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

Working With A Buyer's Agent In Today's Real Estate Market  

Working with a Buyer's Agent In Northern Nevada?    It is important to select the right agent to help and represent you when you buy a home.  The choice of agent varies as each is as distinctively unique as their personality, life experience, real estate knowledge and experience, and attitude.  You won't know everything about an agent when you meet them, but it will help you to know what you are looking for and what to expect from an agent. 

Real estate agents serve several roles.  If you are new to the area they will orient you, give you what we call our "Chamber of Commerce" talk.  You'll learn about weather, government, taxes, activities, etc.  They will also help you identify what you want in a property, what you are able to afford, and what neighborhoods in the area fit your wants and needs.  That is an important step as it leads to the next critical step- selecting properties to look at. 

This is where Buyer's agents can differ greatly.  Are they interested in selling you any property, or the right property for you?  Do they want to sell you the right property, or just sell you their, or their company's listing?  Are they working for you?  You will get a feeling right away when you are taken to a two bedroom house with your five kids in tow.  There are more subtle things to look for - pay attention.   

Are they eliminating market segments that could work for you?  Short sales are a common sales situation avoided by many agents these days.  They can take time and be uncertain, but with the right circumstances they can be a wonderful buying opportunity.  How do you buy a short sale property?  Do your homework!  We recently studied a niche market for a customer and found the right short sale - had approval in five days.  That is unusual, but a good example of why you can't categorically discard a short sale property from your list of prospective homes without doing the right investigation first. 

When you've found a house the agent becomes the investigator, contract drafter, and negotiator.  They should help you determine how the property stacks up in the market and how to strengthen your position.  After the offer has been accepted the escrow process begins - and there is much work for the active Buyer's agent to coordinate, follow up on, monitor to assure a minimal risk and timely close of escrow. 

Our advice: Go with your instinct on selecting your agent.  Just because you walk in to an office and are assigned an agent doesn't mean that is the agent for you.  It could be ... you could have attracted each other, but if it just isn't working understand that you are making a major financial and emotional investment - you should have the right agent.  They should ask questions of you - it is your investment , not theirs.  Feel free to interview the agent(s) - do they understand you and your needs/wants.  Will they do the job for you?  Agents should be readily available and follow up in a timely manner when you call or email.  They shouldn't be expected to be available 24/7, but they shouldn't disappear on you in this active market. 

We are fortunate to have a very high standard of practice in our industry in the Northern Nevada region.  There are many good agents available to work with - make sure you find them.  It is more important to find the right agent than it is to find the right house ... they will help you with the latter.  

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 

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Lisa Wetzel and Jim Valentine are the authors of this blog.  Lisa, Jim  and Jessie are experts in Carson Valley, Carson Cityand the tri-county area of Douglas County, Carson City and Lyon County.  Call our team anytime at 775-781-5472 or 775-781-3704.  To Search for Homes go to: www.findhomesincarsoncity.com of visit our website at www.CarsonValleyLand.com

Seller Motivation Today ... Understanding It For Success  

In our Carson Valley Real Estate Market, like everywhere else ... It takes a willing Buyer and a willing Seller to make a sound real estate transaction.  Understanding a Seller's motivation is essential for Buyers to negotiate the best transaction for the home of their choice.  There are three distinct categories of Sellers today: Bank Owned (REO), Short Sale, and Private Party (regular).  Each is motivated differently. 

The easiest to assess is the REO owner, the lender.  They are numbers and risk driven.  They want the most money in the shortest amount of time with the least amount of risk to the transaction.  They are not emotionally involved, will make a decision based on price and terms alone.  They want a clean offer with minimal conditions.  You can usually make a good buy when buying a REO, but there are contractual restrictions and often property deficiencies that must be dealt with. 

The Short Sale Seller is motivated to minimize the impact on their credit.  They will get nothing from the sale other than the ability to repair their credit sooner than if they are foreclosed on, and the forgiveness of their debt.  They also can save face in their neighborhood by living in their property and maintaining it until the close of escrow.  There can be difficulty motivating the third party decision maker, their lender, to work to accept your short sale offer, but that situation is improving.  Motivation in a Short Sale situation is usually high on the part of the Seller - your agent can help you determine the anticipated motivation of the lender based on his/her short sale experiences. 

