Who Wants Newly Constructed Real Estate?
1863 Crystal Air Built in 2009
An initial consultation with your real estate agent should include many questions to determine what you’re looking for in Lake Tahoe real estate.
These questions will include, not limited to, the following:
* What style of house would you prefer? Contemporary? Tahoe cabin?
* Which neighborhood?
* Is a garage or carport important to you? (many properties in Lake Tahoe do not have them)
* How important is having a nice view, such as mounains or lake view, from the property?
* Would you prefer to be close to town and shopping or find a property with more seclusion perhaps in the
county?
* What kind of floor plan?
* Low maintenance yard or landscaped, one with lawn?
* Does the yard need to be fenced, possibly for pets?
The best question that any agent can ask about Lake Tahoe real estate may go something like this:
* Imagine we’re standing at the house and property that is the perfect Lake Tahoe real estate for you?
Describe to me, in as much detail as you can, what it looks like.
Here are some links to help gather more information when it comes to what can be done with Lake Tahoe real estate:
* trpa.org…Tahoe Regional Planning Agency
* tahoechamber.org…South Lake Tahoe Chamber of Commerce
* el-dorado.ca.us…County of El Dorado
Many people tell me that they would prefer to have a newer constructed home with priorities such as all of today’s modern, energy efficient appliances, 30 year minimum composite roof, and possibly hard wood floors.
Following is a selected list of current real estate listings in South Lake Tahoe of newer constucted homes since 2008 in various neighborhoods:
- 1139 Julie Ln.
- 2612 Osborne Ave.
- 845 Merced Ave.
- 714 Panther
- 1308 Angora Lake Rd.
- 3511 Pony Express Rd.
- 1460 Ski Run Blvd.
- 2073 Cascade Rd.
- 10 Lighthouse Shores Dr.
- 969 Lakeview Ave.
Complete list of newer constructed homes in all of the Lake Tahoe Basin
Wally Johnson
DRE #01848595
cell: 530.277.5687
fax: 530.542.8657
Wally@WallyKJohnson.com
LakeTahoeBasinHomes.com
3045 Harrison Ave.
South Lake Tahoe, Ca. 96150
How To Value Real Estate Like an Appraiser
1863 Crystal Air Dr.
Perhaps the most important question people are faced with when considering a real estate purchase is: “What ‘s this house worth…what’s it’s current value in today’s market?”
Since many people like to do some research on their own before meeting with a REALTOR®, one way to calculate a property’s value is to do it like a real estate appraiser.
A professional real estate appraiser helps establish the current market value of a property for the purpose of establishing a loan so the lender knows that the property will sell for at least the amount of money it is lending.
However, let’s not cofuse an Appraiser’s report with a Comparible Market Analysis, CMA, used by most experienced real estate agents. A CMA has some of the same similarities of an Appraiser’s report, however, the Appraiser’s report is much more detailed and is the only report a lending institution will consider when looking at approving a loan.
So here are some suggestions on how to value Lake Tahoe real estate like a professional appraiser:
- Become very familiar with the neighborhood where the property is located and the neighborhoods location within the Lake Tahoe Basin…see Neighborhoods
- Find and compare similar properties, number of bedrooms, bathrooms, garage, etc. that have sold in the last 6months…having 6properties to compare is a good number
- Make sure the comparable properties have the same similarities as above, plus age of home and whether it’s been updated or remodeled, obviously you’re looking to compare apples to apples as close as possible
- Check Lake Tahoe area real estate tax records vs. listing of property for recorded information such as above plus square footage of house, last sale, and more
- Check to see what kind of a listing is the subject property and comparibles you’re considering: are they a regular sale, short sale, or bank owned
- Develop a spread sheet or request one used by real estate professionals
Remember, information is power!!
- Wally Johnson
DRE #01848595
cell: 530.277.5687
fax: 530.542.8657
Wally@WallyKJohnson.com
LakeTahoeBasinHomes.com
DO NOT BUY LAKE TAHOE REAL ESTATE
Do not buy Lake Tahoe real estate, or any real estate for that matter, unless you’ve done some homework about your financial situation.
