Carson Valley Real Estate NV, Gardnerville Homes, Carson City real estate

Three Things Buyers Should Know about Short Sales in Nevada

March 4, 2011

Things Buyers Should Know About Short Sales in Nevada Buying a Short Sale in Nevada can be confusing and frustrating if you are not informed of exactly how the process works. If you are considering buying a Carson Valley short sale, it’s important to keep these points in mind so that there are no surprises in the process.

Short sales are anything but short! They may be called short sales but that has no bearing on the time involved in buying a short sale. They will take longer than a bank owned or traditional purchase. Sometimes obtaining approval from all the lenders involved can take months. This trend has improved drastically in the last 6 months, but you should still be prepared for a 3-4 month waiting time just for the lenders to approve the sale. This does not include your new loan processing if you are obtaining a loan. Buyers should be aware of this timeframe and plan accordingly.
Whether or not your Short Sale in Nevada is approved often depends on the skills and experience of the listing agent. Any real estate professional can list a short sale, but it takes a great deal of knowledge and training to get a short sale approved. If you are considering buying a specific Short Sale home in Nevada, have your buyer’s agent run an MLS listing report on the listing agent. Then you can see how many short sales he or she has completed successfully. This will be a good indicator of whether your transaction will go smoothly, or maybe hit a few road bumps along the way.
While everyone wants a good deal, it’s important to understand that the seller and listing agent, nor the buyer, establish the price. The noteholder (or investor) establishes the selling price. Buyers should be prepared for a counter from the lender during the short sale approval process. If you are familiar with the recently sold comparables in the neighborhood, it should be clear that the lenders merely want to make sure the home sells at market value, not below.

If buyers keep these three key points in mind, buying a short sale really isn’t that daunting. Do you have questions about short selling your home in Nevada? We’d be happy to sit down with you confidentially and discuss your options so you make an informed decision that is right for you and your family. Contact Christianne Gordon at 775-881-8223 or by email at info@carsonvalleyshortsales.com today to arrange for your personal and confidential consultation.

This blog post originally posted on CarsonValleyShortSales.com on March 4, 2011 by Christianne Gordon.

Common Questions about Carson Valley Short Sales

March 3, 2011

Carson Valley Nevada short sales are getting easier than just a few years ago, and the industry has change for the better significantly. There are more consistent guidelines being applied by lenders, but homeowners still have questions about the process and benefits of a short sale. In this post we are going to answer 4 questions that almost always come up with I am counseling a seller considering a Short Sale in Nevada.

Why would I want to do a short sale? If you are experiencing a genuine financial hardship, it is in your best interest to avoid foreclosure if at all possible. First, no one wants a foreclosure on their credit history. It is very important to understand how a foreclosure affects your credit as opposed to a short sale. A foreclosure remains on your credit report for up to 7 years as an active account. This means it directly affects your credit rating for up to 7 years. When you consider a short sale as an alternative, a short sale settles your mortgage indebtedness for less than the full amount owed. When the escrow closes, so does the active reporting on your credit report. As time goes by, that short sale will have less and less impact on your credit reporting, because credit bureaus give less weight to accounts that are historical than accounts that are current. This doesn’t even begin to address the emotional anguish or social stigma associated with a foreclosure.
Why would a bank accept a Carson Valley short sale? For banks, many of these decisions are strictly financial. Banks accept short sales when they determine that the financial loss from the short sale is less than the loss would be if they foreclosed. There are significant financial costs associated with a foreclosure that banks must bear, so often a short sale is a better alternative for them if a foreclosure is likely.
Do banks always accept Carson Valley short sales? No. They do not. It is critical for anyone considering a short sale in Nevada to speak with a real estate professional who has a proven track record of success along with the education and experience necessary to work in this market specialty. That way, it will maximize your potential for success with your own personal short sale.
Will a bank accept a short sale if the homeowner is current on payments? It really depends on the lender and the specific situation. Sometimes the banks will accept a short sale if the homeowner is current, however it does not happen very often. The best way to find out is to simply submit a short sale file to the lender. As real estate professionals, we can never advise a homeowner whether they should fall behind in their payments in order to qualify for a short sale. Homeowners pondering this question should seek legal advice from a Nevada attorney on this topic.

