Stephen (Steve) Love

Your clients can wait if they want, but they might be waiting a very long time for the market to offer the value it does today (the last significant recession was 30 years ago). The Palm Springs real estate market has begun its rebound.

It couldn't be easier to keep tabs of everything real estate in the Palm Springs area. Check out the icons beneath my signature below and join us on one or all of the social networking sites Greysha and I utilize.

Best of all, re-post or Share our real estate blog, Palm Springs California Real Estate and our social blog, Most Important Palm Springs Area Real Estate Blog (through Google Friend Connect and/or other sites). Show me that your client subscribed through you and we'll establish a referral relationship. Become a fan of our Facebook Page (Palm Springs California Real Estate: Love of the Desert), which is different than my Facebook profile icon below, and you can use it to register your clients. Of course, you can still just call with a referral!

As you know, there hasn't been a better opportunity to own a home since the recession of 1979. Interest rates remain low and loans are available. Your clients will not believe the eye-popping values available to them, especially compared to where they live. Now's the time for second homes or relocation. Check out the dedicated website links below for some examples. The entire Desert Area MLS can also be searched through our website.

Let us now if you want to include any of our listings on your own website (it's a great way to attract buyers!).

http://1532ebaristoroad.epropertysites.com/

http://18boulderlane.ePropertySites.com

http://138lochlomondroad.ePropertySites.com

http://38oakmontdrive.ePropertySites.com

http://781deerhavencircle.culdesacproperty.com/

Please contact us anytime for whatever assistance we can lend with real estate in the Coachella Valley (including Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta and Indio).

Regards,

Stephen C. Love

Windermere Real Estate / Coachella Valley

71-691 Hwy 111

Rancho Mirage, California 92270

Office Phone: 760-770-6801

Office Fax: 760-770-6951

http://www.palmspringsgreathomes.com

We always appreciate your referrals!

Follow Us at (Clickable Icons wil display in HTML format):

We tell our clients:

If you‘re not in the market for yourself, it‘s certainly a great time to help children or grandchildren to get into a new home. As a straight investment, if not a gift, it makes sense to recognize the appreciation that will likely outstrip the paltry interest rates currently available. We exhort them to consider the ideas we offer in our new blogpost on our business blog, Palm Springs California Real Estate:

Are You Crazy For Not Buying Palm Springs Real Estate Now?

Is Inflation on the Horizon?

Federal Home Buyer Tax Credit Could Expand

Is California Running Out Of Tax Credits?

HUD: Can You Use Tax Credit for Closing Costs and More?

...and then we appeal to them to please contact us for in-depth information on any of the benefits described below. We also suggest that we can help with rentals if they'd like to experience this resort destination before purchasing.

We've also just added a really cool post to our companion (Palm Springs social and recreation) blog, Love of the Desert, for a taste of the Palm Springs lifestyle.

This is really a great time to buy (especially in the Palm Springs area) and we do care and try to ensure that that our clients recognize this opportunity. Please Contact Us for more information and/or discussion.

Regards,

Steve & Greysha Love

As mentioned in our previous blog "Short Sales Revisited", the Obama Administration is planning on implementing strategies to streamline the short sale process which is long overdue and hopefully takes away the stress and frustration that up until now is customary with the short sale process. Can hardly wait ! Even with the experience we have in Short Sales, it is often very time consuming and frustrating. This new plan is a welcomed necessity. The following is a quick primer about Short Sales and the proposed "Plan" :

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are "upside down" on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

What challenges have short sales presented?

The rapid increase in the number of short sales, and the short sales process itself present a number of challenges, including:

1. Limited experience
Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders' lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.

2. Absence of a uniform process and application
Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions.

3. Multiple lenders
When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.

As a result of these challenges, Realtors have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.

What is Being Done to Address These Challenges?

On May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program. The Foreclosure Alternatives Program is anticipated to launch in late July.

Obama Administration Announces Financial Incentives and Uniform Process for Short Sales

(From National Association of REALTORS® Government Affairs Division)

On May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure. Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors. Late July is the Treasury Department's current target for issuing guidelines and forms necessary to start the program.

