Wow, this one has to have a back-story. Anyone know the scoop?
1195 Riverberry just sold on the courthouse steps for $30,101. It is a 2615 SF 5 bedroom, 3 bath, 3 car garage home originally purchased new by the defaulting owner in April 1993 for $192,495. The first loan looks like it was $173,200. There are several of what look like 2nds or HELOCS before I can start tracking the action:
– 15 August 2000 – 2nd mortgage for $51,900.
– 9 July 2001 – NOD on the first mortgage (which is how I can track it).
– 31 July 2003 – Refi for $156,953, 20 year fixed (I think the 2nd remained).
– 16 August 2003 – Refi for $208,500, plus a $100,000 HELOC, both from 1st Horizon.
– 13 March 2006 – City sewer lien.
– 19 July 2009 – NOD on the $100,000 HELOC, 16 March 20089 missed payment.
– 27 July 2009 – NOD on HOA dues (cancelled 22 October 2009).
– 12 September 2009 – NOD on 1st loan, 1 March 2009 missed payment.
– 19 October 2009 – NOS on the HELOC, $91,499.61 owing. TD scheduled for 9 November 2009.
– 23 November 2009 – The property was sold at a postponed Trustee’s Sale for $30,101.01 with an outstanding balance of $95,735.59.
The buyer was NRES NV I LLP, the successor of Page Ventures LLC. Houses along this stretch of Riverberry have been selling as REOs in the $350 – $450,000 range recently. 1090, which is the same size, just listed at $392,500.
I’m not aware of a mass murder happening at the property that would affect its value to this extent. I drive by it all the time on my scenic route downtown, and it doesn’t stand out as being trashed out. Is this one of those rare cases where the holder of the first mortgage (I presume this loan went into a MBS) was asleep at the wheel? Or a recording error with the 1st mortgage made whole and the 2nd bought out for $30K?
I’ve searched all the recording catagories I can think of, and it really looks like this house sold at auction for $30,101.01. Did Jeremy just land the deal of the decade?
Page Ventures / NRES NV 1continue to buy and flip properties – over 80 so far and counting. If there is enough interest, I’ll slog through it all and tell you how they are making out.
Raymond
You would have thought that somebody would have bid $30,101.02.
FutureRenoHomebuyer
Just as some oldtimers and lurkers are arguing on another thread about how much more there is to talk about on this blog, Mike comes on down with an atomic elbow and a figure four leg lock.
Yes, Mike, please give us details on these investors. Caughlin Ranch is one area I’ve been taking a hard look at. This deal blows away the 30yr lows often discussed at Smithridge condos.
This is the kind of info that you cannot get elsewhere, unless you are a serious data geek (like Mike 🙂 — thanks Mike).
Raymond
Don’t start hyperventilating, Future. Unlike Smithridge, where there is an MLS full of condos selling at 30 year lows, this is an abberation, if in fact the price is accurate. I agree that if the whole street there in Caughlin Ranch was selling for $11.50 a sq. ft., that would be news. But you know, and I know, and everybody else knows, that is not the case.
Carleton
Uh, I guess the entire Reno housing market just collapsed. Caughlin Ranch is now down 99.7% from the bubble peak. Houses in South Meadows are now free, and buyers can get paid to purchase houses in Cold Springs.
This story would be a whole lot more interesting if this house had sold at foreclosure for $130K, and not some obvioulsy abberational price.
smarten
I’ll talk about one of my favorite Page Ventures [“PVP] flips.
Some of you may recall I spoke at some length about 1086 Tiller in IV – listed for sale at over $2M for how long; under assessed at a little over $1M; the subject of a rejected short sale offer by my wife and I at $1.2M; that sold at trustee’s sale to PV for $890K+ this summer.
Just out of curiosity, I looked up the property after Mike’s post and see it resold on August 27 for $1.33M. Interestingly, I don’t see the trustee’s sale listed on the county site under “sale information.” Also, I don’t recall learning the property had sold so quickly and for so much even though listed on the MLS.
