Concierge Corner—Spring Adventures

Whether it’s your first time to Palm Springs or you’re a seasoned traveler to the Coachella Valley, it’s still fun to play tourist sometimes. See the sights, learn about the  history, do some shopping or just take time to relax during your weekend get-a-way that you booked through Homes Run & Beau Monde Villas.
While you’re in town allow your personal Concierge, provided to you from Homes Run to schedule events for you & your family to enjoy. From hot air balloon rides, horseback riding, visiting the Aerial Tramway, a trip to the Palm Springs Desert Museum, Red Jeep Tour’s allowing for adventure, golfing with a professional golf pro, to a simple dinner at home completed for you by a World Class Private Chef. Do it all while relaxing & enjoying personal one on one time with your friends, guests and family.
**For more information contact your Concierge or Property Manager direct (760) 320-1058 **

Featured Vacation Rental-Silver Orchid

Looking for luxury? A little bit of  modern mixed with sophistication? If you answered yes to either then this is the getaway retreat for you! Built in 1965, this beautiful home has been recently transformed into a modern masterpiece.

This home sits on the 10th fairway of Canyon Country Club, just minutes from downtown Palm Springs.
This luxury vacation home is a paradise in it’s own right. Outdoor lounging area, ideal entertaining areas with  dramatic fireplace, turbo grill and sitting bar and all within steps of the beautiful pool and spa.
This hip and sophisticated  contemporary home has over 2,900 square feet of living space including  4 bedrooms 3.5 baths and will sleep 7 comfortably during any  vacation getaway.

Silver Orchid is one of our “family friendly” homes with a brilliant sense of harmony and tranquility for you, your family and guests, with amazing luxury amenities, making your vacation truly memorable!
Starting rate of $ 799 per night (3 night min). For more detailed information, contact us at www.beaumondevillas.com or 760.320.1058.

Palm Springs—Calendar of Upcoming Events

• May 2010– Palm Springs Film Noir Festival
• May 1-2—Elvis Presley Honeymoon Weekend
• May 5— Cinco De Mayo
• May 9— Mothers Day
• May 15— Armed Forces Day
• May 31—Memorial Day
• May 31—Palm Springs Air Museum Memorial Day Flower Drop

Real Estate– Understanding A Short Sale

When housing prices in many parts of the country were booming a couple of years ago, there wasn’t much national attention given to short sales. But with the current subprime debacle and increasing mortgage delinquencies, many people are wondering if the short sale process is a way to avoid foreclosure.

Basically, the definition of the short sale process is when the lender of a property allows the property to be sold for less than the amount due on the mortgage loan.

The obvious benefit to the short sale process is that it allows the seller to avoid the credit report damage associated with a foreclosure. A foreclosure can stay on your credit report for up to 10 years and can take an emotional and financial toll on you and your family.

But the pitfalls of the short sale process should be considered as well. The I.R.S. may consider any debt forgiveness as taxable income, thus resulting in a tax liability. In addition, lenders can often pursue a borrower for the deficiency balance (the difference between the amount owed and the amount paid).

In some cases you may be able to avoid taxation if you can prove you are insolvent. But if insolvency is unsuccessful, and you are faced with a tax liability resulting from the deficiency amount, it may make more financial sense for you to let the lender foreclose.

The Short Sale Process

The short sale process can vary, but in general it typically works as follows:

1.) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

2.) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3.) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4.) The seller will complete a “hardship letter,” which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5.) The lender will look to the Real Estate broker to provide a price opinion( BPO) by examining the condition of the house and the market value of comparable properties in the surrounding area.

6.) The lender will want to review the purchase agreement to determine if all amounts are reasonable including any closing costs and payable real estate commissions for the possible sale.

7.) If all goes well, the lender will approve the short sale process and the sale of the property will take place.

Because of the documentation required, the short sale process can be lengthy. But if done correctly, it can work well for all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property.

Considering the complexity of the short sale process, you must be educated. If you are considering a short sale, make sure that you discuss your situation with a competent lawyer and accountant. The more educated you are on the process, the easier the transaction will be, and the better the impression you will make on the lender.

Capitis Real Estate – Hot Pick Of The Month
487 North Calle Rolph, Palm Springs: Priced at $ 374,000
Just minutes from downtown!  This beautifully appointed condominium has been completely renovated.    Beautiful outdoor spa, lush landscaping !  This home features 3  bedroom  & 2 bath  with over 1600 plus square feet of living space.  For your own private showing of this unit, contact Capitis Real Estate direct at 760.325.1978 or visit us online at www.capitisrealestate.com.