Joel Dameral's South Lake Tahoe Real Estate Blog (530-545-8827) » 2009 » September

Fishing On Lake Baron

Joel Dameral — Sun, 20 Sep 2009 22:09:43 +0000

Today was the annual kids fishing derby at Lake Baron (Tahoe Paradise Park). As usual the local Moose Lodge did an outstanding job. They stocked the lake with 3500 pounds of rainbow trout (no cuts like rumored). My daughter (5 years old) caught 2 nice fish in about half and hour. Her big brother wasn’t quite as lucky, but he did help her reel in her monsters. She wants to donate the fish to the wildlife center to feed the bears and eagles.

The Moose members had loaner equipment, bait, tackle, food, and great raffle prizes. This is a great community event. I can bet I know where my son will want to be the next few evenings- looking for the ones that got away. I guess I will be there with my fly rod…… Hope to see you also.

FALL IS IN THE AIR!!!!

Joel Dameral — Sat, 19 Sep 2009 18:55:57 +0000

The crowds are gone, the beaches are empty, the bike trail is easy to navigate, and the school buses are running. Fall in Tahoe is my favorite season. The mornings are crisp (sometimes with icy windshields) and the afternoons and evenings are warm. I had a class in Reno yesterday and drove home through Hope Valley (hwy 88) and the trees are changing colors- This is our version of the Northeast color change. If you get the chance to go take a walk along the Carson River and listen to the silence- its addictive. Its time to find the fall decorations for the front of our house (and I guess I better start the snow-blower). Happy Fall…..

Downsizing???

Joel Dameral — Tue, 15 Sep 2009 15:21:05 +0000

With the current low interest rates now may be the time to downsize form your current home. The positives could include money savings in the areas of energy costs, homeowners insurance, taxes, and maintenance. Lifestyle changes include such things as less time on building maintenance and cleaning.

The hardest part of the move will probably be deciding (or agreeing) what “stuff” to part with, and how to do it. We had a garage sale over the Labor Day weekend that was very successful.

One should also consult their tax adviser to find out about the tax consequences of downsizing.

Short Sale vs Foreclosure for me?

Joel Dameral — Sun, 13 Sep 2009 11:11:42 +0000

Short sales can occur if a lender (or multiple lenders) agrees to accept an amount less than what is currently owed against a home. The more lenders there are on a home the harder it is to conduct a short sale. It is often best if your real estate agent or lawyer contacts the lenders loss mitigation department to help in the process. One common misconception is that when you proceed with a short sale there is not a “ding” on your credit record. This is not true. There is a hit to the credit score often 200 to 300 points. Although unlike a foreclosure you may be able to buy another house in a little a 2 years.

A foreclosure usually starts when a homeowner stops making payments for whatever reason. This ends with the mortgage holder selling the home at auction. If there are not any bids high enough the bank will bid and take control of the property. Many times the homeowner can stay in the house for up to a year before being forced to move. Like the short sale this can be a hit of 200-300 points on ones credit score. It takes much longer (in some cases 7 years) before you can buy another home.

Neither of these options should be taken lightly. If, as a homeowner, you are considering one of these options please consult an attorney, tax professional, and a real estate professional before signing any paperwork. One reason you should contact a professional is because many times (not always) you are still obligated to pay the difference between what your mortgage company gets for your property and what your loan amount was.