Truckee Real Estate, Truckee Homes, Tahoe Real Estate Courtesy of Bret Churchman » General

If you’re buying Real Estate in Truckee, don’t make these mistakes:

Bret Churchman — Tue, 25 Oct 2011 01:57:11 +0000

8 Ways To Accidentally “Un-Approve” Your Mortgage

For all the talk of how tough it is to be “mortgage approved”, the basics of mortgages haven’t changed. Mortgage approvals are still the 3-legged stool of income, equity and credit.

Sometimes, though, it’s not getting approved that’s hard — it’s staying approved.

You have to watch out for landmines.

Mortgage approvals take time. In a typical home loan market, it’s about 3 weeks from start-to-finish.

Approvals can take longer, however, depending on market conditions. For example, if rates are low and there’s a refi boom on-going, a refinance can take 6 weeks to close. Banks don’t have capacity to do work much faster.

Or, if you’re buying a home and it’s a short sale or foreclosure, expect delays there, too. With REO, it can take up to 6 months to get to the closing table.

Thing is, during that “extra time” — 3 weeks, 3 months or longer — a lot can go wrong, and when things go wrong, your loan goes bad. For example, if lose your job, become ill, or see your home damaged by storms, you may lose your mortgage approval — even if you were previously cleared-to-close.

Unfortunately, these are all events that are beyond your control. You can’t control sickness any more than you can control Mother Nature. But you can control yourself during those extra few weeks.

Good behavior matters in mortgage.

Bad Mortgage Behavior, Defined

Keeping “good behavior” in mind, here are 8 things you should absolutely not do between your date of application and your date of funding. I’ve been doing this long enough that I can say with certainty: Ignore these rules at your own peril.

Don’t buy a new car or trade-up to a bigger lease
Don’t quit your job to change industries or start a new company
Don’t switch from a salaried job to a heavily-commissioned job
Don’t transfer large sums of money between bank accounts
Don’t forget to pay your bills — even the ones in dispute
Don’t open new credit cards — even if you’re getting 20% off
Don’t accept a cash gift without filing the proper “gift” paperwork
Don’t make random, undocumented deposits into your bank account

Now, you may find it 100% impractical to have to follow these rules to the letter. I know that.

For example, if your car lease is expiring, you have to do what you have to do. Renew the lease. But before doing it, you should check with your loan officer to see if renting a car in the short-term, instead, would be a more mortgage-friendly solution instead.

The same goes for accepting cash gifts from parents. There’s a right way and a wrong way to accept a cash gift from family and if you do it the “wrong way”, your gift may be prohibited from use as part of your down payment funds.

There are a bevy of “gotchas” in Mortgageland and you can’t expect to know them all. These 8 rules, however, are a good start.

If you are considering a mortgage on a real estate in Truckee or North Lake Tahoe, you should call:

Linda Whitham
Executive Mortgage Planner
Partners Mortgage
1687 Eureka Rd Ste 100
Roseville CA 95661

e: lwhitham@partnersmortgage.com
p: 530-412-1100
f: 916-293-3730

MLO 275575/DRE 01181311

Vail Resorts brings big money to Truckee – Tahoe with $30 million in Northstar improvements.

Bret Churchman — Thu, 10 Mar 2011 23:04:25 +0000

Vail Resorts to Invest in Capital Improvement Projects to Enhance Guest Experience at Northstar-at-Tahoe™ Resort for the 2011-2012 Season

BROOMFIELD, Colo. – March 9, 2011 – Vail Resorts, Inc. (NYSE:MTN) today announced its plans to spend $30 million on major capital improvement projects at its newest mountain resort property, Northstar-at-Tahoe Resort near Lake Tahoe, Calif., that will greatly enhance the guest experience both on the mountain and in the Village at Northstar for the 2011-2012 winter season. Plans include the installation of a new high-speed chairlift that will service expanded gladed terrain and additional ski trails, increasing the skiable terrain by 10 percent, construction of a new 500-seat on-mountain restaurant, and new national retail outlets and a signature restaurant in the Village at Northstar to bring additional energy and nightlife to the popular mountain village.

“Northstar-at-Tahoe has been a great addition to our portfolio of world-class resorts and its performance since we acquired it in October 2010 underscores the rationale for our purchase. The initial consumer response to the combination of Northstar-at-Tahoe with Heavenly resort drove strong increases in season pass sales for both resorts, and that has translated into higher visitation, as Northstar-at-Tahoe is currently on track to achieve a record season in terms of visitation and revenue. We believe we are in the early stages of realizing tremendous potential at that resort and are moving aggressively to further elevate the profile of Northstar-at-Tahoe through the addition of a number of new signature amenities for the 2011-2012 ski season,” said Rob Katz, chairman and chief executive officer of Vail Resorts.