Disclaimer: Short Sales are complex transactions involving many factors that are unique in every transaction. We strongly recommend anyone considering a short sale in Nevada to contact qualified tax and legal professionals in addition to speaking with real estate professionals to determine the best solution.

Photos courtesy of BenefitIQ and Swodeck via Photobucket.com. This article originally published on GreatNevadaHomes.net on March 3, 2011.

Carson Valley Real Estate – February 2011 Homes Sales Report

March 2, 2011

Carson Valley Real Estate – February 2011 Home Sales Report

It’s winter in the Carson Valley but you wouldn’t know it by looking at February Home Sales! For a second month in a row, we had 44 homes sell in the Carson Valley! Our market is showing incredible resiliency when compared to 30 homes sold in February 2010. Home sales volume is UP, and that is really good news.

Here are Carson Valley homes sales numbers for February 2011:

44 homes sold
Median asking price is $196,900
Median selling price is $196,500
Median days on market is 157

So what is the absorption rate for the Carson Valley?

There are 333 homes for sale in the Carson Valley as of March 2, 2011
44 homes sold in February
333 / 44 = 7.57 months of inventory

Could it be true? Is our market back to ‘normal’? What is a normal market? (Was the market ever normal?) I would argue that we haven’t had a normal real estate market since 2001 – and that is 10 years ago. Statistically, when there is between 5-7 months of inventory that is considered a ‘normal’ market. Of the 333 homes available for sale, 82 are short sales, and 31 are bank owned. That means 34% of our market is distressed. However, 16 of the 44 sales in February were short sales and 13 were bank owned, accounting for a whopping 66% of the sales. As long as we continue to absorb more distressed properties than are brought to market, we should be on a slow but steady course towards healing out local community and economy.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)

Carson Valley Short Sales 101: What is the Difference between a Servicer and an Investor?

March 1, 2011

Carson Valley Short Sales 101: Who is my Servicer? Who is my Investor? What is the Difference? Does it Matter?

When you make the decision to short sale your home, you are going to enter a financial world that may look a lot like Alice in Wonderland… There is so much jargon in the industry, sometimes it’s hard for sellers and buyers alike to understand what is happening and who is involved in the transaction.

First, we defined a Carson Valley short sale. Briefly, a short sale is a real estate transaction where the proceeds of the sale do not cover the balance owed on the mortgage(s) and closing costs. A short sale occurs when the lender(s) agrees to accept less than what they are owed and allows the property to transfer ownership. In some cases, the lender(s) will accept this short payoff as full satisfaction of the debt (also known as waiver of deficiency).

When we say ‘lender’, however, that is sometimes misleading. Who is my lender? Well, this question is similar to a two headed dragon, and frankly, they may feel like that to you if you are suffering and behind in your payments on your mortgage. We answer that question with another question: Is your lender the servicer, or are they the investor?

You see, sometimes your ‘lender’ does not actually own your loan anymore. After they gave you the loan to buy your house, they sold your loan behind the scenes to an investor. And the investor then retained your ‘lender’ to service the loan. Servicing a loan usually includes sending you a statement every month, collecting the payment, paying the property taxes and homeowner’s insurance. The ’servicer’ then receives payment for administrating – or servicing – the loan. This is who the public deals with.

In contrast, the Investor – also known as the noteholder – is the actual party that OWNS THE LOAN. They are the people behind the servicer that make the decision whether or not to a accept a short sale. In many cases, the investor on any given loan is Fannie Mae or Freddie Mac. Click on the names below to find out if either of these entities own your loan.

Does Fannie Mae Own Your Loan?

Does Freddie Mac Own Your Loan?

If they do not, your loan may be what is commonly referred to as a portfolio loan. In that instance, the ‘lender’ services the loan and also owns the loan. Sometimes the loan could have been sold to a private investor as well.

When we being working on a Carson Valley short sale, one of the first things we do is determine who is the servicer and who is the investor. It’s important for us to know who is the ultimate decision maker in order to get a short sale approved. While short sales are emotionally taxing for sellers and buyers, they are simply economic decisions for the investors. The investor – along with the servicer’s assistance – makes a determination of which option – foreclosure or short sale – will results in the smallest loss to the investor.

