Lake Tahoe Foreclosures

Foreclosures in Lake Tahoe have become a popular target for buyers investing in South Lake Tahoe real Estate. Foreclosure listings have become popular with buyers because they are usually priced below the current market value.

The term “Foreclosure” is actually the legal process by which the bank or lender uses to sell the property in order to satisfy the loan balance in the event of a default. In California, this process is most commonly a non-judicial foreclosure.

When a homeowner stops making mortgage payments, a Notice of Default is recorded with the County Recorder. The homeowner then has 90 days to cure the default. If the homeowner does not cure the default, a Notice of Trustees Sale  is recorded. The Notice of Trustees sale states that the lender or trustee will sell the property at  auction in 21 days.

The Trustee Sale Auction is held as a public auction conducted by the lenders representative. The winning bidder must pay with cash in the full amount of the bid. The lender usually bids in the amount of the balance due plus costs. If no one else bids higher than the lender, the property reverts back to the lender. Once the property reverts back to the lender it becomes an REO.

Why buy an REO?

An REO property is an investment  gone bad to a lender, so REO’s represent a loss to the lender. Real Estate holding costs are expensive and will add to the lenders loss. In order to get money loosing assets off of the books, lenders will price REO’s ( foreclosure listings) to sell quickly. Most of the foreclosure listings in South Lake Tahoe are priced below the current market value. Many times the foreclosures are priced low enough to attract multiple offers.

Purchasing a foreclosure that is listed on the South Lake Tahoe MLS is similar to purchasing a property from an individual seller. Buyers can finance foreclosures just as they can finance re-sale and new homes. Buyers will also have an inspection period that ranges from 10 to 17 days to to any property  inspections that may be  necessary.  Delinquent tax and utility liens will be cleared by the seller, and buyers are issued a clear title and title insurance.

 Most foreclosures are sold in “As Is Condition” which makes a Home Inspection and a Termite Inspection very important.  If problems are found in the inspections that are more costly than anticipated, the buyers can back out and the initial deposit will be refunded, less any inspection expenses. REO property owners are exempt from providing a Transfer Disclosure Statement or a Natural Hazard Disclosure. The seller is exempt from these disclosures because in most cases they have never seen the property and know little about it.

Because Bank Owned Listings in South Lake Tahoe are usually priced below the current market value, they can be a great investment opportunity.  If you are interested in speaking more about foreclosures in South Lake Tahoe, please feel free to call me at (530) 416-2625!

South Lake Tahoe Foreclosures

I just had a little inspiration from one of my clients  to check out the latest statistics for foreclosure listings in South Lake Tahoe. I had a client that emailed me four bank owned listings that he wanted to see today.  While setting up appointments to view these listings I had learned that one of the properties had just gone into escrow, and the other three already had offers on them! Does my client have great taste or what? I thought that I would look into the latest market activity to see the latest foreclosure trends here in Tahoe. 

There are 479 residential listings on the South Tahoe MLS (both single family homes and condos).  Out of the 479 listings, 62 are bank owned foreclosures. That means that foreclosures account for only 13% of the total current inventory of single family homes listed on the MLS.

Currently 93 of the 479 single family listings are in escrow. Of the 93 properties that are in escrow, 28 are bank owned foreclosures. Although foreclosures only account for 13% of our inventory, they account for 30% of the properties that are in escrow.

In February 2010 there were 103 single family homes that were in escrow on the South Tahoe MLS. Of the 103 properties that were in escrow, 22 were bank owned foreclosures. Foreclosures accounted for only 21% of the properties that were in escrow.  Since last year, the number percentage of foreclosure to non foreclosure escrows has increased by 8%.

The banks are  pricing foreclosures lower than the other properties that are on the market which is why there is so much interest in foreclosure properties.  The average price per square foot of the foreclosures that are listed is $175, the non-foreclosure inventory is at an average of $251 per square foot. The median price of the foreclosures is $214,950 and the median price of the non foreclosures is $315,000.

Although the banks are pricing the foreclosures to sell quickly, most of the properties need some work. Some of the foreclosures are missing appliances, light fixtures, and other hardware. Many of the properties also have damage to the walls, flooring, cabinets, and doors. Some of the banks are now painting, replacing flooring, and replacing missing appliances and light fixtures to make the properties more presentable.

The bottom line is that if you are looking for a good deal on a property in South Lake Tahoe and you are willing to do a bit of work, foreclosures are worth looking into. With all of the recent activity on the foreclosures, you will also need to act quickly when you find a property that you like. The chances are that there will be other buyers interested in the foreclosure as well!