Katz added, “We have elected to take an aggressive approach with our first-time investments at Northstar-at-Tahoe. The resort already offers a comprehensive experience not otherwise found on the North Shore of Lake Tahoe, and we intend to further widen the gap with more family friendly terrain, more grooming and snowmaking, a best-in-class on-mountain dining experience, and a village experience that is far superior to any other destinations in the region. This will be the first of many steps that will come in future years, as Northstar-at-Tahoe redefines the Lake Tahoe skiing and riding experience.”

On-Mountain Improvements

With a vertical rise of 1,440’, the new detachable express quad chairlift will be installed this summer on “The Backside” of the mountain, providing access to expanded gladed terrain and new ski trails. The new lift will significantly expand the resort’s lift capacity on The Backside, a very popular area of the mountain known for its long, uninterrupted advanced trails and gladed tree skiing. Two new intermediate trails will be served by the lift, and new snowmaking will be installed on both Drifter, an existing ski trail that also provides access to The Backside, and one of the new trails.

In addition to the lift, a new on-mountain restaurant will be constructed this summer, offering 500 indoor seats as well as 200 outdoor deck seats. Centrally located on the mountain near the top of the Tahoe Zephyr Express lift, the new restaurant will be built in Tahoe great lodge style with an open floor plan, large timbers and a huge window wall offering spectacular views of the Pacific Crest. Guests will be able to enjoy a variety of menu options including a Napa salad bar, gourmet pizza and specialty soups and sandwiches. They will access the new restaurant when skiing or riding off of the Tahoe Zephyr Express, Backside Express or Comstock Express lifts as well as the new express lift.

“Installation of the new express lift and construction of the new on-mountain restaurant will offer more terrain and greater access in Northstar’s most popular lift area, and add much needed seating on the mountain, making it much easier for guests to have a great lunch experience,” said Bill Rock, chief operating officer of Northstar-at-Tahoe.

Village Enhancements

Already a popular gathering area for resort guests of all ages, the Village at Northstar will continue to evolve with an exciting new retail and restaurant tenant mix. Plans for next season include opening national retail outlets of Patagonia and Burton, as well as expanding the North Face store in a new location. The Company also plans to add a new signature restaurant in the Village, and will be making further enhancements to the village experience to add vibrancy and new excitement to an already state-of-the-art base area.

Construction of the proposed capital improvement projects will commence this spring and summer, with completion expected prior to the start of the 2011-2012 winter season. All of the proposed capital projects are subject to the appropriate regulatory approvals.

About Northstar-at-Tahoe Resort

One of the finest year-round mountain resorts in North America, Northstar Resort is host to a base area village featuring more than 35 unique shops and restaurants, a conference center, 9,000-square-foot skating rink, on-site lodging, special events and more. A winter sport enthusiast’s paradise, Northstar Resort offers 93 ski trails spread across 3,000 acres, award-winning terrain parks and snow sports including alpine and Telemark skiing, snowboarding, cross-country skiing, snowshoeing and tubing. Summer activities include mountain biking, golfing, scenic lift rides for sightseeing and hiking, horseback riding, fly-fishing and more.

Northstar-at-Tahoe Resort is located on Highway 267, just six miles north of Lake Tahoe and six miles south of downtown Truckee. For more information, call 1.800.GO.NORTH (1.800.466.6784) or visit www.NorthstarAtTahoe.com.

Time for a Change…

Bret Churchman — Thu, 13 Jan 2011 18:49:51 +0000

After 8 years of independent real estate brokerage, including 5 years of owning my own real estate company here in Truckee, I am now back under a big corporate umbrella. Coldwell Banker has taken over Pacific Crest Properties, and it really seems like a good thing. In many ways, the “Mom & Pop” business model which I/we formally embraced is a failing model. There once was a time in 2004 when I had agents working at my brokerage that were selling tons of homes, and money was falling out of everybody’s pockets. Those days have been gone for a while, and even “Top Producing” agents have had to scratch and claw to make ends meet for the last couple of years. It’s hard to compete against the economy of scale that you get with a brokerage like Coldwell Banker. I’m excited about the opportunity. We now have a dominant market share in the Truckee Real Estate market. and a whole lot more exposure on a state and national level. It’s going to bring a ton more exposure to my sellers, and better tools for me to help educate buyers.