The regular Seller is still out there, and many are sufficiently motivated to compete in the market place.  It would seem like these Sellers would also be price driven, but often there are other factors that are important to them that can impact the dynamics of the negotiations.  These can include a rent back opportunity, a Buyer that will be a good fit for the neighborhood, minimal conditions, a long escrow period, a short escrow period, etc.  Other motivating factors can be health, moving for family, moving for work, buying down, buying up, etc. 

Our Advice: It doesn't matter what a Seller paid or didn't pay for their property ... what matters is their motivation to actually sell.  Understand what the Seller wants and make your offer accordingly.  Not all offers are the same, and your agent should help you craft an offer that will resonate appropriately with the Seller of the home you want to buy.  It isn't all about money ... the art is to find the true motivation(s) of the Seller.  When your Buyer motivation matches the Seller's motivation on a home that you really like ... you can make a wonderful purchase and enjoy a smooth escrow that all parties are committed to.  

Some Sellers have listed their home for sale, but are insufficiently motivated - move on.  Unless there is an overwhelming reason for you to buy that specific property, i.e.- your sister lives next door, we suggest that you move on once you determine that the Seller isn't realistic in their expectations.  Probe for motivation before you decide you can't buy the house - you might be surprised how easy it will be if you find a motivating factor other than that which is stated by every Seller, "We're not going to give it away!" 

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

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Lisa Wetzel and Jim Valentine are the authors of this blog.  Lisa, Jim  and Jessie are experts in Carson Valley, Carson City and the tri-county area of Douglas County, Carson City and Lyon County.  Call our team anytime at 775-781-5472 or 775-781-3704.  To Search for Homes go to: www.findhomesincarsoncity.com of visit our website at www.CarsonValleyLand.com

Photo by Jim Valentine, RE/MAX Realty Affilliates, 1320 Highway 395, Gardnerville, NV  89410.  www.carsonvalleyland.com   dpwtigers@hotmail.com    775-781-3704   Lisa Wetzel and Jim Valentine Serving Northern Nevada for 30 years - Carson Valley, Gardnerville, Minden, Genoa, Topaz, Smith Valley, Carson City, Dayton, Stagecoach.  Land, ranches, residential, short sale, REO, investment, and development properties.

1. Your photos are unimpressive. The vast majority of home buyers start their search for a home on the Internet, your house had better look great in print. Not just nice... downright fabulous.  Today we are considering internet views as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... We consider that your SECOND showing. Today's buyers are expecting good quality photos (and lots of them... just 1 shot from the street won't cut it!), a virtual tour, maybe even a floor plan, if applicable.

2. It's overpriced. You've got to view your own property as objectively as possible.  Look at the home like a "buyer"... if necessary, go out with your Realtor and view other homes that are priced comparably to yours.  Be objective.  Given the other options on the market (and yes, you DO have to include short sales and foreclosures on your list... your potential buyers are!), would YOU buy your home, over the others on the market?

If no, then you either have to "update" your home to meet or beat the competition... or lower your price to adjust for it.  if you can't afford to sell it for the price, that you KNOW it should sell for, you may want to consider just removing it from the market.

3. It shows poorly. This could mean almost anything... from the barky, barky dog, to the smell of the diaper pail.  Maybe the carpeting is a bit worn, or the woodwork shows a lot of wear.  All things that don't show up on the internet, but whoa.... once you get inside the house... they show up, like a cat-urine-smell on a 95 degree day in New Orleans!

4. You're invisible. Today's buyer comes from the internet, almost exclusively.  Have you (or your agent) simply plopped the property on the MLS, and started praying?  Are you on all the websites...(Trulia, Zillow, Craig's List, Google Base, etc...) all the places that buyers are searching?  If not, you want to be.

5. Your listing is tired and stale on the market. Okay... yes, you overpriced your home initially when you first came on the market 2 years ago.  But since then you have reduced your price almost monthly... constantly chasing the market down.... Now, finally you're truly priced where you should be... but your listing is tired and stale.  Everyone looking for your type of property (ie: 3br/1.1 bath) in your area has already seen it, sometimes twice... and they remember that there was "something" about it that they didn't like... but what they don't remember is... what they didn't like.... was the price.   Time to take the listing off market.  Let it cool off (3-6 months), and bring it back on fresh in the Spring.  Yeah, you'll have 6 mos. worth of holding-costs... but you'll more than make up for it in your purchase price.

btw... Resist the temptation to bring the house back on at a higher price, than when you left the market.  Just "don't do it"!