South Lake Tahoe Foreclosures For Sale

Updated on 3/25/11

Below is an updated list of the foreclosures for sale in South Lake Tahoe that are listed on the South Lake Tahoe MLS. There are currently 55 single family foreclosure listings and 24 of them are in escrow. The average listing price for the foreclosures is $323,835. The current median listing price is $256,000. The average list price per square foot is $180. Just click on the address for detailed listing information about the property. For more information about any of these foreclosure listings, please call Brent Johnson at (530) 416-2625.

• 2305 Blitzen Rd.- 3 bedroom, 2 bath, 2098 square foot home in Christmas Valley offered at $384,500.
• 2616 Henderson St.- 4 bedroom, 3 bath, 2 car garage newer 2206 square foot home in Christmas Valley offered at $458,900.
• 918 Julie Lane-3 bedroom, 1.75 bath, 1568 square foot fixer offered at $142,900.
• 943 Lodi Ave- 3 bedroom, 2 bath, 1200 square foot home offered at $184,900.
• 937 San Jose Ave 1-3- Tri-plex in Al Tahoe offered at $223,900.
• 3601 Shirley Ave.- 2 bedroom, 2 bath, 984 square foot duplex offered at $134,000.
• 1482 Black Bart Ave.- 2 bedroom, 1.75 bath, 1088 square foot cabin on a large lot offered at $120,000.
• 1439 Ski Run Blvd. #C4- 2 bedroom, 1.5 bath, 1016 square foot condo near Heavenly Valley offered at $229,900.
• In Escrow! 1344 Gilmore Lake Rd.- 3 bedroom, 2 bath, 1485 square foot home on a large lot offered at $256,000.
• In Escrow! 1626 Plateau Circle- 4 bedroom, 2 bath, 2 car garage, 1680 square foot Montgomery Estates foreclosure offered at $319,000.
• In Escrow! 1911 Ibache St- 3 bedroom, 2.75 bath, 2 car garage, 2067 square foot newer home offered at $415,140.
• In Escrow! 766 Gardner- 3 bedroom, 2.5 bath, 2 car garage, 1942 square foot newer home offered at $345,780.
• 1444 Matheson- 3 bedroom, 2 bath, 1856 square foot home offered at $219,900.
• 807 Patricia Lane- 3 bedroom, 1 bath, 2 car garage, 1667 square foot home offered at $219,900.
• In Escrow! 1961 Kokanee- 4 bedroom, 3 bath, 2 car garage, 2755 square foot foreclosure in the Tahoe Keys area offered at $758,500.
• 483 Lido- 3 bedroom, 2.5 bath, 2 car garage, 2270 square foot REO in the Tahoe Keys offered at $775,200.
• In Escrow! 2500 Clipper St.- 3 bedroom, 2.5 bath, 2832 square foot bank owned listing in Montgomery Estates offered at $369,900.
• In Escrow! 2677 Genoa Ave- 1 bedroom, 1 bath, 749 square foot cabin offered at $117,500.
• In Escrow! 1038 Cheyenne Dr.- 3 bedroom, 2 bath, 1202 square foot bank owned property offered at $189,900.
• In Escrow! 1226 Reno- 2 bedroom, 1 bath, 972 square foot REO offered at $109,900.
• In Escrow! 1685 Venice Drive- 3 bedroom, 3 bath, 2 car garage, 1905 square foot foreclosure in the Tahoe Keys offered at $531,300.
•  1247 Tata Ln.-3 bedroom, 2 bath, 110o square foot home offered at $189,900.
• 3107 Easy Street- 3 bedroom, 2 bath, 12oo square foot home offered at $197,950.
• 643 Grizzly Mountain- 2 bedroom, 1 bath, North Upper Truckee home offered at $184,900.
•  1254 Margaret- Newer 4 bedroom, 2.5 bath, 2 car garage, 1960 square foot home offered at $319,900.
• In Escrow! 799 Tata Ln- 3 bedroom, 2 bath, 1260 square foot foreclosure in the Gardner Mountain area offered at $189,000.
• In Escrow! 690 Sand Harbor- 3 bedroom, 2 bath, 1452 square foot foreclosure offered at $205,000.
• 1977 Washoe St.- 3 bedroom, 1.75 Bath, 1292 square foot bank owned listing in Meyers offered at $194,900.
• 3682 Alder- 2 bedroom, 1 bath, 572 square foot cabin offered at $119,900.
• 3463 Anne- 3 bedroom, 3 bathroom, 2 car garage, 1995 square foot foreclosure offered at $249,900.
• In Escrow! 1113 Dedi- 3 bedroom, 1.75 bath, 1612 square foot foreclosure in the Y area offered at $144,900.
• 3773 Larch Ave- Triplex with a one car garage. One unit is a 4 bedroom 1 bath. This 3376 square foot triplex is offered at $194,900.
• 2009 Washoe St.- 3 bedroom, 2 bath, 2 car garage newer 2334 square foot home in Meyers offered at $349,809.
• 2505 Chris Ave.- 2 bedroom, 1 bath, 864 square foot foreclosure in the Sierra Tract offered at $165,000. 
• In Escrow! 3309 Woodland- 3 bedroom, 2.25 bath, 1919 square foot REO offered at $269,000.
• 1113 Dedi Ave- 3 bedroom, 1.75 bath, 1612 square foot foreclosure offered at $144,900.
• 728 Glorene Ave- Two cabins on one lot. One is 846 square feet and the other is 1394 square feet offered at $229,500.
• In Escrow! 1184 Acoma- 3 bedroom, 2 bath, 2 car garage, 2407 square foot, newer home on a big lot offered at $453,900.
• In Escrow! 7094 7th Street- 3 bedroom, 1.75 bath, 1166 square foot home in Tahoma on the West Shore of Lake Tahoe offered at $243,400.
• 311 Agatam Ave- 4 bedroom, 3.5 bath, newer 3488 square foot home in Tahoe Vista offered at $745,646.
• In Escrow! 3535 Lake Tahoe Blvd #495- 2 bedroom, 1.5 bath, 1447 square foot condo in Lakeland Village offered at $279,900.
• In Escrow! 2689 Kubel Ave.- 792 square foot, 2 bedroom, 1 bath bank owned listing in the Sierra Tract area offered at $141,000.
