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South Lake Tahoe Real Estate Blog Update Regarding $8,000 Tax Credit

On May 16th I wrote a South Lake Tahoe real estate blog post regarding the FHA now allowing the first time home buyer $8,000 tax credit as part of the down payment. Apparently Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development offered this news prematurely. My blog post was written from information provided from the National Association of Realtors.

Here is a copy of an e-mail that I received from Andy McInnes of Band Of America regarding the current status of the credit down payment option.

As many of you know, the Secretary of HUD stated at the NAR Real Estate Summit last Tuesday that FHA is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. I’ve received multiple emails and phone calls around this subject asking if and when we would participate. We’ve now learned that HUD removed this information and pulled Mortgagee Letter 2009-15 from their website so the remarks by Secretary Donovan may have been premature. HUD will let us know if there is a change in status and we will communicate as needed.

Andy McInnes

It appears that the option to use the $8,000 tax credit as part of the down payment is currently not an option. I will make sure to update my SouthLake Tahoe Real Estate Blog with any new information regarding the tax credit/ down payment option as soon as I hear anything. I take pride in providing the most up to date information regarding the South Lake Tahoe real estate market and I apologize for providing any information that was prematurely released by HUD.

Sincerely,

Brent Johnson

Looking at South Lake Tahoe Real Estate this Memorial Day?

If you are looking at South Lake Tahoe real estate, this Memorial Day is going to be a great time to do so! According Weather.com it is going to be a gorgeous weekend and the temperatures will be from 71 to 72 degrees and mostly sunny.

If you are planning to look at properties in South Lake Tahoe this weekend, make sure to set some time aside to enjoy all of the outdoor activities that Tahoe is famous for. Here is a list of activities that I would recommend for this Memorial Day Weekend:

Book a fishing charter with Tahoe Topliners. Mike Neilson of Tahoe Topliners is sporting a brand new boat this year, and knows how to find the huge Macanaw and Trout in Lake Tahoe!
Have a picnic at the Beach. The beaches in South Lake Tahoe open up on Memorial Day Weekend and are a great place to relax after a morning of house hunting. Baldwin Beach off of highway 89 is one of my favorite!
Play a round of golf at the Lake Tahoe Golf Course. The views of Mt. Tallac from this course are amazing, and if you have never played golf at this elevation, you will be amazed how much further your drives go!
Take a kayak tour. Kayak Tahoe offers guided tours and kayak rentals for those looking to enjoy the lake and get some exercise at the same time.
Take a cruise on the Ms. Dixie or the Tahoe Queen to Emerald Bay.
Head to the Beacon Bar and Grill for lunch and a Rum Runner. The setting on the beach at Camp Richardson Resort is a great place enjoy a famous Rum Runner (watch out for brain freeze!) Camp Richardson also offers bike rentals, water ski lessons, kayak rentals, boat rentals, and camping.
Go camping! I love camping, and the best place to camp on the South Shore is the Fallen Leaf Lake Campground. The Fallen Leaf Campground is quietly located outside of town off of hwy 89. There are sites that will fit a motorhome up to 40 feet (dry camping only).
Take a hike! Although some of the higher elevation trails still have some snow, many of the trails around the lake are ready to be explored!
Look at houses for sale in South Lake Tahoe. With interest rates and property values as low as they are, now is a great time to buy Real Estate in South Lake Tahoe. It is also great to look at properties this time of year with no snow on the ground!
Do just about what ever it is that you love to do. South Lake Tahoe has just about everything for everyone!
Remember our fallen heroes. Lets remember that Memorial Day is a day to honor the Americans who lost their lives in wars while protecting our Country and our freedom!

If you would like to schedule an appointment to look at properties for sale in South Lake Tahoe this Memorial Day weekend, give Brent and Jill Johnson a call. If you have any questions regarding activities in South Lake Tahoe please let me know.

