North Lake Tahoe- Bankruptcy and Real Estate: Buying Your Home
Buying A Home In Bakruptcy Worth The Hassle?
In today’s economy there are many people going bankrupt and are selling their home. This creates a good market for buyers looking to jump into real estate with a home that is being sold at a deal but is it worth the headache buying a home in bankruptcy? Let’s start out looking at buying a home in foreclosure.
The Buyers Perspective
If the bankruptcy filing goes after you have entered into a purchase agreement, the bankruptcy by itself doesn’t automatically lead to a deal breaker. If the seller can’t meet the closing date or other deadlines built into the contract, which is often the case in bankruptcies, the buyer can back out of the deal. Moving forward you can still purchase the home but this type of transaction can be very complex so my advice for buyers is to consult with a bankruptcy attorney. If you’re buying a home from a builder who is bankruptcy you face the risk of the builder being able to complete construction or fulfill it’s promises such as warranty obligations to you. Whatever you decided when buying a home going into foreclosure you want to take the time to at least talk to an attorney.
North Lake Tahoe- Bankruptcy and Real Estate: Selling Your Home
Selling Your Home For Bankruptcy
In today’s economy there are many people going bankrupt and are selling their home. This creates a good market for buyers looking to jump into real estate with a home that is being sold at a deal. Would a short sale or foreclosure be the best option for you?
Foreclosure vs. Short Sale
Bankrupt sellers’ typically owe more than the home is currently worth and can either let the bank take the home as part of the foreclosure or sell their home through a short sale. Short sales are designed to leave a lesser mark on the sellers’ credit history by agreeing with the bank to sell the home for less than the bank is owed so the bank isn’t left empty handed. Through negative consequences of a bankruptcy tend to overwhelm any credit-preserving benefits of a short sale.
With a short sale you must leave the home earlier then you do with a foreclosure. Foreclosures take time to process and the owner is usually able to stay in the home longer.
If You Have Equity in Your Home
If you have equity in your home, bankruptcy might actually help smooth the sale because the bankruptcy’s automatic stay gives you time to close on a well thought deal.
North Lake Tahoe Real Estate- Tahoe Condo For $115,000
Incline Village traditionally has been one of the most expensive cities to buy Lake Tahoe Real Estate in because of the beautiful blue waters of the Lake in North Lake Tahoe, three private beaches, two golf courses, recreation center, tennis club, two ski resorts, amazing beauty of the area and so much more. With the softening of the housing market prices are becoming reasonable…even profitable for you investors out there.
872 Tanager Street #42 (Pinebrook)872 Tanager Street Unit 42 is located in the Pinebrook complex which is downtown Incline Village near shops, schools and the beach. This one bedroom one bath home would make a perfect little escape for weekends and holidays in Tahoe. Being a condo it is easily maintained and also easily rented when not in use. The home has been updated with new paint, new appliances, and new kitchen cabinets. The units have just been given new roofs, paint, and upgrades to the parking lot. Priced at only $115,000 this condo is a real steal!
North Lake Tahoe Real Estate- Pinebrook Condo Under $200,000
Located downtown Incline Village in the well maintained Pinebrook complex 872 Tanager Unit 7 is one of the best values in Lake Tahoe! This one bedroom one bath condo is walking distance to the best of Incline being only minutes from shops, schools, and two of the three private beaches of Incline Village. A condo is a great Tahoe buy because it’s relatively turnkey, easy to maintain, easy to rent when and if you want to rent it out, and it’s exterior is cared for by the Pinebrook HOA who manicures the landscaping and takes care of winter snow removal. This unit is an end unit and it has new paint, carpet, and appliances. The complex has new roofs and a new parking lot! This is a wonderful location and a tremendous buy at only $155,000!
North Lake Tahoe Real Estate- Woodstock Condo Under $200,000
You can’t go wrong buying a condo in Lake Tahoe! Condos are easy to maintain, you don’t have to winterize the exterior or take care of landscaping or snow removal because you have an HOA to take care of it for you. 807 Alder Avenue is located in the Woodstock complex in Incline Village surrounded by forest land in a tranquil setting. This one bedroom one bathroom home has a stone fireplace and it faces a beautiful common area. The unit has been remodeled with new floors, a wood burning stove and upgraded appliances. This unit would make a great vacation home or rental! Priced at $199,900.
