Palm Springs Area
Realtor and Broker for Residential and Commercial Properties
"Under Construction for a more Mobile Friendly
no more. Hannes “Jim” Scherber is a Palm Springs CA area
Realtor for residential properties as well as a Palm Springs Commercial
Real Estate Broker that has successfully concluded close to 1,300 real
estate transactions as a real estate broker and investor with the majority
of his sales occurring in the Palm Springs, Coachella Valley area. He
is a specialist in representing buyers for investment properties, bank
repos (REOs) and short sales in Palm Springs and the surrounding Coachella
Palm Springs is being re-discovered. After its hey days in the 50s and
60s of the previous century, where Frank Sinatra, his rat pack and Presidents
like John F. Kennedy, as well as retired presidents like Dwight Eisenhower
became regulars in the California Desert (just 2 hours East of Los Angeles),
these days not only celebrities and retirees but vacationers, young
families, life style seekers and international visitors, from Germany
to Japan, are taking advantage of the favorable housing market, by buying
Great price-quality ratios, close proximity to metropolitan areas (Los
Angeles, San Diego, Las Vegas), excellent infrastructure and accessibility,
mountain views with approximately 345 sunny days in the year, and year
around resort style living are just some of the reasons why this area
is beginning to thrive again. And did I mention the 200 some golf courses
in the region and the 6 casinos that provide world class entertainment?
"Never in my wildest dreams would I think
that there was a Realtor out there like Hannes Scherber! Hannes is a
one stop shop for anything to do with Reality! I guess when you have
a MBA then it shouldn't surprise me! You always go out of your way to
help!" Ed Morris
It also needs to be pointed out that Palm Springs is not just Palm Springs
anymore. It is rather the most Western City of the Coachella Valley,
which strings together the cities of Cathedral City, Desert Hot Springs,
Rancho Mirage, Palm Desert, La Quinta, Indian Wells, Indio, Coachella
as well as the unincorporated areas of Thousand Palms and Bermuda Dunes.
Even the world wide music industry has discovered this “other”
Valley. The biggest modern music event in the US, the “Coachella
Music Festival” takes place every year in April (It lasts 2 week-ends),
followed by the Stage Coach Music Festival featuring the best country
music acts anywhere. Add other events like the 5th largest tennis tournament
in the World, the Paribas Indian Wells Tennis event (March), The Dinah
Shore Golf Tournament (one of the women’s grand slams, April)
and the Palm Springs Film Festival (January) and one can appreciate
the diversity the wider Palm Springs area attracts these days.
"Hannes Scherber is the consummate real
estate professional in all phases of the transaction. He is able to
take the time necessary to listen to your needs and wants and then effectively
locate your dream home. Our home buying experience with Hannes was great.
He was able to understand our needs and wants, while at the same time
explaining the market and current conditions. His straight-forward approach
allowed my wife and I to quickly choose what was important to us thereby
limiting the number of homes that we had to tour and helping us to decide
on a home that is right for us." Al Watts
All of these cities provide incredible opportunities for all different
kinds of home buyers. First of all, the houses are very affordable in
comparison to other California areas. Secondly, the housing crises of
2008 has left us with housing needs for employees of the local industries
with relatively low home purchasing power. Many hard working locals
have been hit with credit challenges or even lost homes in the crazed
“free for all” of the housing market between 2002 and 2006.
This has created a perfect scenario for real estate investors.
The growing demand has left us with smaller inventories but incredible
deals are still to be found. It is the homes that might need a little
bit or even a lot of work, which will be the true deals (or should we
call them “steals”?) for the next few years. Working with
a good Palm Springs CA Realtor is critical in finding these "steals".
If you're thinking about buying Palm Springs REOs, you may like to know,
I'm also Palm Springs REO specialist.
Many people get scared by fixer-uppers, most banks won’t loan
money on the really badly neglected ones, but that’s where one
will probably find the best opportunities.
In addition, the construction industry is still hurting, since large
builders are reluctant to commit to big projects. Because of that, general
contractors and sub-contractors in the area can be hired for sometimes
50% of the cost one would have paid only 5 years ago.
My wife and I have had the pleasure of dealing with Hannes on two real
estate purchases in the Palm Springs area. We were looking for investment
properties and found a house and a condo in Palm Desert. It's great
to work with someone who knows the market, and the neighborhoods, as
well as Hannes. We relied on him for knowledge about good (and bad)
neighborhoods to purchase in.
It was very nice to inform Hannes of what our parameters were and then
go and view properties that matched our wish list. We had been involved
with other real estate brokers before who took us to properties that
in no way matched our criteria.
The goal was to have properties to place in the vacation rental pool
and Hannes provided sound advice as to which neighborhoods were historically
solid for such. I recall him saying that the Monterey Country Club had
a great reputation and was much sought after in the rental market. We
were patient and waited for the right property at the right price and
ended up with a great property that has been very successful. Our house
purchase in the Palm Desert Country Club has, likewise, been very successful
as a vacation rental.