New Year, new name, new tools and new ideas. Change is not comfortable, but it is inevitable, so here’s to making it great.

2011 Tahoe Winter Guide

Bret Churchman — Thu, 13 Jan 2011 01:25:00 +0000

Tahoe Magazine’s 2010/11 Winter Guide is out, and here is a link to the online version.

Tons of great ideas for things to do in Truckee and Lake Tahoe. Historical winters, and a great resort guide.

You can also search my site for all Truckee Real Estate, Truckee Homes for Sale, Truckee property and all surrounding area real estate.

Sunset Magazine Ranks Truckee in List of West’s Best Ski Towns.

Bret Churchman — Fri, 24 Dec 2010 20:46:48 +0000

December 24, 2010

Most well-rounded: Truckee, California

Keeping a low-pro just 13 miles north of Life List-worthy Lake Tahoe is this unritzified ski town — despite the swank Ritz at Northstar up the street. The historic main drag can please teenagers and grandparents alike, with a Blue Bottle Coffee-loving cafe (Elijah Bleu’s), jazz lounge (Moody’s) and a growing number of tasting rooms (the Pour House, Truckee River Winery).

Slopes: The closest of the big guns is blue square-saturated Northstar (check the website for lift prices), but black diamond skiers come for the chutes on its Lookout Mountain. Laid-back powderhounds prefer Alpine Meadows (from $71), while the extreme skier-scenesters stick to Squaw Valley ($86; squaw.com), aka Squallywood. Beginners head to Tahoe Donner ($39) and Soda Springs ($35).

Sleeps: Something for everyone: just-gimme-a-bed at revamped Truckee Tahoe Lodge (from $159); eco-chic-boutique Cedar House Sport Hotel (from $170); and Northstar’s chichi Ritz-Carlton Lake Tahoe (from $399), with 2 outdoor pools, a restaurant by celeb chef Traci Des Jardins and a concierge who unbuckles your ski boots, for crying out loud.

See the whole piece from CNN Travel by clicking here:

Are Truckee Home Loan Rates Going Up?

Bret Churchman — Tue, 14 Dec 2010 16:49:00 +0000

This is what the folks at Wells Fargo have to say…

Last week, Congress was busy at work on negotiations to extend the Bush-era tax cuts. That news kept a lid on any improvement for Bonds and home loan rates, due to the prospect of an ever-increasing deficit.
And adding to the troubles for Bonds and home loan rates last week was news that inflation is growing in China… and growing fast. How does that impact us? Remember, it’s a global economy, so Bond prices all over the world worsen on news of inflation, which is bad for home loan rates.
So the big question is: Will home loan rates go back down?
Although rates are still near historic lows, they have been headed up… and indications are that those unbelievably low home loan rates may be behind us. In fact, there are only a few things that would bring back the lows that we saw in early November:

If the tax cut package doesn’t get passed, it would be very bad news for the economy and Stock market – but it would help interest rates.

If the Fed’s recent round of Quantitative Easing falls on its face and doesn’t meet its mission of creating inflation, boosting Stock prices, lowering unemployment and creating consumer demand – Bond prices could make some gains as the threat of deflation reemerges. But this is a long shot.

If the financial problems in Europe worsen significantly – which would drive investors into the safe haven of the US Bond market – it could help Bond prices, but probably only modestly.

Realistically, the chances of these events happening are unlikely – and in the end, rates may see some brief and fleeting improvements, but many experts believe they will likely continue to creep up over time. And when you include the stimulative action of extending the present tax rates and adding further cuts, it’s tough to see Bonds or home loan rates improving much.

The good news is that home loan rates are still extremely attractive and are still near historic lows for now. If you or someone you know has been thinking about purchasing or refinancing a home, NOW is the time to call or email to get started.

Leisa Peterson is a Home Loan Mortgage consultant here in Truckee. You can contact her at:

LEISA PETERSON
Mortgage Consultant
Construction Specialist
Wells Fargo Home Mortgage | 11262 Donner Pass Rd | Truckee, CA 96161
MAC A0791-011