This blog post originally published on CarsonValleyShortSales.com on March 1, 2011.

Carson Valley Real Estate – 1213 Foothill Road Gardnerville NV 89460 – $399,000

February 28, 2011

Carson Valley Real Estate – 1213 Foothill Road Gardnerville NV 89460 – $399,000

1213 Foothill Road in Gardnerville Nevada is a wonderful home nestled in the Foothills boasting spectacular views of the Sierra Nevadas and an excellent location close to Heavenly Ski Resort, Lake Tahoe, and other recreational pursuits! This 3 bedroom, 3 bath, 2 car garage, 1,706 square foot home is perfect for a full time residence or a mountain retreat.

This home is not a short sale or a foreclosure – simply a motivated seller looking to sell his home in a traditional transaction. You remember those right? Seller wants to sell…Now I just need a buyer who wants to buy! For a showing, contact Christianne at 775-881-8223 or Steve at 775-690-0685.

Carson Valley Real Estate – 1407 Pin Oak Gardnerville NV 89410 – $157,900

February 27, 2011

Carson Valley Real Estate – 1407 Pin Oak Gardnerville NV 89460 – Offered at $157,900

1407 Pin Oak is a darling home in Arbor Gardens just minutes from downtown services, parks and medical facilities in Gardnerville, Nevada. This 3 bedroom, 2 bath, 2 car garage, 1,360 square foot home would make a perfect retirement home, seasonal recreational residence, or a starter home. The location is 30 minutes east of Lake Tahoe with year-round recreational activities including snow skiing, boarding, boating, hiking, cycling, casino night life and other fantastic pursuits surrounding the Sierra Nevada mountain range.

Carson Valley Real Estate – 1407 Pin Oak Gardnerville NV 89410 – $157,900

This home is a bank owned foreclosure but you’d never know it by it’s condition. It is move-in ready and priced to sell. For a showing, contact Christianne or Steve at 775-881-8223 or 775-690-0685.

Carson Valley Real Estate – 983 Fairway Drive Gardnerville NV 89460 – $229,900

February 26, 2011

Carson Valley Real Estate – 983 Fairway Gardnerville NV 89460 – Offered at $229,900

983 Fairway is a lovely, elevated house on the Carson Valley Golf Course. The main house is a 3 bedroom, 2 bath home with a large kitchen, a covered front porch and a deck with hot tub in the back yard. There is also a separate one bedroom, one bath attached in-law/separate apartment flat. It shares the front porch and rear deck with the main home. Situated on a corner lot, this home also features RV parking and a working vegetable garden.

Carson Valley Real Estate – 983 Fairway Drive Gardnerville NV 89460 – $229,900

This is a short sale with only one loan with Chase. Work has already begun with the lender. This home also has been raised out of the flood plain via concrete blocks. For a showing, contact Christianne or Steve at 775-881-8223 or 775-690-0685.

Carson Valley Nevada – Douglas County Gains Population in 2010 Census

February 25, 2011

The 2010 Census results have been released and Douglas County Nevada – also knows as the Carson Valley Nevada area – gained 1,513 people.

Carson Valley Nevada – Douglas County Gains Population in 2010 Census

Douglas County Nevada now has a population of 46,997 residents.

Douglas County Nevada population is up from the 2009 census estimate of 45,464 but lower than the demographer’s estimate of 51,390 people.

This is the first population incease in Douglas County Nevada since 2006.

The allure of small-town America is alive and well in the Carson Valley area. In the Carson Valley area, we still revel in the fact that we only have 5 stop lights between the three towns of Genoa, Gardnerville and Minden. Residents here have a strong sense of community with several functions throughout the year. We proudly enjoy the Minden Park Concert Series, Heritage Park Movies in the Park Series, Wine Walks, Carson Valley Days annual parade (where Highway 395 is shut down for several hours where floats throw small children candies), and others.

Come see what the Carson Valley area is all about. We have 300 sunny days a year on average, specatular Sierra Nevada mountain views, incredible recreational activities – hiking, biking, fishing, snowskiing, boating, to name a few – and no state income tax.

Make your retirement dollar go farther in Nevada.