South Lake Tahoe Home Sales and The $8,000 Tax Credit

South Lake Tahoe real estate first time home buyers now have an extra incentive and some help with their down payment. According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

Secretary Donovan said that important changes, which the National Association of Realtors has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan , the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan also goes on to say that the housing market appears to be stabilizing and that the rapid decline in home prices starting to abate.

This information was provided by the National Association of Realtors.

Enabling first time home buyers to use the $8,000 tax credit as part of the down payment on FHA loans should bring more buyers into the market. I would also agree with Donovan in that the real estate market is stabilizing. There are currently 82 houses in South Lake Tahoe that are in escrow out of 469. With 17% of our current housing inventory is in escrow, this is the highest percentage that it has been all year. There are also 27 foreclosure listings in South lake Tahoe, and 19 of them are in escrow. We are once again seeing multiple offer situations on foreclosures and short sales.

For more information regarding South Lake Tahoe real estate, foreclosures in South Lake Tahoe, and the $8,000 first time home buyer tax credit, call Brent Johnson today!

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!

Short Sale Sellers Beware!

According to the National Association of Realtors, an increasing number of lenders are going after borrowers who sell their homes for less than they owe – known as a short sale – in order to recover more of the difference between the amount owed and the sale price.

In order for short sale sellers to protect themselves from lenders trying to recover lost money in the future, it is essential to have a note satisfaction and/or lien release and verbiage that the loan amount is paid in full. This release should be in the short sale approval letter. If there is no such verbiage in the approval letter, it should be requested. If there is more than one loan on the property, there should be a satisfaction and/or lien release from all lenders involved.

Short sales are not for everyone. Lenders say the factors that they consider when they decide to seek more money are:

How large was the unpaid debt? Lenders are more likely to go after a large loss than to bother with a small one.
Was the property an investment or a personal residence? Lenders have less tolerance for short sale sellers of investment properties. They are more likely to forgive a primary residence short sale seller.

How much money does the borrower make and what other assets does he have? If the short sale seller has other assets to go after, the lender will be more inclined to make an effort to recover their lost money. This also brings up the question if the seller could have some how made the payments, or just sold as a short sale to cut their losses?
What is the policy of the mortgage insurer or the holder of the second lien? When there is a second lien involved, the second lien holder usually will only get pennies on the dollar and will take a big loss in a short sale.

A PMI Group Inc. spokesman says the mortgage insurer “primarily target[s] borrowers who are not experiencing hardship – but those who simply elected to walk away from the property due to its decline in value.”

If you are considering selling your home as a short sale in South Lake Tahoe make sure to speak with your accountant first. For more information regarding short sales in South Lake Tahoe, South Lake Tahoe real estate, or foreclosures in South Lake Tahoe, give Brent and Jill Johnson a call today!

Source: The Wall Street Journal, Ruth Simon (04/30/2009)

South Lake Tahoe Foreclosure and Short Sale Listings Search on my Website!!!

There is a new search option now available on my website that enables you to search for foreclosures and short sale listings on the South Lake Tahoe MLS! This new search tool will enable buyers to search only for foreclosures and short sales. If you would like to sign up for new listing notifications just click on the link and create a new user. The South Lake Tahoe Foreclosure listing search and the South Lake Tahoe short sale listing search option will look just like this:

Including the above criteria, only show me properties that:

are Short Sales

are REO / Bank Owned (Foreclosures)

Be aware that if you check the boxes for either foreclosure or short sale listings, you will only receive new foreclosure listings and short sale listings. If you would like to receive all listings including foreclosure and short sale listings, you can either leave the boxes un-checked, or you can set up two separate searches. If you are already signed up for new listing notification, you can still log into your account and create another home search for foreclosures and short sales only.

With 25 foreclosure listings on the South Lake Tahoe mls and all but 4 in escrow, buyers are finding in important to act quickly when a foreclosure comes onto the market. This new foreclosure and short sale listing search tool on my website will enable you to act quicker and get a good buy on a foreclosure or short sale listing.

If you have any trouble with the new short sale and foreclosure search tool please call Brent Johnson at (530) 416-2625. I hope that you take advantage of this great new feature on my website!