We have been working a short sale with a national lender that had both the 1st mortgage and the 2nd mortgage. We have been working with one negotiator and they have been receiving information from us and sending information to us so we were under the impression when we received the approval on the 1st that the 2nd would be soon to follow. When reviewing the approval letter we discovered that they had sold the second to another lender during the time we were negotiating the sale. I don't know right now if the company that purchased the 2nd knew that it was in a short sale negotiation or not. We are now in negotiation with a new 2nd mortgage holder. We will be trying to get them to accept $2,500 for a note they just took over valued at $60,000. Ouch! The property went down from about $350,000 to about $160,000 in the last 3 years. There has to be a lot more than meets the eye on something like this. ]
Share your "short sale" experience. It is appreciated.
Welcome to the Northgate/McQueen on-line newsletter blog. I published Northgate News for over 20 years and then stopped in 2005. It will be published monthly, on line from now on. I will also post information on other areas of Reno, Sparks and Northern, Nevada daily & weekly. I hope you find it interesting and informative. Your opinions and suggestions are always appreciated.
47 residential properties were reported through NNRMLS as sold in the Northgate/McQueen area from September 1, 2009, through October 9, 2009. The average sold price for the 47 homes reported as sold was $212,982. The highest price for a property reported as sold was $300,000. The lowest price for a property reported as sold was $78,750. The average market time for the homes reported as sold was 125 days.