6. Your house won't appraise. The house looks great... you've finally gotten someone to bring you a bid on your slightly over-priced, but beautiful pied-a-terre.  But the bank appraiser says it's worth $20,000 less than what they've agreed to pay.  Heavy sigh... bite the bullet.... negotiate with them.   If you have to drop the price $20,000 to make it work.... "make it work"... chances are, anybody else trying to buy your house will run into the same problem.

Photo by Jim Valentine, RE/MAX Realty Affilliates, 1320 Highway 395, Gardnerville, NV  89410.  www.carsonvalleyland.com   dpwtigers@hotmail.com    775-781-3704   Lisa Wetzel and Jim Valentine Serving Northern Nevada for 30 years - Carson Valley, Gardnerville, Minden, Genoa, Topaz, Smith Valley, Carson City, Dayton, Stagecoach.  Land, ranches, residential, short sale, REO, investment, and development properties.

Are You Facing Foreclosure in Nevada? There is Help Available!

Recent statistics and news reports have stated that Nevada now ranks number one at having highest number of foreclosures across the country. Clearly, this is a serious problem. The Governor's office, along with the Nevada Department of Business and Industry, are actively working together to provide as much information as possible to the residents in the state of Nevada. They now have a website that can help answer questions homeowners have regarding the foreclosure process.

To find  information that could prevent a possible foreclosure on your home visit the Nevada Department of Business and Industry website.

The  Nevada Department of Business and Industry created this website for home owners who are facing foreclosure. It full useful information to help assist you in finding the help you need to prevent your home from a foreclosure, if possible.

For example, if you are looking for information on how to contact your lender, the Nevada Department of Business and Industry can help you get started.

If you are not sure how the foreclosure process works, or if a short sale might be something you should consider, the Nevada Department of Business and Industries foreclosure website can help answer those questions as well.

If you are facing foreclosure in the state of Nevada, there is help available. Visit the Nevada Department of Business and Industry for help in finding out the right solution for you and your family.

 

Authored by Terrie Leighton. The information provided in this post is believed to be accurate but is not guaranteed.

 If you are interested in buying or selling a home in Sparks, Nevada, feel free to call me at 775-846-5424 or email me at Terrieleighton@hotmail.com. You can also visit Serving Reno and Sparks to see a complete list of homes available for sale.

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I am an REO listing agent, and have several REOs at any one time. Lately, I have been wondering when they will start to dry up. There seems to be no sign of it. I didn't get started representing REOs until October 2008 and have listed and sold many REOs since that time. 

Where did this REO market come from? In my opinion, it is all a result of loosened lending standards that have lead to a tangled mess in the housing market. The beneficiaries are the first time home buyers and investors who are out in droves buying up foreclosures. I have mixed feelings about those who lost their houses. They range from the family who didn't borrow too much and had some financial event that threw them overboard to the ones that borrowed so they could buy the Hummer and big boat.

I just did an occupancy status check on a property and discovered that all the interior doors had been removed along with the door jams and trim. They didn't stop there. The interior window trim was missing along with the baseboard and floor coverings. What possible value could that stuff have to the previous owner? By the time you tear out floor coverings the result isn't worth the effort unless you are doing it to replace them. Even the dishwasher was gone. It seems like a lot of wasted energy to me.

The sad thing is if the owner actually perpetrated the destruction they could end up paying for it if and when the bank pursues them for a deficiency judgment. So sadly, they really were just hurting themselves.

(Photograph courtesy of timesharerelief40 - Flickr.com)

            

 Posted By: Stephen Orear - Northern Nevada Real Estate Agent - REALTOR
with RE/MAX Realty Affiliates, specializing in Carson City Real Estate and Northern Nevada Real Estate. 

 

 

 

As a Realtor, it's up to you, to get your ducks in a row in order for a transaction to go smoothly, and without hiccups. (or hiccoughs for you purists!).

