Michael & Belinda Jackson

I searched our local MLS today for bank owned homes ( stick built only, no condos) and there were only 177 active in Reno. One of the hardiest hit states in the nation for foreclosures? Why on earth only 177 active listings? Why are the banks holding so many homes in their "shadow inventory"? If they would release some of this inventory it would really help our market. We have many buyers waiting for homes right now and there is just not the inventory levels needed to show them their dream home. With rates close to 4%, if we had the right inventory levels, buyers would buy and our market could start the long road to recovery facing us.

With Notice of Default's almost at a stand still because of the new foreclosure laws passed in October in our state, 2012 could even see less bank owned listings. It's time for the banks to release some of their shadow inventory so we can get them sold and get down the road to recovery !!

How low do prices have to go? I just searched our local MLS and here is what I found. 300 bank owned homes, priced under $150k with an average price per sqft of $67.14... WOW, You can't rent a home for what your payments will be!! Then think about our current interest rates right at 4%, What are you waiting for?? This just can't last.

I'm now a HUGE fan of the new Equator System Bank of America is using now for most short sales. They made our Easter weekend by e-mailing a full approval letter for 1 of our short sale listings today. 1 loan with Bank of America and a full deficiency release for the seller. Here are the facts of this deal- 29 days for the first counter to come through, then 2 counters back and forth and full approval letter on day 46 !! WOW. In the past we have been 6 months to get an approval letter, way to stream line the process BofA !! If you are a seller in the Reno/Sparks Nevada area and you are considering a short sale, don't wait, call us today ! Maybe all the other lenders will follow BofA'S lead and get this back log of short sales approved so we can return to a healthy market.

O.K. So we all know the short sale process is really fun to start with, but what are 2nd lenders thinking?? We represent many sellers in the short sale process and we all know several will have 2nd mortgages. We are working a file now that has a 2nd and the wonderful bank wants 20% of the balance owed to settle and give approval for the short sale. After going back and forth with them for many weeks and trying to counter, they just come back with the... Sorry, it's 20% ( cash only, no payments) or nothing. O.K. so you want 20% or nothing, the first will give you $3,000, but if you only want 20% or nothing, I guess you will get NOTHING !! The home will be taken back by the 1st, the wonderful 2nd lender will be wiped out and they will get their wish of NOTHING. What on earth are they thinking? Good luck with the hard ball play, it just won't work in the long run.

O.K. Maybe, but... After waking up this morning and seeing snow capped mountains all around us from the valley floor, sun out (over 300 days of sun a year here) and just breath taking views everywhere, I have to wonder if it gets much better? I was born & raised in Southern California and moved to Reno 15 years ago with our 4 kids. I know, the beach in so cal is hard to beat, the year around weather is hard to beat there, but you can keep the crowds, you can keep the tax on EVERYTHING and you can keep the 12 lane freeways !

Reno/Tahoe area has SO much to offer- Lake Tahoe is 30 minutes away, San Francisco is only 3 hours away, The outdoor recreation is 2nd to none all year around. No State income tax, No Inventory tax for business and the list goes on. Housing prices back almost to the level when we bought our first house here 15 years ago. Come check out this great place to raise your family, you won't be disappointed !