ADD
BR
#GAR
SF
Original Price
Sold Price
3670 Rosalinda Dr.
3
2
1500
$124,000.00
$78,750.00
6850 Sharlands #2187
2
0
930
$89,300.00
$98,000.00
5295 Villa Verde Dr.
3
2
1271
$138,000.00
$133,000.00
1795 Sierra Highlands Dr.
3
2
1320
$225,700.00
$147,000.00
1905 Tuolumne
3
2
1474
$145,000.00
$148,000.00
6255 Stone Valley Dr.
4
2
2307
$229,000.00
$160,000.00
6062 Bankside Way
3
2
1464
$174,900.00
$162,500.00
1535 Mescalero Ave.
3
2
1359
$154,900.00
$170,000.00
6026 White Water Way
4
2
1560
$168,900.00
$170,000.00
6092 Walnut Creek Road
2
2
1101
$187,000.00
$170,000.00
4678 Windcrest Dr.
3
2
1980
$180,000.00
$175,000.00
6721 Sandia Dr.
3
2
1270
$210,000.00
$175,000.00
5083 Cassandra Way
3
2
1220
$189,900.00
$175,500.00
1326 Sandyhill Lane
3
2
1949
$180,025.00
$180,025.00
1400 Springfield Park Dr.
3
2
1263
$174,900.00
$185,000.00
1587 Reno View Dr.
4
2
1706
$185,500.00
$185,500.00
6275 Stone Valley
5
2
2882
$280,000.00
$186,000.00
1304 Sandyhill Lane
3
2
1743
$215,000.00
$195,000.00
5880 SEPTEMBER Circle
3
2
1966
$204,000.00
$200,000.00
4350 Tuscany Circle
3
2
1417
$229,900.00
$200,000.00
4320 Tuscany Circle
3
2
1537
$219,900.00
$213,000.00
4727 Amber Hill Lane
4
2
2160
$219,950.00
$220,000.00
8835 Chipshot Trl.
3
2
2094
$219,900.00
$220,000.00
6805 Diamond Glen Dr.
4
2
1780
$239,000.00
$222,000.00
2865 Royal Sage Ct.
3
2
1877
$225,000.00
$225,000.00
3998 Kings Row
5
2
2420
$220,000.00
$225,000.00
2982 Regal Ct.
4
2
1837
$239,000.00
$228,000.00
5685 W Brookdale
3
2
1613
$230,000.00
$230,000.00
1241 Tate Dr.
4
2
1881
$234,900.00
$232,500.00
6333 Springwood Dr.
3
3
1708
$234,900.00
$234,900.00
2722 Corning Ct.
4
2
2083
$265,000.00
$236,000.00
3934 Aspendale Dr.
5
2
2496
$249,000.00
$239,000.00
6436 Valley Wood Dr.
4
3
2276
$239,900.00
$239,000.00
1470 Lindsay Dr.
3
2
2017
$190,000.00
$240,000.00
5440 Montego Ct.
4
2
2212
$245,000.00
$245,000.00
8171 Highland Flume Circle
3
2
2372
$350,000.00
$250,000.00
8161 Highland Flume Circle
3
2
2372
$350,000.00
$250,000.00
3883 Aspendale Ct.
3
2
2178
$259,950.00
$253,500.00
7245 Heritage Oaks Dr.
4
3
2039
$289,950.00
$255,000.00
2590 Snow Partridge Dr.
3
3
1977
$250,000.00
$260,000.00
5420 Brittania Dr.
5
3
2686
$250,000.00
$268,000.00
315 Jackson Springs Dr.
4
3
2341
$262,000.00
$269,000.00
2385 Gatewood Dr.
5
3
2772
$319,900.00
$278,000.00
2904 Fox Trail Dr.
3
3
2261
$300,000.00
$285,000.00
8998 Beacon Ridge Trail
3
3
2346
$325,000.00
$299,000.00
370 Anselmo Dr.
5
2
3059
$299,000.00
$299,000.00
8170 Highland Flume Circle
4
2
2819
$373,000.00
$300,000.00
_________________________________________________
SOLD INFORMATION FOR NORTHGATE - 2008
259 homes were reported through NNRMLS as sold in the McQueen area from January 1, 2008, through December 31, 2008. The average price for the 259 properties reported as sold was $272,717. The highest price for a property reported as sold was $580,000. The lowest price for a property reported as sold was $73,000. The average market time for the homes reported as sold was 119 days.
SOLD INFORMATION SO FAR IN 2009
281 homes have been reported through NNRMLS as sold in the McQueen area of Reno from January 1, 2009, through October 9, 2009. The average price for the 281 homes reported as sold is $215,631. The highest price for a property reported as sold was $510,000. The lowest price for property reported as sold was $70,000. The average market time for the homes reported as sold was 110 days.
Note: This information is for the Northgate/McQueen area of Reno only. This representation is based in whole or in part on data supplied by the Northern Nevada Regional Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the NNRMLS guarantees nor is in any way responsidle for the accuracy of the report. Data maintained by the NNRMLS may not reflect all real estate activity in the area. The statistics are only for properties that have sold through Northern Nevada Regional Multiple Listing Service.
Your Realtor,
David Wiggins CRS e-PRO Executive Member REOMasters Network Allen Hainge CyberStars - Member NFSTI REO - Certified NVSI BPO - Certified 775-787-5203 (office) 775-848-0852 (cell) david@davidwiggins.com
Short sales have become a major segment of residential real estate sales. As an old timer in the business (licensed in 1982), I know I held back on doing short sales for about a year until it was apparent that they were going to be a major part of the business for the coming years. Below are 5 reasons you might want to consider doing short sales:
In our area,RenoandSparks,NV, there have been 4355 residential sales this year (as of October 5, 2009). 782 of those were short sales, or about 18%. There are a total of 4273 active residential listings of which 2129 are pending. Of those pending, 1279 of them are short sales. (60%). So, statistically it makes sense to do short sale business.
I have always believed that a Realtor’s focus should be on doing the best they can for home sellers and buyers. A short sale is often the best alternative to foreclosure. Yes, there is damage to your credit. According to national experts, after a short sale, a person’s credit will go down by about 300 points and prevent them from buying or using a government backed mortgage for up to 24 months. With a foreclosure, the credit is damaged for up to 4 years preventing someone from obtaining a government-backed mortgage. A short sale is just better for the owner.
We are helping the neighborhood. Getting a property sold by a short sale might save the property from sitting empty for 6 months to 2 years waiting for the home to come on the market with the lender. You can drive in any neighborhood and see homes that are awaiting coming on the market with the banks. We can literally help “save the neighborhood” when we expedite a short sale.
Most of the time the owners facing foreclosure have been through hell. They did not want to loose their home and they are ashamed. They should not be. They should not be and we get the opportunity to assist them. We do not give legal or financial advice but we are obligated to help them dispose of their property. If a short sale seems the best, then there is satisfaction knowing you have done your very best for your client.
We are in very difficult times. It is not for me to blame the banks, insurance companies, government or real estate buyers or sellers. Short sales are part of the solution to the problems owners are now facing. I find it rewarding to be a part of the solution. I thing most Realtors feel about the same. They are just in the business of helping buyers and sellers. Short sales are a major part of the industry. Who knows what tomorrow brings. We change with the times and will tackle the future as it unfolds.
