Bank Owned Properties and the Buyers Choice Act

The Buyers Choice Act (AB 956) is a new law that Governor Schwarzenegger has just signed into effect. The Buyers Choice Act prohibits a trustee or beneficiary who acquired property through foreclosure from requiring a buyer to purchase title and escrow services from a company of the sellers choice as a condition to receiving offers or selling the property. The law is an urgency measure and became effective immediately.

The new law applies to residential property improved by four or fewer dwelling units. The services covered by the law are title insurance and escrow services.

Penalties for the violation call for the seller to be liable to the buyer for 3 times all charges made for title insurance and escrow service. In addition, the seller who violates the law is also considered to have violated their licensing law.

The buyer can agree to accept the sellers recommendations of which title or escrow provider to use, only when a written notice of the buyers right to make an independent selection of those services is first given to the buyer and seller.

With all of the bank owned properties in South Lake Tahoe that I have sold, the seller has always requested to use their own title and escrow company. Most lenders that are selling their foreclosure properties have title and escrow companies that they deal with on a daily basis. Using these title and escrow companies repeatedly helps the banks to streamline the escrow process.

In order to get buyers to agree to using the sellers choice of title and escrow companies, sellers of bank owned properties may offer incentives such as paying for all of the CLTA policy. Some sellers may even offer to pay for the entire escrow in addition to the CLTA policy.

One thing to remember about the bank owned foreclosures in South Lake Tahoe is that many of them are receiving multiple offers. In multiple offer situations some buyers may be willing to use what ever title and escrow company the seller requests just to get an edge over another buyer!

The Buyers Choice Act is effective untill January 1, 2015 unless it is extended by the Legislature. For more information regarding foreclosures for sale in South Lake Tahoe, call Brent and Jill Johnson today!

Bank Owned Foreclosure Listing in South Lake Tahoe

With the latest addition of 1865 Arrowhead to the South Lake Tahoe mls, there are now 30 bank owned foreclosures for sale in South Lake Tahoe. Of the 30 foreclosure listings on the South Lake Tahoe mls, 11 are currently in escrow.

1865 Arrowhead Ave. is a 3 bedroom, 2 bath, single story home in the Meyers area of South Lake Tahoe. This bank owned foreclosure is in good condition and would make a great primary residence or a vacation home. Built in 1975, this rancher sits on a 5992 square foot sunny level lot.

Additional Features Include

• Double Pane Vinyl Frame Windows
• Landscaped With Lawn
• Patio
• Storage Shed
• Tile and Laminate Flooring

Priced at less than $175 per square foot, this bank owned foreclosure listing is less per square foot than most other foreclosures on the South Lake Tahoe mls. The average list price per square foot of the active foreclosure listings in South Lake Tahoe is currently $213. The average price per square foot for the foreclosures in South lake Tahoe that have sold this year is $191.

So far this year there have been 55 sales of single family foreclosure listings in South Lake Tahoe. There have been 154 homes sold in South Lake Tahoe, so 55 out of 154 ( 36%) of the home sales in South Lake Tahoe have been bank owned foreclosures.

For more information about bank owned properties in South Lake Tahoe or any questions regarding South Lake Tahoe real estate, please call Brent and Jill Johnson at (530) 416-2625.

Bank Owned Properties in South Lake Tahoe

The South Lake Tahoe real estate market has seen an increase in bank owned foreclosure listings in the last two weeks. There have been nine new single family bank owned foreclosure listings in South Lake Tahoe in the last 2 weeks, and six new foreclosure listings so far this June.

Currently there are 26 bank owned property listings in South Lake Tahoe, and 17 of them are in escrow. Some of the 9 foreclosure listings that are not yet in escrow have offers pending on them at the present time.

Here are the six new bank owned foreclosure listings on the South Lake Tahoe mls this June: (click on the address for the complete listing description and pictures)

1. 1122 Sundown is a 3 bedroom, 2 bathroom, 2 car garage 1962 square foot home that was built in 1991. This home is in Montgomery estates and has upstairs living, knotty pine cabinets and ceilings.

  2. 1211 Wildwood is a 2 bedroom, 1 bath, 994 square foot home in the Stateline area. This house was built in 1948 and is on a 5009 square foot lot.

 3. 1223 Bonanza Unit 9 is a 2 bedroom, 2 bath, 985 square foot condo located in the Y Area. The HOA fees are $153,450 a month.

 4. 1077 Onnontioga  is a 2 bedroom, 1 bath, 1 car garage, 1040 square foot home. This house is located in the Pioneer Trail area on a 11,400 square foot lot.

5. 1621 Venice Drive is a 4 bedroom, 2.5 bath, 2 car garage, 2068 square foot home in the Tahoe Keys. This is the only current foreclosure listing in the Tahoe Keys area.

6. 2232 Marshall Trail is a 3 bedroom, 3 bath, 2 car garage, 1790 square foot home in the Montgomery Estates area. This house was built in 1998.

 

Click on the following link for a list of all of the foreclosure listings in South Lake Tahoe. For more information regarding bank owned foreclosure listings in South Lake Tahoe please call Brent Johnson at (530) 416-2625.

Bank Owned Properties in South Lake Tahoe

A new foreclosure listing in South Lake Tahoe has just been added to the mls. If this home interests you at all, call Brent or Jill  as soon as possible. I expect this new listing to sell very quickly!

806 Stanford Ave. Offered at $295,000

806 Stanfordis a bank owned foreclosure in South Lake Tahoe located in the Al Tahoe area. This 3 bedroom , 2 bath, 2 car garage 1300 square foot home has been remodeled on the inside and has  a newer roof. Pine accents, a river rock fireplace, and wide plank laminate flooring give this home a warm “Tahoe Feel.” Skylights throughout brighten this open floor-plan. The bathrooms are clean but have not been updated. There is a missing stove, refrigerator, and a few minor repairs needed. The last sale of this home took place on 5/24/07 when it sold for $493,000.

• Energy Star rated natural gas forced air furnace
• River rock gas fireplace
• Log accents
• Flat fenced lot
• Open floor plan
• Great Al Tahoe location!

 

There are only 7 foreclosure listings in South Lake Tahoe out of 27 that are not currently in escrow. If you would like to take a look at this bank owned home, please call Brent and Jill Johnson at (530) 416-2625.

If you have any questions regarding foreclosures in South Lake Tahoe, South Lake Tahoe real estate, or South Lake Tahoe mls listings, contact us today!