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Palm Lakes Short Sale CLOSED!

Another Short Sale Listed, negotiated and CLOSED by the Desert’s Short Sale specialist.  This cute condo at Palm Lakes in Palm Desert was a B of A COOP short sale.

What’s a COOP short sale?  Co-operative.  That means Seller was pre-approved for the Short Sale, the List Price was the pre-approved net number to the Investors, so once it was listed and I got an offer, the process was much more efficient.

Listed to Close in just under 60 days.

One Note, Primary Residence.  No cost to Seller and Seller received $5,000 in Relocation fees from B of A at the Close of Escrow!

Looking for an experienced Short Sale List Agent?  Give me a call for your free property consultation…760-285-3578   kjkpolo@gmail.com

My reservations about B of A's COOP short sale program may be easing here in Palm Springs Valley of California.  The only drawback I could see was that the appraisals kept coming in over market, and that dragged out the Listing time.  However, there are reductions scheduled for every 21 days so with this Short Sale without an offer, it seemed a perfect fit.

It took about 3 weeks for B of A to do their BPO, and assign a Listing Number to the property.  I had a number in my head that I knew would generate activity, and the number I got last week was actually approx. $3,000 LOWER than my number!  Great..off to a solid start.

I listed the Condo at Palm Lake in Palm Desert at 5:30 a.m., and had a cash offer by 5 pm..and the cash offer is about $2,000 OVER their List Price.  So, in this case, it was the correct number.

I have uploaded everything to Equator and my contact tells me they will review it early next week and let me know if we are golden to open Escrow and proceed to close.

The lower price points seem to be easier for the Investors to assign numbers to.  As you move up in values, their suggesst list prices get a little skewed, but that's to be expected I guess because not as many are SOLD!

Oh..best part?  The Condo is selling for approx. $52,000 and B of A is allowing $5,000 relocation fees to the Seller!  She's thrilled since she has lost a ton of money from what she paid in 2007. 

Choose an experienced Short Sale List Agent.  Certified, and experienced with lots of different Lenders..references provided upon request.  FREE consultations on your many options..760-285-3578.

Cute as a button, remodeled, 1bd/1ba Condo coming up at Palm Lakes in Palm Desert, CA. This short sale is a COOP short sale with B of A. That means that the List Price has already been approved by the bank and the close will be quicker than with a standard short sale.

Palm Lakes is a gated community of Condos offering a clubhouse, 2 tennis courts, community pool and lots of lush, green common areas..all for $225/month HOA fees. This particular unit is in a great location on the second floor with a balcony that overlooks the lake and community pool and to the Southern mountains. Lots of light!

Seller has remodeled the bathroom with custom tile in the shower and a new cabinet/sink. The kitchen also has been remodeled with new cabinets, a granite kitchen eat bar and includes a gas stove and dishwasher. The condo has an interior laundry area and is all freshly painted. The bedroom has 2 closets, one with extensive built-ins and the other with a deks/office area in it.

The Condo has also had extensive upgraded lighting installed. Just really a nice unit. Great for a seasonal visitor, investment, or a college student that wants to live close to campus.

Should get my List Price today and get it active. It originally sold for $185,000 in 2007 and I expect the List Price to be approx. $65,000..unbelievable, right???

Specifically...Lender names when talking about experiences with them with regards to Short Sales??? 

I have mixed feelings here.  Yes, I have posted blogs about my own experiences with particular Lenders.  They DO get responses..both from other Short Sale Agents which I find most helpful and even in some cases, the Lenders themselves.  I have had several stalled Short Sales resolved due to the interraction between my posts and the Lenders.  A good thing.

On the other hand, I am told by Agents that the Lenders monitor the blog sites and you don't want to be considered one of the "problem agents."  Hmmm....I think to be a good Short Sale List Agent, we SHOULD be creating "problems" for the Lenders by NOT giving up, going away, hiding our heads, apologizing, or simply accepting lame excuses for not processing our files. 

I have posted blogs on Bank of America, that were scathing, dripping with frustration and wondering why I could not get something resolved.  I have also posted blogs on Bank of America that are high in praise for a specific negotiator or the speed and efficiency that they handled a file.  It DOES happen.  Perhaps because I know it does happen, I find it appalling when there is an example of a REALLY bad Short Sale file.

I appreciate the volumes of files the Lenders have.  I appreciate that Bank of America in particular, due to their numbers of bad notes purchased from Countrywide and otherwise, CANNOT be on top of all their files.  I also read and file with care and believe each of the Agent e-mail updates.  They don't normally happen quickly, but they do show me that someone at Bank of America is trying to expedite the Short Sale process..and that is always good news.

I will continue to post blogs on both the good and the bad.  I think it's equally good for the Lenders to read about their short comings as it is to read about their successes..that's how things get changed.  I suspect that the Lenders DO monitor the blogs and they may put a black mark by my name as a "problem", but I'll take that chance to make it easier and faster for the next Short Sale List Agent that is working a file with them.

Generally speaking, short sales are so much better to handle in 2012 than they were in 2007, 2008 and 2009, that I have extremely optimistic feelings about short sales in 2013-2015.  Maybe they'll be done by then???

So I got a call to go meet some potential clients to list their home short.  Set the time, got my Short Sale info together along with the development info and off I went.

Lovely, older couple that were so scared and confused and very sad about losing their home.  He's 80, she's not much younger and they did NOT want to give it up yet.

So..I did my job as a Short Sale List Agent with integrity.  I educated them.  Spent almost 2 hours with them sharing the ins and outs of a Short Sale with them.  The timeline they are looking at since they are still current on their payments.  The other options available to them at this time..refinance?  Loan mod? 