David has been a licensed Realtor since 1982, selling over 2,000 residential properties during that time. In 2007 David started specializing in selling REO assets and short sale properties. He is a native ofNevadaand lives inRenowith his wife Shaun (a barber for over 35 years). He has a daughter and 2 granddaughters.
Check out the Club Tsunami Eventnext week at FiveStar in Ft. Worth, TX. This will be hosted by REO Masters Network, the Nation's Newest REO Marketing Association. A force of top REO Agents dedicated to the professional disposition of the Nation's REO Assets.
There is news that the government is stepping in to speed up the processing of Short Sales with banks and other institutions. Hal-a-lu-ja! Don't you think it is about time that the process with the lenders is sped up? I have always been led to believe that short sales are financially better for lenders than foreclosures. I have closed a number of short sales over the last 18 months but I have also had just as many stopped by the lien holders. First, there are are a few of the "big" ones that won't even respond to you for 45 - 60 days. That is going to be shortened to under 30 days. I have heard that we might start seeing short sales done in under 40 days. I am in classes weekly to learn the processes to provide this service.
AVOID & STOP FORECLOSURES NOW. Contact me on my Home Owner Hot Line at 877-363-1508. If I am not in, please leave a message and I will get back to you within the hour.
Things I do by chance often take me to great places. Certainly I meet people and learn of their deeds by accident. This is one of those.
Foreclosure Angel Foundation. You will want to check this out, and if you are going to attend FiveStar Convention in Ft. Worth, come to the Club Tsunami Gala event on September 21, 2009. All ticket sale proceeds are being donated to the Foundation by REO Masters Network. It is an honor me for to be a part of this group of professionals.
Foreclosure Angel Foundation Being Supported by the NFSTI REOMasters™ Network
We're Fighting a Real Problem ...That Needs Our Attention
The Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.
Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.
Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.
At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.
She knew that her new life mission would be to help her fellow Americans keep their homes when they had no other place to go.
Here Scott McLaine Intervew Mayilyn Mock
Preview the information about REO Masters Network. I think you will see what I did...a group of professional REO agents doing a lot more than just selling REO assets. They are also dedicated to leaving behind a "little bit of good" to show where they have been.
I thought we might just pay attention to mortgage interest rates if the Government's giant stimulous package passes. I have not heard anyting about it but I do know the more Uncle Sam competes in the market for $$$, the higher interest rates will go. I think real estate sales will suffer if we see mortgage interest rates go over 7.5% per annum. Now 7.5% rates uses to be considered creme de la creme in the 1990's but sound high in today's market.
If you get a chance, post your opinions and comments.
The following information is for real estate listings and sales for Reno and Sparks, NV for the first 8 months of 2008. The real estate sales information is taken from data maintained by the Northern Nevada Regional Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the Northern Nevada Regional Multiple Listing Service guarantees nor is in any way responsible for the accuracy of this report. Data maintained by the NNRMLS may not reflect all real estate activity in the area. The information is only for residential properties actively on the market or properties that have sold in Reno and Sparks, NV. through the Northern Nevada Regional Multiple Listing Service.
August 6, 2008 7:00 a.m.
RENO, NEVADA
Active Listings = 3,002 properties $496,578 = average price $309,900 = median price DOM = 141 Total $$$ = $1,490,713,352
Pending Sales = 583 properties $299,359 = average price $241,588 = median price DOM = 132 Total $$$ = $174,526,358
Sold Properties 1/1/08 - 7/31/08 = 1,624 properties $328,949 = average price $264,000 = median price DOM = 142 Total $$$ = $534,213,326
SPARKS, NEVADA
Active Listings = 932 properties $313,092 = average price $264,900 = median price DOM = 120 Total $$$ = $291,801,699
Pending Sales = 247 properties $249,899 = average price $230,000 = median price DOM = 114 Total $$$ = 61,725,083
Sold Properties 1/1/08 - 7/31/08 = 620 properties $262,763 = average price $245,000 = median price DOM = 126 Total $$$ = 162,913,348
This information might not agree with National, Regional, or Local real estate sales information you have seen, however, I know it is accurate. I will be blogging daily, weekly and monthly about our local sales information. Give me a call or email if there is other information you would like to see.
The financial pressure that comes with an escalating house payment or a foreclosure may indeed be playing a role in breaking up marriages, experts say.
Historically, the three most likely reasons for foreclosure problems are: loss of job, loss of health and loss of spouse. On top of that, these days, escalating mortgage payments seem to be exacerbating the divorce problem.
