Considerations Prior to Buying

Financial Needs

Presently, mortgage financing in the US for Canadians (and all foreign nationals) is very limited, and the availability of such loans and rates changes frequently. When available, it is often quite expensive. Our Canadian buyers to date have found it

advantageous to secure their financing in Canada. However, Dick can recommend a limited number of brokers who may provide financing to Canadian buyers. Unless you are paying cash, it is mandatory that you get prequalified with a lender in the US, prior to looking for property. This will help you understand the lender requirements, acquire an estimate of your payments, and thus determine what you can afford or wish to spend.

Property Tax Information for California

At present, property taxes are based upon the purchase price, and are to be paid annually in two installments to the County of Riverside. The tax ranges from 1.25% to 1.30% of the purchase price, depending on locale.

Fee Land vs. Lease Land

Before purchasing a home in Palm Springs, it is important to know that there are two types of land here - Fee Land (you own it) and Lease Land (you lease the land upon which your house sits and you make a monthly lease payment directly to the owner of the land, or to the management company representing the owner). Go to Fee Land vs. Lease Land to learn more.

Condo HOA Fees (Strata Fees)

Homeowner Association fees (HOA in the US, Strata in Canada) will vary per property; they range from less than $200 up to $600 or higher. The size, services, and amenities of the complex will dictate the amount of monthly fees. Go to Condominiums – Ordinary Homeowner Expenses.

Property Inventory in Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, and La Quinta

We have a very large inventory of properties for sale throughout the valley, making this truly a buyer's market. We have many hundreds of great values in bank or investor owned homes, properties being offered as short sales, and regular listings offered for sale at prices not seen for many years.

In the current environment, there is much news coverage of markets that include increasing numbers of short sales and many foreclosed lender or investor owned properties, called REO’s (real-estate owned). So let’s take a look at the different categories and what each one may offer and the opportunity each may present.