Paul Kaplan

Architectural Realtor
(760) 285-8559
DRE# 01325586

Palm Springs is a Mecca for Mid-Century Modern Architecture

Posted on Feb 3, 2010 by Paul Kaplan

modernism_week_logo_

Over 10,000 architecture aficionados will be flocking to Palm Springs for the annual Modernism Week to discover the largest collection of mid-century modern architecture in the country. The 10-day event is scheduled for February 12-21, 2010, featuring more than 40 events including architectural tours, films, book signings, and film screenings, as well as chic galas and tours of mid-century modern homes. A vintage car and Airstream trailer show are new events this year. www.VisitPalmSprings.com and www.ModernismWeek.com

STOP BY MY BOOTH AT THE MODERNISM SHOW ON FEB 13 and 14th and pick up a free Palm Springs Mid-Century Neighborhoods Map.

Front-6

Here’s the schedule of events for the week:

Tags: Entertainment, Historic Preservation, mid-century, Palm Springs Real Estate, paul kaplan real estate

Help for Canadians buying Real Estate in Palm Springs

Posted on Jan 13, 2010 by Paul Kaplan

South_of_49_dl
The Canadian Guide to Buying Residential Real Estate in the United States

As more and more Canadians are looking to invest in the unitied states, now they can find an excellent resource to guide them along their journey. “South of 49 is a must read for anyone wanting to buy real estate in the US. This groundbreaking book is jammed full of practical information that will ensure you avoid all the potential pitfalls.” – Les Hewitt, Best-Selling Author

Palm Springs continues to be a hot spot for Canadian buyers. Prices are at record lows; the Canadian dollar is stronger then ever. I have helped numerous buyers find properties in the desert, from all over Canada.

Click Here for more information.

If you’d like more information of properties in the Palm Springs area, please feel free to contact me. I have extensive experience and resources available to assist the Canadian Buyer wanting to purchase in the Palm Springs market, from condos, to golf course homes to single family residences. www.PaulKaplanRealtor.com

Back-5

Tags: Canadians in Palm Springs, Palm Springs Real Estate, paul kaplan real estate, paul kaplan realtor

Trust issues with agents

Posted on Jan 7, 2010 by Paul Kaplan

Thought I’d repost this from www.housechick.com because I think its very relevant. It stresses the importance for buyers to get PreQualified with a lender PRIOR to looking for homes.

Do You Trust Me?
January 7, 2010 | By Kelley Koehler | Filed Under Home Buying, Loans and Financing

…in both the real estate and mortgage industries, there’s a decent amount of distrust between consumers and lenders, between clients and real estate agents. Historically, there’s been some amazingly dishonest people who have generally brought down the overall reputation of agents and lenders. Also, agents and lenders have a reputation for the hard sell, for pestering and annoying and pushing a sales message beyond what is appropriate.

(We’re not all like that. I promise.)

Anyway. We were talking about people shopping for agents and lenders online. I’d say 90% of my home buyers contact me without having talked to a lender first, or even really thought much about talking to a lender and getting pre-approved for a home loan. In my experience, that’s because people don’t know they need a pre-approval that early on in the game. He contests that people don’t get the pre-approval because they don’t trust the lenders either.

I say people don’t get the pre-approval because of a lack of knowledge about this process that most only go through very few times in their lives. He says it’s a trust issue.

What say you?

Its getting easier for Canadians to travel to Palm Springs!

Posted on Dec 17, 2009 by Paul Kaplan

WestJet to provide year-round service to Palm Springs airport from Canada
Marcel Honore • The Desert Sun • December 16, 2009

Canadian airline WestJet announced today it will expand from seasonal to year-round service to Palm Springs International Airport, according to a city news release.

Beginning in June the airline will fly two weekly round trips, on Thursday and Sunday, from its hub in Calgary, Alberta, the release stated.

WestJest provides daily service to Palm Springs from Calgary, Edmonton and Vancouver, it added. The airline has transported some 128,000 passengers to and from the Coachella Valley this year, according to Tom Nolan, Executive Director of the Palm Springs International Airport

Tags: Canadians in Palm Springs, Palm Springs Real Estate, paul kaplan realtor

Real Estate market continues to improve

Posted on Dec 14, 2009 by Paul Kaplan

Two articles I reviewed this weekend that are both worth reading:

Stupid or broke? – An interesting article written by Marc Roth of BusinessWeek describing the nearly once in a lifetime buying opportunities in residential real estate. Sometimes feedback from a third party stimulates otherwise difficult conversations surrounding pricing with our sellers or a sense of urgency with our buyers. http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

Phase 2 of the Market’s Comeback – An interesting editorial in the New York Times yesterday written by Paul J. Lim. Words of encouragement and caution. In the equity markets, the small caps rallied first, followed by the large caps. As we enter year-end and 2010, investors seem to be cautious of a correction of up to 10% before the bull gains more momentum. So while we seem to be poised for volatility in the equity markets, real estate seems to be stabilizing and, just maybe, ready for modest growth. http://www.nytimes.com/2009/12/13/your-money/13fund.html.

