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Real Estate Horror Stories From Reno, Nevada


Here are three anecdotal stories from the decimated housing market in Reno, Nevada: The first story is about house hunting in Reno. My relatives spoke to an agent who was honest about what may be going on in Reno, and quite possibly everywhere. He had ...


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Gary Anderson is an author and blogger. Recent Posts Marine colonel: Here's why the US is needed on the front lines in... Mitt Romney and the Neocon Mind Pre-911 The Housing Bubble in Phoenix Is an Utter Fraud and Scam Here are three anecdotal stories from the decimated housing market in Reno, Nevada: The first story is about house hunting in RenoMy relatives spoke to an agent who was honest about what may be going on in Reno, and quite possibly everywhereHe had clients who put in a bid on a short saleThe agent for the sellers came back saying that there were multiple offers so the bid needed to be higher. The buyer's agent refused to increase the bid, and sure enough, the clients got the house anywayWhat is happening is that the banks are setting prices that are very lowThen they attempt to initiate a bidding war, or in this case, a fake bidding war. There may be many, many fake bidding warsMoral to the story, just don't bid, and if you lose the house there will be another. Is it any wonder that people are waiting out the market and totally mistrust the banksI don't think bankers have ever fallen so low in esteem since the Great DepressionOnly now we get bits and pieces of their scandalous behavior because they used the time between the Great Depression and the Great Recession to buy up the media. The second story is about a house that they looked at that was beautiful, nestled in the hills above Spanish SpringsAs they were looking at the house, some neighborhood residents walked by. They said they had looked into the window of the house and saw mold on the floor and growing up the wallsAnd this is a dry climate mind youSo, this problem had apparently been corrected with just surface repairsThe house was beautiful but the mold was likely just contained by bleach and covered over by flooring and paintSo, here is the warningIf anyone wants to buy a previously abandoned house they need to get a mold test and an air test, not just the usual home inspectionor they could be in for a lot of trouble. The third story involves the strange activity surrounding short salesA realtor told my relatives that people are in pending contracts in which they are attempting to get a mortgage on a short saleThen, right at the end of the contract, while the contract is still in force, a cash buyer swoops in and buys the houseWhat, bankers don't abide by contracts? And they complain because homeowners don't honor contracts? The realtor says this is a common occurrence in Reno, and likely many other placesWho is allowed to bypass a contract that is pending? I don't claim to have all the answers regarding these stories. They are anecdotalBut someone who is an expert in real estate needs to pry these open and see what is really at work here. facebook linkedin twitter email print --> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-1r', container:'taboola-below-main-column', placement:'below-main-column'}); Recommended For You Powered by Sailthru Real Estate Horror Stories From Reno, Nevada Real Estate Horror Stories From Reno, Nevada Funny business in the real estate world. Recommended For You (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Disclaimer window._taboola = window._taboola || []; _taboola.push({mode: 'organic-thumbnails-e', container: 'taboola-right-rail-thumbnails', placement: 'Right Rail Thumbnails', target_type: 'video'}); (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }()); window._taboola = window._taboola || []; _taboola.push({mode: 'ab_thumbnails-a_2x1', container: 'taboola-right-rail-thumbnails-2', placement: 'Right Rail Thumbnails 2nd', target_type: 'video'}); BI.dianomi.setConfigKey(true); BI.dianomi.init('US'); Featured Debating the odds of a stock market correction More "The Bottom Line" » These smart palm trees in Dubai can charge your phone and provide free Wi-Fi More "(Re) Think " » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Life Emails & Alerts Get the best of Business Insider delivered to your inbox every day. Sign-Up Get the Slide Deck from Henry Blodget's IGNITION Presentation on the Future of Digital     Read Business Insider On The Go Available on iOS or Android amplify.publish('editorial-sidebar-loaded', 'editorial2'); Find A Job Tech Jobs C-Level Jobs Media Jobs Design Jobs Finance Jobs Sales Jobs See All Jobs » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }()); Follow us on: Also check out: * Copyri

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