Lisa and Jim's Northern Nevada Real Estate Blog: June 2009

I am working on a transaction in which I represent the buyers (thank heavens!), and they are really great first time buyers and very reasonable and accomodating. Two weeks ago we found a great house (appropriately priced) that had just been on the market for two days, and they fell in love with it. The house was in pretty good shape with an updated kitchen, and the sellers were promising in the disclosure statement that they intended to replace the electrical panel.We made an offer within three days of it being listed. The seller countered at only $500 off list price, but gave us the requested 3 % toward closing costs.  My buyers accepted the counter.  We did the inspection, and my buyers came up with a short list, but the sellers only agreed to do an even shorter list of repairs (which did include the promised new electrical panel because half the electricity in the house is off and none of the appliances could be checked.) My buyers agreed. So far, so good - right?

The sellers got virtually their asking price, a quick settlement, and a short repair list. The seller is now accusing the listing agent  of not representing her interests and has demanded that he be taken off the sale. She will not return his phone calls, has changed the locks on the house, and insisted that he take down his sign saying that the property is under contract.

We are now dealing with the agent's broker and the agent is distraught. I gave him the following suggestion:

1. Let it go. You sometimes get sellers that you just can't make happy. Right? We have all been there.

2. Take the commission check, which will come, even if  you aren't allowed to go to settlement, and take your wife away for a wonderful weekend. I suggested the Inn at Little Washington, or the Inn at Perry Cabin, two places that most of us don't get to frequently. Or buy something for yourself that is so special that you will always treasure it as a "gift" from that irascible seller. That way when you look at that gift or remember that great weekend, smiles break out rather than heart burn.

3. Finally, advertise the living daylights out of that sale. The seller may be able to prevent a sign in her front yard, but she can't stop the U.S. mails and those postcards that say - Sold in 3 days! What a great advertisement that is for the listing agent.

When a difficult seller comes along, just smile and cash the check, and spend some of it on something memorable. Living well is truly the best revenge, and we need it!  Cheers!

My wife got me a rescue goat as I've posted before.  Buster was left in a home that was foreclosed on, our friend rescued him, and we took him in.  We took him blind, hadn't seen or learned much about him before we agreed to take him.  What a treasure we found!  The family that left him must have been sad as he is very people friendly and dependent - was clearly loved.

Our grandsons came over for Father's Day and ended up swimming in the irrigation ditch as we got water that day.  Buster followed them and just wanted to hang out with the boys.

The boys played with Buster, and swam the length of the ditch.  They loved it, Buster loved it, and we are happy they can all enjoy the simple pleasures of life.  It is the simple pleasures that create the biggest joy and longest lasting memories in life. 

Our grandsons swimming in the irrigation ditch ... it is a big part of why we bought our property.  And Buster the goat ... he enjoyed getting into the pasture to sample next winter's groceries while he played with the family.

Don't Know If You Are Coming Or Going?

Took this at the San Diego Zoo a few years ago

Jim Valentine / Lisa Wetzel, RE/MAX Realty Affiliates, 1320 Highway 395, Gardnerville, NV  89410         775-781-3704   1-800-814-8777  dpwtigers@hotmail.com   www.carsonvalleyland.com

Serving Carson Valley, Gardnerville, Minden, Genoa, Smith Valley, Carson City, Dayton since 1976 & 1980.  For all your Northern Nevada real estate needs give us a call.

He finally came to cut my hay the other day.  We've been watching the hay grow tall and green ironically in keeping with our market recovery.  That has been our analogy for our real estate production as the market has shifted this spring ... when the crops started growing our business started growing.  It has helped us maintain our mindset as we acquired momentum in the market.  We watched the fields grow green as did our bank account. 

We had rain ... a good thing.  We had rain when we were going to cut ... a bad thing.   We had the same in our business - good escrows ... and bad escrows.   It's been an amazing parallel run between our meager efforts at farming and our extensive efforts at real estate.  The result ... hay grows when the sun shines and we have to work double hard when it does.  Real estate is good and we've got an amazing crop this year.  We're working hard.

