Listing Agent in a Short Sale is your key to success. Both for the Short Sale seller as well as the new Short Sale buyer. We need to be organized, tenacious, and of the “never say die” mentality.
And the ride begins!
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