Tags: Palm Springs Real Estate, Sales Activity

What is a short sale??

Posted on Dec 2, 2009 by Paul Kaplan

Originally posted on ActiveRain.com Via Boca Raton Florida Homes for Sale David Serle (RE/MAX Services):

Short Sales are seen more often these days in the real estate market. Its important for buyers and sellers to understand exactly what is involved with short sales. Here is some basic information to help answer some questions…..

What is a Short Sale?

A short sale is the process by which a homeowner can sell a house for less money than he actually owes on the mortgage(s). This is done by the buyer or investor providing proper documentation to the mortgage lenders to convince them to reduce the mortgage balance to allow the sale. The mortgage lender (or bank) actually takes a loss (or write-off) on the mortgage because the value of the home has fallen below the mortgage balance AND the homeowner is in a poor financial condition that will not allow him to continue to pay on time.

If the bank approves the discount on the mortgage, the home can be sold for a lower price without the seller having to come up with cash to cover the shortfall, and the mortgage is satisfied and the foreclosure process stops.

Note: Very few short sales are actually accepted by banks. Additionally, we strongly encourage sellers to consult their tax advisors regarding tax implications that may result from a short sale.

What type of situation is the short sale best for?

Short sales are done on properties in which the owner is “upside down”. This means they typically have negative equity or no equity in the home. In other words, the total balance owed on the mortgages is equal to or greater than the price at which the house can be sold. This situation unfortunately, has increased due to the risky loans within the last few years including 100% mortgages (no money down) as well as the recent decline in prices. This is particularly prevalent in the South Florida area, which has a large glut of homes for sale.

In addition, the homeowner must have some type of financial hardship that is preventing him from paying the mortgage. This is commonly job loss, medical bills, disability, or some other hardship.

How does a homeowner benefit from a short sale?

First and foremost, it relieves the stress of being in foreclosure or the worry about possibly going into foreclosure and being hounded by the mortgage lender; and it allows homeowners to get rid of their big mortgage payment and move on with their lives. If you have stopped making the payments on your mortgage, a short sale allows you to stop the foreclosure and get a fresh start. They are tremendously thankful to just relieve the burden that their home and mortgage have become.

A short sale also prevents additional damage to your credit. Having some late payments and a foreclosure filed has already done damage to your credit. However, a completed foreclosure will do much more damage and lower your credit score tremendously. Obviously, if you have to declare bankruptcy, that is a huge black mark on your credit. A short sale results in the mortgage actually being paid off, which reflects positively compared to a foreclosure.

Why would a bank or mortgage lender want to do a short sale?

A common saying is that banks are in the business of lending money and do not want to own real estate. When a bank takes a property back via foreclosure, it is a long and expensive process and often results in holding the property in their inventory as a non-performing asset. Banks have a limit to the amount of non-performing assets they want to hold. Once this limit is exceeded, they have a strong incentive to get rid of the properties at discount prices.

For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster.
Note that banks are very slow in processing short sale requests.

Will a short sale “save my house”?

In the sense that you will be able to continue to live in the house, unfortunately the honest answer is no. A short sale is only done involving a legitimate sale of the home from the foreclosed owner to another unrelated party.

Will a short sale “save my credit”?

The short answer is yes and no, a short sale can save you from the worst credit disasters.

By defaulting on mortgage payments or having a foreclosure filed against your property, you have already done damage to your credit. Your credit score has declined and those negatives will stay on your credit report for some time. However, it will get much worse if you allow the foreclosure to continue and do not try to short sale the property.

Once a foreclosed property is sold at auction, your credit score is further reduced and when the foreclosure is completed via eviction and repossession of the home, your credit will be even further damaged. If you can complete the short sale BEFORE either of these takes place, then you can prevent that further damage to your credit. In addition, when the short sale is completed, it shows up on your credit as a “Paid” mortgage and a canceled foreclosure, which shows future creditors that you did take care of your obligations.

If your situation eventually winds up in bankruptcy, then that is the worst item that could appear on your credit report and it will remain there for years and cause numerous difficulties in getting future credit. A short sale can help avoid this, but the key is not to wait.

What other options might I have at this point?

When faced with a foreclosure, some things you may be able to do are:

1.Sell your home through the normal channels
2.Bring your mortgage current by making the missed payments and paying the penalties
3.Refinance your mortgage with another lender
4.Foreclosure Defense
5.File for bankruptcy
If you can do any of the first 4, then you probably should!
However, if your situation is such that your house cannot be sold for the amount owed, and you have no money to bring the payments current, and you have no equity to qualify for a refinance, then you should consider a short sale before considering option #5.