Though there are no studies linking foreclosure to divorce rates, Frank Fincham, the director of Florida State University's Family Institute, said, "Financial problems among couples are one of the main reasons for divorce in this country today." One recent poll commissioned by divorce360.com ranked financial issues as the No. 2 reason that Americans divorce, with abuse ranked as No. 1.
For years, Middle America was of the mindset that it could get a divorce and use the equity in their home as a safety net, but for many these days, there is no equity. It used to be, when couples bought a house, five years later it was worth more. And when people got divorced in those days they expected to be able to live for a while off the proceeds from the sale of the house. . . . We do have a lot of people in trouble in this country because the value of their house decreased.
What do you think? Give us your opinion. Has the mortgage crisis and more resulting foreclosures, had anything to do with an increase in divorce rates? Use the comment link below to give us your feedback.
I'm kind of old fashioned. Now I never thought I would be admitting that. However, I never did consider refinancing my home mortgage unless I saved 1.5% - 2.0% on my mortgage interest rate. The last few years, actually 5 - 10 years, I've known quite a few people refinancing every few years. I know I'm kind of naive...but I didn't think it was very smart refinancing only to save maybe ½% - 1.0% on their interest rate. Besides that, every time they refinanced they went back to a 30 year loan. I never realized they were all taking out $$$$ just because the value of their home had gone up. That doesn't make any more sense than withdrawing most of your saving account just because you were able to save $75,000 over the last few years. This is a BIG part of the real estate loan problems we are facing today. It was not just the purchases with 0% - 5% down payment, it was also caused by many, many people taking $25,000, $50,000 or much, much more to buy cars, boats, motor cycles, pay off credit cards and thousands of other things. They put everything on their mortgage debt, then went out and bought more "stuff" on credit cards and other high interest rate purchases. Whether the value of their home went up or not, this had to lead to a crash. OUCH! Bad enough what went on with all the sub-prime loans that went sour...Taking out all the equity of your home had to end up a total losing proposition. From what I see, about 25% of the foreclosures in our area were caused by people taking out all the equity they had in their home time and time again. Then the value dropped...oops! Wouldn't want to pay back $400,000 to my lender when my home is only worth $275,000.
One lady I worked for had bought a home in NW Reno for about $250,000. She then invested another $50,000 renovating the home and hoped to sell it for about $340,000. But, the market dropped during the time she was remodeling the home. Without going into detail, she borrowed about $100,000 on her personal residence to close the transaction when we sold the investment property for about $225,000. She never even considered letting the lender have the home back. Wow! That is a person has character. That is the kind of values my parents taught me. I hope I never have to make a decision like that...That is a cause for some real "soul searching".
Well...We are into a new year and I thought you would like to see current home sales information for Reno and Sparks, NV and all Washoe County (excluding Incline Village). So often what you see or hear in the news media about home sales is doom and gloom. Sometimes it appears the news reporters think they are news forecasters. The worse they report and the worse things get, the better and the more accurate they think they are. Friends have asked me when the housing sales boom stopped. My answer is I saw the first signs in July of 2005. Did prices go up after that? Yes. Were there still record sales after that? Yes. The signs of a slow down, though, were starting to become apparent. More FSBO (for sale by owner) homes were going to real estate agents to sell. There were more expired listings every day and days on market were longer. Then, builders started to have some standing inventory. Sellers who were selling their existing home to buy a new home started having difficulty getting the "high" price they needed to buy the new home. Many sellers thought they could still get 5% - 10% more than the last home sold for in ntheir neighborhood. some of those homes are still for sale. Please contact me if you would like a copy of my report, The Truth about what is going on in the Washoe County housing market. Right now, though, let me give you current housing sales information for the first hal of January, 2008. The information is for residential properties which consist of single family homes, condominiums & townhouses and manufactured homes...
