| Greetings!
There has been so much information in the news about "short sales" and "foreclosures." Judging by some of the questions we get, like "do you have any foreclosures for sale?" we thought that it might be beneficial for us to remind everyone what the foreclosure process is in California.
You should know, by the way, that every state has different laws regarding this procedure and one should always consult a real estate attorney who is licensed in the state where the property being foreclosed upon is located. As always, no matter what state you are in -- get a professional attorney's advice, this is just a Realtor's interpretation of the process.
So what happens is that as soon as a borrower misses a payment he is technically in default of the loan. At this point the beneficiary (the lender) instructs the trustee to file a notice of default. This is a letter which is sent to the borrower to let them know that they are in default and that the lender intends to follow through on his right to collect the debt (that would be the remaining balance on the mortgage). A copy of this notice is filed in the county where the property is located. This notice can be filed anywhere from a week to many months after the borrower misses their first mortgage payment.
The next step is the Notice of Trustee's Sale. This step cannot be taken until at least 90 days after the trustee records the Notice of Default in the county. The Trustee must publish this Notice of Trustee's Sale in the local paper and at the same time file that notice with the county recorder's office. Then, no sooner than 20 days after the Notice of Trustee Sale is filed, the home may be sold at public auction (this is what would most accurately be called a "Foreclosure Sale") at the county courthouse steps. Bidders must have cash. The property is sold "as is" with no inspection periods and no guarantees of title. If no one bids at the auction, the lender becomes the owner of the property and can dispose of it in order to recover his cash investment.
Normally what a lender will do after assuming ownership of a foreclosed upon home is enlist the help of a real estate agent in the area who will market it as an REO (Real Estate Owned) property. The agent will prepare what is known as a BPO (Broker's Opinion of Price) and the bank will list the home at its market value and post it on the local multiple listing service. This is usually when a new buyer would get involved. At this point in time, the REO sale will be handled just like a standard sale. Inspection periods are all the same and a buyer would be able to get a normal loan on his/her purchase.
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| Market Update - June 2009 |
Here are the stats for the month of June 2009. Looks like we have started a trend, last month there were 65 sales of single family residences (including condos), and this month almost as many - 63. While the market in Tahoe Donner is consistently happening, I am also noticing that the West Shore of Lake Tahoe continues to turn properties. Nothing happening in Lahontan, Old Greenwood or Grays Crossing this month maybe because the inventory there has swelled and the few buyers (they are there, I have seen them coming in and going out of my office) are confused as to which to choose. The prices out there are all over the place but as with everywhere else in the real estate market, there are some buys if you really scratch around. The full time market is beginning to stir - some of these short sales and REO's are getting completed - I guess the banks have begun to figure out how to bite the bullet and get on with divesting themselves of these distressed properties. In the meantime: here are the numbers from our Tahoe Sierra Multiple Listing Service. Again, unless noted, the properties were sold as standard sales, not short sales or REO's (bank owned properties).
Tahoe Donner: 17 homes, (2 are short), 2 condo
Northstar: 2 homes, 2 condos
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 4 homes (3 short sales)
Prosser Lake Area: 1 home
Sierra Meadows, Ponderosa Palisades, Winter Creek: 4 homes (1 short sale), 1 condo (REO)
Martiswoods, Ponderosa Ranchos: 2 homes (1 short sale)
Olympic Heights: 1 home
Lahontan: 0 residential properties
Old Greenwood: 0 residential properties
Gray's Crossing: 0 residential properties
Truckee Proper: 1 home
Adjacent to Tahoe Donner: 0 residential properties
Donner Lake: 2 homes
Donner Summit: 3 homes (2 REO)
West shore Lake Tahoe: 5 homes (1 REO)
Tahoe City: 1 home, 1 condo
North shore Lake Tahoe: 4 homes (1 short sale)
Kings Beach & Tahoe Vista: 4 homes (1 short, 1 REO), 1 condos
Alpine & Squaw Valley: 4 homes
Shared Ownerships - entire region: 0
Mobile Homes - entire region: 1
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 5
Highest priced home or condo sold: $2,500,000 for a 1364 square foot "Old Tahoe" Lakefront cabin located in North Lake Tahoe. Original price was $3,195,000, spent 204 days on the market - this one was purchased with ALL CASH.
Lowest priced home or condo sold: $215,000 for a little cabin on leased land in the Silver Creek USFS plot. Must have been priced right, sold in 10 days for all cash.
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| Screaming Hot Deals |
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In this particular spot, we feature the 3 properties in the multiple listing service that we feel are well priced. These are the properties that we wish we had buyers for because we know they are of such value that they will not last long, even in this market. So, for this month, come and get 'em before they are gone. . . .
1. Here is it, the home you have all been waiting for -- 3035 Watson Drive located in Highland Green, near Tahoe City with 3 bedrooms and a peek view of Lake Tahoe. Yes, its our listing -- ours are always the BEST. The price is right for Lake Tahoe $525,000. Perfectly suited for either full time living or a vacation home. Hurry up before the sellers realize what a gem they have and change their minds!
2. Want a piece of Historic Truckee?? This is a rare offering priced at $1,299,000 located at 10121 Donner Pass Road . Rarely will you find a piece of property that is owned by someone other than a couple of monopolizing parties right downtown on Commercial Row. I'm not much on Commercial Real Estate but this looks like it could be a good investment. Just recently reduced from $1,800,000 it caught my attention on the hotsheet.