Regions function differently, and some Realtors handle more or less of the transaction depending on their region, but for the most part, here are some things that we are should all universally have under our belts.

Duck #1) Make certain that you have a pre-approval for your buyer clients, and if you're the listing agent, make sure you've got a copy of it.

Duck #2) Make certain that you understand the difference between a pre-qualification and a pre-approval, and if you're the listing agent, don't accept a pre-qual in place of the preapproval.

Duck #3) Make sure you have a good stable of property inspectors (and R.E. attorneys if your area uses them) to recommend to your clients, should they need them.

Duck #4) Make sure you touch base with your clients lender.  See if there's anything they need, and try to facilitate those needs.  Do they need condo declarations?  Proof of Insurance?  A copy of the signed contract?   Get it to them.

Duck #5) Keep tight control of any deadlines.  As the due date for balance of earnest money comes up... make sure you address it.  If you're the buyer's agent, don't let it surprise your buyer... mention it ahead of time, and make sure they have that balance of e.m. check on schedule.  You don't want to find yourself in default, if the seller has a backup offer.  As the listing agent, make sure the buyer's agent isn't surprised by the deadline... mention it ahead of time... call for it on the morning of the deadline.  Be in control of those deadlines, so they don't control you.

Duck #6) There is no duck #6, just trying to see if you're paying attention.

Duck #7) Keep a close eye on your mortgage commitment date.  Again, as the buyer's agent... don't allow it be a surprise to the buyer.  Mention it as it's coming up... touch base with the lender... make sure you have it in hand, it's for your own protection.  As the listing agent, keep track of that date.  You don't have to remind the buyer's agent of this deadline, but you can if you choose to.

Duck #8) Once these "deadlines" have been met, and you're simply "cruising" toward closing... don't ignore your client.  Touch base with them now and then... let them know that they're not merely a paycheck, you actually care about how they're doing, and how they're progressing toward closing.  This is an opportunity for you to the be the hero, and solve any problems that pop up.

Duck #9) As the closing comes near... set up the walk-through.  Note any problems, and resolve them. (or attempt to). The clients expect to have an advocate on their side, and you should be that advocate.

Duck #10) Attend the closing.  I know, I know... you think you have better things to do.  No you do not!  This is a major deal for your client.  Probably the largest transaction that they'll make in their lives.  Even though you'll likely end up sitting in a chair in the corner, they need your presence, they need to have a friend in the room.  Be there... make every effort to be there.... they'll appreciate it.

Duck #11) Stay in touch with your client post-closing.  This is a big one.  Staying in touch means you care.  Dropping them like a hot potato, means they were only a paycheck.  Who are YOU more likely to refer, and use again??

Duck #12) Sorry... I'm' outta ducks.  Weren't you counting?  Maybe you have some more?

ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
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Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com

 Evanston Real Estate, Evanston Realtor, Evanston Buyers, Evanston Sellers
North Shore Real Estate, North Shore Realtor, North Shore Buyers, North Shore Sellers

 

 

 

It was not too long ago that I was going to a walk through on a home in the Lakeview Subdivision of Incline Village and low and behold, a HUGE bear comes sauntering across the street.  I think he could care less that a large car was heading his way.  He took his sweet time and then just walked to the neighbors house like he was a good friend coming over to play.

It's cute and we all get excited when we spy a bear, but they do not belong in the streets of Incline.  It is not a good place for them.  Although we live in Bear Country and need to be prepared for interaction with these creatures, if we could just learn how to protect them we would all be in a better place.

Washoe County Commissioner John Breternitz is hosting a Special "Living in Bear Country" with speakers 
Madonna Dunbar, Incline Village General Improvement District and Carl Lackey, Nevada Department of Wildlife.  Learn how we can all do our part to protect these creatures and ourselves.

Date: August 24, 2009
Time: 5:00 pm - 6:30 pm
Location: IVGID Administration Building - Board Room
893 Southwood, Incline Village, NV

Curious about recent bear sightings in Incline and Crystal Bay? Check out news item on the IVGID.org website where you can also report your own sighting.

