Posted on February 7th, 2012 by Kimberley Kelly
The 3 piece home was installed on a lot in Palm Springs in about 8 hours
A 3-bedroom prefabricated modern home made up of 3 components was installed in about 8 hours on a lot in Palm Springs yesterday. It will be the centerpiece of a Prefab Showcase which will be part of Palm Springs Modernism Week taking place Feb. 16-26. The home is a project of Santa Monica based LivingHomes and is designed to LEED Platinum standards and has minimal energy use or carbon emissions.
LEED stands for Leadership in Energy and Environmental Design and is a rating system for energy efficient buildings. The Prefab Showcase is being put on in response to requests from Modernism Week goers to see something more green and sustainable. The trend today to go more eco-friendly is inspired by midcentury modernism, an architectural style much at home in the valley here. To quote the executive director of Modernism Week, Nickie McLaughlin, “McMansions will be a thing of the past. People can have wonderful architecture, but incorporate 21st century living. We’re trying to bridge both worlds.”
If you plan on attending the Pre-Fab Showcase part of Modernism Week, it will be held from 10am-4pm daily from Feb. 17-26 at 575 N. Palm Canyon Drive, Palm Springs. The 3 piece home was installed on a lot in Palm Springs in about 8 hours. The cost is $5.
For more info, you can call 760-333-9169 or go to: www.modernismweek.com
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Posted on February 5th, 2012 by Kimberley Kelly
Short Sale; need offer in Palm Desert, California
Great article from the New York Times today..this guy was trying to alert representatives at FNMAE and other mortgage institutions LONG before it ever hit the general public..
FNMAE did know!
And I have a FNMAE short sale in Palm Desert, CA. right now that is scheduled for foreclosure on Monday. Seller came to me last Wednesday. B of A closed the file on Friday because I didn’t have an offer..what??? Well, I have one now and will submit today, then pount on them early Monday a.m. to try to stay the execution.
Why would a Lender CHOOSE to Foreclose when they do not HAVE to? The investor is FNMAE and they do not care! Let them go to Foreclosure..we don’t mind losing even more of the taxpayers money! Kick people out..aarrghh! I’ll try to fight it…
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Posted on February 3rd, 2012 by Kimberley Kelly
Short Sale Tenant? Don't panic!
When a tenant is in a home that receives a NOD (Notice of Default), or is sold via Short Sale or Foreclosure, there are very definate Tenant’s Rights. Basically, a 90 day Notice to Terminate at the minimum, lease is kept in place by new owners’, or there may be a Cash for Keys settlement worked out.
Short Sale and Foreclosure Tenant’s Rights..
This is good through 12-2014, so take a read and refresh your memory!
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Posted on February 1st, 2012 by Kimberley Kelly
Welcome to New Homes, La Quinta
Prices are definately settling here in the Palm Springs Valley. It is always a GREAT sign when the Builders start coming back into the picture. The best thing is that they are not building acres and acres of new home projects. Instead, they are mostly finishing out projects that have stood abandoned, half finished, with sandy, vacant lots sprinkled amongst the finished product. It appears that many of these projects will now be finished out!
New Homes are popping up in these developments all over the Valley.
I’ve seen a strong trend amongst buyers. 2011 brought multiple offers in many areas of the Valley..La Quinta being one of them. The last half of 2011 and into 2012, buyers are being more aggressive and Sellers are pricing to move their homes. Certain developments and areas of the valley are seeing small price increases..all good news for our valley real estate scene. And why not? Our perfect winter conditions are what they are..perfect! Add affordable price/sf to the winter perfection and you have a great opportunity for Buyers.
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Posted on January 31st, 2012 by Kimberley Kelly
Garden setting in the courtyard
77540 Barons Circle, Palm Desert, Calif. 92211. In the gated community of Whitehawk is this Short Sale Opportunity! Former Model; largest floorplan featuring almost 2900 sf with 4 beds/4 baths, marble floors, granite, soaring ceilings, all the bells and whistles. Seller’s loss is Buyer’s gain..great investment potential!
