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

Good News on Short Sales

Joel Dameral — Mon, 01 Aug 2011 19:52:17 +0000

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July 15^th, 2011 was another big day for anyone in financial distress on their primary residence in California. Along with Senate Bill 931, signed in January, which prohibits a deficiency judgment against a homeowner after an approved short sale on their first mortgage, Governor Jerry Brown signed Senate Bill 458, which prohibits a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lien-holder. In short if you have an approved short sale on the first mortgage the lien holder cannot pursue you for any difference between the short sale price and that loan balance. The same goes for the second mortgage. This is for any short sale closing after July 15^th 2011.

Unique Tahoe Keys Property With 2 Boat Slips

Joel Dameral — Thu, 28 Jan 2010 17:12:53 +0000

Image by Dshalock® the Libertarian Emperor of America via Flickr

I have a unique Tahoe Keys duplex condo for sale. It is in the middle of a remodel so it would have to be a cash offer- although the seller is open to any creative solution. It has a 2 bedroom 1.5 bath unit that is currently rented and a studio with full bath and kitchen. The studio is in the remodel stage. The owner has the new kitchen cabinets, stove/oven, 40k BTU gas fireplace, and dishwasher uninstalled on site. He is tired of the project and just wants out. Not in the MLS yet-

It has one garage space, outside parking, keys amenities (pools, hot tubs, tennis courts, boat launching, private beach), a nice mountain and marina view, and 2 boat slips…… A legal duplex with one APN number….

Offered in the very low $300′s

When you finished with this project you could flip for a nice profit or keep it and rent one unit and keep one for yourself.

Call or email me for more information.

Joel Dameral
530-545-8827
info@JoelDameral.com

Things To Look Out For In Foreclosures

Joel Dameral — Tue, 29 Dec 2009 22:24:44 +0000

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I found this article to be very informative. When I have a client that has their hearts set on foreclosures I try to discuss these very issues with them. Many times they decide the forclosure is not for them.

RISMEDIA, December 21, 2009—It’s easy pickings out there for many potential homebuyers. Housing prices are at their lowest in more than a decade, inventories are high, analysts are predicting a new wave of foreclosures and the government is offering two substantial tax credits for which many homebuyers qualify.

But bargain buyers beware, warns Vince Mastronardi, whose property preservation business has been busy preparing foreclosed homes for sale.

“Buyers need to educate themselves about the potential pitfalls of purchasing distressed property,” says Mastronardi, president of On-Site Specialty Cleaning & Restoration. “It’s not so much what damage occurred, but the source of that damage and how long before the problem was addressed.”

These 10 signs may indicate that trouble is around the corner.

1. Unheated house in winter months. If the home has been properly winterized, there’s no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.

2. Missing sinks, toilets and other fixtures. Make sure they’ve been properly removed and not ripped from walls and floors.

3. Peeling, bubbling, and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms) or a musty odor all indicate water damage and, potentially, the presence of moisture and mold.

4. Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for the source above the mold.

5. Blocked drains or pipes will cause future problems and may have already created sewage backups.

6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.

7. An older home with extensive renovations. Check with the city for pulled permits in order to get remolding details. If asbestos is present and has been disturbed, be sure it’s been remediated by a certified specialist.

8. Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.

9. Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.

10. Air Quality. The air quality within a home tells a lot about the home’s condition. Be sure to include air and surface testing in your home inspection. It’s a few hundred dollars well spent.

“Time and technique are the most important factors of effective clean-up and preventing future problems like mold or contamination,” Mastronardi explains. “Ideally, professional cleanup begins within a few days of the damage; technicians are trained, certified or licensed; and equipment is specialized and up to date.”

Ask the seller to explain how the damage was fixed. Plus, check out the company that performed the repairs to ensure it has industry-recommended certification. If needed, follow-up with the seller or repairing company for specific repair details.

Foreclosure or Not???

Joel Dameral — Tue, 10 Nov 2009 18:29:53 +0000

Buying a home can be a dauniting task that has both risks and rewards. The following is a shortened version of an article that first appeared in October on RISMedia. I think that is offers some usefull information for those people who have their sights set on the “foreclosure”.

Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one can that can be a challenge. Finding the bad one is easy.

The vast majority of the banks don’t want us to advertise them as ‘bank-owned’ because it comes with a negative connotation. This means no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised as a foreclosure on marketing materials.

Plus, in some markets, including Las Vegas, foreclosure inventory is actually down compared with last year as government programs attempt to keep owners in their homes and banks aren’t putting as many homes on the market. This is making it harder for buyers to purchace a foreclosure, and those paying with cash often win a bid over someone who needs financing.

If you’re considering the purchase of a home that is now owned by a bank, it’s also important to know at the outset just how much work you’re in for — and how much it is going to cost you. Many foreclosures are in various states of disrepair; some of the fixes are cosmetic, but some can be extensive.

Those looking for the best deal probably shouldn’t rule out non-foreclosure properties.