This Month In Real Estate October 2011

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Canadian Citizens- US Loans For You Available Again!

Good news for Canadian buyers of US real estate. Our good friends at Pacific Premier bank are once again able to offer home loans for 2nd home purchases in the USA.

Download the flyer

The details of this offer are as follows:

5 year fixed at 4.65% with no points to be paid. Adjustable yearly after that.
There is also a 7 year fixed option at 4.875% with no points to paid.

Downpayment requirements:

35% down payment for Single family homes
45% down payment for Condos

For more information please call Leah Verigan at Pacific Premier Bank
760-969-4557 or  LVerigan@ppbi.com

Buyers Guide To Purchasing a Short Sale

As the real estate market continues to adapt to changes in lending, federal and state regulations and the demands of the market - you as a buyer can often be left confused. Why are your offers not being accepted?  Why does the house get advertised at a price lower than the bank will accept? Why are you not even allowed to bid on certain homes?Here I will try to cover the highlights and the main things you need to know. For more in-depth information feel free to contact my through my website at PSagent.com  or the email link on this blog.

 FAQ’s: 

 1)     The house was listed for $145,000 now my agent tells me I have to pay $152,000.  Why?

Answer: In a short sale there are many factors that determine price. Very few homes are offered at a price that has been preapproved by the bank.  Mostly it is the experience of the realtor who listed the home and their knowledge of the market that determines the asking price.

When placing offers on short sale homes the best idea is to decide on a price RANGE you are willing to pay for that home.  There are many factors and many players in a short sale.  You will most likely make yourself crazy if you agonize over every dollar and what it is called. Decide on an acceptable range for a home and be happy if the bank approves a price in your range. Regardless of what the costs are called if the end number is one that you think makes the house worth it then you have a good deal.

 2)     There is a perfect home in my neighborhood that has come on the market at a dream price but my agent tells me I am not eligible to offer on it. This doesn’t seem fair. 

 Answer:  Part of the fallout from the foreclosure crisis is to blame.  Cities, counties, the federal government and even banks are looking at ways to get families in homes.  The local communities do not want vacant homes creating blight, the government wants to help banks and consumers by filling vacant properties with stable home owners who are keeping the property up and paying the bank for a mortgage.

The combination of all these concerns has led to programs of all types, nationwide, that are all different.  The main goal of all of them is neighborhood stabilization.  Some of the ways they do this is to select certain homes in a neighborhood that will be slated for sale to private homeowners rather than investors or second home owners.  Many times these homes are sold with special incentives for first time homebuyers or income qualified participants.

If your agent is telling you that you can’t qualify for a property, that is in your price range, it is most likely for one of these reasons.

3)     It seems like my offers never get accepted, even when I offer the full price.  I am approved by a lender and feel like I am doing everything right. What is wrong with my offers?

Answer: The first part of this answer really has more to do with the big picture of your marketplace.  Ask your agent to analyze the price range you are buying in. It is possible that while the overall market activity is sluggish that your price range is quite active.  Typically, when this is true, that means you are competing against investors and all cash buyers. It is hard for a seller to look at an all cash 30 day close offer and be objective about your finance offer.  The cash offer looks like money in the bank. Your offer looks iffy.

Secondly, work with your agent to develop a strategy for getting a house in your price range without having to go head to head with cash buyers.  Some examples of these things can be a personal letter to the seller about why you like their home, contacting agents whose properties have been “in escrow” for more than 70 days.  There may be a problem and you could be the savior by putting in an offer just as the one they had is falling apart.  In general – think out of the box.

Top 3 Home Improvements - This Month In Real Estate

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We often hear how important it is to get all the facts and check everything out when BUYING real estate but what about selling? A commonly overlooked component of SELLING your home is updating, staging and tweaking your home to appeal directly to buyers. Most of these items are simply and only require a little effort - but can pay off in a big way, your bottom line.

For more information on selling your home visit our Sellers Page at PSagent.com

Upcoming Events in The Desert

From Charity walks to Golf Parades there is a great mix of events right around the corner in the Palm Springs  and greater Coachella Valley.

Sept 22-25, 2011 Camelot Theaters Palm Springs - Cinema Diverse - Gay and Lesbian Film Festival

October 14-15, 2011 American Heat Motorcycle Event in Downtown Palm Springs - If you like Motorcycles you will want to be in Palm Springs This weekend.

October 22, 2011 24th annual Desert Aids Walk starting in Ruth Hardy Park at 7:30 am

October 23, 2011 - Palm Desert -If all that walking wears you out you can rest up at the Golf Cart Parade. Held Every year since 1983 this fun event, on El Paseo, showcases just how talented people can be when it comes to designing that perfect Golf Cart.

And this just scratches the surface of all there is to do in the Coachella Valley. From Film Festivals, Food Events, Art shows, Sporting events, Concerts and theater there is always something to do under the Sun in Palm Springs.

Cool Homes In The Hot Desert

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The September 2011 Issue of Los Angeles Magazine has a great feature on three unique Desert homes.  The article is called Sand and Stone and can be seen in the LA Magazine online digital edition.

The homes featured are  Desert House, Acido Dorado and The itHouse.

The Desert House is located in Desert Hot Springs, located west of town on a hill with commanding views back towards Palm Springs and the San Jacinto Mountain Range. Prefab construction. It is currently offered for sale as a short sale for $599,000.

Acido Dorado is located in Joshua Tree.  Through the innovative use of concrete, mirror and metal melds itself into the stark but dramatic landscape in a way that makes it seem as if it just belongs. This home is in a rental program and has been used for fashion shoots all of which you can see by following the link provided above.

The itHouse is located above Pioneer town, the funky, hip former western movies set located just west of Yucca Valley. The house is off the grid and is partially powered by solar panels.

All of these properties show out of the box thinking in both materials and design and are a breath of fresh air. With the current movement and popularity of Green technologies we are sure to see more structures with these elements in the Desert soon.