Old Man Winter is fianlly Awake!
Our mountains are finally turning white!
Although it appears that Old Man Winter slept through the first part of his winter shift in South Lake Tahoe, it seems that he finally might be waking up and getting busy releasing the storms. Or maybe it was the millions of snow dances and snow prayers that did it, but either way some much needed and welcomed weather in finally moving in. The first of three storms struck in South Lake Tahoe yesterday January 19th leaving the Ski Resorts and snow enthusiast asking for more. The second storm that is rolling in is supposed to be the real deal bringing the white fluffy stuff by the feet at lake level.
Even though the weather has been bizarre for the beginning of winter it did give everyone a chance to get out and tackle that hike they had been putting off all summer. It also gave hikers the opportunity to walk and ice skate on many of frozen lakes that are normally inaccessible without snowshoes or cross county skis.
Hikers and Ice skaters were enjoying frozen Eagle Lake last weekend.
We don’t like to complain about the weather in South Lake Tahoe because you know how the local saying goes…”If you don’t like the weather, then wait 10 minutes”. Well, it looks like those 10 minutes are up and snow is finally in the forecast.
Just in case you’re thinking of making a spur of the moment trip to South Lake Tahoe here are links to the local ski resorts to see the conditions for yourself. Stay safe and enjoy the snowy weekend!
Heavenly Kirkwood Siera-At-Tahoe Squaw
Century 21Market Update November 2011
Tips to getting a Loan in South Lake Tahoe
Interest rates are staying a historic lows according to Freddie Mac and they predict that rates will stay hovering near 4% into next year! Although rates are at rock bottom percentages, there are still thousands of credit worthy people being denied a loan for silly reasons.
Interest Rates a predicted to stay low into 2012
It can be tricky out there in the loan world so here are a few quick tips to get you thinking if you’re considering taking a loan for a new home in South Lake Tahoe.
- For some people trying to get a loan, having investments can count against you even if your stocks are preforming well. An underwriter could deny an application because it does not fit into their risk assessment model. We’ve heard stories of couples being turned down because one of the pair had been at their job less than a year…even though they were making substantially more money than at their previously held position. Luckily they were able to qualify under the others income, but the added stress and delay in closing almost killed the deal.
- It is absolutely more difficult to qualify for a loan than it was a few years ago. With a conventional loan, a lender will want to see a 20-25% down payments in cash plus extra for closing cost and incidentals… and to qualify for the best rates a borrower needs to have a credit score above 700. Have your financial ducks in a row before you apply for a loan.
- Being self employed can also make it difficult to get through underwriting as W-2 income is much easier to verify than self-employed income. You could also hit an underwriting snag if you have had a lapse in employment or own multiple propertys.
Being Self-Employed can be a red flag during Underwriting
- If you need to sell your current home before buying your next home you’ll also need to have 30% equity in your home that will need to be verified by a lenders appraisal.
These are just a few of the many things to begin thinking about when you want to buy or sell you home in South Lake Tahoe. It can be a difficult process but that’s why we’ve been in town and in touch for over 32 years at Century 21 At Tahoe Paradise.
Don’t even think about waiving the home inspection!
A home inspection just might be a home buyers best tool in South Lake Tahoe.
A Home Inspection is a Buyers Best Tool
A home inspection just might be a home buyers best tool in South Lake Tahoe. Home inspectors are a neutral third party who are usually hired by the the buyer to thoroughly inspect the home prior to the close of escrow. A home can be Pandora’s Box when it comes to discovering defects in the house. What looks like a little water stain in the living room could actually be the end of the life of the roof.
Sellers are required to disclose any and all defects they know about the home but this dose not prevent a seller from having a temporary case of amnesia, or in the case of a bank owned properties having no legal knowledge of the the property’s history.
With Bank owned properties it’s even more important to get a good home inspection because it is truly up to the buyer to discover any major defects. Having your Realtor write in a home inspection contingency is a smart move that will protect your deposit should the home inspector uncover some deal breaking defects.
A home inspector can spot roof damage if it's not covered in snow.
While a home inspection is always recommended there are a few instances when a buyer might skip one. If the person buying a home is a licensed contractor then they might be able to eyeball and asses the situation of the home without the services of a professional home inspector. These people with the construction know-how might be willing to take the risk and forgo the home inspection.
For the average buyer it is hardly worth the risk to skip the home inspection. Although having the home inspection won’t necessarily give more leverage over the seller if the property is a hot deal. Many times sellers will have multiple back up offers in place in case the deal falls apart.
While the finding of a home inspection can be a deal breaker, it really is best to know what your getting into before it’s to late. Having the home inspection will prepare the buyers for how much they might have to come out of pocket to resolve the issues.
What to expect at the closing of your South Lake Tahoe home.
Buying a home is by far the largest purchase a person will make in their lifetime. There can be a flood of emotions that come when buying a home; fear, happiness, anxiety, and the thought of being stuck in the same home for 30 years.
Buying a Home in Lake Tahoe is a big decision.
To help you prepare for the closing of your South Lake Tahoe home we’ve prepared a list of what to expect at the closing table before you get your keys.
- Complete a walk through. Before you get the keys to your new home you’ll be required to do a final walk through of the property to ensure it is in the same condition as when you signed the purchase contract.
The Final Walk through ensures the home is in the Same condition.
- Proof of Insurance. Though this has usually been dealt with long before you sit down to sign your final papers, it’s a good idea to bring proof of your home insurance policy to prevent any snags.
- Show your I.D. While most people always have their state Identification on themselves you will want to check with you title company and lender if they require 1 or 2 forms of identification. You don’t want to be caught without the necessary proof at the closing of your home.
- Sign on the dotted line.On the signing day, both buyers and sellers will be required to sign several documents that will transfer the title. You may be required to sign a final purchase agreement along with review and sign mortgage documents, promissory notes, title documents, settlement statement and the truth in lending statement . The truth in lending statement will outline the costs of your loan, your payment schedule and amount financed. Once you’ve signed your life away, all of these documents will be taken to the recorder’s office where title will be officially transferred.
Make sure to Review the documents Before signing.
- Take the Keys! Once title has been transferred by the recorder’s office, you can take the keys and home is officially yours! Your next step should be to head to the hardware store or call a locksmith to have the locks changed or re-keyed. The house is now yours!