Tel (530) 582-6883 | Toll-free (877) 852-4399 | Cell (530) 448-1558 | Fax (866) 762-9198

leisa.peterson@wellsfargo.com

https://www.wfhm.com/wfhm/leisa-peterson/

Climbing Out

Bret Churchman — Mon, 15 Nov 2010 22:12:28 +0000

We had a local Truckee home lender come to the office meeting this morning. There was the usual, “rates are great”, “there’s never been a better time to buy”, “under-writing is a giant hassle” stuff that has been the norm for what seems like a couple of years now. But, there are also some new loan products, and options for jumbo loans that have been non-existent for a while. The rates are going to be volatile for the near term, as the Fed’s “quantitative easing” has the bond folks nervous and jerky about inflation. As a Realtor, inflation is not the worst thing that can happen. It’s generally good if you own a real estate, as values will increase. Anecdotally, there are more than a handful of homes in Truckee currently under construction. People are making work for themselves for the first time in a while in some of the “nuts and bolts” neighborhoods where new construction has been non-existent. Underwriting, and the ability to qualify for home loans may not be easing any time soon. But creative loan products, and people getting back to work are good indicators that we may be climbing out of this hole.

I’ll buy it. It beats the alternative.

Photo: Martin Garcia

Is It Safe to Jump In?

Bret Churchman — Sat, 13 Nov 2010 17:57:27 +0000

There is a lot of concern and conflicting information out there that surround Truckee short sales and foreclosures. Part of that mis-info comes from the fact that it has been a moving target since the outset. There really has been little rhyme or reason to process or the timing. Each bank does it different, and the shear volume of these transactions that the banks are facing is daunting. One question that buyers have been asking me is, “is it safe”. There has been some talk out there in the media about folks who’ve lost their homes coming back on the banks for improperly foreclosing. I’ve done a little research, and asked around, and here is what I’ve surmised. If you purchase a home at the court house steps, you don’t have many guarantees about what liens, and issues may be “hiding” in the closet of your new home. If you purchase a home in Truckee that is listed for sale, you will most certainly be purchasing title insurance. Title insurance is not typically given much consideration, but more of a nebulous cost associated with buying a home. But the reality is that a title company is insuring clear title to your purchase. If there were to be an issue in the future, you have purchased insurance, guaranteeing your title to the home, or insuring compensation for the “cloud” if an unknown claim to your clear title were to surface. I’ve also read that in the unlikely event of a bank making a mistake in filing and ultimately executing a foreclosure, that the courts would not void a sale and remove a new buyer from a home. More likely, awarding damages from the bank to the foreclosed previous owner. I’M NOT AN ATTORNEY. You should contact one, and also question a reputable Title Company about what they insure, and if you are protected given your scenario. If you’re insured, you should be safe.

http://www.dreamstime.com/free-stock-photo-lifebelt-rimagefree10504744-resi2810007

Making New Friends

Bret Churchman — Mon, 27 Sep 2010 14:12:51 +0000

On Saturday afternoon, my family and I left our home in Truckee, headed to Reno for my daughter’s end of the season softball party. As we neared the Nevada State line, we found ourselves in a line of cars following the CHP down the freeway. A big-rig had just gone over the side and down to the Truckee River, bursting in to flames. The driver suffered only minor injuries, but a 25 acre blaze ensued, and we were parked for 2 and 1/2 hours. No homes were threatened, as it was one of those rare days in the Truckee River Canyon when the wind was not howling. While walking on the Interstate, we made some new friends, and actually saw a couple of old ones. Very surreal to be walking on the Interstate. That was a first for me. Not how I would have “drawn-it up”, but somehow, it was not an unpleasant experience. Here’s a couple of great shots my wife took:

Pacific Crest “Property” at 8949′

Bret Churchman — Wed, 22 Sep 2010 21:29:07 +0000

Last week my son got suspended from school for the first time. Don’t Ask! He got punched in the head and his reward…two days of forced vacation. Not wanting him to camp in front of the tube all day on a Friday, I suggested a hike with my good friend Steve Davis from Heat-Tech of Truckee. We chose one of the most amazing peaks in the Sierra, Tinker Knob. Supposedly named after a fellow named Tinker in the mid-1800′s who had a schnoz. Tinker Knob is a pretty easy spot to see from most of Truckee, and sits south of Interstate 80 by about 6 miles of legit hiking along the Pacific Crest Trail. It’s about 1/2 way in between Donner Summit and Squaw Valley. At just under 9000 feet, it feels like the top of the world. Awesome views of Tahoe, and one of the rare places to get a full-on look in to the Granite Chief Wilderness. Breathtaking! This was also one of those rare days with little wind. This patch of snow can be seen from anywhere that you can see the east slope of the crest in Truckee. Probably 200 feet long, and guessing still 10 feet deep in mid-September. Can only imagine how deep it was in May. The hillside here is much steeper than it looks. As our company is named Pacific Crest Properties, I thought I’d share a look at the namesake.