So much for quality IV properties crashing in value. And so much for not being able to make a 50% ROI on an IV flip in but a matter of months!
FWIW.
GratefulD_420
Mike… great story of one that slipped through the cracks.
Probably something everyone on this blog is looking for… .. . (except a named few… who spew the coolaid.)
Good point Raymond..
This is a story of one slipping through…. not a trend. Dawing conclusions from this sell would be funny math.
Smarten….”So much for quality IV properties crashing in value.” Which year will you bet is the low? 2005, 2009, 2010 or 2012? I’ll take 2012 bet you against any of those other years. Bet you’ve taken a big bet on the current Bull Market?
-Gratefuly
D420
MWT
smarten
GratefulD, how exactly do you define “low” so I can attempt to take your bet?
And however that may be, in your opinion does this particular property go into the mix of data that gives rise to your definition?
Without a standard definition, IMO you just can’t be making the broad conclusions you are suggesting.
Here you have a quality IV property that sold in very short order for well in excess of $1M [and it’s not the only one]. Does this mean the market as a whole for IV SFRs priced in excess of $1M is thriving and to use your terminology, we have a “bull market?” Of course not. But it does mean that in IV, there continue to be buyers for quality, well priced SFRs priced in excess of $1M notwithstanding the fact everything else negative going on around us.
Page Ventures knows this and I believe this particular example proves my point.
TD
Mike,
Based on what I researched this morning:
• All mortgages (1st and 2nd) were reconveyed with the expectation of those recorded by First Horizon on 8/10/2005
• First Horizon recorded both a 1st and 2nd, both went NOD, but only the 2nd went NOS and ultimately TD sale.
If correct it appears that Page bought a 2nd lien inferior to the 1st of $208,500 which is still valid although probably not being paid. If the property is fully encumbered at approximately $240,000 Page still has some room for profit but obviously there are some issues that need to be addressed.
I’ve seen two 2nd’s purchased at the court house in the last 2 weeks. The first one was a big mistake that boiled down to someone not doing their homework. This one, if our information is correct, could turn out OK being that the 1st still has room to maneuver
smarten
TD makes some great points!
NOT every NOS involves a first mortgage. And not every first mortgage is senior to other possible title impediments. The point being, you really need to know exactly what you’re purchasing when you bid at a trustee’s sale [“T/S”]. To be prudent, you should be purchasing some sort of title policy each time you bid at a T/S. But how many bidders are going to front the expense when the noticed sale may not actually take place or someone other bidder outbids them?
So what at first blush appears to have been an aberration was really a purchase by someone who probably shouldn’t have been bidding in the first place. Sure he/she MAY ultimately turn out to be O.K., but he/she may just as easily have bought into a heck of a problem with little chance of making a profit in the short run.
This is why I am so amazed by what this Page Ventures outfit has done. Almost every one of their purchases seem to have been savvy. I can tell you from experience that since it’s only a matter of time before you get burned buying at a T/S, better have a big pocket book and not be light of heart!
CommercialLender
Smarten, IJJ, others:
What do you think about 120 State Highway 28 “Stillwater Cove” #22 in Crystal Bay, if you know that submarket?
skeptical
Grateful,
Last time someone (Economist?) offered to make a bet with Smarten regarding the bottom in IV RE, he was never heard of again. Why is everyone so eager to see that Smarten paid too much for his little castle in IV? (Smarten, can I come over for a beer sometime?).
Anyway, here’s the RE landscape as I see it. Reno (and to a lesser extent, IV), will likely not see a “bottom” for another 5 to 10 years. Yes, folks, you heard it right. That said, anybody making an offer below $200k in this environment is probably fine. There’s multiple offers and very high sales activity at this level. Places are selling for higher than the list price. In short, the bottom is in at the low end.
