What are REOs - Real Estate Owned?

Buying an REO is similar to buying a short sale except the property is already owned by the lender. The property has already gone thru the foreclosure process and the bank typically lists the property with a qualified real estate agent.  Hopefully the agent and the lender have open lines of communication to enhance a smooth sales and purchaseSometimes the lenders will sell foreclosure homes for less than the past loan balance. Most lenders have ‘guidelines’ for the amount they will accept.  In our
Truckee and
Lake Tahoe areas most lenders are looking for a …

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SHOULD YOU CONSIDER BUYING A SHORT SALE PROPERTY?

While there are always active buyers in the real-estate market in
Truckee and
Lake Tahoe it seems many of them seem to be looking to buy a foreclosure or a short sale property.  

A basic foreclosure is a fairly well-understood process and as “short-sale” signs pop up on occasion your buyer may wonder what it really means. When a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner, it’s called a short sale. Most often the lender forgives the remaining …

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Short Sales in Truckee Real Estate

Reasons Not to Buy A Short Sale Property 

Short sales occur when home values fall and sellers do not receive enough cash from a buyer to pay off their existing mortgages, providing lenders agree to take less than the amount owed to them. On the surface, it may appear that a short-sale buyer is getting a good deal. Although a slim margin of short sales may be profitable for a buyer — because there are always exceptions — much of the time, a buyer would be better off buying a home that is not …

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Buying a Foreclosure

Advantages and Disadvantages of Buying a ForeclosureMany buyers associate buying a foreclosure property with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased. Missed Payments/Motivated Seller                                                 Seller will be motivated to achieve a fast sale, may create opportunity for below market purchase price. Seller may be more likely to do repairs. Seller might be amenable to providing major closing costs credits and …

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Tax Benefits of First and Second Home Ownership

When buying your own home, most of the expenses are not tax deductible. However, the IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. In addition, if the day you purchase is on any day other than the first of the month, you will likely pay a charge for daily interest between the day of closing and the end of the month. Look on line 901 of your HUD settlement statement. 

Much more importantly, the IRS says that loan discount …

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Making Sure Your Home Builds Equity in Truckee, California

How Do I Make Sure The Home I Buy Will Appreciate In Value? 

As a buyer’s representative and you as a buyer your best option is to connect with your Realtor and to study the area you desire to live in and do the homework to study and learn as much about the area as possible.  Your Realtor should be able to provide you with an overwhelming amount of information – if he/she knows their territory! 

In some areas, homes closer to town centers and recreation areas are valued higher and appraise at a more rapid rate …

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Truckee, California Homes For Sale

7 Items My Buyers Are Looking For in Today’s Market 

Location, location, location – typically if my buyers do not know the areas and the various neighborhoods, we do a driving tour after a map tour.  Explaining each neighborhoods qualities, positives and negatives truly helps my buyers narrow down their choice to the particular location they desire. 

Neighborhoods – once the neighborhood is established we spend a little more time investigating a little deeper into each neighborhood.  Should my families have small children that home set up on the steep hill with awesome views may not work, while the home closer to …

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