Reno Realtor Pat

If you were looking for a deal, you will know when you go to sell if you got a good one or not. As for now, enjoy your home. Why spend time wondering if you think you did something "stupid" with this purchase. You really answered your own question...you were looking for a home and to me it sounds like that is exactly what you found. May you find many happy days with it and when you go to sell, I hope your market is favorable to you. - Sat Apr 26 2008, 01:17

My answer is "Why shouldn't someone buy in this market???" No matter what part of the Country you live in, prices have dipped. Depending on the area, some more drastically than others. Yet, Real Estate remains the number one way to invest and the number one way to increase your investment over time. I am often asked...will prices go lower? I don't know. Who really does know. But what I do know is that if you think prices will drop another 10%, then find a property now and offer the Sellers 10% less than the price they are asking. Many buyers make the mistake of centering on the sales price of the property. However, savvy buyers understand that the key to purchasing a property is the interest rate. You can purchase a property for $250,000 with an interest rate of 5.5% and your monthly mortgage payment will be less than if you paid $235,000 for a property with an interest rate of 6.5%. It is so important to move from the asking price of the property to the annual percentage rate of the mortgage. Arm yourself with a knowledgeable realtor and lender and you will find answers to most of your questions. We all know that eventually the real estate market will recover, that is a given. Steer away from anyone who gives you a timeframe for when the market will get better. In my opinion, any real estate professional who says this year the market will get better, next year we will return to a Sellers market, etc. etc. etc. is unfairly stating their opinion as fact potentially misleading buyers who are looking to them for guidance. - Sat Apr 26 2008, 01:03

There are so many ways to purchase a property, auctions being one of them. Short Sales, foreclosures, REO are other options. However, all of these listings fall outside of the traditional transaction escrow most people know. They are a challenge and not the type to pursue for all Buyers. And, not all are "deals". However, they can be a worthwhile purchase if your timeline will accomodate their lengther process. A Buyer must educate himself or herself prior to entering into a Short Sale transaction. I believe that many Buyers become frustrated or confused with these kinds of purchase because they did not learn or were not told ahead of time what to expect. A Realtor with experience in Short Sales can detail for you all that is involved. If you pick up a copy of the current Realtors Real Estate Directory (usually found outside Supermarkets and Banks) on page 11A you will see that there is a Free Foreclosure/Short Sale class being held in Reno on Saturday, March 15, 2008, 1pm. It will be held at The Resort at Tanamera beginning at 1pm, 900 South Meadows Parkway off Double R Blvd. in South Reno. There is no charge to attend the class but you must pre-register. At the class, one of the presentors, First Centennial Title, will detail the differences and similarites of the escrow process when it involves a Foreclosure or Short Sale and third party approval. REO properties will be explained as will pre-foreclosures. The sole purpose of the class is to educate the Buyer on these transactions before a purchase offer is made. You can pre-register to attend by calling 1-877-733-0509 ext 8628. All attendees will be given a list of some Short Sale/Foreclosure/REO properties currently availble for sale in Reno/Sparks. Sellers interested in pursuing the possibility of a Short Sale for their property should also consider attending. Once you learn, you will know what to expect. then, you can consider the value of these listings to you. - Wed Mar 12 2008, 15:15

I agree with you that Short Sales are a challenge. These properties are not for all Buyers nor are all these properties "deals". However, they can be a worthwhile purchase if your timeline will accomodate their lengther process. You hear the terms forebearance, foreclosure, Short Sale, REO a lot today but their definitions are not well understood outside the Real Estate Industry. A Buyer must educate himself or herself prior to entering into a Short Sale transaction. I believe that many Buyers become frustrated or confused with these kinds of purchase because they did not learn or were not told ahead of time what to expect. A Realtor with experience in Short Sales can detail for you all that is involved. If you pick up a copy of the current Realtors Real Estate Directory (usually found outside Supermarkets and Banks) on page 11A you will see that there is a Free Foreclosure/Short Sale class being held in Reno on Saturday, March 15th, 1pm. It will be held at The Resort at Tanamera beginning at 1pm, 900 South Meadows Parkway off Double R Blvd. in South Reno. There is no charge to attend the class but you must pre-register. At the class, one of the presentors, First Centennial Title, will detail the differences and similarites of the escrow process when it involves a Foreclosure or Short Sale and third party approval. REO properties will be explained as will pre-foreclosures. The sole purpose of the class is to educate the Buyer on these transactions before a purchase offer is made. You can pre-register to attend by calling 1-877-733-0509 ext 8628. All attendees will be given a list of some Short Sale/Foreclosure/REO properties currently availble for sale in Reno/Sparks. Sellers interested in pursuing the possibility of a Short Sale for their property should also consider attending. - Wed Mar 12 2008, 01:39

If the carpet is in such a shape that it detracts from the amenities of the room, definitely replace it. Many buyers do not have the vision to see past the negatives in a room. So, all they concentrate on is the bad carpet or whatever the issue. Take a really good look at the room, in fact the whole house, from a buyers perspective. WEhat do you as a "Buyer" see. You mention carpeting, but is the paint in good condition. Holes patched, garage de-cluttered. It usually is never one thing to address, but a collection, that make your property truly ready for market.

I am from your area so I know that Palo Alto has always commanded good prices. But, even given that, by taking the time to get your home in order, at probably little expense, you will truly be able to maximize your asking price.

Good Luck.

Pat - Fri Dec 7 2007, 12:38