Now, for the mid to high end, well, it’s ugly and getting uglier — kinda like the fat chick in the bar from last night who you are now snuggling with. I can still see 30%+ price reductions from here at the mid to high end, no problem. All those Montreux and Arrowcreek homeowners would be wise to take that lowball offer today, rather than hold on for the market to “stabilize.” It’ll stabilize at much lower prices, after Uncle Ben prints a few more trillion and it trickles down to the masses.
So, by that logic, one might say, “well, skeptical, sounds like nobody should be buying anything above $400k for a while?”
No, that’s not exactly what I’m saying. The higher the price, the greater the chance that they’ll take a steep price cut. That $700k homeowner might have to consider your $500k offer. That $500k lister, however, might not want to go lower than $420k. The higher the price, the greater the chance for a big reduction in this market. So, there’s actually some real opportunity at the mid to high end, if you know what you are doing. If you get that McMansion in the $500k’s now, instead of waiting 4-5 years for the inevitable price reduction that might save you $30-40k, you’ve benefited by taking advantage of the interest tax write off, and through the equity payments you’ll build (not to mention the joy of living in a place you really, really like).
So, it ain’t for the ignorant or shy, but a smart fella can pull down a good deal today, even if the market declines another 30%, with a lowball offer and a desperate seller.
Which brings me back to Smarten. He got a great deal. He did his research, and had the value of the place pegged, dead to rights. He probably made the best buy available in IV for several years to come. Even if IV declines over the next few years, Smarten got his offer accepted and is now living in the home of his dreams. Don’t hate him for it. He’s smart. Hope I can be so lucky.
inclinejj
I know the complex but don’t know the story of 120 Highway 28 Unit number #22.
If you don’t want to say on the blog email me at jjadco@aol.com
smarten
CL, I know the complex pretty well – but not the unit in particular.
Real high end condo complex right on the water. Gated entry, it’s own pier and restaurant. [Gas powered] vehicles not permitted in the complex. Separate parking structure at the entrance of the complex and access to golf carts to bring your whatevers to your unit. Some units have incredible Lake views.
The last unit I recall selling in the complex was for well over $1M and I think it was a 2BD. Monthly condo dues are…are you ready for this one? $1,750!
Going to give you some more free advice CL. There’s a FSBO for sale on Deer Ct [in IV]. 290 Deer Ct. Our friend Don Kanare is featuring the listing on his home page because the owners have agreed to cooperate. Husband and wife are both attorneys and underwater. They purchased the unit about 6 years ago as I recall for $1M. They’re now asking $950K. The first has gone into default and the NOS is not that far off.
I personally think it can be purchased for about $700K if the sellers will agree to a short sale. I also know the perfect agents to present your offer [if you’re interested]. Now I realize this is still a lot to pay for a condo but compared to Stillwater Cove, it’s chump change.
Nice gated complex; over 2,700 square feet; attached garage; good central location.
If you want to e-mail me CL, Guy/Mike know my address.
smarten
Thanks for the kind words skeptical –
But I didn’t “make the best buy available in IV for several years to come.” IMO, purchasing the Tiller property at trustee’s sale was right up there as one of the best buys for a long, long time to come. But I didn’t have the $900K cash to bid. And someone else I know who I spoke to about the trustee’s sale regrets he didn’t bid.
There are a couple of other sales starting in late 2008 that were also right up there. But they were well out of my league pricewise, in the several millions of dollars range [one at $4.5M].
But my personal favorite is now in escrow and it will be very interesting [at least to me] to see what it sells for [I’m sure it will be for more than $3.5M] – again, way beyond my means. It consists of over 7K of very, very high end construction square footage on two levels in a great neighborhood. Wonderful Lake views and very tastefully furnished [I’m sure the home will sell with the furniture]. The seller purchased the home about 4-5 years ago for $5M. A little over a year ago when he was trying to get $5.25M for it, in frustration he put it up for rent at $6K/month. We saw the home and I wanted it [I still would at this price (after all, taxes alone are $23K annually)]!
