What is a Preliminary Report and How do I Read it?

March 10, 2014

When purchasing your home in South Lake Tahoe you will come across many different documents. Thankfully, your SoTahoe  Realtor will be there to help you understand these sometimes confusing terms. But, it never hurts to be prepared and get familiar with the important documents that you will come across.

A Preliminary Report, also referred to as a Prelim, will provide you with some of the most crucial and pertinent information in regards to your South Lake Tahoe home purchase. The Prelim is prepared prior to the issuing of title insurance. It provides buyers with the opportunity to review issues that could affect the title of the home.

Below are some of the key points that buyers should take notice of:

Vested Owner’s Name – This name should match the owners name on the purchase agreement exactly. If the names are different, there could be a problem with who actually owns the property and if they have the legal right to sell it.

Type of Estate or Interest – Here is where you can find out the extent of the owners interest in the property. The most common type of interest held is “fee simple” or “fee” which is the highest level of interest an owner can hold.

Easements – Listed you will find the type and location of all easements. Easements are a right given to another person or entity to trespass upon land that person or entity does not own. For Example easements are used for roads or given to utility companies for the right to bury cables or access utility lines. Almost all properties will hold some type of easement.

Legal Description of the Property – This is exactly what the title implies. The property will be geographically identified and will include the Assessor’s Parcel Number (APN).

Deeds of Trust – Includes all existing loans held against the property.

Covenants, Conditions and Restriction – Also known as CC&Rs, are property restrictions and agreements that have been place in a prior deed.

Notice of Default – Will alert you to any existing foreclosure proceedings.

Tax Liens, Judgments or Bankruptcy – Another important section that identifies any claims by creditors affecting the seller and/or property that will be excluded from title insurances coverage. Bankruptcies will be listed if a copy of the petition has been filed in the relevant county.

List of Standard Exceptions and Exclusions – All standard items not covered by title insurance.

When reviewing your Prelim, keep in mind that not all lenis, defects or encumbrances will be listed. Nor is the Prelim a concrete list of the condition of the title of the property. The Prelim is simply used to inform you of matters which could affect the title of your soon to be Lake Tahoe property. Your title insurance policy will actually be the instrument to protect you from issues should they be raised. But don’t worry if these terms don’t make sense! Your SoTahoe Realtor will be there for you every step of the way to make sure your transaction goes as smoothly as possible.

Thank you Century 21 @ Tahoe Paradise for such an informative article.

The information in this article was obtained from various sources. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information.

Sold by Mackenzie

January 2, 2014

715 Glorene Ave

715 Glorene Ave

 

List Price: $149,000
Sold Price: $150,000
Sold Date: 08/08/2014

Listed By: Mackenzie Martin
Sold By: Heather M Lew

 

 

1651 Hekpa Dr

1651 Hekpa Dr

 

List Price: $149,000
Sold Price: $90,000
Sold Date 07/10/2014

Listed By: Brandon Yee
Sold By: Mackenzie Martin

 

 

1069 San Diego St

1069 San Diego St

 

List Price: $99,950
Sold Price: $89,500
Sold Date: 03/21/2014

Listed By: Sheila H Asselin
Sold By: Mackenzie Martin

 

 

 

2756 Santa Claus Dr

2756 Santa Claus Dr

 

List Price: $699,000
Sold Price: $600,000
Sold Date: 03/10/2014

Listed By: Mackenzie Martin
Sold By: Doris Ling

 

 

1679 Skyline Dr

1679 Skyline Dr

 

List Price: $449,000
Sold Price: $419,000
Sold Date: 07/31/2014

Listed By: Mackenzie Martin
Sold By: Mark Salmon

 

 

569 Koru St

569 Koru St

 

List Price: $525,000
Sold Price: $467,000
Sold Date: 05/14/2014

Listed By: Elaine Craven
Sold By: Mackenzie Martin

 

 

 

2904 Lakewood Cir

2904 Lakewood Cir

 

List Price: $487,000
Sold Price: $420,000
Sold Date: 08/22/2014

Listed By: Mackenzie Martin
Sold By: Walter K Johnson

 

 

1367 Skyline Dr

1679 Skyline Dr

 

List Price: $699,000
Sold Price: $525,000
Sold Date: 06/20/2014

Listed By: Mackenzie Martin
Sold By: Jamie R Souers

 

 

 

400 Ward Way

400 Ward Way

 

