David J. Watkowski
Phone:
(760) 601-3000
Mobile:
(760) 861-0625


Fax:
(760) 601-3099
Email

Office:
La Quinta
47170 Washington Street
La Quinta, CA 92253

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Helping You Find Your Way Home

Buying a Foreclosure

Buying a foreclosed property is different than the average home resale purchase.  If you are
considering buying a foreclosed property make sure that the agent you are working with has
experience in this field.  It is not the same as a traditional resale.

Things to watch out for with a Foreclosed Property:

        Inspections.  The seller/lender will often know nothing about the property.  A good
inspection is crucial.
        Tax Liens.  Don't assume all tax liens have been cleared on the property.
        Time Lines.  Banks don't always honor your loan time framework.  Have a backup plan.
        Price.  The price is not automatically a bargain - check your comps.

Usually once a bank had foreclosed on the property and it is listed for sale they are ready
willing and able to sell it in a fairly timely manner. Just don't count on any time-lines.  You
must remember that there is no emotion, no pressure on the bank to sell the house by a
certain date.  The house is just a file on their desk.  There is no emotional attachment to the
property.

Banks will negotiate the price and counter offer if your offer too low. Once again you cannot
count on response times so you must take that into consideration when obtaining your loan
to purchase the property.

 TOP 10 REASONS TO BE POSITIVE
ABOUT PALM SPRINGS REAL ESTATE

1.     Interest rates for mortgages are the lowest since 1963.

2.     The housing affordability index is 59% in California, up from 25% a year ago. In the Coachella Valley, the affordability index is 65%.

3.     House re-sales are up. March 2009 showed a 63.8% increase over March 2008.

4.     Local inventory is at a 6-month supply down from a 12-month supply a year ago.

5.     Average days on market for a house to sell are now 50 days as opposed to 71 a year ago.

6.     The new $8,000 tax credit for first time homebuyers.

7.     Foreclosures will soon peak. 80% of anticipated foreclosures are already on the market or have been sold.

8.     Rent vs. Buy – 24% of renters are prime candidates to become first time homebuyers.

9.     A year ago investors needed 35% down to break even on an investment property. Now that figure is 20%.

10. Median prices rose 2% in March, the first increase in three years.

                                                

                            DJW         -      6-1-09


Real Estate In Palm Springs, Palm Desert, Rancho Mirage, Indian Wells, La Quinta and Indio, California

 
 
Dear Dave,
 
The numbers are in and you've done it again!  No other office in the entire Desert sold more homes in the Coachella Valley in the month of May than the Keller Williams Realty La Quinta Market Center!  Spread the word and let everyone know that Sellers are selling and Buyers are buying with Keller Williams La Quinta!
 
You ROCK!!
 
Your PROUD Team Leader,
Heath Hilgenberg
Team Leader
Keller Williams Realty - La Quinta Market Center
Our Mission:  Build Careers Worth Having, Businesses Worth Owning and Lives Worth Living
760-601-3063
760-601-3099 - Fax


 

Please contact us directly for information on great buys on bank owned homes and short sales.

(760) 861-0625

HELPING YOU FIND YOUR WAY HOME

Brought to you by 

Dave Watkowski

Keller Williams Realty - La Quinta Market Center

47-170 Washington Street, La Quinta, CA 92253

(760) 861-0625

     License #01455963

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