The rental agent really, really wanted us to submit an offer to purchase instead. I didn’t want to because even if I got my price, we couldn’t afford it. Still the agent pushed. So I finally offered $3.25M [I have a friend who stated he would go halves with us and we’d convert the home into an illegal duplex]. My offer was rejected and my wife wouldn’t let us rent [because she wanted to buy].
After we closed on our home purchase, I heard from a friend of a friend of a friend that the seller was willing to accept $3.25M. But too little, too late – at least for me.
Anyway, the seller eventually dropped his sales price to $5M, then $4.75M, then back up to $5.25M, then back down to $4.75M and now he has an accepted offer. This is another example of a very, very high end property that will be a steal, IMO, at anything under $4M [it simply can’t be replaced for this number]. And in my book if it sells at under $4M, the price has ALREADY “crashed.”
The reason I keep pushing those who predict the bottom of the market is whenever, is because properties like the ones I describe [including mine] AREN’T going to go down in price in the future because they AREN’T going to be available for purchase. If we’re talking about the market for properties like these, at least in IV, IMO the bottom of the market was May of this year. If we’re talking about overpriced or run of the mill properties on the market – I agree, we have a ways to go.
So the lesson to be learned, again IMO, is that if you can find your property; at your price and terms; and your price is already discounted to reflect the uncertainties of the market over the next several years; there’s no reason to sit on the sidelines because one or more people on this or some other blog have predicted we won’t reach market “bottom” until 2,013 or whenever.
Sane Economist
Skeptical,
I am still around. I’ve spent the last 3 weeks giving a couple of talks in Japan.
I’ve come to learn it is very difficult making cyber bets – thus I will refrain from now on.
Shortly before I left, I was more or less entertaining the idea of buying a retirement place. My wife is interested in IV. My preference is Colorado. Anyway, that is all now moot. I had a week off in Japan, during which I researched their real estate meltdown.
It is simply mindboggling. Places that went for $1 million in 1989, are now selling for $200K.
As I have mentioned previously on this blog, I think we are following Japan’s scenario to a tee.
The real problem lies with the real upperend housing. Kind of what Smarten mentions above. These houses have almost exclusively been aquired through some sort of leveraging process. They are going to crash big time. Smarten, if you like that house, don’t depair. In the not too distant future(5 years) , it will be available for less than $1 million.
On the downside, my wife is none too happy with my decision. Any advise to placate an unhappy spouse will be gladly accepted.
skeptical
Sane,
Your contribution and perspective is greatly appreciated. That info on Japan should give everyone pause. There should be some qualification, though.
Japan’s bubble was absolute lunacy. Prices there rose much faster and much steeper than here during our bubble. In 1991, all the land in Japan (about the size of CA) was valued at $18 trillion, or roughly 4x all real estate in the US at the time. 2br flats in Tokyo for over $1M (priced in yen, of course), or 1k sq.ft. flats for $600k 2 hrs outside Tokyo. This was due to the perception of ever growing demand with little new supply. It was fueled by a stock market bubble, massive speculation by Japanese corporations, multi-generational loans (up to 100 years!), and the tolerance of Japanese people to have precious little personal square footage.
Nevada’s RE bubble was quite crazy too. But the insanity never approached that of Japan. It was fueled by NINJA loans and never ending easy money. Ironically, however, total US real estate in 2005 was valued at $17T, pretty close to Japan’s peak overall value in 1991.
All that said, the bottom line from my perspective is replacement cost — valuing the land at zero. No matter which way you slice it, Reno is at or below replacement cost in many areas (~$135/sq. ft). Many places at the low end have gone for less than $100/sq. ft. Many places in Montreux are trying to fetch >$300/sq.ft., and therefore will not be sold for several years, or until the owner wakes up and smells the coffee.
The high end will still feel pain for some time, but the lower end is close to a bottom, if not past it. Now, if you’re looking for a high end place in IV or Colorado, you’re probably better off staying put. But if you can get a place at/near replacement cost, I think it’s worth considering.
Meanwhile, it may sound trite, but few things work better when it comes to sweetening up the spouse than a nice bouquet of flowers…FWIW.
