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Sheri Dettman

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Sheri’s Palm Springs Area Blog

Whether it be real estate updates, restaurant reviews, events, or highlights of unique homes in Palm Springs, follow Sheri as she covers all that Palm Springs and the surrounding area has to offer.

Selling Your Property As A Short Sale

PGA West Condos, La Quinta

What is a Short Sale?
A short sale, negotiated settlement, or short pay occurs when a lender agrees to accept less than the amount owed to pay off a home loan as an alternative to foreclosure. Lenders usually agree to short sales because they know if they take the property back through foreclosure they are usually going incur higher costs leading to suffering a much larger loss.

How Does Sheri Dettman And Associates Get Paid?
Sheri and her short sale team of specialists (Realtors that were former bankers) will negotiate directly with the bank for all real estate agent commissions. In most cases, the bank will offer the listing agent a smaller than average fee for performing the marketing and negotiation responsibilities associated with representing a seller. The lender will pay any agent fees at the time of closing from escrow proceeds. If the short sale is not completed we don't get paid.

How Long Will it Take?
It may take several weeks or usually several months before a lender and homeowner will agree on acceptable terms. Many lenders have layers of bureaucracy, insurers and investors that we will have to maneuver through in order to get your short sale approved. Our job is to keep you informed during each step of the process throughout the duration of the short sale transaction.

What If My Home Is Going Into Foreclosure?
Starting a short sale will not automatically stop the lender from starting the foreclosure process or setting an auction date. However, we have successfully convinced lenders to postpone a foreclosure sale date while we negotiate a short sale. Although there are no guarantees, we will do everything possible to find a buyer for your homed before the lender follows through with a foreclosure. Our efforts are successful much of the time.

Can I Stay in the House?
The purpose of a short sale is to get the property sold as soon as possible. Ultimately, you will be moving. This is not a program that can stop a foreclosure and allow you to keep the house indefinitely; that is a loan modification. Short sales are many times a lengthy process and you can choose to stay in the home until the sale is complete.

Legal and Accounting Advice - Get It!
When in default, lenders will continue to attempt to collect your debt during the short sale process. They may ask you to give them your deed in lieu of foreclosure or attempt to collect your debt in a variety of ways that may or may not be consistent with your goal of completing a short sale.

Before starting the short sale process you should discuss your options and receive guidance from a qualified real estate attorney who has participated in numerous short sale and foreclosure procedures here in California. You should also check with your accountant or CPA.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Selling - Info For Sellers
Rancho Mirage Private Golf Estate Sold to Larry Ellison For $42.9 million

Rancho Mirage Private Golf Estate Sold to Larry Ellison For $42.9 million

Larry Ellison, founder of Oracle, has purchased Porcupine Creek, a 249-acre private golf estate. Porcupine Creek was originally listed for $75 million but was reduced to $55 million earlier this year. The estate features an 18,430 square foot main residence and eight two-bedroom guest-houses. One of the estates most talked-about features is its 18-hole golf course, tucked into the base of the Santa Rosa Mountains. In '09 Ellison purchased the Indian Wells Tennis Garden and its world-class BNP Paribas Open tennis tournament.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Real Estate Market Updates

Dining Around The Desert: Sense, Palm Desert

Sense Restaurant opened last month in the former space occupied by the original Omri and Boni Restaurant. I’d been hearing about Sense for several months from Chef Robert Douglas and Co-owner Ben Nance (who operate the eatery along with Co-owner Andrew Dye) when my husband Bill and I kept running into them in other local eateries while Sense was under construction.

According to Chef Robert, Sense is a “from scratch” restaurant and bar. The restaurant does not have a freezer or a microwave and their menu changes daily depending on the availability of fresh, local organic ingredients. Sense’s décor is modern and the bar area is located in the rear, which makes ‘Sense’ to the owners. The Sense menu is divided into three sections: Classic, New, and Tribute, offering choices for sophisticated foodies and comfort food diners.

To sum up our opinion of this new restaurant, we like Sense so much that we dined there three times in the last two weeks. I’ve enjoyed the roasted chicken with creamed spinach and gnocchi on two occasions. Bill has been raving about the spiced pork flatiron with root vegetable pavé, creamed onions, green been casserole and jam. We topped off one evening with their classic chocolate cake, and verified first-hand that Sense does not have a freezer when our request for a side of ice cream for our wonderful classic cake was politely turned down.

Each wine selection on the moderately priced wine list is also offered by the glass, which results in a great tasting experience. Beer lovers will almost certainly appreciate the extensive selection of many popular brews, as well. In addition, Sense offers a full bar that includes some very interesting cocktails. Sense is a wonderful new edition to the desert-dining scene, offering an authentic taste of the big city right here in our desert.

Sense is located at 73675 Highway 111, Palm Desert, on the south side of the street between San Pablo and Portola. (760) 341-2900 Sense is open for lunch and dinner. Closed on Monday and Tuesday.

> View ALL Desert Dining Suggestions Here

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Dining Around The Desert

Woodhaven Country Home Owners Vote To Buy Their Golf Course

The Woodhaven Country Club HOA voted recently to purchase their golf course, clubhouse and tennis courts. The $3 million purchase price works out to $6,000 per home, which can be paid by each home owner in a lump sum or financed over time. 83% of Woodhaven homeowners voted for the purchase, with 93% of owners casting votes.

HOA President Ken Durham reports that the Woodhaven golf course will continue to be semi-private, with outside public play continuing.

From Sheri Dettman
In Sheri's Palm Springs Area Blog, Golf Communities
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