Your market is hot ... go for it!  They'll come to harvest when the time is right.  We trade hay for the swath/rake/bale service and grow it to feed our equines, many of which are rescues.  It is a good release from our business and a great analogy to our business. 

Go forth ... make hay while the sun shines and may it shine on you!

The real estate industry has gone through many changes in the past two years resulting in new terms, titles, and expressions.  Here are a few that you will encounter in today's market:  

Asset Manager Asset Managers handle preforeclosure valuations and inspections for lenders.  After a foreclosure is completed, they coordinate with a real estate agent to get the property listed and sold.  

Bankbox  A lockbox put on by a bank vendor that has a code instead of a key.  Used so vendors and non-Realtors can access the property during the prelisting process, and the course of escrow.  The Northern Nevada MLS mandated that effective June 1 all bank-owned properties must have a blue NNMLS lockbox on their homes in addition to the bankbox.  Agents would show up with buyers and not be able to access the property because they didn't know the code.  That has been remedied, but the bankboxes are still in play to facilitate the property's marketing prep and escrow functions.  

Forebearance Forbearance is an agreement by the lender to postpone a borrower's monthly payment for a limited and agreed on time frame and is used as a way to prevent foreclosure. The loan continues to accrue interest during a forbearance. Modified terms and conditions can apply including some repayment of arrearage up front and a catch up within 24 months. 

Highest and Best  "Highest and Best" is a typical bank counter offer when they have multiple offers on a bank-owned property.  They ask the offerors to submit their Highest and Best offer.  The phrase has been used so much that it is now simply said as Highest and Best, as in, "The bank is going Highest and Best on all offers."  Used to entice bidders to increase their bid and get to the highest price in the shortest time possible.  Some bidders up their bid, others walk because they don't want to play the game.  It can pay to stick it out - you will still get the good value of a bank owned property if you are the successful bidder.

Homesteps HomeSteps is a division of Freddie Mac touted to be the most advanced system in the industry for managing REO dispositions.  HomeSteps is intended to streamline the sales processes of Freddie Mac foreclosures through enhanced communication and online technology.

HVCC, Home Valuation Code of Conduct, the new "appraisal rules".  Effective May 1, 2009 and applies to loans that will be sold to FNMA and Freddie Mac.  Intended to strengthen the appraisal process against the possibility of improper influence and coercion.  Has caused significant delays and consternation.  

Portal  Listing agent dealings with an asset manager are almost always through a portal, a website on the internet where they enter the information in a form-type environment and communicate with their asset manager without the use of phone or email. 

Trailing Income The income of the spouse/partner that quits his/her job in their old town to follow the primary income spouse.  Historically, their prior income was allowed for qualifying, but new regulations put severe limitations, restrictions, or eliminations on this trailing spouse/partner income.  

Our advice: Be sure that you and your agent keep up as the real estate and loan industries change.  Changes are constantly being implemented and many are effective immediately.  They can change the course of an escrow in a matter of hours.  These times are unprecedented and one must be constantly aware of changes and pending changes ...  they can cost you money, or worse, so pay attention.  

These are the best of times and the worst of times ... these are the good old days.  When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless!  Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472.  carsonvalleyland@hotmail.com, www.carsonvalleyland.com

Links Real Estate Blog Website Photo Gallery Description An immaculately maintained family home in Chichester Estates. Spacious great room design with large kitchen that features a breakfast bar and roomy breakfast nook, plenty of cabinet and counter space and gas range. There is a formal dining room directly off the foyer. High ceilings in the living room lend a spacious and open feel throughout the living zone. The large master includes a roomy master bath with double sinks, soaking tub and shower stall plus ample closet space. Outside enjoy the large covered patio and beautifully landscaped back yard that presently backs to open fields. The 3 car garage is double in front with a single drive through that is opens to the back yard. Features Bedrooms: 3 Bathrooms: 2 Year Built: 2002 Subdivision: Chichetser Estates Phase 8 Lot Size: .20 Garage Size: 3 School District: Douglas County School District Square Footage: 1596 Agent Name: Lisa Wetzel and Jim Valentine Broker: John Fisher MLS #: 90008793 Location 89410 Powered by vFlyer.com vFlyer Id: 2587603

