BPOs Make the Real Estate World Go ‘Round

Lake Tahoe, NV from Mt. Rose highway

BPOs… one reason your short sale gets approved and what helps set the list price and price reductions for REO properties. While many agents are happy taking pictures and filling out reports in their home markets others are extending themselves beyond their primary areas.

Our regional MLS covers the Reno/Sparks suburban market, Incline Village/Lake Tahoe areas, surrounding farmland, and the far outskirts of the high desert. That leaves a lot of room to cover and photo adventures can be up to 5 hours round trip. With gas prices nearing $3.50 a gallon these long trips don’t always pay for themselves. While most agents won’t step foot in a car unless they see thousands of dollars at the end I think BPOs can be more than supplemental income.

There are three redeeming factors for the potential long drives involved with BPOs.

  1. Staying up to date on market conditions. While everyone drives their clients around to different areas and has a general idea of price per sqft of those areas BPOs allow agents to have a detailed view of neighborhoods and cities. I don’t always print CMAs when taking clients out. Having prior knowledge from BPOs allows me to speak more freely about comparable prices compared to the “I’ll check when we get back to the office”. It also keeps me current on other potential homes that my clients may like.
  2. The Scenery. The natural landscape of Nevada provides amazing views and scenery. From our snow capped mountains to fertile farmland the nothern part of the state contains much beauty. The pictures from this post are of my trip to Incline Village in Lake Tahoe today, about a 1.5 hour round trip including taking photos. Not a bad break from staring at my off white textured walls and bookcase all day.
  3. Peace. With offers, counter offers, addendums, phone calls, and emails taking up most of my day the long drives give me time to recombobulate. Just myself, the road, and beautiful scenery to make all the busyness go away. I know I’m going to get hammered by the hardcore lead generators about spending this time to make calls and follow up but sometimes we just need to settle down and enjoy what God has given us.

While BPOs can be profitable I thinSnowshoeing area of Mt. Rosek their secondary offerings can be just as appealing and important. How far have you or how far are you willing to drive in order to recover your peace and sanity?

 

 

 

 

 

 

 

 

 

 

Nevada Energy Consumption Evaluation Form, Hurray?

Well, it’s here. The Nevada Energy Consumption Evaluation Form is officially active as of January 1, 2011. This disclosure is to be provided by any seller, whether they’re working with a real estate agent or not, when selling a home in the State of Nevada.rusty old power box

The four page document,that can be publicaly found here, is broken into four major parts.

Part 1 is the ”Energy Consumption” and deals with the electricity, natural gas, oil, and propan costs and usage within a 12 month period. The months are broken down individually to be filled out by the seller and can be supplemented with 12 months of utility records.

Part 2 is the dwelling unit information. Here the seller will need to disclose any improvements made to the property, within 5 years, that may have reduced or improved the overall energy consumption of the property. Signify whether or not the dwelling unit has any energy star appliances or constructed with a model energy code and provide information to where the property is insulated and what type of insulation.

Part 3 deals with the energy star ratings and age of the homes fixtures. From age to type to efficiency rating, you the seller will be moving from hands and knees to ladders in order to verify something that you haven’t been trained know about.

Finally we reach Part 4, lighting. In this section the seller is responsible for disclosing the type of bulbs used in the property and each type’s percentage of total lighting(get your calculators ready).

Well, there it is. A list of things that some homeowners don’t know exist in their homes much less the specific ratings or usage.  Sellers do have the option of using a licensed inspector to fill out the document for a few hundred bucks or try to have it waived by both parties.

While I understand the need to disclose the energy components in a property I don’t understand the usage requirements. Usage is usage. It depends on how much things are being used. A family of five living in a house are more likely to use a higher amount of electric, water, and gas than a single person living in the same property. Is a family of five buying a home being misled by the energy consumption disclosure of a single person seller? Would a single person not buy a property because of the usage report of a five member family? Could this be construed as violation of familial status in Fair Housing?  In a market where homeowners don’t have enough to pay their monthly bills, much less an energy inspector, and buyers can barely cover their downpayment and standard closing costs I think we will be seeing a lot of waived disclosures and “unknown” checkboxes filled in.

Reno/Sparks Weekly Real Estate Update-New Year’s Edition

Welcome to the Renown Real Estate Video Library. Managing Broker and Realtor Ricky Beach presents this video of Reno and Sparks real estate market conditions, mortgage rates, local happenings, and general musings for the Reno and Sparks, NV area. Check back each week to see what’s new for home sales in Reno and Sparks, NV. Click for more Reno Real Estate Videos.

This video includes additional information on the Kraft Fight the Hunger Bowl’s partnership with the Northern Nevada Food Bank and includes ways to help donate in our community.

Weekly Video Tour of Reno/Sparks Homes for Sale-17754 Georgetown Drive

From the Renown Real Estate Video Library, Ricky Beach presents his video tour of 17754 Georgetown Drive in Reno, NV. Our library contains our weekly video tours of homes for sale in Reno and Sparks, Nevada, informational videos about the Reno and Sparks real estate market, how to buy and sell a home, home trends, mortgage financing, and the general happenings in our area. Feel free to check back weekly to stay up to date in Reno and Sparks. Click for more Reno Real Estate Videos.

Ricky Beach
Managing Broker, Realtor
Renown Real Estate Services
(775) 750-1437
Ricky@Resnv.com