3. "Unbelievable Value" is what the listing agents call this property at 11078 Comstock Place in Pine Forest (Truckee). And from the looks of it -- 5 bedrooms, 4.5 baths and 3326 square feet - priced at $749,900, we don't know where you will find a better deal. This home even has a fully functional, separate in-law unit above the garage.
Be sure to contact us if you would like to take a look at any of these properties! |
| Worst Deals on the Market |
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These are the properties for sale that we feel are the worst priced homes on the market in our multiple listing service. Every month we will choose 2 or 3 properties which, for one reason or another (usually price) are something we would not be inclined to show our buyer clients. So for this month, here they are:
1. This home boasts a recent remodel, but I can't understand why or how they will ever get their money out of this one. If you love stairs, you'll love this 4 level home located at 1769 Alpine Meadows Road. Upon entering the front door, you just keep going down . . . . as you come down one level of stairs you will walk right into a sink. Once you hit the bottom floor it is a long way back up physically & figuratively speaking. $740,000 for a lot of stairs, but it IS in Alpine Meadows after all.
2. 10959 Barnes Drive in the Prosser Heights area of Truckee qualifies in the same category as number 1 above. What were they thinking?? The floor plan is chopped up and vertical and we kept looking for the reason that the price should be so high for a 3 bedroom home with no garage. Yes you get an acre and a bit of a view but in this market, there are a lot of more attractive packages at a less dear price than $649,000. Gonna have to go lower, we think . . . . .
3. Finally, check out all 31 of these upscale luxury homes that are currently on the market in Lahonton. Why would anyone think it is a good time to buy in this subdivision right now??? Too many choices can be confusing to potential buyers. Or is now REALLY the time to buy because the competition is steep? What is to become of "Trophy Homes" in the Martis Valley? Only time will tell, I suspect . . . .
Be sure to let us know what you think that any of these properties will sell for by contacting us here and when it does, the entry closest to the actual sale price will win a gift certificate.
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| Our Favorite People - Our Clients and The People We Work With |
 George and Margot are repeat clients - we love repeat clients!
In 2004 we helped George & Margot buy a beautiful home in Martiswoods Estates with the most gorgeous landscaping back. Their good friend and housemate, Tav worked hard to keep the grounds looking beautiful and keep all of the doggies happy and fed. We were sad when they told us they wanted to leave the Truckee area, but very thankful that they trusted us once again to help them with their real estate needs. We got the job done last year while many of the banks were crumbling all around us and they are now living happily in another beautiful estate property in the Bay Area. We appreciate hearing from our past clients and never want to loose touch, especially with those who leave the area - hint hint!
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Kappy and Jennifer have a combined 38 years in the Real Estate Profession. We are committed to giving our clients the most up to date Real Estate information and Stellar Service because, We Love Our Work and So Will You! Call us or e-mail us for information about the Tahoe Truckee Real Estate Market. By the way, if you think any of this information might be of interest to anyone you know, feel free to forward this newsletter. We would really appreciate it!
Sincerely,
Kappy Mann & Jennifer Boehm
Keller Williams Real Estate |
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| Featured Article |
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| First-Time Home Buyer Tax Credit - Call to Action!
Hurry time is running out to take advantage of the American Recovery and Reinvestment Act of 2009. This credit was designed to help stimulate the housing market and offer incentive for the first time buyer to realize the American Dream. Time is limited however, so now is the time to act.
Below are the quick points of the credit, but for further answers to FAQ's click here.
- The tax credit is for first time home buyer only. For the tax credit program, the IRS defines a first -time buyer as someone who has not owned a principal residence during the three year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after Jan. 1, 2009 and before Dec. 1 2009
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
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| Nev Cal
Property
Inspections |
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One of the most important things you can do when you are purchasing a home is to enlist the services of a home inspector. Here we would like to feature one that we have worked with for the past 20 years. Nev Cal Inspection Services is owned by George & Linda Wolf. Linda's role is scheduler ( loves to organize George and tell him where to go) and bookeeper. She enjoys working with the various agents. Linda says: "We both feel fortunate to have such good friends and clients in our business." George, who does the inspections, is a member of the American Society of Home Inspectors. He also holds Contractors' Licenses in both the State of California and Nevada. He has 35 years of experience doing all phases of construction. He has been doing inspections since 1988 with over 7000 paid home inspections completed. George does an excellent job of making a home inspection easy to understand for the average lay person. His report is simple and his summarys are realistic and helpful. George is also available by phone to anyone who uses his services to explain any of the notes that he makes. In fact, he welcomes the buyer to be in attendance at his inspections. You can contact George & Linda at 866-263-8225 or e-mail them at wolfs@nev-cal.com |
| Relay for Life |
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Thank You!
This year's Relay for Life was another great success and we are so proud to be a part of this incredible team of dedicated volunteers who are determined to make a difference in the lives of those who are battling cancer and ultimately help save lives. The day was filled with music, fun, food, a little exercise and a lot of inspiration Thanks to those of you who stopped by to say hello and cheer us on and also for your generous donations that helped us to meet our fundraising goal. Your contributions go directly to the ACS who provide the much needed support services, education, research and hope to aid in the fight against cancer of all types. Many thanks also to the JK team; Kappy & Jennifer of course; Denise, Amanda, Ashley, Mary, Amy & Alicia, some of whom traveled all the way from the Bay Area to participate with us and help with our fundraising efforts. We sure do appreciate each and every one of you! Contributions are still being accepted. Just follow this link to make a secure online donation.
Thank you for your support!
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