List Price: $439,000
Sold Price: $387,500
Sold Date: 02/27/2013

Listed By: Debbie T Jacobson
Sold By: Mackenzie Martin

 

 

 

2205 Royal Ave

2205 Royal Ave

 

List Price: $399,000
Sold Price: $369,000
Sold Date: 02/05/2014

Listed By: Daryl Woods
Sold By: Mackenzie Martin

 

 

1083 Modoc Way

1083 Modoc Way

 

List Price: $359,000
Sold Price: $335,000
Sold Date: 04/07/2014

Listed By: Molly Blann
Sold By: Mackenzie Martin

 

 

 

3071 Nevada Ave

3071 Nevada Ave

 

List Price: $330,000
Sold Price: $334,000
Sold Date: 09/09/2014

Listed By: Mackenzie Martin
Sold By: Mary O’Neil

 

 

813 Clement St

813 Clement St

 

List Price: $329,000
Sold Price: $327,000
Sold Date: 07/15/2014

Listed By: Mackenzie Martin
Sold By: Doug A Rosner

 

 

1096 Mulberry Dr

1096 Mulberry Dr

 

List Price: $319,000
Sold Price: $299,000
Sold Date: 07/09/2014

Listed By: Mackenzie Martin
Sold By: Joel D Dameral

 

 

2176 Butler Ave

2176 Butler Ave

 

List Price: $319,000
Sold Price: $290,000
Sold Date: 09/11/2014

Listed By: Mackenzie Martin
Sold By: Pamela J Bettencourt

 

 

1212 Country Club Dr

 

 

List Price: $320,000
Sold Price: $310,000
Sold Date: 02/28/2013

Listed By: Mackenzie Martin
Sold By: Mackenzie Martin

 

 

729 Seneca Dr

 

 

List Price: $245,000
Sold Price: $231,000
Sold Date: 04/19/2013

Listed By: Mackenzie Martin
Sold By: Mackenzie Martin

 

 

3431 Woodland Rd

 

 

List Price: $79,000
Sold Price: $ 70,000
Sold Date: 11/19/2013

Listed By: Mackenzie Martin
Sold By: Mackenzie Martin

 

 

 

3681 David Ln

 

 

List Price: $439,000
Sold Price: $425,000
Sold Date: 10/03/2013

Listed By: Mackenzie Martin
Sold By: Mackenzie Martin

 

 

3386 Becka Dr

 

 

List Price: $188,100
Sold Price: $188,100
Sold Date: 01/25/2013

Listed By: Mackenzie Martin
Sold By: Fawne M. Hayes

 

 

 

1641 Player Dr

 

 

List Price: $299,000
Sold Price: $275,000
Sold Date: 05/17/2013

Listed By: Mackenzie Martin
Sold By: Jill Teakell

 

 

1835 Nez Perce Dr

 

 

List Price: $325,000
Sold Price: $326,000
Sold Date: 10/10/2013

Listed By: Pamela Francis
Sold By: Mackenzie Martin

 

 

1969 Toppewetah St

 

 

List Price: $449,000
Sold Price: $432,500
Sold Date: 12/11/2013

Listed By: Listed Price
Sold By: James Wire

 

 

 

1369 North Upper Truckee

 

 

List Price: $369,000
Sold Price: $346,000
Sold Date: 05/22/2013

Listed By: Mackenzie Martin
Sold By: Carol Butler

 

 

1679 Zapotec Dr

 

 

List Price: $459,000
Sold Price: $ 435,000
Sold Date: 07/10/2013

Listed By: Mackenzie Martin
Sold By: Kelly Flaherty

 

 

1802 Saponi St

 

 

List Price: $335,000
Sold Price: $330,000
Sold Date: 10/10/2013

Listed By: Mackenzie Martin
Sold By: Joseph Filipko

 

 

2110 12th St

 

 

List Price: $209,000
Sold Price: $200,000
Sold Date: 10/03/2013

Listed By: Mackenzie Martin
Sold By: Jennifer Fortune

 

 

 

1630 Cree St

 

 

List Price: $449,000
Sold Price: $440,000
Sold Date: 09/06/2013

Listed By: Mackenzie Martin
Sold By: Shelia Edner

 

 

2568 Blitzen Rd

 

 

List Price: $329,000
Sold Price: $320,000
Sold Date: 01/25/2013

Listed By: Monique McIntyre
Sold By: Mackenzie Martin

 

 

 

483 Christie Dr

 

 