• 2616 Kubel Ave.- 1363 square foot, 3 bathroom, 2 bath, 1 car garage home offered at $177,500.
• In Escrow! 2328 Wagon Train Trail- 3528 square foot, 5 bedroom, 3.5 bath newer foreclosure in Montgomery Estates offered at $625,000.
• In Escrow! 1512 Murietta Dr1ve- 1530 square foot, 4 bedroom, 2 bath home offered at $234,900.
• In Escrow! 1532 Walkup Road- 1260 square foot, 3 bedroom, 2 bath foreclosure offered at $189,900.
• 1285 Pyramid- Vacant lot in the Angora Fire area. This is a 14,832 square foot lot offered at $99,900.
• In Escrow! 2581 Fountain- 3008 square foot newer, 3 bedroom, 2.5 bath home in the Sierra Tract offered at $414,900.
• In Escrow! 313 Tramway Drive- 880 square foot, 2 bedroom, 2 bath condo on the Nevada side with great lakeviews offered at $190,000.
• In Escrow! 863 Los Angeles- 1218 square foot, 3 bedroom, 2 bathroom fixer upper in Al Tahoe offered at $139,000.
• In Escrow! 1154 Margaret- 578 square foot, 2 bedroom, 1 bath foreclosure offered at $99,900.
• In Escrow! 2654 Armstrong Ave. 864 square foot, 2 bedroom, 1 bath cabin in the Sierra Tract offered at $108,000
• In Escrow! 2695 Elwood Ave.- 960 square foot, 1 bedroom, 1.5 bath home in the Sierra Tract offered at $162,900.
• In Escrow! 806 San Francisco Ave.- 1680 square foot, 4 bedroom, 2 bath home in Al Tahoe offered at $304,900.
• 729 Sand Harbor Rd.- 2961 square foot, 4 bedroom, 3 bath, 2 car garage newer home in the Gardner Mountain area offered at $512,900.
• In Escrow! 1321 Acoma- 864 square foot, 2 bedroom, 1 batn, 1 car garage foreclosure in the county offered at $198,500.
• In Escrow! 2692 Elwood- 912 square foot, 2 bedroom, 1 bath foreclosure in the Sierra Tract offered at $164,000.
• 1105 Charles- 1215 square foot, 3 bedroom, 2 bath, bank owned property in the Sierra Tract offered at $199,000.
•  1897 Delta St.- 1050 square foot, 3 bedroom, 2 bath home in the Y area offered at $122,500.
• 844 Muskwaki Drive-4475 square foot, 5 bedroom, 3.5 bath, 2 car garage newer foreclosure offered at $729,200.
• 2621 Elwood Ave- 971 square foot duplex in the Sierra Tract offered at $139,900.
• 3371 Lake Tahoe Blvd. #6-C- Quarter Share of a 3327 square foot, 4 bedroom, 4 bathroom condo offered at $419,990.
• In Escrow! 1961 Kokanee Way- 2755 square foot, 4 bedroom, 3 bath, 2 car garage foreclosure in the Tahoe Keys offered at $777,900.
• 1098 Tata Lane- 2645 square foot, 5 bedroom, 3 bath, 2 car garage bank owned property offered at $404,500.
•  In Escrow! 1811 Arrowhead-1560 square foot, 3 bedroom, 2.5 bath REO in Meyers offered at $318,500.
• 1030 Carson- 1348 square foot, 3 bedroom, 2 bath, bank owned property in the Sierra Tract offered at $221,901.
• In Escrow! 3221 Marlette Circle- 1838 square foot foreclolsure in Bijou offered at $199,900.
• In Escrow! 1769 Shady Lane- 1443 square foot, 3 bedroom, 2 bath foreclosure in Gardner Mountain offered at $244,900.
• In Escrow! 1297 Angora Lake Rd- 840 square foot, 1 bedroom, 1 bathroom, un-finished remodel offered at $125,900.
•  In Escrow! 1041 River- 810 square foot, 3 bedroom, 1 bath foreclosure in the Sierra Tract offered at $129,900
• In Escrow! 1032 Carson- 999 square foot, 2 bedroom, 1 bath foreclosure in the Sierra Tract offered at $144,900
• In Escrow! 1046 River Dr- 3060 square foot Tri-plex on the meadow offered at $324,900
• 1055 Cellador- 1750 square foot tri-plex offered at $180,900
• In Escrow! 3535 Lake Tahoe Blvd- 1 bedroom, 1 bathroom condo in Lakeland Village offered at $172,000
• In Escrow! 489 Tahoe Keys Blvd- 2 bedroom, 1.5 bath, 1 car garage, 1014 square foot condo in the Tahoe Keys offered at $299,900
• In Escrow! 477 Lido- 4 bedroom, 2 bath, 2 car garage, 2755 square foot foreclosure in the Tahoe Keys offered at $599,900
• 3682 Alder Ave- 2 bedroom, 1 bath, 572 sq. foot bank owned cabin offered for $149,900.
• In Escrow! 3235 Marlette Cir- 4 bedroom, 2.5 bath, 2 car garage, 1711 square foot home offered at $248,900
• In Escrow! 884 Kekin St- 3 bedroom, 2 bath, 1728 square foot remodeled home with a carport offered at $269,900
• In Escrow! 796 Clement- 4 bedroom, 2 bath, 2 car garage, 1800 square foot foreclosure in the Gardner Mountain area offered at $233,000.
• In Escrow! 1840 Shady Ln- 4 bedroom, 2 bath, 1 car garage, 1581 square foot home offered at $274,900
• In Escrow! 1137 Keller Rd- 2 bedroom, 1 bath, 816 square foot foreclosure cabin near Heavenly Valley Ski Resort offered at $175,000
• In Escrow! 2754 Springwood- 3 bedroom, 2 bath, 2 car garage, 1974 square foot home in Highland Woods offered at $319,900
• In Escrow! 1805 Arrowhead- 2 bedroom, 1 bath, 1 car garage, 864 square foot foreclosure in Meyers offered at $174,900
• In Escrow! 967 Kiowa Dr - 2 bedroom, 1 bath, 912 square foot bank owned cabin off of North Upper Truckee offered at $149,625
• In Escrow! 2019 Garmish Ct- 4 bedroom, 2.5 bath, 2 car garage, 2584 square foot foreclosure in the Tahoe Keys offered at $610,000

