Yes , as a Realtor I did help a lot of my clients and friends buying second and third homes in Palm Springs.

Today they come to me for help to get them out of there. They are not in the position of foreclosure or even short sale. They are not delinquant and pay all their bills but they feel it might not last for much longer considering the economy and their income situation.

They spoke to the banks to find a solution, they are all intelligent responsible buyers and owners and kow that there must be a way they can ride this wave.

How about getting you to help us out there and reach the banks for a programme for people who take their credit seriously, who take their home ownership proudly and who as patriotic as they can be do not want to contribute to adding more foreclosures into the system ?

I am looking for people in the same situation that know they can hold on for 3 to 6 months but not much longer in making their mortage payments but do not want to give up and are determine to have the banking system find a way (which would work for them too ) to keep the owners in the business of owning and paying their mortage and the banks in the business of lending money.

The way I see it is to increase the length of the loan and this cut down the amount of the mortgage , keep the value of the property until the market gets better and keep the economy going.

What do you think?

I hear this everyday around me : “How do I find a way to avoid foreclosure on my second home or homes :

I am a realtor in Palm Springs (mainly market for second and third home owners) and I hear number of realtors and clients owners like me who got carried away and bought properties maybe over the top seek for solutions.

When you are a Realtor in this market and when you have to face 3 or 4 mortgage payments every 4 weeks, you feel “the heat” and you want to avoid being in a position you see your clients getting in.

I called the banks and in fact there is no body to talk to (we know that) but I mean no program or department in place to talk to people that are still good for the money but KNOW that within a few it is there waiting for them the “missing the payment” or the other alternative they advise you to do is to sell that property (don’t we wish we could sell at what we bought it for !!!) but we know that in our market today selling would not solve the problem and it would have to be a short sale - eventually a foreclosure.

The banks transfer you to their collection department where in fact they are very rude and not very helpful people get to talk to you and the answer is always “CALL US AFTER YOU FAIL”.

Well I do not accept this, I would believe that banks do not want to see more foreclosures and that they would try to “help” and find a way to cut your monthly payments by maybe doubling on the length of the loan for example. But I am finding out that NOBODY is taking the problem at the bottom before it become a bad desease that you can not cure…YES there is a program with FHA if it is your primary residence…whey could’nt we have something put in place to help the owners of second homes keep their ownership and mainly keep the inventory down and prices up..and just in general HELP THE MARKET TO HOLD ITSELF!!!!

LEt me know ..I want to hear…

I am back from vacation outside of the country and I must say it did sound bad from where I was. But then back at my desk and talking with my “potential clients” I understand that we could do worse….Yes sales are up and prices down..but inventory is getting down too (as well as the foreclosures in our area) and we might just be hitting the bottom of the market…I am giving you here today’s article in the Desert Sun our local news paper (considered by all as a very pessimistic paper):
House Market in Correction Mode  …I am really interested in your comments…

Why am I so POSITIVE…that seems to be against the grain nowadays.

I guess it is my performance, our local market and what I am doing …my results. hat put in me into that state of mind…so unnerving for the rest of the bunch…the realtors out there who did not sell anything in 6 months!!

I guess that I understand my market, listens to my clients and have the patience to find the right buy for them…They stick with me (see the testimonials ) http://www.claudinereal.com/Testimonials.htm and send me their friends.

Yes this might be my best year still …

The sellers are on the bench waiting the “right” offer …(i.e. I guess the way you present the offer might make it look great or just good to trash) , and the buyers are also sitting on the bench waiting for the “right deal”.

This is what I know how to do..

Clients contact me and want  to look for foreclosures http://www.claudinereal.com/Foreclosures.htm …and I really want to help but it seems that our area is “LOW” on foreclosures …I am of course of areas where “my clients” would like to buy …desirable areas that make sense down the road for resales (isn’t the main focus when buying foreclosures) .

What I am finding out is that looking at “regular” listings and reading in between the lines we can understand which are the ones we will be able to “get” for much less and at a comparable price that you would have on a short sale or foreclosure.

