Reno foreclosures are a sign of the economic times. Keep in mind the info on this page was written in 2009 and alot of it does not apply to our current market. But it does explain the difference between a short sale and a foreclosure. If you have other questions call me direct at 775-771-1783.
There is a difference between a foreclosure and a short sale. A short sale is where the owner of a home is trying to negotiate with their mortgage company to accept a lesser pay off than the homeowner owes. About 95% of the time we are able to get an acceptable short sale approval letter from the borrowers bank, that basically says the bank will not come after the homeowner for a deficiency. Or in other words the amount the bank is going to have to write off.
A foreclosure is where the bank has gone through the legal process and has taken possession of the property. Now if you write an offer on one of these properties you are negotiating directly with the bank and they want these properties sold and off of their books. They will typically price the home based on what their Reno Realtor is telling them. This will usually be about 3% under the market and if they get a strong offer will give it very strong consideration.
You will see lists posted in the newspapers and on some websites of notice of defaults. This is the early stages of foreclosure and from this point will usually take about 4 months before the bank takes over the property. Once the bank owns the home there are certain agents in this area that represent these banks and will put the homes on the Reno MLS just like any other property.
Move In Ready Home With New Carpet, New Septic System, And Seller Is In Process Of Pouring New Back Patio So Please Do Not Go Out Back Doors Or Step On Back Patio. Great Hidden Valley Home On Corner Lot. Family Room Has Wood Burning Fireplace Pe...
Out Growing Your Home? This Well Maintained 5 Br Home Offers 3 Updated Baths, New Interior Paint, 2 Jetted Tubs, & 1st Floor Master. The Kitchen Boasts Stainless Appliances, Ample Storage & Counter Space. The Spacious Yard Is Perfect For Entertain...
This Charming Townhouse Reminiscent Of The San Francisco Hills Is Located Only A Minutes Walk Away From The Serene Virginia Lake Recreational Area. The Home Comes Complete With A Spacious Attached Garage And Brand New Carpet, Making This Property ...
Private Location At The End Of A Cul-de-sac With Valley And Mountain Views. One Full Acre, Zoned For Horses. 1954 Sq Ft Of Living Area, 3 Bedrooms, 2 Full Baths And An Attached Two Car Garage. 300 Sq Ft Finished Basement (inc. In Sq Ft) With Separ...
Every Day Is A Vacation With A Community Pool And Private Deck As Pretty As This! This Quaint Townhouse Is Located In The Quiet Clearacre Gardens Community Only A Couple Of Miles From The University And Downtown Reno. Home's Bedroom Includes A...
Reno/Tahoe Realty Group, LLC
Paying a fee for lists of foreclosures
There are companies out there looking for your money to send you vague and out of date lists of foreclosures. If you are looking at one of these companies I would Google them and look at the problems that some of their customers have had, don't waste your money or time on these services.
If you are working with another agent please contact them and have them show you the homes you choose, if they do not offer this service you might want to re think your strategy. I have been doing this for 27 years in the Reno area and will help you find a home that makes sense for you.
Call me for an immediate response at 1-775-771-1783
The data relating to real estate for sale on this web site comes in part from the BROKER RECIPROCITY Program of the Northern Nevada Regional MLS. Real estate listings held by brokerage firms other than Dickson Realty are marked with the BROKER RECIPROCITY logo or the BROKER RECIPROCITY thumbnail logo and detailed information about them includes the name of the listing brokerage.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Listing information last updated on November 18th, 2017 at 8:26pm PST.