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.

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.
I was assigned a new REO yesterday. I went right over to the property to check it out. The first task is always an occupancy check. I was relieved to find that the previous owners had vacated the property and that there were no abandoned pets or animals. I am always concerned that I am going to find a pet that has been left behind. Whew!
The house is a little rough and they left a lot of junk. I mean really a lot of junk! Oh well, the field service company will trash it out, clean it and then I can make a list of repairs for the bank.
There was an irrigation valve box that was flooded and had created a pond around it. It has been that way for a while because there are pollywogs in the water. I am not sure how long it takes to get pollywogs but they are there. I turned off the irrigation stop and waste so there is no longer a source of water.
I found what was a pond with a waterfall in the back yard. There is still a lot of water in the pond although the water is not circulating. It is stagnant water, perfect for mosquitos to breed in. When I got back to the office I went to the Douglas County web site and found a section on Mosquito Abatement. Mosquitoes are a concern to us here in the Carson Valley.
I called and they said they would send someone out right away. Later today I received a call back from the mosquito abatement department at the county. They found the water and treated it for mosquitoes and told me the treatment would last for 30 days and to call them back if the home hasn't sold by then.
They asked me to tell all my real estate friends about their service and how important it is to keep these disease spreading insects from breeding. I hope you will remember to think about stagnant water and the hazards of mosquitoes when you take on vacant properties.
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.
Father's Day was the other day and for me, that meant I got a little time to do what I wanted. I swept out the garage which required hooking the boat up to the tractor and pulling it out so I can sweep and mop. After everything was out, I finished cleaning and I started thinking...
I’m thinking it might be nice to plan a fishing day at Lake Tahoe with my grandson. Last year we only went one time so this year I’d like to take him at least more than once. I got out the fishing gear and put new line on three of the four reels. After taking inventory I found that the box is low on my favorite trout lures so I made notes to replace the otherwise lost lures.
If you haven't noticed yet, I love to fish...and there are so many great places to fish here in Northern Nevada. My favorite place to fish is Lake Tahoe. We have a great technique for catching rainbow trout at Lake Tahoe. It works so well sometimes I am tempted to call it catching!
First off, don’t even go if it isn’t a new moon. Don’t laugh. If there is any moon that lights up the night the fish won’t bite the next day.
Second, make sure the wind is up. Rainbows at Tahoe bite best when it is windy.
Third, only fish over the rocks. A sandy bottom at Tahoe will not produce rainbows.
Next troll fast close to the rocks. Be sure to use the right lure on a long line. I didn’t mention the lure, did I? Oh well - here it is: Use a Mepps Aglia Long No. 2 Silver spoon or prismatic spoon if it is a sunny day. If it is cloudy use a gold spoon.
When we stick to this plan, we consistently catch nice sized rainbow trout at Lake Tahoe. Many fisherman are unsuccessful figuring out how to get rainbow trout out of the gem of the Sierra so they fish for Mackinaw. Rainbows are the best in my book. Good Luck!
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.
If you are fortunate enough to live in or near the Carson Valley, a plethora of year around recreational opportunities awaits you. We love this place! You can snowboard, golf and mountain bike all in the same day!
I was riding my mountain bike in the Pinenuts (BLM land just east of Gardnerville) when I came across a friend. He said he was out for a triple crown. He had just come down from Ski Heavenly where he snowboarded in the morning. He was doing a two hour mountain bike ride and then heading for the golf course in the afternoon!
The list is huge when it comes to fun activities. My wife and I enjoy hiking and one of our favorites is the Taylor Creek power line trail. It starts about .5 miles up Kingsbury Grade from Foothill Road and you can follow it all the way to Galaxy run at Ski Heavenly. We have lots of great information on our website about Outdoor Living in the Carson Valley.
If you like to fish there are abundant opportunities to wet a line. You can shore fish at Lake Tahoe and if you are lucky enough to own a boat you can get out on the water. The east fork of the Carson River has rainbow and brown trout and will surely satisfy and challenge anglers.
You can also kayak on the Carson River from Hangman’s Bridge in Alpine County all the way down to Gardnerville.
If you are a road cyclist you will appreciate the miles and miles of roads around the valley and into the high mountain passes. The Tour of the California Alps is one of the most challenging road rides in the western states and includes 129 miles of senic mountain roads with 5 high mountain passes all in one day!
Our area is also considered a year around golf destination. There are dozens of courses in Northern Nevada - here is a link to the Divine Nine golf courses in our area.
If you like outdoor concerts you will have the opportunity to enjoy the Family Summer Concert Series at Minden Park. These are free concerts put on by the Douglas County Parks and Recreation Department. Bring your lawn chairs, picnic baskets and enjoy the small town atmosphere at Minden Park.
The list would not be complete without the mention of world class snow skiing and snow boarding.
If I haven’t satisfied your recreational yearnings, then consider:
There is no alligator wrestling (sorry) but hopefully our list will make up for it.
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.
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