This was taken from our office window a couple of weeks ago.  The feeling was quite ethereal as we got ready for the violence of the storm.  It rained, and cleared up, of course.  These moments remind us of the power and beauty of Mother Nature.  Look around the clouds - they are really three dimensional.  The mountain, Jobs Peak, is about 8-9 miles away - this is a very big set of clouds.

I believe I was about fifteen years old when I first read this words, they  have been with me ever since. As a naturalized citizen it most clearly captured the ideals & promises of this country which offered all but promised nothing more than opportunities for those who wish to take them. No promises of success but the freedom to try and try again.

"I do not choose to be a common man.

It is my right to be uncommon.

I seek opportunity, not security

I do not wish to be a kept citizen, humbled and dulled by having the state look after me.

I want to take the calculated risk, to dream and build, to fail and succeed.

I refuse to barter incentive for a dole.

I prefer the challenges of life to the guaranteed existence, the thrill of fulfillment to the calm state of utopia.

I will not trade freedom for benevolence, nor my dignity for a handout

I will never cower before any master. Nor bend to any threat.

It is my heritage to stand erect, proud and unafraid, to think and act for myself, enjoy the benefits of my creations and to face the world boldly, and say:

This I have done."

 BY Dean Alfange

Douglas Pop Warner will field more teams this year than ever in its long history.  When most youth sports are decreasing in participant numbers, our team count is growing by 25% this season.

 Recognized Regionally and Nationally as an exemplary program, DPW provides its participants with an impactive experience that leaves them with positive lifetime memories.  Value driven with a goal of teaching its participants a love of the game while having FUN, DPW is special. 

We are happy to be a part of the program and the contribution we make to our community through our involvement.  Here are some pictures from the Douglas Pop Warner float that was in Saturday's Carson Valley Days Parade.  GO TIGERS!!!

The Kid's Fishing Derby in Douglas County, Nevada, is reportedly the nation's largest free fishing derby.  It is a wonderful event where kids get a reservation to fish at a specified time in a stocked irrigation ditch that flows through the main park in the county.  There is no charge for this exciting experience that occurs annually in the first week of June.

 The ditch is blocked off and the U.S. Fish Hatchery stocks it with close to 2,000 fish.  The largest this year was 8 pounds.  Many are tagged, and if a child catches a tagged fish they get special prizes.  There is a prize for the largest fish caught in each of the fishing sessions.

 Just for showing up the "fisherkids" get hats, bags, and other neat logo gear.  There are hundreds of volunteers that help register, bait, catch and clean the fish.  The volunteers are there for the love of the sport of fishing, and with the hopes of introducing the children to the world of fishing.  If a child doesn't have a pole they are given loaner poles.

 No parents go in the fishing areas - the kids go in and are assisted by the volunteers.  The volunteers help them bait their hook, cast, learn the patience to let the fish get the bait, and land it once they are caught.  Every child has the opportunity to catch two fish within their time allotment.  This year our grandson caught two fish, but lost three - an impetuous eight year old.  Of course, his mother, uncles and extended family all fished in the KFD when they were little - it is a community tradition. 

 The fishing area is divided in age group areas so kids are fishing near others their own age.  Ages 3-12 are allowed to participate.  The event goes for two days with a steady progression of kids, siblings, parents and grandparents coming with great anticipation and hope that only fishing can lure them in with.

 The event has many sponsors and support that make it possible including Raley's Supermarkets, Douglas County Sherrif's Office, Lahonton Fish Hatchery, Nevada Fish and Game, Douglas County Parks and Recreation, and many, many others.  It is a heartwarming event that evokes the best of Americana.  Catch it some time!