Again, I encourage you to educate yourself as much as possible about your situation and seek advice from any attorney, CPA, or Real Estate Agent you have access to about your choices. I do caution you against paying for the advice of so-called “foreclosure work-out specialists” or other such advisers unless it is by personal recommendation.

What is “Financial Hardship” and why is it so important?

“Financial Hardship” is a critical part of the short sale equation. No matter what you hear about banks “not in the business of owning real estate”, etc., they DO NOT give homeowners a break easily. They require GOOD REASON to give a discount for a short sale. They have entire departments called “Loss Mitigation”, which means their entire job is to reduce the loss the bank takes on a bad loan. Giving big discounts to investors increases the loss on a bad loan, so they don’t take it lightly.

The ONLY reason a lender will agree to a short sale is if they determine that the short sale will net them more money than proceeding with the foreclosure.

Understanding the homeowner’s financial hardship is a big part of the lender estimating whether they will be paid in full for the mortgage.

What do I do about my back property taxes when I do a short sale?

Just as in a normal home sale, property taxes are the responsibility of the homeowner until the date the sale is closed. Then they become the responsibility of the buyer or investor.

If your property taxes have not been paid this will affect the negotiations between the buyer and the bank, so you must inform us or any buyer of those taxes owed.

Can I short sale my own house?

No, this would be illegal. A short sale must be an “arms length” transaction. You cannot short sale your own house nor can close members of your family or friends do one for you either.

In a short sale, the lender is agreeing to discount the mortgage amount due to legitimate hardships; but not so that the homeowner can make a profit. No money from a short sale transaction can be paid to the homeowner (seller). Lenders will not approve any short sale in which they suspect the foreclosed homeowner will profit.

My house is already listed for sale on the MLS but isn’t selling; can I do a short sale?

Yes, you can and it is relatively common. Some lenders even require that a house be listed for sale before approving a short sale in order to show that a discount is necessary.

Are short sales guaranteed to work?

No. All the criteria MUST be met for a bank to even consider a short sale. It is not easy to convince a bank that the market value of the home is lower than what they are owed. They do not like to take a loss on a loan.

Then the bank must be convinced to discount the mortgage enough to make it viable for an investor to make a profit for his work and risk. The discount must cover all repair costs, closing costs, broker commissions, taxes and still allow for a profit for the investor.

What if a bank doesn’t accept the short sale?

Again, if the bank doesn’t accept the short sale offer, there is no transaction and the home is still owned by the homeowner and the foreclosure process continues.

How long does a short sale take, I need to get out now!

A short sale takes approximately 60 to 90 days to complete and sometimes longer. This is very important. This complicated process takes time so to have the option of a short sale, you must act soon. If you wait until 1 week before eviction, no one can help you do a short sale. It is simply impossible. DO NOT WAIT.

What paperwork do I have to do to complete a short sale and what is the exact process?

There is some paperwork to do at the beginning that we can assist you with but most is handled by us:

1. The homeowner must fill out a Borrowers Authorization form for each mortgage allowing us to speak with the lenders about the short sale.

2 You will be asked to write a letter detailing the financial hardship that caused you to fall behind on your mortgage. Any other proof of your financial hardships such as bank statements, medical bills, pay stubs, termination letters, etc. should also be included.

1.After we have prepared and sent the entire short sale package to the lender, the lender will arrange a BPO, which is similar to an appraisal, to determine the value of the property. This can take a few weeks.
2 Based on the BPO, the bank will negotiate with us on the details of the short sale and after several weeks, they will either approve or deny the final offer.
3 If approved, a date will be selected to close the transaction just like any other real estate transaction.

Why do I have to sign a Borrower’s Authorization?

In order to both determine if your lender will consider a short sale and then to actually negotiate the short sale, we need be able to speak to your lender about the mortgage. The lender will only speak to people you have authorized them to speak with.

By signing a Borrower’s Authorization, you give the lender permission to speak to us about your loan. That is all it does, but it is necessary. An authorization must be filled out for each mortgage.

Updated Dec. 1, 2009 by Paul. Short Sales are EXTREMELY DIFFICULT TO PROCESS AND FRUSTRATING! Keep in mind, it is very difficult to get a bank to accept a short sale. In California, the current average as of May, I’m told, is 2 out of 10 short sales are being processed. That’s up from 1 out of 25, at the beginning of the year.

In my experience, that short sales can take over 4 months to get them processed…I have some that have been in process for over 6 months. If you’re trying to buy a short sale, you have to be extremetly patient….these are not good properties for anyone that has a timeline to move. Additionally, a buyer can wait over 4 months for a bank to respond to a short sale offer, and it may not be an acceptance.