GratefulD_420
ohh Smarten… just too Smart for anyone ehh? Please spare me with the details of the details of the definition of what sexual realations “is.” Or for this matter a bet.
My comment was a comment. I think it is pretty clear. You are saying that IV is not and will not crash. You actually go on to claim that all the good houses and deals will be gone. I am saying you are wrong. Values will continue to go down. Great houses will continue to become availible, even in IV. I have truly enjoyed much of the information that you have shared… but sometimes your unrelenting effort to convince people that the bottom has past…great houses are gone… are just a bunch of juice.
With regards to I can’t make such broad statements… let me bring you back to yours..
“So much for quality IV properties crashing in value.”
That’s the statement to which I was reffering and it sounds pretty precise and analytical? Yeah right.
Basically what I’m trying to say…
Is when you are providing facts and data you are greatly appreciated. When you start your RE cheerleading you actually irritate a pretty calm fellow.
Skeptical… really not certain what the hell you are talking about. I have never ever said anything about Smarten’s purchase… so please don’t associate that I did. Him sharing details of his purchase was one of those things I appreciated and made very certain to not say anything.
But I do definately think that Skeptical (the adoring) and Smarten should have beers (at his house)… and a warm hug.
skeptical
Grateful,
Not sure where you are coming from. I was simply commenting on all your bluster regarding wanting to make a bet with Smarten. Bunch of blather. You can’t back it up. It’s a blog, idiot. Makes you sound like a 5 year old. State the facts or your opinion, but “wanna make a bet?” just makes you look like an ignorant jackass.
While I respect Smarten’s positions and wish I had the dough to roll out for his little chalet in IV, I’ve disagreed with him more than once, including his current bottom call on the IV market.
Go back to your bong, Grateful, sounds like your getting irritable from the withdrawals….
Catherine
What is the IV you all keep mentioning?
BanteringBear
“What is the IV you all keep mentioning?”
Incline Village. You know, that “special” area which is immune to market forces, and where prices will remain at a permanently high plateau.
RRB Fan
IV = Incline Village, NV which border Lake Tahoe
BanteringBear
Smarten posted:
“The reason I keep pushing those who predict the bottom of the market is whenever, is because properties like the ones I describe [including mine] AREN’T going to go down in price in the future because they AREN’T going to be available for purchase. If we’re talking about the market for properties like these, at least in IV, IMO the bottom of the market was May of this year.”
This is the kind of distorted, delusional “my house is special” thinking that is so stubbornly pervasive amongst the Kool-Aid swigging crowd. It started as “real estate only goes up.” When that didn’t pan out, and prices started reversing, it morphed into “not in my city.” When that belief was shattered, the desperate shills latched onto a “not in my neighborhood” mantra. Finally, when seeing the neighbors house go into foreclosure and sell for pennies on the dollar, it turned into “not my house.” A heart attack, death of a spouse, financial setback, or any other of life’s inevitable curve balls will finally lay to rest the entire fantasy, as the “owner” is forced to sell and face the ugly truth- their place wasn’t so special after all.
FutureRenoHomebuyer
I see over 100 price reductions in the last 5 days on the MLS. Looks like the winter season is upon us. It could be a long, cold one.
With that kind of activity, how could anyone believe we are near bottom? I don’t believe you would have found any 5 day period in the bubble with 100 price reductions.
What do the reductions mean? They mean that there are still plenty (a majority?) of sellers “drinking the kool aid,” with prices so high that they are seeing little to no interest in their home. They are then forced to reduce the price, to try to bring in some interest — usually after their real estate agent insists.
So, Smarten, what do these price reductions tell you?
smarten
Thanks for the kind words BB.
I thought my comments would wake you up from hyper-inflation [I’m sorry, hibernation]!
