Short Sale Tips
By now we have all heard about real estate short sales. In fact, approximatley 12% of all the home sales in South Lake Tahoe CA and NV are still short sales year to date. Short sales are typically a good thing for the seller, as this means they can avoid foreclosure and possibly reduce the negative impact on their credit score. So, what do short sales mean for the real estate buyer?
The short sale process was created to help the homeowner and the bank, but not necessarily the buyer. Here is a list of things to keep in mind if you are thinking about buying a short sale property.
- A short sale is not usually a good choice for a home "flip" as the home purchase can take many months to close, if at all. The good news is the longer the property has been on the market, the more likely the lender is to accept a lower offer.
- Searching the internet to find short sales can be a waste of your time. Real estate websites like Trulia, Zillow and Realty Trac list homes that have defaulted, but are not available for purchase yet. You can locate the most current, up-to-date list of Short Sales and Bank Owned homes at Paradise Real Estate.
- You will need a knowledgeable real estate agent to help with the difficult short sale process. Agents have exclusive tools and first-hand knowledge about the area. Therefore, they can help you research things like how much is still owed on the property, and find comparative sales in the area to give you an idea of what you should offer.
- Remember, the bank wants to take the smallest loss possible, so offers that are closer to market value rather than closer to the asking price, will be taken more seriously. All offers are subject to seller and lender approval during a short sale, unlike bank owned homes where only the bank has to approve.
The bottom line is, if you decide to purchase a home that is a short sale be patient and prepared for a possibly difficult and long transaction process. However, there are some great opportunities out there if you are willing to be patient on a short sale purchase.
Contact Paradise Real Estate in South Lake Tahoe for all of your real estate needs.
To get a FREE Up-To-Date Short Sales List for South Lake Tahoe CA or NV, email us here.
Owner/Broker Paradise Real Estate
Amgen Bike Tour of California Update
The much anticipated start location for the Amgen Cycling Tour of California has finally been confirmed. Amgen announced a couple of months ago that the first leg of the famous race will begin in South Lake Tahoe. The town has been buzzing about this renowned event starting in our beautiful hometown!
|STAGE 1 - South Lake Tahoe to North Lake Tahoe-Northstar at Tahoe Resort|
The first leg of the race will start in front of Monte Bleu Casino on Highway 50, it will continue Westward and circle around the lake one and a half times ending at Northstar at Tahoe Resort. If you stop by our office on May 15th you will have a birds' eye view of the pre-race festivities. We will also have a web camera which you will be able to view the cycling activities. This is coming soon.
Do you have any idea how long it will take the cyclists to make one lap around the lake? If you can predict the closest to the fastest lap time once around Lake Tahoe, you could win a week's vacation in Waikoloa, Hawaii! Predict the fastest lap time Here to Win.