My husband and I have been planning all along to go down to Palm Springs to look at condos during the week of the 4th of July. We have saved and saved and are finally ready to at least physically look at some properties. It has been quite educational and frustrating to find out what all this entails.
Here in a nutshell is more than anyone who is not shopping for a Palm Springs condo could ever want to know:
1) As I mentioned in a previous post, Palm Springs is unique in that every other mile of the city has been designated as native Indian land. This means that half of all properties have a small lease that is paid to the native people over a long term contract that is renewable indefinitely. Basically both the natives and the city want to keep this as a simple peaceful arrangement so as to be profitable to all parties. However, this also makes fairly unpopular lending on condos in general even a bit more sticky in Palm Springs.
2) So many condo properties in this area of California have been foreclosed on that many of the communities have more units being owned by investors than actual residents. And, guess what? The banks don't like to loan on condos that are majority owned by investors.
3) Even with perfect credit and a good sized down payment, anything that is deemed 'wrong' with the community that we might eventually select a unit in could completely nullify any agreement we might actually have with a seller.
So have I mentioned that we're up against a big challenge here?!
No worries, we are NOT giving up that easily.
We're up for a look with a realtor and it's happening next week. Yes, you might have noticed that is one week PRIOR to the week of the 4th of July.
We have moved the trip up BECAUSE.... drum roll please.....
My husband has an in person interview with a company in Arizona! ...And he can't fly yet or even pick up more than 15 lbs., which would put luggage out of the question. BUT, he is feeling great and ready to do an interview so here we go- We'll be driving down and taking our two dogs along with us. Yes, we're a little bit crazy!!!
And we'll top off the trip by stopping by and picking up my nephew, Nathan, on the way back so he can have one of his week-long summer visits with us over the 4th of July.
It is going to be one big whirlwind adventure!
Have a great trip! I wish you luck with the condo!
ReplyDeleteHave a great time with your nephew as well!
Shopping for a new home is always tedious, isn't it? I have been lucky with my last two moves, in that I found what I wanted right away, and it was almost painless. Here's hoping that that will happen to you as well.
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