Knowledge and research is the key to be successful and Hannes provided
both. On top of that, he's a great guy and very easy to deal with. Gorde
In conclusion, if you ever thought about looking into buying real estate
in the wider Palm Springs area, there will never be a better time than
today in the foreseeable future.
Hannes “Jim” Scherber, your Palm Springs CA Area Realtor,
Broker, Palm Springs REO Specialist and Palm Springs Commercial Real
HPS Real Estate Investments
Palm Springs area Realtor serving Palm Springs and the Coachella Valley
area. Broker Hannes "Jim" Scherber handles both commercial
real estate and residential real estate transactions.
2145 E. Tahquitz Canyon Way, Suite 4180, Palm Springs, CA 92262
Phone: (760) 325-6005
Palm Springs Realtors FAQs
do I need a Buyer’s Broker, who helps me buy a house or a piece
of land, or even just lease a home ? Is it not easier just to call the
listing agent ?
A) Well, let me ask YOU a question. If you are involved in a situation
where an attorney is needed, do you just go with the attorney the other
party is suggesting and being represented by ? The answer is probably
NO. The same holds true with real estate agents/ brokers. Even though
Palm Springs real estate broker has a “fiduciary duty” to
both of his clients, the reality is different many times and the terms
and conditions of a sale will often favor the seller. You need someone
who watches out for YOUR best interest and that person is a buyer’s
I'm interested in Palm Springs short sales. Help me better understand
Short Sales. What truly is a Short Sale?
A) A short sale occurs when the current owner of a home is selling his
property and the sales price does not cover the underlying mortgage(s).
In this case, the bank who owns the loan, has to agree to take a loss,
sometimes a very heavy one. This process can take anywhere from 60 days
to up to one year, depending on the flexibility of the bank.
Why does a short sale take so long ?
A) Well, you are dealing with two “de facto”sellers for
Palm Springs Short Sales as with other locations. The bank, which is
taking the loss and making the decision of a price reduction, and the
seller, who is still the legal owner. Many times the seller is not very
motivated because his reward of participating in a short sale, to him,
might not be worth going through all the “hassle” The bank
has to see a true “need”, why a short sale should be granted
(i.e. loss of income, health issues of the sellers, family tragedy,
et cetera). This involves a lot of paperwork and bureaucratic procedures.
Can I, for example, offer 30% less than the asking price on short sales
in Palm Springs?
A) You can offer anything you want to, but the banks have become much
smarter over the course of the last 5 years and will order so called
BPOs or Broker’s Price Opinions. These are independent price estimates
given by brokers who have nothing to do with your particular deal. These
BPOs are less expensive for banks than a full blown appraisal. Hence,
if you are offering $140,000 on a $200,000 asking price, your chances
for success are more than slim. It all does depend on the local market
situation but it sure holds true for Southern California.
What is an REO and what does REO even stand for ?
A) A REO is a home, a lot or a commercial building, a bank has already
taken back from the previous owner because of non-payment of the underlying
mortgage(s). It stands for “Real estate Owned”. In this
case, the bank is the actual, legal seller. This is different to a short
I am considering the purchase of a Palm Springs REO. Is it easier to
buy an REO?
A) I would not call it easier, but it is usually faster. A bank’s
asset manager will make a decision in regards to your offer, in average,
between 2 and 7 days. That decision might be a counter –offer
but at least you don’t have to go through months and months of
waiting, as you do with a short sale.
Why are some short sale homes listed for sale on the market for much
less money than they actually sell for?
A) Well, that is something I am very critical of. The listing brokers/
agents can suggest listing prices to the seller (the actual person who
owns the property, not the bank). Many times they convince their clients
to offer the home at a very low price, in order to generate interest.
However, the bank or mortgage holder decides at which price the bank
wants to sell the property for, based on recent BPOs (see above). So,
many listing agents use a “bait and switch” technique to
get leads for other homes they might have for sale.
Do I have to be pre-qualified, if I am only looking into buying a house
and have not even made up my mind yet?
A) Nobody will take your offer into consideration without being solidly
pre-qualified. These pre-qualification letters are usually good for
3 months. So, yes, you have to get that done first.
Should I wait for the market to get even worse and more buyer friendly
A) We obviously can’t look into the future but the interest rates
for financing can hardly get much lower than where they are at today.
Once the prices continue to go up, interest rates will go up and many
people will get pressed out again of the opportunity to own a home.
If I want to purchase a commercial property in Palm Springs, should
I work with a commercial real estate broker?
A) Absolutely. One of my specialities is as a commercial real estate
broker. I can help you in your search to buy a commercial property in
Palm Springs and surrounding areas.
So is this the time to buy ?
A) My answer is a definite YES !
Areas and Zip Codes we serve: Rancho Mirage, Palm Desert, Cathedral
City, Thousand Palms, Palm Springs, Indian Wells, La Quinta, Desert
Hot Springs, Indio, Mountain Center, North Palm Springs, Coachella,
White Water, Anza