Additionally, sometimes while waiting for a short sale to go thru, the property will go into foreclosure without the buyer knowing. There’s no guarantee the property will go back on the market either once it is foreclosed…. .

These are very tough transactions.

Tags: Foreclosures, Palm Springs Real Estate, Short Sales

Palm Springs inventories declining, prices increasing

Posted on Dec 2, 2009 by Paul Kaplan

The local real estate market continues to show signs of recovery in Palm Springs.

Current inventories are declining, as the median price for homes has been increasing.

As of December 1, 2009, the total number of Single Family homes for sale in Palm Springs, was 423. This is down approximately 20% from November 2009 inventories. The total number of Condos on the market as of December 1, 2009 was 476. This is down approximately 18% from November 2009. (information is per our MLS)

Per the laws of supply and demand, as inventory levels shrink, prices tend to inch up. The median price of homes (which means the price for which half the homes sold for more and half sold for less) increased about 9% from $284,900 to $311,700.

New home buyer incentives as well as incentives for resale buyers, plus low interest rates, continues to fuel our market place. Additionally, with the recent strength of the Canadian dollar, we’ve seen many more Canadians entering the market taking advantage of the exchange rate and low pricing.

Many potential buyers have been waiting until we have “hit bottom.” It appears that may have happened in some price ranges and we may finally be seeing a swing upwards again!

If I can answer any of your real estate questions, please let me know!

Thanks
Paul Kaplan
www.MidCenturyModernPS.com
760-285-8559
Pacific Union
DRE 01325586

Tags: Palm Springs Real Estate, paul kaplan real estate, paul kaplan realtor, Sales Activity

Palm Springs – Vista Las Palmas

Posted on Nov 12, 2009 by Paul Kaplan

One of Palm Springs’ most exclusive mid-century neighborhoods, is Vista Las Palmas. Built by the Alexander Construction Company, Vista Las Palmas features some of best examples of Mid-Century architecture in town. Located at the foot of San Jacinto Mountain this development was built around 1960.

For more information on properties located in this posh neighborhood, please see below.

Congress extends homebuyer credit

Posted on Nov 6, 2009 by Paul Kaplan

Thursday, November 05, 2009

President Obama is expected to sign a bill passed by Congress today extending and expanding the first-time homebuyer tax credit to homes under contract before May 1.

The credit, equal to 10 percent of a home’s purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.

Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another.

That will provide an incentive not only for entry level, but move-up buyers — a goal supported by real estate industry groups, including the REALTOR® Association.

Tags: Tax Credit

Mid-Century Bungalow- Just listed

Posted on Oct 31, 2009 by Paul Kaplan

Mid-Century Modern Bungalow

74340 Old Prospector Trl,, Palm Desert, CA 92260

www.74340OldProspectorTrail.com

Features
»	Built in 1952
»	Mid-Century Modern Design
»	Clerestory Windows,Stackstone Fireplace
»	Custom landscaping and pool
»	Updated kitchen/honed granite countertops

Remarks

Attention mid-century architecture fans! This unique 1950s modern bungalow features all the characteristics which make mid-century design famous- crisp clean lines, floating vaulted ceilings, clerestory windows, natural stone fireplace, & walls of glass that celebrate indoor/outdoor desert living. Largely unaltered, & lovingly restored and maintained by the current owners, the home has an updated kitchen, stainless-style cabinets, & honed black marble countertops plus refinished concrete floors. A cozy covered patio welcomes you outside, with an original outdoor fireplace. A professionally designed drought tolerant garden, + Santa Rosa Mountain views, provide for a unique backdrop to your desert oasis. The swimmer’s pool has been recently updated including new equipment and coping. Conveniently located to the Living Desert, El Paseo shopping and restaurants, this charming architectural gem is a perfect desert retreat for anyone that loves mid-century desert modern design.

Price :	$ 325,000
Type :	Single Family
Beds :	2
Baths :	1
Size :	1238 square feet

Contact Information

Paul Kaplan

(760) 285-8559

paulkaplanre@gmail.com

www.MidCenturyModernPS.com

Pacific Union GMAC Real Estate

1345 N Palm Canyon Drive
Palm Springs, CA 92262

760.285.8559

01325586

GMAC Home Services, Inc.. An independently Owned and Operated Firm. GMAC is a registered trademark of General Motors Acceptance Corporation. Equal Opportunity Housing Provider.
© 2008 Properties Online, LLC (RealEstateSites.com) The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase. By providing links to other sites Properties Online, LLC does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to the agent, brokerage, brand or Properties Online, LLC.

Equal Housing Opportunity.

Palm Springs Real Estate News