About Nevada County, 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

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.

Homes listed in Tahoe Donner have been going down slightly lately. Sellers who have had their home on the market are not renewing their listing contracts and many are taking the properties off for the season or to ski lease. Just 1 new home came on the market last week in Tahoe Donner. There are now 124 active single family homes listed in Tahoe Donner (135 were listed last week). 7 homes went under contract this past week. There are now 25 Tahoe Donner homes in escrow! Just 1 home sold last week. It was originally listed for $765K, on the market for 73 days and sold for $760K. The original list to sales price was 99%. The current absorption rate around 20% and there is just under 5 months of inventory remaining. Click on the links for current listed Tahoe Donner Short Sales (16) and Tahoe Donner REOs (5). For more information about Tahoe Donner and Truckee Real Estate click here.

We are still seeing quite a bit of activity in Tahoe Donner. 5 homes went into escrow last week. These were listed in the $400K-$700K price range. There is now a total of 20 Tahoe Donner homes under contract. 4 homes sold in Tahoe Donner last week - 1 for $365K, 1 for $504K, 1 for $545K, and 1 for $864K. The average days on market was 166 days and the average original list to sales price was 85%. 5 new homes came on the market in Tahoe Donner last week. There are now 135 active single family homes listed. That makes the current absorption rate around 15% and there is just under 7 months of inventory remaining. Click on the links for current listed Tahoe Donner Short Sales (17) and Tahoe Donner REOs (7). For more information about Tahoe Donner and Truckee real estate click here.