BTW, since $1M plus sales in IV continue to march along, just curious what’s your explanation? It’s not like everyone hasn’t heard the warnings you and others have been prophesizing for several years.
smarten
FutureRenoHomebuyer –
The price reductions tell me there are still a lot of overpriced properties out there for sale. But that doesn’t mean EVERY listing is overpriced. Since a traditional sale does not take place until there’s a willing buyer and seller, that magic meeting of the minds insofar as price/terms must first be reached. The market is telling us that for the majority of [but NOT all] listings, the price/terms are still too high/prohibitive.
But instead of concentrating on the listings which AREN’T selling Future, why don’t you concentrate on the ones that are? Why [especially in the current economic environment] are ANY properties selling? Are all buyers simply drinking the same kool-aid their seller counterparts are drinking? Are they oblivious to the warnings of BB and others on this blog?
Or more pointedly, was Page Ventures drinking kool-aid when it purchased 1086 Tiller this summer for $890K cash and then turned around and sold it for $1.33M within a couple of months?
If you’re a buyer, I say concentrate on the properties that are selling and learn why they and not others? Chances are similar properties are going to sell for the very same reasons. The properties that aren’t similar are going to sit on the market until they exhibit the attributes of the properties that are selling.
smarten
CL –
I finally took a look at your Stillwater Cove listing. $2.1M for a Crystal Bay [“CB”] condo? Now you may know this [but others may not], but CB property owners have no right to use Incline Village’s [“IV’s”] beaches for free. This means that when one compares a comparable CB property to its counterpart in IV, the former has to be discounted.
Don’t know why you’d be interested in a condo versus SFR but if you are, are you familiar with Crystal Bay Cove [475 Lakeshore Blvd.]? I did a quick search and there’s one for sale at less than $1.5M [MLS #938526]. This complex has about the best panoramic Lake views of any on the North Shore, and it’s IV proper!
Good luck.
Mike McGonagle
Any Excel gurus out there that want to help with a post on the activities of Page Ventures and their successor, NRES NV 1 LLP? I’ve got all the basic sales data input for your use, but I’m not so great at getting to where I want to get in Excel. Email mike@macassociates.com if you are up for the challenge and want a sneak peak at the data. 80+ units and counting!
Walter
4 comments that are related to the thread about the Caughlin Ranch house.
Then Smarten tells us, for the 17th time, about the flip in IV that proves he made a good deal, then the usual “we are at the bottom”, “no we aern’t”, “yes we are and I am smarter than you”, “no your’e not”….yada yada yada………
It’s true, there is nothing new on this blog anymore. It is the same 7 or 8 people saying the same things to themselves over and over again.
Back2Basics
Kind of related, maybe. . . Question: How do you go about buying a house on the courthouse steps?!? We’ve been trying to buy a short sale to no avail, and it’s supposedly scheduled to sell on the courthouse steps this month. It’s already been postponed once though. It would be really nice if WE could be the ones to buy it on the courthouse steps, but we have know idea what we’re doing (and neither does our realtor).
TD
Mike,
If you have the sources you should dig into Page Ventures and their affiliates. I think you’d be surprised to find out who they represent and where the funding comes from.
Another developing issue is the Lis Pendens actions that are halting some foreclosures. I count 6 current lawsuits, representing multiple properties, and seeking class action status. It all revolves around the “MERS” system.
Back2Basics – Courthouse auctions require cash and are extremely risky so tread lightly unless you get with someone that has actual Trustee auction experience. If the realtor representing the seller of the home you’re after is doing his/her job you’ll get the deal via your short sale offer. Can you post the address?
inclinejj
Question: How do you go about buying a house on the courthouse steps?!? We’ve been trying to buy a short sale to no avail, and it’s supposedly scheduled to sell on the courthouse steps this month. It’s already been postponed once though. It would be really nice if WE could be the ones to buy it on the courthouse steps, but we have know idea what we’re doing (and neither does our realtor).
Back, first of all you have to determine if the loan your buying is a 1st, 2nd. Then you have to find out how much in back taxes and any other liens or title problems.
I would tell you the way to find out how the buying at the courthouse steps work is start to hang around down at the courthouse and ask questions..Most of the criers(person who conducts the sales) are pretty helpfull after the sales
good luck..