A few years ago when I was a financial advisor helping people with goals like early retirement, how to plan for sending their kids to college, buying a high ticket item like a car, or helping them save for a nice yearly vacation, one of the first things we did was look at the foundation of their financial house. This foundation consists of savings, cash flow, and long term investments.
Obviously, everyone’s situation is unique and different. However, real estate should be looked at as not only a long term investment, but also a long term commitment. So having a good, positive cash flow to support a real estate purchase is one of the key ingredients for success. Remember when planning to buy any real estate, include not only the monthly mortgage payment, taxes, and insurance, but also the other bills that you’ll have on a regular basis…heat, garbage, sewer and water, electricity, and so on. Also include long term maintenance on the property such as painting and staining and upkeep such as plumbing repairs.
Once you’re certain that your financial situation will support your goal of buying real estate in Lake Tahoe, one of the first things to accomplish is to call a lender and get prequalified for a loan. In today’s world, no one will take you seriously about purchasing real estate unless they know they’re talking to a qualified person. Unless you’re buying with cash and don’t need or want a loan, showing a perspective seller that’s you’ve been prequalified with a written letter from your lender, will start the
negotiation process in a positive manner. That’s means a win, win situation for everyone concerned.
Wally Johnson
DRE #01848595
cell: 530.277.5687
fax: 530.542.8657
LakeTahoeBasinHomes.com
Short Sales
Focused on happy families, not just real estate. I’ll help you find your jewel in the pines.
Wally Johnson
CA License # 01848595
Pinnacle Real Estate Group
530-277-5687 Cell
Short Sale Questions for Listing Agent
• How many short sales have you closed as the listing agent? Explain the process.
• How do you handle offers?
• Who are the lenders on this listing? Are there 1 or 2 deeds of trust? Private or institutional? Any other liens?
• Has the seller considered or been approached yet by their lender to modify the loan on this property? If the seller could modify and stay in the property, would they? Why is seller moving?
• Has the seller completed the short sale package? Do you have all of their docs (tax returns, completed application, etc.) already and have verified hardship?
• What communication, if any, have you had with the lender (s)? After you submit all docs, including my offer, how long will it take to close? How often do you call the lender? How often will you call the selling agent?
• Have you received any other offers that you are waiting to hear back on from the bank? Has the property been approved for a short sale prior and not closed? Why?
• Does the loan have PMI (mortgage insurance) which may require another level of approval or a pre-payment penalty? Is the loan FHA or VA requiring another level of approval?
• How far away from foreclosure is the seller? Has a Notice of Default or Notice of Sale been filed?
Short Sale Questions for Selling Agent
• Is the property priced at fair market value?
• How long has the property been for sale?
• Ha s the price been reduced? How often?
SHORT SALES AND BANK OWNED REAL ESTATE: THE TRUTH
Focused on happy families, not just real estate. I’ll help you find your jewel in the pines.
Wally Johnson
CA License # 01848595
Pinnacle Real Estate Group, lic.017774776
530-277-5687 Cell
Short sales and bank owned real estate have become the focus of many buyers across the nation, and Lake Tahoe real estate is no exception…reason being is that these properties are perceived to be the best deals, getting more house for the least amount of money….the best value money can buy. Do these real estate properties really get people the best deal or not? Many all over the nation have found out the hard way, that the answer is usually no they do not. I’m sure you’re curious why not?
Most often these Short sales and bank owned properties are listed well below the current market value of a particular place, say Lake Tahoe. When you put in an offer, many times there are multiple offers on the same property and a bidding war begins, just what the bank was hopping to achieve. So what happens is instead of getting that supper deal that the buyer was wishing for, the property is sold over the asking price.
Plus don’t forget: even if you find the property that doesn’t have multiple offers and the seller agrees to your low offer, the short sale bank, even after months and months can come back and refuse the offer and change the price up.
If you are looking for more hassles in your life, you’ll love buying a real estate short sale.
If you’re absolutely certain that you’ll only focus on short sales or bank real estate, make certain that both the buyers agent and the listing agent are very knowledgeable with these kinds of real estate deals and they are well informed and inform you as well.
For more, go to: Short Sales Questions to Ask