They decided to contact their Lender and see what else was available.

As I was leaving, he said, "Thank you so much Kimberley.  What do we owe you?"

I laughed.  "Nothing.  I'm just doing my job.  I hope you will give me a call if you do decide to sell your home." 

They both said that was a sure thing.

Sometimes, our job is to share what we know about the market and short sales..not walk away with a listing.

Short Sale Sellers; Check your Listing Agents' References! 

Had a listing appointment last week with a potential Short Sale Seller.  He is only 30 days delinquent and his property is spectacular..truly stunning.  The Location is very questionable for a home of this magnitude and that's where he, being the Architect, may have gone wrong.   But..Mr. Seller is very bright, very successful, and well-versed in the world of the Short Sale.

Because there are two loans with two Lenders and a huge amount of money to forgive, this one is going to be a trick..but I think because of the location and the loss of Income here, it should get approved. 

I spent quite a bit of time with my Seller.  We went over comps, we went over loans, we went over Lenders, we went over documentation required and then he asked me for four recent references.  Bless him!!  I had them, gave him the names/e-mails and left feeling pretty confident.  I knew that I was just one of several interviewees, and being a Realist, I know nothing is a slam dunk, but I was hopeful.

Three days later, he called.

"I did contact your references and they were very complimentary of your and your Short Sale knowledge and services.  I definately want to list with YOU!"

I am thrilled, but I also feel even more confident.  I now know that my Seller truly does believe I know my business, and will help me even quicker with anything I should ask him for.  Hopefully, we can make this difficult transaction as smooth as possible.  I'm also very impressed with Mr. Seller.  He actually followed up with my Short Sale references and called them!

Short Sales are not Standard Sales and do not fit into just any old Realtors Agenda.  Find out how many Short Sales your potential List Agent has listed, contingent, pending and CLOSED over the past few months..several years is even better.  All the Certifications in the world do NOT compare to SHORT SALE experience.  Find out if your List Agent is up to the job.

Another HAFA Short Sale approved!  Indian Creek Villas, South Palm Desert.  This was a Bank of America, only one loan.  Hardship was death in the family and the emotional toll it took on the homeowner.  Listed and approved in approximately 60 days..we have 45 days..until 12/1 to close it.  Cute Condo that sold at the peak for over $200,000...approved at $58,500.  Hard to believe!  The owners will be primary residents so lucky for them..happy Buyers, relieved Seller with $3,000 to help her relocate. 

Short Sale Team added to HK Lane Real Estate. Envisioned by owner, Harvey Katofsky, Broker Ron Gerlich and Real Estate Attorney, Paul Bojic, the idea is a "One stop team for Short Sale advice." Two Listing Agents, Kimberley Kelly and Ally Valesquez will be working with them, as well as a Short Sale negotiation team that will deal strictly with the Lenders.

Our belief is that Short Sales will become HUGE in the next couple of years here in our Coachella Valley. They are already a rising part of the local market in Palm Desert, Rancho Mirage, Indian Wells and La Quinta, which are the cities we are focusing on. Palm Springs is to be added later, but the real focus will be to capture some of those homeowners who are 30 days plus behind on their mortgages, and do not understand their options. They can speak with our Attorney at no charge, get qualified to see if they CAN short sale their residence, and if so, begin the Short Sale process.

Working with my current Short Sale clients and also the Buyers' Agents and Lenders, it seemed a natural move. Short Sales are frustrating, can be time consuming and hard on the Sellers..why not try to make it easier and smoother for them?

Here's our websitre: Http://www.desertshortsales.us

e-mail: team@desertshortsales.us

phone: 760-202-1010

Wish us luck and I'll keep you posted!

Kimberley Kelly,

Short Sales reduce numbers of strategic defaults..

Since beginning my short sale career when this mess in the Coachella Valley, CA took hold years ago, it has been my mantra that the Lenders do NOT want to be truthful with their shareholders regarding true values of their housing assets. Now, I am seeing this very idea in various media outlets. I still believe it! If they were okay with telling the truth, and not "cooking" the books, they would work with their Short Sale Agents in a timely manner and let us help them clear out the inventory, set the price/sf back where it should be to actually SELL, and get us back on track. They will HAVE to declare these losses anyway..they just want to control the timing as long as they can..infuriating! The following is from First Tuesday and gives some interesting timelines.

Presently, the average time period in California between a homeowner’s first default and the trustee’s sale is around 12 months: five months in default before the notice of default (NOD), and another 7 months to complete the foreclosure. Prior to 2008, foreclosure periods stretched across three months of delinquency followed promptly by the recording of an NOD, with the trustee’s sale occurring four to five months later. (So true..used to be 6 to 7 months across the board here in Coachella Valley.)

However, the foreclosure routine has been altered and extended as the result of California legislative changes in the periods for enforcement of lender foreclosure remedies. (And, I believe, the Lenders inability to be truthful regarding their asset's true values..)

Entirely aside from the lender’s inefficiency in handling their files, what lenders are not doing currently is putting all of the real estate owned (REO) properties on the market in order to avoid declaring a loss. Lenders do not declare the loss at the time of the actual foreclosure sale. At the trustee’s sale, they bid on the property for the amount of the outstanding loan balance, declaring their bid as the cost of acquiring the property.

After, when the sale of the REO takes place, it inflicts damage on the lender’s reported solvency since they accept the price for the property the new buyer pays, a price generally well below the original outstanding loan balance paid by the lender at the trustee’s sale. On closing, they must declare for the first time the loss they have long held on that loan. On a resale of the REO they must “book” the loss as the asset (mortgage, turned home, turned cash) has been liquidated.

Ah-ha!