Michael & Belinda Jackson

Living in Northern Nevada where we get our share of winter, it is SO nice to have that sun out daily now. We all know Spring and summer are a peak time for buyers to purchase that dream home. I think this year it is even more true. We had some heavy snow in the mountains this winter and it will be up there most of the summer. There is nothing like being in the valley of the Reno/Sparks area and looking up at all that snow. It really makes the whole area so beautiful. Buyers could not ask for a better situation to buy in. Rates are still so low, The bank owned deals are still great ( you do have to move quick when they come up) and the prices are at an all time LOW. Buyers cannot rent for what they can buy a home for now. The payments will be the same or less to buy that dream home. The sun is out, start looking !!

I know we are still in a buyers market and to get more even we need less supply, but the inventory levels in our area are just not enough for the buyer demand. Sure buyers want that "deal" but just today I was searching for a buyer in her price range and very very little that will fit her needs. The old days of having 10-12 good deals to show a buyer in 1 day are just over. The new bank owned "great deal" comes on the market and if it is priced right, it's GONE in 2 days with more than 1 offer. That's good for the market but we need MORE. We all know the banks are holding inventory right? PLEASE stop, the buyers are there, with or without the tax credit !!

We went with a buyer today to show a new short sale listing in Reno. It was the first day on the market and the price seemed very low for the area of town but we thought it may be in bad shape or whatever. When we pulled up to the house, it looked very nice. Before our buyer showed up I called the listing agents office just to get some basic information. She said the home has already received several offers so if we wanted to write an offer we would need to be quick. Something was up !! So we went inside the home and it was VERY nice. Very upgraded and just an overall nice home. The only issue, The listing agent priced it $30k or so below the last sold comp.... So does he think the banks are stupid?? Does he not understand the bank will do 1 or 2 BPO'S and maybe an appraisal and find out he priced it wrong? I know, I know he wants to get a deal into the bank soon to see what their bottom line will be, but this is just SO wrong to do to a buyer. Yeah, please write an offer on my listing that will never be approved by the bank but will get the process started for the seller. PLEASE PLEASE - Price it right from the start !!!! This practice is driving us crazy !!!!!!!!!!!

I have had a number of conversations lately with sellers that are asking this same question. Is it really worth it? Should I even bother doing a short sale? Several of these sellers have already meet with attorneys that don't really like the short sale option. As an experienced short sale listing team, I have to remind the sellers that if we can negotiate a successful short sale for them it WOULD be in their best interest. We explain that we work with their lenders and really push to get a complete release of future liability from them. If that's not possible we may look at the option of a small promissory note or coming to the closing table with a small cash contribution. Some sellers ask us why they would consider doing this. We think sellers need to determine if knowing up front what their costs will be out-ways the unknown for 6 months to 6 years if they let it go back. We all know there are 50 more issues that need to be worked out, but for us it comes down to this- Let's give it a try, if in the end the offers from your lenders don't make sense for your situation, you decline the short sale and move on.

If we get a call from an agent doing a BPO or an agent that wants to show one of our listings, we treat them just like a client of ours. Be nice, you just might need that agents help in the future. I will never understand agents that treat other agents like crap. What are they thinking? This is a very small town and word gets out fast. We are all professionals and have earned the respect of our fellow colleagues. If an agent is rude to you, kill them with kindness, you will win in the long run !!