ACTIVE PENDING TOTAL A & P SOLD EXPIRED
Reno (all areas) 2,713 269 2,982 45 214
Sparks (all areas) 838 85 923 24 58
# of Listings
Dollar Volume
Avg Price
Med Price
RESIDENTIAL
Conventional
3,515
$1,249,093,084
$355,361
$292,500
126
FHA
259
$57,012,644
$220,126
$224,000
116
VA
74
$19,093,827
$258,025
$250,000
124
Assumption
4
$1,257,374
$314,344
$234,500
219
Cash
344
$159,717,040
$464,294
$325,000
129
Contract of Sale
6
$1,143,500
$190,583
$167,500
172
Owner
17
$5,110,400
$300,612
$210,000
127
CTEL+2
1
$255,000
$255,000
$255,000
148
Miscellaneous
35
$9,178,600
$262,246
$226,800
112
Analysis by Area
Comml/Indst Core
133
$39,269,588
$295,260
$265,000
258
Reno-North
174
$34,185,054
$196,466
$190,000
114
Reno-Northwest
259
$68,887,655
$265,976
$251,950
116
Reno-Northwest Suburban
266
$88,589,354
$333,043
$319,200
112
Reno-West Suburban
13
$5,238,300
$402,946
$405,000
78
Verdi
13
$7,924,550
$609,581
$570,000
139
Sun Valley
160
$32,812,804
$205,080
$207,500
119
Reno-North Valley
86
$21,359,083
$248,361
$226,500
113
Reno-Golden Valley
17
$5,851,100
$344,182
$325,000
126
Reno-Lemmon Valley
65
$16,404,373
$252,375
$249,900
101
Reno-Stead
224
$52,891,350
$236,122
$240,000
99
Reno-Silver Knolls
15
$5,894,500
$392,967
$373,000
135
Reno-Cold Springs
147
$35,432,734
$241,039
$235,000
123
Reno-Red Rock
8
$3,215,900
$401,988
$359,500
163
Reno-Rancho Haven
11
$3,878,700
$352,609
$365,000
228
Reno-Southeast
110
$21,230,491
$193,004
$186,250
117
Reno-Donner Springs
133
$31,005,038
$233,121
$255,900
105
Reno-Hidden Valley
55
$23,103,058
$420,056
$400,000
128
Reno-South Meadows
283
$102,835,357
$363,376
$340,000
107
Reno-Old Southwest
154
$54,219,162
$352,072
$310,000
126
Reno-South Suburban
144
$116,833,588
$811,344
$715,000
128
Reno-Southwest Suburban
82
$91,302,920
$1,113,450
$955,000
242
Reno-Foothills
50
$15,260,121
$305,202
$307,500
127
Pleasant Valley
5
$2,208,500
$441,700
$394,000
84
West Washoe Valley
8
$9,470,000
$1,183,750
$1,122,500
238
Virginia City Highlands
20
$9,590,700
$479,535
$447,250
159
Washoe Valley
28
$9,177,500
$327,768
$332,000
126
Sparks
200
$41,492,099
$207,460
$212,250
118
Sparks-East
239
$63,880,550
$267,283
$262,000
110
Sparks-Suburban
240
$78,718,900
$327,995
$305,000
130
Spanish Springs-South
175
$63,454,548
$362,597
$327,000
131
Spanish Springs-West
126
$37,690,895
$299,134
$285,000
115
Spanish Springs-East
31
$15,042,023
$485,227
$429,290
140
Palomino Valley
8
$3,839,000
$479,875
$430,000
128
East Truckee River
28
$5,493,549
$196,198
$193,000
132
Reno-West Southwest
96
$62,754,550
$653,693
$566,000
132
Reno-Southwest
242
$112,856,200
$466,348
$398,500
131
Reno-Old South Suburban
65
$43,301,688
$666,180
$430,000
120
Reno-Somersett
83
$45,836,337
$552,245
$530,000
146
Sparks-Foothills
59
$19,429,650
$329,316
$305,000
87
Totals
4,255
$1,501,861,469
$352,964
$285,000
126
Non Co-op Sales
957
$345,567,557
$361,095
$285,000
141
Co-op Sales
3,298
$1,156,293,912
$350,605
$285,000
121
All Sold Listings
4,255
$1,501,861,469
$352,964
$285,000
126
The last column is days on market.
Note: This information is for Reno and Sparks, Nevada areas only. This representation is based in whole or in part on data supplied by Northern Nevada Regional Multiple Listing Service (copwrited material). Neither the Reno/Sparks Association of Realtors nor the NNRMLS is in any way responsible for the accuracy of this report. Data maintained by NNRMLS may not reflect all real estate activity in the area. The information I show is only for residential properties that have been listed and sold through agents associated with the Reno/Sparks Association of Realtors.
Information on bank owned assets and short sales in Reno, Sparks and Washoe County, NV. Information about downtown Reno and the growth of Washoe County and Northern Nevada. Northgate News.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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