Most of the sales closed this summer were is this parameter.

Let me tell you more…don’t be shy and post your comment if you disagree.

I always spend my summer in town ; this is the down time I usually use to update my websites and take care of projects kind of put aside during season.

This is it is all different.

I have closed over 12 escrows….still a few deals not closed….and more coming …

And I am reading everywhere how bad things are!

Our local micro market is doing fine..(Well I would not say that we are selling at prices seen 2 years ago…but we are selling ..)

Deals are being made and mainly with foreigners (Canadians for the most part down here) and most of them cash deals.

What is the impact for us getting close to our season ? The inventory is coming down…not as much as we would like to see…but coming down.

See my real estate  news items : http://www.claudinereal.com/Real_Estate_News.htm

What are your concerns in buying real estate NOW in our area ?

Have you heard things different that what I am saying ?

Yes hot but hot hot in sales !  I am selling just as if we were in high season and I understand …understand the buyers brave enough to come and run around with me in 110 degrees heat to look for the deal! And yes deal are being made…and yes sellers are accepting low offers…and I am not shy of writing low offers.

This might be my best year yet in sales !! So by reading the news media …I feel I am living on another planet or continent because I AM BUSY!! and I AM SELLING!..

Take a look a the statistics page of the site http://www.claudinereal.com/Area_Sales_Statistics.htm 

First, the good news : Home sales have stabilized over the last seven months and are expected to increase measurably in the rest of 2008. And the subprime lending crisis is almost past; the balance of this year will be about cleaning up that mess. The bad news is that the current annualized sales pace of about 5 million existing homes is the lowest in 10 years. Luckly, the economy has over 10 milion more jobs than 10 yers ago, so sales should begin to grow later this years and continue into 2009, when sales should climb to 7.71 milllion units. HIgher conforming loan limits at Fannie Mae adn Freddie Mac also are helping. With high-cost limits now at $729,750, intrest rates on formerly jumb0-sized loans are easing. THere are other reasons for optimism, including the home buyer tax credit that’s passed both House and Senate. It would give buyers an incentive to get off the fence.So, eventhough we are not out of the woods yet, by many signs we’ve put the worst behind us.

 Yes between 110-115 degrees and I am showing properties and I am selling properties. Two more escrows in last week besides the 6 for the previous weeks.So DO NOT LISTEN TO THE MEDIA !As I said for over a year already, we are a micro market , so different from most of the country where yes the situation is catastrophic sometimes.We have to thank our Canadians neighbourghs for coming to our wonderful region and buying properties. Of course this is not out of their good hearts to “help us out” but just because it  makes all the sense in the world for them to buy NOW HERE :the currency gives them a 15% gain right away and of course our market.I am not shy of writing low offers…and I make the sellers understand and see the opportunity of an offer and a cash buyer at their door. So for the sellers who bought before 2004 it is not impossible to accept lower  offers.They are happy to move on and my buyers happy to have a SUPER DEAL!Yes I am not shy …try me!

This is the latest news and the importance of such a law now. This will impact a good number of our deals here in Palm Springs. 

On June 16, 2008, the State of California enacted a law thatallows same sex marriages throughout the state. In view of thisdecision, questions may arise about the requirements to insuretitle.Simply stated, upon acquisition of real property, spouses of asame sex marriage should be treated the same as spouses froman opposite sex marriage. No proof of marriage is required.Any underwriting requirements related to how title is to be heldor disposed should be the same as those currently applied totransactions involving married persons of the opposite sex.As a reminder, as an escrow holder, we are not authorized toprovide recommendations as to how anyone should hold title;however, the following variations are acceptable examples fortitle insurance purposes:John and James, who are married to each other, as tenants incommon. Susan, a married woman and Sarah, a marriedwoman, who are married to each other. Peter, a married manas his sole and separate property. Louise and Catherine, amarried couple, as joint tenants. Anthony and Douglas, spousesas community property. Barbara and Jane, a married couple ascommunity property, with right of survivorship.