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Do you owe more than your home is worth? Are you having trouble making your payments due to financial hardship like divorce, health issues, loss of job or cut of income on job?
Our Company the Lori Bowers Group has been doing many short sales in our area for over 3 years. We are very proficient in getting the short sales excepted by the banks at minimal hassles to our clients.
Here are 5 tips to help you get through this process:
1. Be sure you have a complete and accurate and professionally presented package. This really makes a difference for bank approval.
2 months bank statements
2 years tax returns
financial statement
hardship letter
The agent will provide the rest if the information - comparables,
2. Stay in constant contact with the bank- you and your agent. The squeaky wheel gets the oil.
3. Understand going in you may have to make a cash contribution to get the deal approved by the bank.
4. Keep your financial information updated. Bank statements and paystubs cannot be over 2 months old.
5. Try not to me emotionally tied to the outmcome. Most cases do work out.
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* The first time home buyer's credit has been extended to April 30, 2010. Some current buyers may also qualify for a credit up to $6500 when purchasing as a primary residence.
* The standard business mileage is $.055 per mile.
* If you received Unemployment Compensation in 2009, you can exclude up to $2400 from your gross income.
* If you purchased a motor vehicle between February 16,2009 and December 31, 2009, you may qualify for an additional deduction.Please check with your accountant for details.
* Given the downturn in the economic environment during 2009, you may receive a Form 1099-A or 1099-C due to a foreclosure or cancellation of debt. The Internal Revenue Service can consider the amount on these forms to be part of your gross income. Check with your accountant to see how you may be able to exclude this taxable income under special IRS codes.
There are many other changes of 2009 which could benefit your specific tax situation. Please be sure to allow sufficient time for accurate preparation of your tax returns. Most accountants need to receive by at last March 20, 2010, to allow sufficient time for the accurate preparation of your tax returns.
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The Lori Bowers Group is the best real estate company for Canadians buying homes in La Quinta, California. They are a Small company in Old Town Quinta with 15 top producing and experienced agents who know the area well and what Canadians are looking for. They take care of the Canadians in La Quinta while they buying, during the sale, and after wards too. Many of their satisfied clients recommend them for many reasons including their loyalty, honesty,enthusiasm, hard work ethic, cheerfulness, knowledge of the homes and lending, renting their home, helping with services to maintain the home, checking the home while they are out of the area, and most of all treating their money like it is their own. They are familiar with dealing with customs, the consulate, transferring funds, passports, banking, and personal issues as well.
Form the time you step off the plane until you board again, you will know you are well taken care of and cared for by the Lori Bowers Group.
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Trulia.com reported that as of January 1, 21 percent of homes currently on the market have experienced at least one price reduction. Read more.. Has La Quinta Home Prices Hit Bottom? It's the question everyone is asking. Has La Quinta's market hit bottom? According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), home sales in California hit bottom more than two years ago, and the median home price of an existing, single-family home reached its trough in February. Myself and even some economists are forecasting another surge of foreclosures in 2010. However, C.A.R.'s economists expect that foreclosures will remain flat this year compared with 2009. Reason being that in 2008, lenders flooded the market with foreclosures, and as a result, the state's median price declined by historic levels. Conversely, in 2009, foreclosed properties were listed at a more measured pace, which helped moderate further declines in home values. C.A.R.'s projects that the median home price in California will rise 3.3 percent to $280,000 in 2010. Read more... What's ahead for La Quinta?  According to C.A.R., California remains ahead of the nation in market recovery because many first-time home buyers are entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments. Investors are also starting to jump back into the market as rental rates now pencil out.
Nevertheless, credit is still tight and unemployment remains high, which could hinder a full market recovery until 2011. Mortgage rates are expected to creep up by mid-year and close the year at nearly 6 percent. For more information on the Palm Springs area and La Quinta's real estate market, please email me.
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The Lori Bowers Group is hosting a charity event for K.A.S. E. (Keeping Animals Safe Everyday) The event is scheduled for Monday March 22 at Mountain View Country Club in La Quinta, Ca from 6-9 PM. Cost is $35 per person and includes a buffet dinner. Drink tickets will be sold seperatly. We will also have a silent auction, live music and a night of fun for a great cause. K.A.S.E. (Keeping Animals Safe Everyday) is a 501 C (3) organization that is dedicated to improving the welfare of injured, lost, abondoned and otherwise homeless animals. For tickets, more information or to make a donation please contact The Lori Bowers Group 78065 Main St Suite 107 La Quinta, Ca 92253 760-777-8788 
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I got a call yesterday from a man who is going to the court house steps and buying homes. It seems the banks are now not buying the homes as much themselves. This man says in most cases as long as there is someone on the courthouse steps bidding on the home, the bank representative is letting them have it. Now this does save the bank money, but on our side it is driving down the price of homes in our market. One example is a home we sold on short sale for $165,000 and the sale did not go through as the bank said the home appraised for more. Neither the buyer or seller would bring money to the table so the home went to trustee sale. This man bought the home on the steps for $144,000. The bank did save the cost of the fixup and repair of the home, more downtime to resell, and the real estate commissions for the listing agents. On the downside, the comps in the neighborhood are now $20,000 less - 13% less.
I kept seeing the prices going down, down, down and could not figure out why as we are getting multiple offers. We seem to have a short supply of homes. Many of these homes being bought are being held a few months or rented for awhile to get prices up a bit to flip the homes.
