Fifth Annual Sierra Lutheran Falcons Fundraiser at the Minden Food Company

Fifth Annual Sierra Lutheran Falcons Fundraiser at the Minden Food Company (edit/delete)

Fifth Annual Sierra Lutheran Falcons Fundraiser at the Minden Food Company.

The Minden Food Company again hosted the annual wine tasting fundraiser for the Sierra Lutheran Falcons basketball team. Held in the middle of the street outside the Minden Food Company restaurant, the event has become a highly anticipated time to see old friends and catch up. Each special event in our small town draws its own crowd and this one is always special, the old guard.

In addition to the Minden Food Company prepared taste treats served by roaming “waiters”, basketball players, there is live music, authors signing their books, art for sale, and other appropriate vendors. The time of year is perfect for an outdoor event, not too hot or cold.

The event is symbolic of the coming together of the many passions of Alan Reed. Alan is the coach of the Sierra Lutheran Falcons basketball team, having been a standout at Douglas High and played college ball. He is the owner of The Minden Food Company, and he likes an occasional class of good Cabernet Sauvignon. This event is the culmination of all three passions. Alan is everywhere visiting at the event, making sure that everyone is having a good time.

It is another one of those fine Carson Valley events that gets many out of their routine to participate in and experience a nice evening. What a fun way to support the youth of our community. Tickets are limited so be sure to get yours early next year wen they become available for the Sixth Falcons Fundraiser.

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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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.com

Tales From The Short Sale Trenches

Tales From The Short Sale Trenches

With two thirds of the local Northern Nevada listings being Short Sales today, it is important to know what is going on in the World of Short Sales. It is especially important to remember that each Short Sale is unique unto itself and these stories shouldn’t keep you from buying or selling such a property. Remember, forewarned is forearmed. Seller’s circumstances vary, the lenders and their investors vary, the market changes, etc. There is no one formula for success.

While many Short Sales go through handily, there are those that defy logic, reason, and sanity. We had one such situation last week causing us to call a U.S. Senator for assistance. What caused such a drastic action? Consider the facts. On December 30th we received a Short Sale approval letter providing that escrow close by February 21st. No problem, everyone went in to action and we are well on our way to closing. On January 18 we got an amended Short Sale letter saying we had to close on January 25th. Whoa! What’s going on?

Correspondence with the lender revealed it to be a FNMA … Fannie Mae … requirement and they will not postpone the Trustee’s Sale (foreclosure) which is scheduled for February 2nd. The Buyer’s lender said she can close on the 4th, but no movement by the bank until January 24th when they said we had until January 31 to close. This with a Seller expecting her fourth child on March 1st not knowing if, or when, she is moving. For the sake of a couple of days there may be another bank-owned property in the neighborhood.

We had another dandy experience with lender Short Sale lunacy last week. Here’s the back story – Listed at $235,000. No action until priced at $189,000. Two offers – one at $184,000 and one at $165,000. Bank counters $197,000 which is accepted. We motor along getting ready to close when suddenly the bank comes back with a price of $250,000, a requirement of the investor. Clearly, the home is not worth that kind of money.

We assemble information to show value, confirm with all parties that they are at their maximum price and contribution and go back to the lender. The lender accepts the original deal, which was theirs in the first place, and we continue on for a couple of days. The bank comes back at $222,000 from the investor … Fannie Mae … with no give. The market just isn’t there, but the investor is locked up. Had to get some tricks out of our sleeves on this one … we’ll see if they work.

Our Advice: It is amazing how belligerent the investors are becoming. Yes, it is their right as it is their money, but it seems senseless for them to negate viable Short Sales only to acquire the property via a Trustee’s Sale. They seem to be forgetting the human side of things – the homes that are being destroyed and the incredible emotion that is tearing at so many people these days. Most sellers are victims, not strategic Short Sellers. They are selling short because they have to. Whether job loss, divorce, illness, transfer, or any other valid reason, it is beyond their control. Had prices not dropped they could sell and move on with their lives. With the market being what it is, they have no choice but to sell short or let it go. When they opt to sell short they don’t deserve the emotional roller coaster that is thrust upon them by inconsiderate lenders representatives.

Stay strong in your Short Sale. It can be maddening, but stay the course and you will be justly rewarded. 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

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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

Measuring Square Footage

Measuring Square Footage

Homes in Northern Nevada are generally sold on the basis of Square Footage. In other areas emphasis is put on “rooms”, how many rooms are in a house. We feel that can be misleading as room sizes differ with the property. You can have different sized bedrooms or dining rooms offering dramatically different utility of the home. The total Square Footage under roof, however, gives one a good idea of the extent of the living area improvements. If there is enough minimum square footage the Buyers can look at the floor plan, how the home is laid out and how it will work for their intended use.

With square footage being so important, it is critical to get accurate measurements. This can be easier said than done on some properties where the property can be measured by the Assessor, Agent, Owner, Appraiser, or Buyer and you may end up with five different measurements. The difference isn’t always in the math, it can be a sag in a measuring tape, a fraction that is treated differently, a mistaken interior garage wall location determination, etc.

Understanding how a home is measured is critical. All measurements are from the outside of the house. When determining Square Footage the agents are seeking to establish the “Living Area”. Living area is space intended for human occupancy, a definition which helps to understand why there are minimum height requirements, requirements for a finished interior, that it be directly accessible from other living area, and that it be heated by a conventional, permanent heating system.

It sounds simple, but there will be discrepancies on how a tape measure is read, conversions from inches to decimals, how to treat a bay window (to be included it must have a floor and a height of 7 feet according to some standards), and bonus rooms over garage with sloped ceiling (slope can’t meet the floor, height at least 5 feet, at least half of room with minimum height of 7 feet), and second story of a two story open foyer (should be excluded from square footage – is good cubic footage which applies to utility and aesthtics, but not square footage.) Beware, too, of above and below grade value differentiation, separate guest quarters being included in the main dwelling Square Footage, and the “bonus” room language. Commonly called a bonus room because it isn’t a family or living room and is extra Square Footage of good utility, a bonus. It is not a true “bonus”, however, as in “something in addition to what’s expected”- you are paying for it.

Our Advice: It is important to understand this as in our area Square Footage is second only to Location as a contributing factor in making a home buying decision. Not only does Square Footage assist in the preliminary determination of a home meeting a Buyer’s space needs, it also provides an easy means to estimate a home’s value using comparable property sales. Make sure you understand where the Square Footage you are relying on came from. Many local agents use Assessor’s Office figures when listing properties. Those were measured by professional appraisers and are usually accurate unless the home has been modified. If the size is being determined from plans understand that the as-built product can differ from the plans. One should always measure for peace of mind.

Confused? Hire an appraiser to measure, not appraise, your home. Have some fun – measure your home and do the math. See how close you get. Good luck!

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

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