Truckee, CA

Original photo copyright: Tamara Perlman. Any duplication without express written consent is prohibited. Tamara Perlman Coldwell Banker Northern Marin, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and Napa CA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com

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 purchase

Sometimes 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 number within 5% to 8% of the amount currently owed.

Bank owned properties (land or homes or apartments) are called REOs, meaning real estate owned by the lender.

Banks might end up owning the property when no offers come in at the public auction bid enough to cover the amount owed against the property. REO homes are often considered the best way to buy a distressed property because the seller is already out of the picture. At this point you are dealing with the investor's agent, the bank and the bank's agent who are negotiating the transaction. Some REOs can be purchased directly from the lender.

For more information, seek the advice of a real estate lawyer, and work with a competent buyers' agent.

You are already settled into the perfect primary home. Your family vacations in Truckee and Lake Tahoe at least three times a year and you are tired of leasing or staying at hotels. You have been ‘watching' the local market...Whatever the reason, you want to buy that second home and obtain the family lifestyle you so desire.

Similarly as to when you bought your primary home it is time evaluate your situation and run the calculations to see if it's the right time and place for you to purchase. Merely ‘wanting' a second home in Truckee or Lake Tahoe doesn't mean it makes sense for you to buy now.

Decide What Your Goals Are

If you're considering a second home, you must have disposable income. Do you really want to invest your extra money in real estate? Take a good hard look at your life and goals and decide if buying a vacation home or investment property will best achieve them.

What do you want and need in a second home? A place where you can retire? Write down everything and create a wish list for your second home. Use this as a framework for what houses to look at.

Ask yourself these questions:

How long will it take you get to your second home here in Truckee or Lake Tahoe? Will the location suit your family's future lifestyle?

How often will you go?

How will you get financing?

Will you need rental income to offset the monthly mortgage payment?

Can you afford the maintenance and insurance?

How will it affect your taxes?

How is the property appreciation rate in your desired location?

Choose a location that meets the criteria on your wish list, or you may decide to hold off on buying. For instance, if you want a vacation getaway but don't expect to use it for more than a week each year, it doesn't make financial sense to buy. Consider fractional ownership or a timeshare.

Consider sharing ownership of a second home. Consider researching co-ownership options, such as a joint tenancy or tenants in common as an ownership position. If you don't feel comfortable dealing with strangers, perhaps consider buying with family or friends.

Let me help you with the answers to many of these questions! As a local for many, many years and a full time professional Realtor, I know the market, understand the areas and I am here to assist you from point A to settling into that perfect second home your family deserves.

One of our fellow RAINERS gave this tip on how to imbed google maps into our website or blogs or emails so I thought I'd give it a try.  Went to Google Maps, found the link and will experiment now... 

Testing 1,2 testing!

Until November 1^st, golf memberships are being offered at $60,000 and social memberships at $30,000. November 1^st on, golf memberships will be offered at $75,000 and social memberships at $37,500. The annual dues will be collected January 1^st, 2010 and the amounts have not changed ($13,400 for golf and $6,700 for social). Currently, invitational memberships are available wherein the member does not have to own property. This will not be indefinite and is at the Golf Club's Board of Directors' discretion. There is no current prediction as to when invitational memberships will no longer be available.