Coachella Valley Real Estate By Kimberley, SFR, HAFA, GREEN
Residential, Equestrian, Land
I Do Real Estate The Same Way I Played Polo – To Win!
Coachella Valley Properties By Kimberley, SFR, HAFA, GREEN
Residential, Equestrian, Land
I Do Real Estate The Same Way I Played Polo – To Win!

All Posts tagged short sales

5 Reasons to Buy a Short Sale Property

short saleIn the market for a new home or equestrian ranch in Palm Springs? You may want to consider working with our Palm Springs area short sale expert to find the property of your dreams at a price that won’t break the bank. Buying a short sale property can be an ideal alternative to the typical real estate transaction, as chances are that you will get the home you’re interested in at a greatly reduced price.

Read on for five reasons that our Palm Springs area short sale expert recommends considering a short sale property.

1. Short sales are easy to find. When properties are on the brink of foreclosure, sellers will be more aggressive and list them in many places. When properties actually go into foreclosure, they are always listed and published.

2. Less competition. There is not as much competition when it comes to short sale properties. Many buyers find the process daunting and shy away because they don’t have a good short sale specialist to work with.

3. More control. One of the benefits of buying a short sale property is that you can control the amount that you are willing to pay. To execute a short sale, you work directly with the sellers and lenders, which gives you the opportunity to negotiate a lower price than you would be able to otherwise.

4. You can effectively target. Just as you would if you were looking for a property that is not in foreclosure, with a short sell you can target homes and neighborhoods that appeal to you.

5. Minimal risk. With a short sale, you won’t be in a situation where you have to put down a deposit to show you are serious. You’ll work directly with the bank, and if they reject your offer, you won’t have to spend a dime.

Image: sellyourdistressedproperty.com

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Mortgage Debt Relief Act: Expires 12/31/2012!

Mortgage Debt Relief Act:  Expires 12/31/2012!

The Debt Forgiveness that people with Foreclosures and Short Sales on their Primary and investment proerties La Quinta Short Sale experthave been enjoying since 2007 expires the end of 2012.  What’s going to happen?  It’s an unknown.  It would seem that the Debt Forgiveness would be extended since it is one of the primary reasons that people have been able to re-organize and get back on their feet.

But..there is NOTHING logical about the Lenders I we know all too well from working Short Sales for the pasat 4, almost 5 years.  If they see that it will affect their own bottom lines, I suspect it will be extended.  In the mean time, be sure you get your Short Sales closed by 12/31 of this year. 

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Another Short Sale CLOSED in La Quinta!

Another Short Sale CLOSED in La Quinta!
Palm Springs short sale expert, la quinta

PGA West Short Sale; CLOSED!

Short Sale Specialist CLOSES another one!  Short Sales aren’t easy, take patience and persistence on both the Buyers and the Sellers parts, but I get them done!  List to Close on this beautiful semi-custom home at the Norman Estates in PGA West..approx. 95 days.  Two notes.

First lienholder:  B of A  Approx. value of 1.4 mil

Second lienholder:  Chase HELOC (Home equity line)  Approx. value of $250,000.

Negotiated Sales Price:  $925,000 and $8,500 went to pay off the second.  Both lienholders released their right to sue for deficiencies and seller paid ZERO!

If you are underwater on your mortgage, or just want a FREE consultation, give me a call at 760-285-3578.  Information is power!

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Don’t Miss Out On New Short Sale Listing in Bermuda Dunes Country Club!

Just Listed - Short Sale in Bermuda Dunes Country ClubJust 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!
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Short Sale offer accepted..now the work begins..

Short Sale offer accepted..now the work begins..
Palm Springs Short Sale expert

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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Don’t Miss Short Sale Opportunity Just Listed in Desert Hot Springs!

Don’t Miss Short Sale Opportunity Just Listed in Desert Hot Springs!

Palm Spring short sale specialist

Check out new Short Sale Listing in Mission Lakes Country Club Desert Hot Springs, this one is a Slam Dunk . . . a very clean short sale.

This is an outstanding opportunity with a golf course location and magnificent Southern mountain views . . . what an outstanding location for this beautifully maintained single family home – approximately 2500 sf including a 3bd/2 ba main home + a detached Casita with a full bathroom!  Just gorgeous!

On an over-sized lot, this Short Sale home sits on just under 10,000 sf . . . and there is only one neighbor as there is a berm on the West side of home.  The West side yard has a shuffleboard court and the yard is entirely landscaped with low maintenance desert scape.  A high wall has been added in the back yard in one corner of the covered porch to block the wind and create a calm, entertaining space.

