Palm Springs Area Realtor and Broker for Residential and Commercial Properties

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palm springs realtor brokerLook 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 Valley.

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 up homes.

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 Estate Broker

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
cell: 760-217-7566

fax: 760-325-9010
license: 01298246


Palm Springs Realtors FAQs

best Coachella Valley Realtor Broker Why 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 broker.

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 sale.

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

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