I personally feel any activity and movement in the market is good. The part that bothers me is that once again, the banks seem to be the ones making out at the expense of our communities and the people in them. I have emailed President Obama and Governor Schwarzenegger on this in case they are not aware of this. I do not know if they can or will do anything about this. At some point, this decline has to stop so we can start rebuilding our neighborhoods, community spirit and our personal wealth.
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It is that time of year again, the courses have been reseeded and the new grass is picture perfect. It is so beautiful to drive through La Quinta and see the scenery and how clean and well kept everythig is. * SilverRock, La QUinta's beautiful city course has reopened and is offering special rates till Christmas! Be sure to take time to enjoy the mountain views from the amazing course. *If you are a golfer, you will enjoy this event on Novemebr 10th from 6 to 7 pm at the La Quinta Museum. The topic is Golf Fitness! Learn how to improve your game by becoming "Golf Fit". This free class is cheaper then a new set of clubs!
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My team and I are so thrilled to have been a featured post in Lore Blog. If we can jump on board to the Internet and social networking, so can anyone. It is amazing how quickly things have progressed and taken off and how excited our agents are to jump on board. Please check out the article and leave us a comment. We would love to hear your thoughts and ideas! http://www.loremagazine.com/go/?blog_id=110
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I was at a seminar for the state of real estate in California and in our area yesterday. These facts I am presenting are from very well made computer caluculations over many years. This is important information as we live our new life in a new economy.We all have a good life, just a different life.
1.It looks like there will be 15,000-20,000 foreclosures a month in California over the next 2-3 years.
2. The stimulus is workin. Inflations is a concern.
3. Consumers are not spending. The credit impaired younger consumers cannot spend the way the used to. The wealth impaired older affluent consumers willnot spend.
4. 2012 a huge amount of commercial debt is coming due and for now there is no financing available for commercial loans.
5.Housing starts are lower in the United States than since 1958
6. 2010 in California they are seeing high end homes to decline about 20% and low end homes to stay the same or raise alittle.
7.In 2009, 84% of buyers in Califoria bought homes under $500,000.
8. In August 2009, 80% of home sales in Riverside County were distressed sales.
9. Over 1/2 the homes sold in 2009 had multiple offers
10. 47% of buyers in 2009 were 1st time buyers. 38.6% were 1st time buyers in 2008.
11. 19.6% of sales this year have been cash sales.
12. 58% of buyers say it is very hard to get financing.
13. 30% of sellers are selling because they cannot make mortgage payments
14.February 2010 is the date set for the reform of the Mortgage and Hosuing Agency.
Here is clincher- If you don't have equity in your home, you are not a homeowner.
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My team and I love the internet, website, blogging, facebook, craigslist, and on and on. The bottomline we have found is that when it comes down to it we still have to have the skills and personal relationships with clients, other agents,other brokers, lenders, servicers such as lenders, title companies and escrow companies to put the deals together and have them close. Even when the transactions are regular sales the personal relationships are essential in our area of La Quinta, California for several reasons. The deals flow more smoothly when the parties all are on board and work together well. Most people want to work with people they feel they knwo and can trust in a market that is at best unstable and unpredicatable at the current time. People have enought stress and chaos in most areas of their life now and like to have easy flow transactions whenever possible. There are minimal homes available now and we all need to make a living so the highest
price and best terms wins, but professionalism also counts. We find being persistant, nice, calm, courteous throughout the process pays big dividends in the future.
Sure hope we can do a deal with you and your clients in La Quinta, Ca. real soon
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Newer Home
• 2,385 sq. ft., 3 bath, 4 bdrm single story
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MLS®
$300,000
- Short Sale
Haciendas, Indio
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Newer home with 4 spacious bedrooms and 3 baths in gated community. Tile flooring, carpet in bedrooms, custom paint, great room layout with fireplace, granite counters, and stainless steel appliances. Covered patio with fully landscaped yard and fire pit. Short sale subject to lenders approval.
Property information
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Updated condo
• 1,549 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$355,000
- New Listing
PGA Palmer Private, PGA West
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Nicely updated two bedroom, two bath condo on the golf course with south views. Tile floors throughout, updated kitchen and baths, plantation shutters, upgraded appliances and no popcorn ceilings. Newer garage door and paint. Unit is just a few doors from the community pool.
Property information
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• 2,254 sq. ft., 3 bath, 3 bdrm single story
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MLS®
$500,000
- Location and Price, must
South Palm Desert, Palm Desert
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South Palm Desert home on large lot with salt water pool @ spa. This home features large living area, family room, wet bar, fireplace, & 3 car garage. This is a short sale subject to lenders approval.
Property information
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• 1,555 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$337,000
- New Price
Duna La Quinta, La Quinta
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Spectacular, Panoramic Mountain Views.This condo has the most breath-taking views of both the mountains and golf course.Updated tile in kitchen and surrounding fireplace. This property is completely turnkey excluding any personal effects. Furniture is 2 years new, and is tastefully decorated. Double car garage has direct access to condo. Plenty of storage, with a walk in closet in the master suite. Master bedroom sliders open unto the patio. Oh, and did I mention, plantation shutters throughout. Don't miss this opportunity, to have a golf course property, no outside maintenance, just pure relaxation and enjoyment.
Property information
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