Cyclone fencing, fenced the back of our property for the recycled labrador retreivers! This should make it easier on the dogs for moving to St Thomas, VI

The one on the left is Bristol, the right is Bo Peep (Pig)

Here is what is going to be their new digs!

I am guessing in three to four months I will be out of business in Nevada since that is our main source of listings?

Foreclosure starts drop across the West Coast

by KERRI PANCHUK

Friday, January 13th, 2012, 7:59 am

Foreclosure starts across the West Coast plummeted in December as California, Nevada and Washington reported double-digit declines in new mortgages entering the process, according to ForeclosureRadar.

California, in particular, saw foreclosure starts decline by 30.6% to 16,465 filings in December, while foreclosure sales grew 3.2% to 11,097 transactions. The time it takes to foreclose in the Golden State also fell by 16.9% to 250 days.

The Discovery Bay, Calif.-based firm said California experienced an unexpected 45.8% spike in foreclosure cancellations from November.

ForeclosureRadar said the sudden rise stems from the closing of trustee sale locations in Norwalk, Calif.

"This closure caused more than 5,000 sales to be cancelled in December," the company said. Those sales are expected to resume at other trustee locations in California.

The states of Nevada and Washington saw foreclosure starts decline 14% and 17.3%, respectively, while Arizona reported a drop of 24.2%.

Oregon went against the grain, reporting a 5% increase in foreclosure starts.

ForeclosureRadar said changes in the regulatory landscape are still playing a role in the final foreclosure numbers. For example, Nevada's new foreclosure law led to a decline in both foreclosure starts and sales, with foreclosure sales alone falling 27%.

"Nevada's new foreclosure rules appear on track to bring a near complete halt to foreclosures in that state," said Sean O'Toole, founder and chief executive officer of ForeclosureRadar.

"In the near term this will certainly help homeowners who were facing foreclosure, eviction, and potentially deficiency judgements. Longer term, we believe there will be unintended consequences for the state as business declines for the many real estate related companies that would normally service, resell and finance those foreclosures."

Well Toyota 4Runner come, and no, there were no issues with the vehicle. All was the same as I had left it in Reno, NV, except greasy and this random glove on the passenger floor? Viking delivered it to me at the Airport where I have for the last time have given up my Hertz rental car. Wendy was sad and asked I stopped by and say hi whenever I was at the airport. Total cost for having my own car: $5200. Having my own car real value: PRICELESS. I know what I have, know its maintenance and its mine!

As I was driving down the hill to the airport to drop off the rental car, I saw a cruise ship docked at Havensight, it was the ship that Shannon and I first visited St Thomas in January 2009 the Norwegian Gem, the whole reason for how we ended up buying here! Karma?

Well, as I was driving from the airport to go home, Shannon called me about the conference call with our largest client in Reno, NV. They had said with NV bill AB 241, that it would 2-3 years before we would start seeing any new foreclosure inventory! I was like just as I had predicted, we have 30 of our 40 listed REO properties pending. The client was not going to seek judicial foreclosure, only non-judicial. It took me about 1 minute to decide to pull off to the DMV to get my driver's license as mine was expiring in NV in April and I think we both know what the writing is on the wall for NV.

So when you go to get your license, you walk in and there are all these windows with plexiglass, no real direction? So after asking, I finally made it to a window that asked for all my stuff. I showed it to her, she say, "go to cashier". Went to cashier and paid my $45 with my Mastercard and you go wait. So I waited for about 10 mins and then you step into this office. It was so crowded with a desktop pc, digital camera with a mini tripod, finger print machine, eye tester etc. The gal there was so nice, she first asked me, "Mr. Wiseman, how long have you REALLY lived here?" I was laughing, I said, "I honestly just had a whim that I would be living here full time after what happened today. We began talking and told her that I just lost 3 dogs in 4 months, these were our kids and needed a change after our client basically told us we'd be out of business. She was like, "I love my dogs too!" So we both spent about 20 minutes sharing dog stories and pictures from our IPhones!

Here is what you need for the license:

Passport
Social Security Card
Current US Driver License
Driving record for the state you live in (most have it available on-line, just print it out).

Ahhh, guess this is going to be home now! Won't mind with views like this from our home!

Well here we are 2 weeks into the new year of 2012!