Built in 1996, this beautifully maintained single family home is a killer deal. Bring an offer as the Sale Date is near and Seller needs an offer! Furnishings available outside of Escrow. Bank of America has all docs..need an offer!
This Short Sale in Palm Desert, CA is a winner! Hurry!
Listing #21446840
covered porches..all the bells and whistles
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Posted on January 28th, 2012 by Kimberley Kelly
Banks may be near a settlement
Banks and the President are nearing a deal. Only 25 billion from the banks to be distributed to “Rob-signed” Foreclosure victims. That doesn’t seem like much when you have lost your home, but it’s SOMETHING. Don’t think the banks are getting off that lightly however. There are still 12 areas that they can be pursued for..
Banks are still Liable for..
It remains to be seen how litigious this all becomes, but after years of this, at least there’s a plan it seems..and it’s getting closer to being signed.
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Posted on January 26th, 2012 by Kimberley Kelly
Polo is on a shutdown until 2/15.
A terrible thing has happened to our polo industry in the Coachella Valley..a mutant respiratory virus. One horse had it and was put down, but unfortunatley, we are all worried and under lock down until the incubation period is over. 21 days or until 2/15. Very scary. My horses are at Empire. We are all on the watch and being careful and conscientious. Hopefully, no other horses will be infected.
Description of the situation..
Keep your fingers crossed!
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Posted on January 23rd, 2012 by Kimberley Kelly
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.
CAR Short Sale Deficiency Fact Sheet
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Posted on January 22nd, 2012 by Kimberley Kelly
Don't cover your eyes and run from that Short Sale..it's not that bad!
I want to do a Short Sale..but what do I do first?
1. Consult your CPA or Tax Advisor absolutely first. You need to know if the 1099 you will receive next year for the forgiven debt as Income is going to affect you. If you are in California and the loan is a Purchase Money Loan (PML), the Debt Forgiveness Act should cover this debt. But…ALWAYS consult your tax advisors first. The Debt Forgiveness Act expires 12/31/12 so get on with it!
2. Call your Lender and tell them you are considering a Short Sale. Some Lenders are actually working with you! If you are not delinquent they can still allow a Short Sale, thereby diluting the credit hit. However..remember that their job is to get more payments out of you, so listen to them and get everything in writing. Each Lender is different,
3. Hire a GREAT Short Sale Listing Agent. Take your time here. Talk to the List Agent and get their feedback on the process, your Lender, potential timeline etc.
4. Be prepared to put together a pile of documentation. Start gathering everything your List Agent says you’ll need..NOW.
- Last 2 years tax returns
- Most recent 2 months pay stubs
- Bank Statements..all and complete
- Copy of your mortgage stub
- Copy of HOA stub
- Any Liens that may be out there..IRS, or personal
- Hardship Letter (Your List Agent can help with this)
That’s about it. It’s not HARD. It’s tedious, but once the documents are gathered, the home is listed, an offer comes in that is RIGHT, the process is handed over to your List Agent. Your should be updated weekly. Just be sure to ALWAYS supply any updated documents that may be required during the process.
Short Sales are smooth sailing now compared to 4 or 5 years ago. Don’t let all the doom and gloom stories scare you. If it’s the best move for you..take it!
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Posted on January 20th, 2012 by Kimberley Kelly
Vancouver, Canada has plenty of La Quinta buyers
According to this article from the New York Times, stating that housing starts rose in the 4th quarter of 2011, and permits are being pulled for homes in 2012..it is!
These charts show that only 444,000 homes were actually built last year. With the population growth, that was incredibly small..you have to go way back to 1959 to even come close. Are Builders feeling more confident? There are still plenty of vacant homes sitting around, but many of them need re-habbing before they can be lived in. Others are being snatched up by first timers because Lenders are starting to lend again! Wahoo!
La Quinta is on fire and so is much of the rest of the Palm Springs Valley. That fire is MUCH more affordable this time around and buyers are MUCH more realistic about their prospects for profits. Nothing like the 20% run up in a single year in La Quinta that happened during the boom years.
It’s a great time to buy in the Palm Springs area!
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