North Lake Tahoe &
Incline Village Real Estate Blog

These are strange times. It’s difficult not to recognize the heartache and pain many people are going though especially when showing property in Reno/Sparks where practically every home has been vacated, often times, leaving many possessions behind.  A full 50% of the Reno properties in escrow are distressed properties. 

While it’s difficult to think of the distress sellers are experiencing; the upside is it’s humming for investors, first time home buyers and anyone looking for a deal.  Congress having extended the timeline on the first time homebuyer credit as well as a credit for those who want to move up in the home market continues to fuel the Reno market especially.

Truckee, CA has distressed properties coming on the market everyday.  We’re seeing short sales and bank owned properties on the North Shore of Lake Tahoe and Incline Village as well.  On the North Shore of Lake Tahoe, a smaller percentage of our listings are distressed properties but still attractively priced.   To bring everyone up to speed here’s a quick, easy explanation of a short sale.  A short sale is primarily a property being offered on the market at a lower dollar amount than is actually owed to the mortgage lender.   In other words, the bank or mortgage holder is willing to accept less than what the property owner owes.   Most of the short sales and foreclosures at the Lake are in the condo  market with homes surfacing a few a week.. Make no mistake, short sales are a  real value in the present real estate market.  I have available every foreclosure and short sale in Incline Village and the North Shore of Lake Tahoe; if that’s where your interest lies,  please contact me. If the property is listed as a REO or banked owned, both are one in the same, bank owned property.  Far easier transaction than a short sale.      In my experience representing buyers and sellers in both REO’s and short sales, the gestation period for a short sale can last up to 4 months while a bank owned can usually close within 30 days.  Cash is King with bank owned. As a buyer, it’s important the offer is strong (verification of funds attached to offer) and as the buyer, you’re intention is to close quickly.  The mortgage holder wants to get this off their books and will consider not only the price but the strength of the seller’s financial situation as well.  As I said, Cash is King with REOs. 

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On a much, much lighter note…..Tahoe has plenty of snow to get some great skiing in over the holiday.  We are expecting snow within the next 24 hours. Then it looks like clear skies for a few days.  I’m including in this blog, some pix of one of our rides last summer.  It’s where we live and are we so fortunate?  Rim trail, flume trail ride. Breathtaking!

Enjoy!

THOUGHT FOR THE DAY!  GET IN TOUCH WITH MOTHER NATURE NEXT YEAR!  IT’S SIMPLE, PURE UNADULTEREATED FUN…..LOOKING UP THE DEFINITION OF UNADULTERATED: NOT MINGLED WITH EXTRANEOUS MATTER, UNDELUTED…SOUNDS LIKE HEAVEN TO ME!

ENJOY THE HOLIDAYS AND MAKE ONE OF YOUR GOALS TO VISIT TAHOE MORE OFTEN….YOU WON’T BE SORRY!

LINDA DE MARIA AND MIKE CROKE….

your real estate agents who love where they live enjoying for decades everything outdoors Lake Tahoe has to offer.

We want to help you find your place in this paradise that’s pure fun: not mingled with extraneous matter!

Posted by linda / Uncategorized