Canadians are purchasing properties in Palm Springs, finding factors in their favor in buying a second home here.  Canadians are experiencing the most favorable currency exchange rate in years and Palm Springs real estate prices have been at their lowest in several years. 

• We are your Residential neighborhood experts-  Look in our “Resource Desk” Section to see the different neighborhoods in Palm Springs.
• We use powerful tools to make the home buying process easy and efficient, especially if you are out of the area when you are making your purchase.  We use "Docusign" that allows you to access and sign documents via the internet.
• We can help you with your financing options; providing lender counseling and pre-approvals.
• We provide Information about property taxes and other valuable information associated with owning property in the US.

Information about the Buying Process

Call Team DeWitt, Your Licensed California Realtor/Brokers, to help guide you through each step of the purchasing process and to find your Desert Dream Home.  We will help you search for properties and will email you listings that fit your search criteria.  Once you are here, we will show you properties that meet your criteria.

With the crisis that has gone on in the last year or so here in the U.S., lending practices are changing frequently.  So if you want to finance a property here in the Palm Springs area, check back home in Canada as well as with a local lender here to see about the options you may have.  The most recent information  we have is that you would need at least 30% for a down payment and proven liquid funds for 6-12 months that would cover your payments.

After you have talked with experts on taxes and lending (or if you are in the fortunate position to pay cash) and you have ultimately decided to look into a real estate purchase in the Palm Springs area, here are some basics about the escrow process.

Escrow is the term we used to describe the time from when your purchase offer has been accepted to the time that you close sale on the property.  Here in the Palm Springs area, a “normal escrow” is around 30-45 days.

When writing up a purchase contract, you will need proof of funds (bank statement, letter from a lender etc.) that covers your down payment as well as earnest money (roughly 3% of the purchase price). 

As a buyer, you have 2 major contingencies, the loan contingency and the physical inspections contingency.  Generally these last 17 days from acceptance of your offer.  During this time you will receive numerous disclosures about the property from the seller as well as other general disclosures.  Also, during this time you will do a home inspection of the property and then based on the results of this and the disclosures you will hire experts to look into any negative issues/concerns about the property, go over potential requests for repairs, etc. 

Ultimately, this is the time to negotiate if needed and make sure you feel comfortable about the home you are buying.  If you do not feel comfortable or cannot reach terms with the seller under the contingency period, you may choose to cancel escrow, and your earnest money is returned to you.

You do not have to be present at the time Escrow closes.

Costs to Expect to Pay When Purchasing A Property In The Palm Springs Area

In addition to the price of the property, you can expect to pay approximately 2% more to cover escrow and purchase expenses. Additional costs include the Home Inspection, which will average around $400.00 for the report depending on the size of the property. These costs are estimates and vary depending on the type of loan you are getting for the property. (Your lender will give you a Good Faith Estimate that will provide more detailed costs). Additional estimated expenses:

• Property taxes: approximately 1.25% of the purchase price, per year.
• Homeowner Associaton  Fees vary but average around $400.00 per month   These fees normally only apply if buying a condominimum or home in a gated area.
• Land Lease Fees (if buying on lease land) - this amount varies per property - See our information on leased land in our "Resource Desk" area.
• Maintenance Fees - Single Family homes: An average, you can expect to pay approximately $100 -$200 a month for landscaping, $120 a month for Pool maintenance for a typical 3 bedroom home. (These fees are usually not applicable if purchasing a condominium).
• Utilities: Gas, Electric, Water, Phone, Trash, Cable - these amounts vary depending on your usage.