Rumors, Gossip, and Nevada Real Estate
Traveling East one year to show ranches, we fueled up in Austin, Nevada. On entering the gas station Jim heard the clerk say, "I don't want to hear that, I don't gossip." to which the speaker replied, "It's not gossip, it's just what's going on around town!" True story. What's going on around town certainly isn't always gossip and rumors, but often it is. Real estate has a way of initiating much of both.
There have been a lot of real estate headlines lately that have caused a lot of speculation and ... rumors. As the major lending institutions curtail foreclosures that doesn't mean that they won't ultimately get your home, or that you have any more rights than you have now. They have encountered processing glitches and most of that, for all intents and purposes, pertains to judiciary states, which Nevada is not. If you think you can stop making payments and "beat the system" you are listening to the wrong rumor mill.
Another circulating rumor says that the Nevada Constitution prohibits the taking of property therefore lenders can't take your property that you pledged as security for the loan they gave you. Those putting this rumor forth rely on Nevada Constitution, Article 1, Section 14, "The privilege of the debtor to enjoy the necessary comforts of life shall be recognized by wholesome laws, exempting a reasonable amount of property from seizure or sale for payment of any debts...". That privilege is actually pretty well taken care of in the Federal Bankruptcy Court process, and it does not allow you to stay in your home if you don't make your payments ... even in bankruptcy. You might have adjustments made via the bankruptcy process and you might be granted other concessions by the court, but there is not a constitutional right to borrow money against your home, not repay it, or to keep living in your home without making payments. Wishful thinking, but wrongful reality.
"Lenders aren't making loans" is another rumor. Very false! Rates are great and lenders are ready, willing and able to make loans. Sure, you might have to qualify for your loan ... what a concept. It isn't as hard as you might think, however, and there is now 100% money at great rates readily available with the right lenders. These are the good ole days - don't think you can't buy a home because of the rumors you hear - we've even heard the expert pundits on National television make ill-informed statements.
Our Advice: Don't rely on a sense of entitlement to plan your real estate actions. There have been several surprising programs in the past two years that have been beneficial to the property owner and tenants, but you shouldn't rely on government programs to rescue you from your plight if you are in financial trouble. The best way is to objectively assess your specific situation and analyze your options with your agent. We've seen people consult with their legal counsel of late and have been surprised at some of the recommendations. Be sure that your attorney is real estate savvy and contemporary in his/her experience regarding short sales and Trustee Sales. The rules of the game change regularly - you have to be actively involved to give proper advise.
There is no one right way to do things in today's market. Your course of action will be dictated by your specific circumstances - your wants/needs... your can/can'ts... and your personal emotional status. Make your decision for you 
and your family, not based on general media hype or public hysteria. Exceptionally low property prices... exceptionally low interest rates ... and a bright future ... act now! When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com www.carsonvalleyland.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com
Comments(1)