For 2011 I sold 265 homes for $31,000,000 in gross dollar amt for an average sale price of $116,000. #6 NNRMLS

Compared to 2010:

Sold 256 homes for $34,000,000 and an average of $132,000. #1 NNRMLS

As you can see, more work for less money!

But that is not even start of it. Since the NV legislature passed a new law asking for an avadavidt of who actual owns the loans our notices of default have gone down from an average of 700 per month to an average of 15 per month since the law went to effect on 10-1-11.

So why do I care about this statistic? Well our business model has been based since 2008 on Bank Owned properties or REO's.

Due to no new REO inventory as the law has taken its effects, we are sitting now on only 40 listings with an average price of $115,000 (prices still falling?). That would make an average commission of only $2875 per sale. Right now we are receiving about one new assignment a week with holidays would be about 3 per month of 45 per year if all would pan out and prices remained stable.  Prices will probably rise due to the lack of inventory but this will be a false bottom as the inventory that has not been foreclosed will still be waiting in the wings and once the banks figure it out, here comes the flood gates!

So I want to first wish the Nevada legislature for the bright idea in passing this law!

In celebration of this new law and the lack of inventory, I decided to work from the house we bought in 2009 (will give a post about buying this home another time) in St Thomas, US Virgin Islands.  I am on a soul searching mission as well to see what the market is about here more in depth.  I need to see if I can still make a decent living without killing myself selling 250 homes a year. Of course if I sold only 10 a year with the average price here, I don't think it could be a bad thing?

I am burned out of selling REO's and of having to work with incompetant large corporations (aggg, that was the reason I got into RE, was to not work as a cog in a workplace of stupidity)! We have no family or really any good friends in Reno, NV. We have no kids, just two recycled Labs. Hmmmm....I guess the only way to find out is to investigate, right?

So what did I do this past weekend?  Well went to Jost Van Dyke at the Soggy Dollar Bar with some friends and saw the NY Jets QB, Mark Sanchez! Also visited Norman Island and the Willy T's floating bar! What a way to relax!

My wife Shannon and I decided to ship our 2004 4Runner down here as well as we already have 3 cars in Reno and was just sitting in the garage and tired of renting a car here.  So we shipped it via Viking Moving Services, it left on December 14th. Well it arrived today! It went to Jacksonville, FL, then on a boat to San Juan PR, then another boat to St Thomas! Well I was informed today by Viking that the Bill of Lading had on there a chipped windshield, scratches all over and missing tail lights?  Missing tail lights?  What did they take the entire tail light assembly? No one knows as they still haven't unloaded it from the boat, "soon come" I am told. Hopefully it will be at Viking's warehouse tomorrow so I can see for myself!!! I was told that it would have to be repaired to pass the mandatory inspection. Yes, 4Runner, soon come!

I did get the insurance done for the 4Runnner, about $1000 a year or $400 more a year which I don't understand as you cannot drive more the 30 MPH on a 13 mile long island? I know, it must be that we drive on the left here?  Go figure!

As I noted in an earlier post, I would start blogging again! Well here I am! Stayed tuned!

Ok, so the dog that I found at my recent REO listing (read story in previous blog) was never claimed at Washoe County Regional Animal Services.  They have to make sure the owner has time to claim her.....why though I ask as there is no reason since she didn't have any food or water when I found her. 

I asked the director of the Nevada Humane Society (which is a no-kill shelter) to take the dog after she comes out of her redemption period. She agreed and will be brought over. 

Now I ask, who has room for this girl in their home? 

This dog might need a home, please contact me if you can adopt her!

Ok, so last Friday I get a new REO listing.  I asked my wife if should would come with me, and in exchange I will buy her lunch.  So after a nice lunch, we are off to investigate the occupancy status of my new REO. 

It amazes me on how to find your REO on any given street, just look for the dead grass with junk, that is usally a dead give away!  And, sure enough, when we pull up, it has dead grass and junk.  We go to the front door, looks vacant and viola there is a power termination notice on the front door and a fedex package from a bank, dated in August.  Front door is locked.  Hmmm, let's try the garage, and yes it is open.  So I go in.......into the kitchen, stuff on the counter, nothing in the fridge, a dog bed in family room, and then I look out the back door........and here is this......

 This dog is in the back yard!!!!!  Now I am thinking that someone lives here and getting a little scared.....there is dog food bag by the back door?  So I go up stairs and it is left in a mess but no signs of life other than this dog. 