In the beautiful gated community of Mountain View Country Estates within Mission Lakes Country Club in Desert Hot Springs, the affordable HOA is only $98/mo.  This includes a community pool, tennis court and basketball court.  Owners here may “pay as you play” at the adjacent golf club or buy a membership.

Palm Springs short sale expertThis Short Sale is offered at $275,000, is a Primary Residence with only one Note with GMAC.  Originally sold for almost $495,000 in 2006.  Seller only one month delinquent, NOD is not filed.

Don’t miss the Open House on 5/12 12-3 pm for viewing.  Keep an eye out on the price !!!

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!

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Short Sale APPROVED; List to approval = 67 days.

Short Sale APPROVED;  List to approval = 67 days.
palm springs short sale expert

la quinta cove short sale APPROVED!

Another Palm Springs Valley Short Sale approved!  I list, work and CLOSE my Short Sales.  

51835 Avenida Alvarado   La Quinta, CA.  92253

Approximate note value:  $385,000  Only one note.  Seller suffering illness, but exceptional at getting me any docs requested.

Listed at $148,000.  Reduced to $135,000 and accepted by Lender at that price.  Lender was Carrington Mortgage, LLC and they were fantastic to deal with.

Out of pocket Cost to Seller:  Zero

Out of pocket Cost to Buyer:  Zero   (sure, the purchase price of the house, but nothing above that!)

Out of pocket cost to Agents:  Zero

If you are looking for 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!  Happy to talk to you.

 

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Short Sale; Just Listed $275,000

Short Sale; Just Listed $275,000

 

palm desert short sale expert

short sale at Mountain View Estates

Beautiful Short Sale home in Mountain View Estates in Desert Hot Springs.  Adjacent to Mission Lakes CC, Mountain View Estates is a gated community of single family residences with spectacular Views!  A short drive North of Hwy 10, this is a golf course community without the high HOA’s because it’s not REALLY on the golf course.

Beautifully maintained, this 2500+ sf home has 3bd/2ba in the main home + a detached Casita with a full bath.  South facing, corner lot with no neighbor to the West, this home offers privacy.  Located on one of the 55+ streets in the community, one owner must be 55+ years or over.

This home sold in 2006 for $495,000 and is now offered at $275,000.  Only one note with GMAC, and a primary residence for the Sellers, this Short Sale should be relatively painless.  The lot is over-sized at approx. 9600 sf with desert scape for easy maintenance, two covered porches in the back and spectacular South mountain and fairway views.  Owners may play golf at the Club on a “pay as you play” game or they may join Mission Lakes CC.

HOA’s are a low $98/month and include a community pool, tennis court+ basketball court..great deal!  Another Short Sale listed with the Short Sale CLOSER!

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Short Sales and Deficiencies in California; Round-up.

Short Sales and Deficiencies in California; Round-up.

This is not news, but it IS critical for any Seller thinking about listing their home as a Short Sale in California in 2012. Remember the MOST critical thing..the Debt Forgiveness Act expires on 12/31/2012. Will it be extended? Most likely. However..do you want to take that chance? Read on for a recap of our anti-deficiency law, 580e. It’s a fantastic protection for Short Sale Sellers in California!

One of the first things my Short Sale Clients ask me is, “How does the Deficiency work?” What they mean as a Short Sale Seller is, “Am I going to be sued for the deficiency by my Lender?

In a word, “no!”

The year of 2011 saw a very spescific change to the anti-deficiency law for the state of California. Section 580e of the California Code of Civil Procedure came into effect on Jan. 1. This law generally prohibited a FIRST TRUST DEED LENDER from obtaining a deficiency judgment. This law applied to 1-4 residential units.

Then on July 15, 2011 a bill was introduced that greatly broadened the powers of section 580e.

Now section 580e covers many types of mortgage loans for 1-4 residential units, including..
•Purchase Money
•Rate and term refinance
•Cash-out refinance,
•owner occupied
•rental
•second home or vacation home

(This Law has it’s exceptions! Other types of liens such as judgment liens, tax liens, or HOA liens are NOT exempt from deficiency pursuit by the note holders!)

WOW! Lots of encouragement from the Government to do a Short Sale instead of a Foreclosure.

So..you are protected from the second lien holder pursuit as well now. Your Lender may NOT..
•collect a deficiency
•have a borrower owe a deficiency
•request a deficiency judgment
•require a borrower to pay to get a short sale approved
•require a borrower to waive their rights

Tips:

Sellers: Although a Short Sale Lender cannot demand you contribute to get your short sale done, you may offer to pay something to get a deal to work.

Buyers: Carefully consider before you write your offer, HOW MUCH money a Lender is being asked to write off. Sometimes, if a Lender has to write off a huge deficiency, they COULD choose to not do a Short Sale and pursue their other options. Not a huge likelihood in California..but think about it.

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