New Foreclosure Listing in Lakeland Village

3535 Lake Tahoe Blvd. #229 in Lakeland Village

Offered at $198,000!

Do not miss out on this great opportunity to purchase a bank owned foreclosure in Lakeland Village! This one bedroom, one bathroom, 607 square foot suite has been remodeled and needs only appliances to be the perfect Lake Tahoe getaway. Some of the great features of this property include granite countertops, newer wood cabinets, and custom tile.  Lakeland Village offers a private beach, pool, hot tub, tennis courts, a pier and much more!

• 607 square feet
• 1 bedroom and 1 bathroom
• Pool
• Spa
• Private Beach
• Tennis Courts
• Pier
• On site maintenance and property management

For more information about this U.S. Bank owned listing, please call South Lake Tahoe real estate agent Brent Johnson today! This property is being sold in As Is Condition, U.S. Bank is making no representations or warranties.

South Tahoe Foreclosure Listing

Just Reduced to $192,500!!!

 

3814 Steven Lane is a nice and clean bank owned foreclosure in South Tahoe. This 3 bedroom, 1 bath, 1 car garage is located very close to the Stateline Casinos and Heavenly Valley Ski Resort. With easy access to Pioneer Trail, this would make a great home for a first time home buyer and a great second home. There appears to be newer doors, carpets, water heater, and furnace.

Recently reduced from $224,900, this is one of the least expensive bank owned properties on the South Shore of Lake Tahoe. This house will not last long!

 

• 1008 Square feet
• 5012 Square foot lot
• Built in 1961
• 3 bedroom, 1 bath, 1 car garage
• Brick fireplace
• Convenient location!

 

If you would like more information regarding this home for sale or any other home listed on the South Tahoe MLS please call South Lake Tahoe real estate agent Brent Johnson today!

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