I open the slider in the back (we do labrador rescue) to see if this one is friendly, and sure enough, she is super friendly!  No water though for her......no shelter......and no food!!!!  So we filled her four bowls and fed her. 

This is a mystery.....she isnt skinny????  Is someone coming by to feed her?

We decide to ask the neighbors......the next door ones....they have been gone for two months, once in a while a truck comes up.  Did you know there is a dog in the backyard?  Um yea when they first left it barked a lot....then got quieter......go across street, ask that neighbor....he knows nothing other than they left two months ago.....one more neighbor.....yea dont know.....we told them all to come get the dog otherwise I will have to get animal control out.  (This is a neighborhood I want to move to!!!!).

 In the morning I call the bank and see if it is ok to get animal control over to get the dog.  They got back to me and said yes.  I drove up hoping that these people came and got their dog.....I went to the side yard...looked....whistled.....nothing.....Fhew......then her head pops out of the hole!  Crap!!!!!

I call animal control and they sent over a unit.  We went and got her and placed her in the truck.   Our shelter here works with the humane society, and the humane society takes all the strays (they are a no kill shelter) but if the humane society is full, and there is no room at the county shelter, they kill em.  So I am not too happy, but I have 5 rescue dogs myself.....but I know it is better than being in this backyard with no food and water and with rain/snow blowing in.  The AC officer put a notice on the garage to call the shelter and I put a note for the mysterious random dog caregiver on where to get the dog. 

If no one claims this dog by October 22, then she can out for adoption.  She is a sweetheart, rolls over on her back to be pet, nudges your hand to be pet, and just wants some loving.  She is probably about 4-5 yrs old.  If you have a spot in your home for this girl please let me know!!!!!

Here are some new articles on Reno, one from the Economist and the other from Esquire:

http://www.economist.com/world/na/displaystory.cfm?story_id=9867764

http://www.esquire.com/features/esquire-100/reno1007

This is from an email from my friend BJ Perez of Monarch Mortgage:

ok, you know its getting slow when the DirtyBird & Guapo are in the clients chairs pretending to be clients, and keep me company so I dont go nuts!   thought you'd get a kick out of this.  Dirtyman says he's fully trained now and can do loans... he's even going to contact Wells Fargo for his FHA approval :)

WELLS!

had a well test done on a piece of vacant land last week that has no electricity to the property.  The well company asked me certain questions such as is there a pump and box.  Well, I knew the answers to his questions, and I even requested a piece of equipment to do the test.  Can you imagine if this was an agent that didn't know anything about wells?  The well company would have then had to made two trips and they bill at $110/hr including drive time.  Their office is 35 mins away so that would have cost an extra $110! 

I

This is Larry the Water Guy coming to let me know what is up with the well!

Anyway, the well was really good, and Larry gave me all the details of the well, and being that I have knowledge of wells, I was able to explain it all to my customer! 

Well, the well quality test came back with an item that has failed.  Does that mean the end of the deal?  NO, I can explain it to the buyer so that the deal stays together!

If you are ever shopping for a horse property in Reno, NV or anywhere else where there is a well or septic, make sure that the agent has extensive experience in dealing with these properties or you could end up with a poor systems or all could be blown out of proportion over something minor....not to mention the money you will save!

The sign smasher has written a note:

Hi, Ken,

To answer your question; No, I wasn't going to call and tell you that I had smashed your sign.  I was planning on straightening it, and replacing it in it's proper place, along with the post, that I also targeted.

If I had noticed the sign was missing, I would have automatically assumed that some demented collector of mangled real estate signs had absconded with it. 

I have since made mental preparations to not run over that spot again, thus missing the real estate sign, and the post that I have replaced, but it seems that you weren't taking any chances that I might have a relapse, by moving the sign location to the other side of the driveway.  Ha, that won't help. Though I will attempt to avoid it in the future, I can't promise anything.

Sorry about that.

Sincerely,

The sign smasher

WARNING - If we can not raise enough money for the Adopt-A-Sign Program the Sign Smasher will be notified and will kill your expired sign!

PS-Sign Smasher - Please don't let the demented collector of mangled real estate signs see this pile at my house!

RIP In Memory of Signy the Sign killed by a steam roller 08/13/06