Links Alternate Website Carson Valley Real Estate Website Website Blog Myspace Photo Gallery Description Located in one of the most prestigious areas on the west side, this awesome parcel has water rights from 1857. Large and Level ... Surrounded by other large lots to preserve views. Minimal CC&R's, including a structure envelope. Features Acreage: 19 Zoning: A-19 Sewerage: Will Need Engineered Septic Water: Will Need Well School District: Douglas County School District Agent Name: Lisa Wetzel and Jim Valentine Broker: John Fisher MLS #: 80001263 Location 501 Mottsville Lane Gardnerville NV 89460 Powered by vFlyer.com vFlyer Id: 1436874

$1,295,000.00 - Dayton Valley Opportunity! 25 Daney Canyon Road Dayton NV ~ Your Own Private Canyon ~ Reduced ... Own All or Part Location: Dayton, NV Seclusion and Tranquility in your own private canyon … close to urban areas. Daney Canyon has history tied to the Comstock era but the bustle of the Comstock is gone and the natural peace of rural Nevada has returned. The Daney Canyon Ranch is a very special property having been characterized with the Blake house, custom built for famous western artist Buckeye Blake. The newer improvements are all of exceptional quality and design. Truly a special place on Planet Earth – the Daney Canyon Ranch is to be experienced to be appreciated. The property’s location and unique improvements make it ideal for many special uses, such as a corporate retreat, dude ranch, family compound, etc. PROPERTY SUMMARY · 10 Acres - More available up to 225 acres · 2 Residential Buildings · Pool & Spa With Large Cabana · Gym With Sauna and Steam · Storage Bunkers · Year ‘round Spring Fed Pond With Many Fish Stunning 743 Sq. Ft. cabana with open beam ceiling, brick and stainless gas BBQs, and tile counters. Large pool with heated spa overlooking an entertaining dream! Exceptional Southwest design and construction make this 3,278 Sq. Ft. home something special. Living Room with pitched ceiling, Office, Sitting Room, Sewing Room, and Den. Off the Den is an apartment with its own kitchen and bath. The Upper Guest House sits high on the hill with magnificent views. Two bedrooms, full kitchen and living room make for a comfortable private retreat comfortable. 440 Sq. Ft. gym with open beam ceiling, clerestory windows, steam and sauna rooms. Wall to Wall carpeting, wood cabinets, pedestal sink and mirrored wall. An inspiring workout environment. Contact Information Lisa Wetzel and Jim Valentine carsonvalleyland@hotmail.com 775-781-5472 Pricing Price: $1,295,000.00 Flexibility: Ready to Sell! Additional Pricing Information: Extraordinary Value! Property Location 25D Daney Canyon Road Dayton, NV 89403 View Map Links Real Estate Carson Valley Real Estate Website Features Bedrooms: 5 Bathrooms: 5 Parking Spaces: 10 Year Built: 1994 Lot Size: 10.00 Garage Size: 2 School District: Lyon County Square Footage: 4843 Agent Name: Lisa Wetzel and Jim Valentine Broker: John Fisher MLS #: 90003285 Powered by vFlyer.com Equal Housing Opportunity VFLYER ID: 2053850 Photo Gallery All information in this site is deemed reliable but is not guaranteed and is subject to change

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

Links Website Real Estate Blog Photo Gallery Description A lovely Town House on Woodside Drive in the Gardnerville Ranchos! Spacious Two Story design offers plenty of room for a growing family with 4 bedrooms and two full baths upstairs, large living room with half bath and roomy eat-in kitchen downstairs. The spacious kitchen includes beautiful oak cabinets with designer tile counters and plenty of room for dining. Outside the perfectly maintained front yard has lawn front and flower bed and the back and side yards are waiting for a homeowner’s special touch. Seller is going to be painting the interior of the home, repairing the wall damage and installing a new stove. Features Bedrooms: 4 Bathrooms: 2.5 Parking Spaces: 1 Year Built: 2006 Subdivision: Sequoia Village Garage Size: 1.5 School District: Douglas County School District Square Footage: 1650 Agent Name: Lisa Wetzel and Jim Valentine Broker: John Fisher MLS #: 90010026 Location 1268 Woodside Drive Gardnerville NV 89460 Powered by vFlyer.com vFlyer Id: 2638042