This weekly report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe, CA. This information is focusing strictly on the South Lake Tahoe, CA. side of Lake Tahoe.

As of today, September 3, 2010 @ 3:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 486. 74 of these active listings are bank-owned or short sales.

Homes sold from August 1, 2010 to August 31, 2010 are: 54. Of the 54 homes sold, 26 or 48% , are foreclosure (bank owned or short sales). During the same time period last year 45 homes sold, of which 15 were foreclosures. Total homes sold year to date is 360, of which 180 or 50% are foreclosures. Total homes sold for the same time period last year were 271, of which 103 or 38% were foreclosures.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

This weekly report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe, CA. This information is focusing strictly on the South Lake Tahoe, CA. side of Lake Tahoe.

As of today, August 13, 2010 @ 2:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 505. 70 of these active listings are bank-owned or short sales.

Homes sold from August 1, 2010 to August 13, 2010 are: 19. Of the 19 homes sold, 9 or 47% , are foreclosure (bank owned or short sales). During the same time period last year 15 homes sold, of which 1 was a foreclosure. Total homes sold year to date is 322, of which 163 or 50% are foreclosures. Total homes sold for the same time period last year were 236, of which 88 or 37% were foreclosures.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

As stated in an earlier blog, the first thing you may want to do is contact your existing mortgage company. Some mortgage companies are willing to work with those who have fallen behind on their payments and have defaulted on their loans.

Forbearance

Like a payment plan, forbearance is an agreement between you and the mortgage company that reinstates the delinquent loan through the payment of a lump sum of a schedule of payments over a period of time. If you are behind on your payment by $2,000, for example, the mortgage company may allow you to pay the money back through installment payments over six months. The mortgage company may decide, on the other hand, to allow you to pay a reduced monthly payment until you have an opportunity to get back on your feet and pay any remaining arrearages in one lump sum. Generally, these agreements will not exceed more than 12 months, but before you sign anything, consult with a lawyer or counselor.

Deed in Lieu of Foreclosure

A deed in lieu of foreclosure is an alternative where you voluntarily give up the property title to the mortgage company. Generally, this is a last ditch effort to avoid the negative consequences of foreclosure. Here, you tell your mortgage company that they do not need to bother with the formalities of a foreclosure proceeding because you will simply turn over your title to the property rather than lose it. This is sometimes known as a “friendly foreclosure” because it is a mutual agreement between you and the mortgage company and is not forced upon you by use of the power of sale.

Short Sale

When the mortgage company agrees to do a short sale in real estate, it means they are accepting less than the total amount due. Not all mortgage companies will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales. A short sale means your mortgage company is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does ot mean the mortgage company will accept your offer, even if you accept it.

Be aware that you need not be in default – to have stopped making mortgage payments – before a mortgage company will consider a short sale. A mortgage company may consider a short sale if you are current with your payments, but the value of the home has fallen. You may have over-encumbered (owe more than the home is worth) , so a discounted price might bring the price in line with market value, but will not bring the loan to a price below market value. A short sale negatively affects your credit, but it is not as bad as foreclosure.

This information was compiled by the University of San Francisco, School of law.

This weekly report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe, CA.  This information is focusing strictly on the South Lake Tahoe, CA. side of Lake Tahoe.

As of today, August 6,  2010 @ 3:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 508.  69 of these active listings are bank-owned or short sales.

Homes sold from August 1,  2010 to August 6,  2010 are: 9. Of the 9 homes sold, 3 or 33% , are foreclosure (bank owned or short sales). During the  same time period last year 7 homes sold, of which 0 were foreclosure. Total homes sold year to date are 312, of which 157 or 50% are foreclosures.  Total homes sold for the same time period last year were 228, of which 87 or 38% were foreclosures.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.

This weekly report is created by Dan Spano, broker of Paradise Real Estate located in the Stateline area of South Lake Tahoe,  CA. This information is focusing strictly on the South Lake Tahoe, CA. side of Lake Tahoe.

As of today, July 30,  2010 @ 2:00 pm:

Current active single family residential and condo listings for all of South Lake Tahoe, CA; 523.  75 of these active listings are bank-owned or short sales.

Homes sold from July 1,  2010 to July 30,  2010 are: 33. Of the 33 homes sold, 15 or 46% , are foreclosure (bank owned or short sales). During the  exact same time period last year 38 homes sold, of which 10 or 27% were foreclosure. Total homes sold year to date are 298, of which 152 or 51% are foreclosures.  Total homes sold for the same time period last year were 217, of which 86 or 40% were foreclosures.

There are a lot of great opportunities for buyers for both bank owned/short sales, as well as sellers that are competitive with the bank owned and short sale properties.

If you would like to search for current homes for sale please use this easy search tool for South Lake Tahoe, CA and NV real estate. There is also an option to get instant email notifications of brand new listings as they get posted by real estate agents in the South Lake Tahoe area.