List Price: $679,000
Sold Price: $655,000
Sold Date: 04/16/2013

Listed By: Joe Olson
Sold By: Mackenzie Martin

 

 

691 Michael Dr

 

 

List Price: $399,000
Sold Price: $399,000
Sold Date: 01/31/2013

Listed By: Davey Paiva
Sold By: Mackenzie Martin

 

 

 

536 Cayuga Cir

 

 

List Price: $429,000
Sold Price: $415,000
Sold Date: 03/13/2013

Listed By: Donald Souers
Sold By: Mackenzie Martin

 

 

269 Cheyenne Way, Zephyr Cove, NV

 

 

List Price: $750,000
Sold Price: $750,000
Sold Date: 03/26/2013

Listed By: Susan Lowe
Sold By: Mackenzie Martin

 

 

 

2148 Albert Ave

 

 

List Price: $429,000
Sold Price: $430,000
Sold Date: 03/19/2013
Sold Before Distribution

Listed By: Cynthia Maclean
Sold By: Mackenzie Martin

 

2241 Dundee Cir

 

 

List Price: $875,000
Sold Price: $830,000
Sold Date: 07/30/2013

Listed By: Kelly Flaherty
Sold By: Mackenzie Martin

 

 

 

1480 Glen Eagles Rd

 

 

List Price: $818,000
Sold Price: $740,000
Sold Date: 07/12/2013

Listed By: Dennis Lindsay
Sold By: Mackenzie Martin

 

 

 

1357 Gilmore Lake Rd

 

 

List Price: $624,000
Sold Price: $556,000
Sold Date: 08/21/2013

Listed By: Donald Souers
Sold By: Mackenzie Martin

 

 

 

3469 Norma St

 

 

List Price: $414,900
Sold Price: $415,000
Sold Date: 09/23/2013

Listed By: Sandra Standridge-Blevins
Sold By: Mackenzie Martin

 

 

1519 Walkup Rd

 

 

List Price: $329,000
Sold Price: $ 325,000
Sold Date: 07/26/2013

Listed By: Thane McCall
Sold By: Mackenzie Martin

5 Tips for Getting your Offer Accepted in South Lake Tahoe

August 6, 2013

The tables have turned for South Lake Tahoe Real Estate and many would agree that it is now a seller’s market compared to a few years ago. Many buyers are becoming frustrated after being beat out time after time by investors or all cash offers. While a first time buyer might think their situation is hopeless, cash is not king in all situations.

Finish the Article Here

Thank you Century 21 @ Tahoe Paradise for sharing such an informative article!

Home Selling tips for the Winter Months!!

February 2, 2012

It may be a mild winter for South Lake Tahoe standards, but remember our visitors are not used to winter so lets do our best not to scare them away!!  The South Lake Tahoe Real Estate Group would like to offer a few tips to home sellers on how to prepare their home in the winter months.

  • Remember to always keep a clear path from the street to walkway so visitors are not crawling over snowdrifts.
  • Capture all the light you can!  Open all blinds and shutters and turn on all lights, even closet and appliance lights.
  • Pump up your thermostat so potential buyers are comfortable in your home, just think on a cold day they’ll look around longer just to warm up!
  • Winter time makes people crave coziness so add a friendly scent to your home, like apple pie or brown sugar!

Today’s real estate market is all about capturing buyers, they can be picky because they have options and time, every little detail can aid in getting your home SOLD!

Your Credit Score!

January 23, 2012

In today’s Real Estate Market its important to understand your credit score.  The Fair Isaac credit scoring is divided in to five risk categories:

  • 780-850 Low Risk
  • 740-780 Medium to Low Risk
  • 690-740 Medium Risk
  • 620-690 Medium to High Risk
  • 620 and Below is High Risk or “Non-Prime”

If your credit needs work its a good time to evaluate what you need to do to improve your score.  The factors influencing your credit score are:

  • Current or late payments
  • How late your payments are
  • The number of open accounts you have
  • How much credit you are using in relation to how much credit you have available (it is always good to never use more than 50% of your credit cards availablebalance)
  • If there are serious delinquencies on your file like bankruptcy, liens and charge off accounts

Take some time to learn about your credit, what option are open to you and what you can do to improve your overall score.  Home ownership is the American dream and the SoTahoe group wants to open doors for more homeowners!

This information is deemed reliable, but not guaranteed.

The South Lake Tahoe Real Estate Group want to help you find your Lake Tahoe dream home!

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