Borrowers (Homeowners)

Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don't qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

Incentives

Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

Standardized Documents

The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

Property Valuation by Appraisal or BPO

Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

Timeline

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

Commissions

The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

No Borrower Fees

Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

Program Expiration

The program is in effect through 2012.

Deed-in-Lieu of Foreclosure Option

Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

*Most information courtesy of Realtor.org

You discuss the fact that there is ample inventory to choose from , that asking prices have been adjusted to be realistic, that interest rates are near historic lows and that loans are available with tax credits for first time buyers and buyers of primary homes. Buyers should be clamoring to buy! Their reservation: "What if I lose my job?"

The answer is Supplemental Unemployment Insurance. Let's find the carriers with which we can collaborate so that Realtors and/or Sellers can offer this major benefit to prospective buyers.

Please contact me with ideas and to discuss. - Stephen Love; steveandgreysha@gmail.com; www.palmspringsgreathomes.info; www.loveofthedesert.com

Who else wants to make new friends using Google's new Google Friend Connect social networking?

Google is quietly rolling out its own Google social network using Google Friend Connect on blogs everywhere. It is really easy to use, very secure and feature laden. What's better yet is you don't have to join any new sites. Start by creating a Gmail account. This Gmail address will be public on both your profile and to any friends you make thru Google's social network and in Google Friend Connect. Choose wisely and use your real name. This is not some Zoo like MySpace or a spamfest like Facebook. This is real people that you really know or want to know. Once you have a Gmail email address set up or you choose to use an existing Gmail address the rest is easy. Follow the instructions and start by creating a Google profile and add a picture of yourself. Go to www.loveofthedesert.blogspot.com and look at the Google Friend Connect widget on the top right of this blog or the new version, the Google social bar at the bottom. Next, click the "join" button and you you will be added to the Friend Connect widget and you will see your picture appear in the members listed there. The site will show as one of the sites you have joined in your profile and any friends you make in any Google Friend Connect widget will also appear in the widget as "friends."

How do you make Google Social Networking Friends?

Next, click a member's avatar in the Friend Connect widget and you will be presented with a "+add as friend" link. Click that link and you can add the person to your friends list. When you do that and the person you are friending accepts the request, their contact information will be added to both your Gmail contacts under the Gmail address you were logged in under and if you choose to turn it on, Gchat in Gmail and Gtalk if you use the stand alone client.

Why Google Friend Connect Kicks Facebook butt

The results of adding Google Friend Connect friends I described above is much like any social network but here is the difference. Rather than having a bunch of social sites that you get tons of "Join My Group" spam like requests from, you manage your friends thru Gmail. Just one interface your probably use every day since Gmail is a very slick email application. Send a bunch of spammy email to your friends and very quickly you will find that Gmail address gone. Send a bunch of links to your friends for some MLM site and you will find that site gets blocked fast by Gmail spam filters. You will also find you don't have any friends anymore either. Also, Google is very much about mutual two way relationships here. They are not going to let this degenerate into a spam fest, complete with all the ramifications that you probably know well. You can't just go around adding friends willy nilly and then send them a bunch of Gmail spam. Until you accept a friend request, neither parties get the Gmail address of the other. Pretty good job there, Google. Don't want that friend anymore? Just delete their Gmail address from contacts and they are no more. Bye bye, easily done. Google is going to take this humble start and turn all of the various Google properties into one big social network. So all the friends you make thru the widget will be portable, not just to any blog using Google Friend Connect, but every application that Google provides. I am very excited about what is coming here, and the early adopters will profit from this as you build large friends lists across any blog and all the Google applications.

How can you and your friends and family use this?

This is not some marketing promotion, this can be used for families to stay in touch, neighborhood friends or how about a grade school group of parents? You can interact anywhere on the web with these friends and you don't need a website to go with it. If you want one you can build one for free on Blogger.com just like I did. How about a family blog that keeps distant family members in touch with each other? How about a work blog that keeps employees in touch and allows them to share information and projects? How about a business blog that allows readers to share and comment on current news and blog content? The options are endless and I am sure many of you will come up with your own exciting ideas using Google Friend Connect. You can learn even more thru this Google Friend Connect tutorial. If you come up with something you would like to share here, contact me and I will be glad to let others know how you used Google Friend Connect. Happy Friend Connecting! - Stephen Love