GratefulD_420
Skeptical..
oouch. thats just ugly.
best of luck.
Back2Basics
Hmmm, maybe courthouse sale won’t work for us then. I thought I had heard that if we had proof of loan approval that they would accept that. Perhaps it’s time to find an agent that is more equipped to handle short sales since this is the second one that has fizzled on us. Both homes are in NW, same floor plan, nice lot. The first home we’ve been trying for since April is on Springdale Ct. Second one (supposedly scheduled for TD sale) is Broadridge Ct. Any advice would be welcome.
inclinejj
Courthouse sales are done by cashiers checks on the spot..You buy it for cash (cashiers check)
The loan approval doesn’t apply..
That is why I mentioned go to the sales and watch them in person, that way you will get a good feel of what goes on..
Also learn how to do your own title searches..You want to know which deed of trust your buying..First, Second, Third etc..
Sully
Incline you make it sound like you have to pay in full on the courthouse steps.
My experience, admittedly a few years ago, was more like the regular auctions. You put up a cashiers check (good faith) and arrange the balance at an agreed on time.
Additionally, unless you are Page Ventures, your bid is not necessarily accepted on the spot either. As the seller has the first right of refusal.
Has this procedure changed?
CommercialLender
Smarten,
thanks for the tips on Crystal Bay / IV. I am not at liberty to say why, but I’m looking at the deal in proxy for a 3rd party.
smarten
Interesting CL –
Back when we were renting, there was a one-bedroom unit for rent [at a reasonable rent] at Stillwater Cove we looked at. Loved the complex [and of course didn’t have to concern ourselves with the sky high HOA dues], but the kitchen was just too small to be functional. And really, that’s one of the major problems with essentially all of these kinds of units. They were primarily constructed for second home use. So if you plan on occupying them as a primary residence, they just don’t work [rooms are too small; washer/dryer are located on a different level than the main living area; kitchens and master bedrooms just aren’t large enough; there’s a real deficiency when one starts looking at closet and storage space; etc.]. This is why I would recommend for anyone seeking to relocate to the Lake Tahoe area, that they search out SFRs instead of condos; especially if it’s going to be your primary residence!
j spees
290 Deer Ct. Incline was purchased for 1.2M 4 years ago and appraised at$1.3 will sell for $999,000 but need buyer to pay commission.
Kathleen Bolotin
Some info on the 1195 Riverberry house in Caughlin Ranch. I am working with the homeowner that has owned the home since 1993. Apparently the 1st TD has an Forebearance Agreement with the homeowner. I called the first on Friday 12/18/09 and they said that the 1st trust deed was NOT purchased and that they were NOT aware of the second being purchased. I warned them about the confusion in how the document was recorded and gave them all of the information on NRES, LLC.
Family has raised 3 children in the home, husband was out of work for a while but has been on new job for over 3 months. Wife is a teacher for Washoe County at an “At Risk” school. Second note holder is attempting to kick them out of their home probably only because there is equity in the home, even more so since the second has been reduced by $67K! Homeowner is in the process of Loan Remodification and they have been informed by their lawyer to call the police if there are any attemps to remove them from their home.
BanteringBear
Great info, Kathleen. Who holds the second? Your post highlights how scummy these banks are. They’re not too “swamped” to handle all of the foreclosures, or holding off as a nice gesture. They’re dragging their feet because there’s no equity, and they don’t want to flood the market right now. They’re trying to manipulate supply, and praying for some miracle turnaround in prices. If there were equity in every one of these foreclosures, they would be taking possession of these house the very moment it was legal for them to do so. Sure, it’s their legal right, but like the saying goes: “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
Kathleen
BanteringBear
First has repeatedly said that they do NOT want the home and have been really good at working with them (Lender answers the phone, fax is never busy, paperwork is always received the first time).I think that the first was just not paying attention to the 2TD since they can really be irrevelant. If they would have recorded the loan forbearance things would have looked different to NRES. This will make a good story to be told in the near future.