Your Reno and Sparks Real Estate Source

Office: (775) 313-9600 Cell: (775) 750-1437 Email: Ricky@Resnv.com

Short Sales May Get Shorter In Reno and Sparks

By admin on March 14, 2012

Current short sales outside of the HAFA and HUD PFS program can take anywhere from 2-8 months to close and in some cases longer. As part of the state Attorney General’s multi-billion dollar settlement short sale time frames are set to decrease.

New guidelines from the settlement give mortgage servicers 30 days, from receipt of the full short sale package, to give a response or request new documents. The receipt of the short sale package is usually within 1-2 weeks of an accepted offer.

The guidelines carry fines of $1,000,000 for each violation with a cap of $5,000,000 for each file if mistakes are not cured. Also, this only applies if more than 10% of the servicer’s audited files are found to violate the guideline.

While this sounds good in theory the loophole of requesting further documentation may leave servicers with too much wiggle room. Recent pay stubs and account statements are required in most short sale “packages”. If your statement is for a previous month and a new one comes available within the 30 days time line the servicer may request it and extend their approval time frame.

As an added protection to the consumer the guideline also requires servicers to notify the borrower if a deficiency payment is required as part of the short sale settlement.

For more information on short selling your home or buying a short sale in Reno or Sparks, NV feel free to contact Ricky at (775) 750-1437 or Ricky@Resnv.com

Housing Wire Article

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Where Have All the Homes Gone For First Time Home Buyers in Reno?

By admin on February 28, 2012

The past couple weeks have been a bit of a struggle for many of my first time home buyers. An increase in the numbers of buyer’s coming into the market and the passing of AB284 in 2011 have created pretty fierce competition. Many homes that are priced right and in good condition are procuring multiple offers and selling for more than list price.

Where does that leave us…?

In a market with a lack of inventory that is bordering a seller’s market.

The last RSAR figure was that our market has 5.9 months of inventory or about an equal share of seller’s market and buyer’s market. This is the second lowest number since 2005. Click on the graph below to see the historical inventory level for Reno/Sparks.

When we crunch the numbers (as of 2/28/2012) we see that there are 215 available single family homes from $75,000-$150,000 in Reno and Sparks that are not pending and available for offers. The reason I chose $75,000-$150,000 is because this price range is most compatible with FHA first time home buyers or investors. Buying in this price range generally means that your monthly mortgage amount would be near or below the market rent. To view the number of homes available in each area click on the graph below. For those unfamiliar with our areas please follow the links for outlined maps. Reno MLS Areas Sparks MLS Areas

For a list of homes that are still available click on the map below.

For more information on buying a home in Reno or Sparks, NV feel free to contact me at (775) 750-1437 or Ricky@Resnv.com.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Freddie Mac Waives Deficiency Judgments

By admin on February 20, 2012

Freddie Mac reinforced the requirement that the servicers of their loans and Freddie Mac itself would waive deficiencies for short sale and deed-in-lieu of foreclosure transactions.

The announcement came out in their 2012-5 Bulletin found here.

A deficiency judgment is where an investor or servicer of a loan recoups the money they lost because of a short sale, deed-in-lieu, or foreclosure by going after the former owner.

If you sold your home for $100,000 but owed $200,000 on your mortgage the servicer has the right to come after the difference in accordance with Nevada law. Because of this new requirement more homeowners will be able to use the Short Sale Mortgage Debt Cancellation.

To find out if your loan is a Freddie Mac follow this link. Freddie Mac Loans For more information on doing a short sale in Reno or Sparks, Nevada contact Ricky at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Short Sale Debt Cancellation Set To Expire At The End Of 2012

By admin on February 14, 2012

The Mortgage Relief and Debt Forgiveness Act of 2007 is scheduled to expire on December 31, 2012. With short sale time frames ranging from 4-10 months we’re coming up on decision making time for under water homeowners in Reno and Sparks, NV.

As of today, there aren’t any talks from NAR about pushing for an extension but in an election year you never know what can happen. Your decision may come down to trusting the powers in D.C. to extend or taking what they have already given.

How does the act work?

You short sell your home for $100,000 with $200,000 remaining on the loan. If the bank doesn’t come back for a deficiency judgment you’re on the hook for $100,000 in that tax year in the form of a 1099-c.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation allows you to cancel this tax by using Form 982, the Reduction of Tax Attributes Due to Discharge of Indebtedness.

The Act doesn’t apply to all debts so check Publication 4861 to see if you’re eligible.

For more information on Reno and Sparks short sales contact Ricky at (775) 750-1437 or Ricky@Resnv.com

The preceding was for information purposes only. Renown Real Estate Services and Broker Ricky Beach do not provide financial or legal advice. All parties are advised to seek profession help from a qualified CPA and/or legal counsel.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Cost of FHA, Fannie, and Freddie loans rises…

By admin on February 7, 2012

The Temporary Payroll Tax Cut, signed by President Obama, didn’t come without compromise. The tax cut is being covered by an increase in “G-fees” or guarantee fees of 10 basis points imposed on all Freddie, Fannie, and FHA loans.

What does this mean for the consumer? Plan on an increased rate of .125% and an increase of the annual mortgage insurance premium by 1/10th of 1% for FHA loans.

Doesn’t sound like much right? Let’s look at what happens to your monthly payment…

For a loan of $200,000 the increase of .125% would equal $250 more per year in interest or $7,500 over 30 years. An FHA loan would be increased by $4,200 over 30 years.

The rate can be bought down by the home buyer but most people looking to get an FHA don’t have the cash to do it.

The increase officially begins on April 1st, 20, most lenders have already changed their rate sheets to reflect the increase, and ends on October 1, 2021. Yes, it says 2021.

For more information on FHA loans or buying a home in Reno and Sparks feel free to contact me at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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FHA Will Keep Funding Those Turn Key “Flipped” Properties

By admin on January 4, 2012

For many FHA first time home buyers the chance to find a turn-key property is slim. With a market full of deserted properties and as-is bank owned buyers tight on money have few options. Insert the “flip”.

A flipped property is where an investor or group of investors purchase a property, usually at the courthouse trustee sale, rehab it, and put it back on the market for profit.

Prior to 2010, there was a waiting period that FHA buyers had to abide by in order to purchase one of these flips. In February of 2010, the Obama Administration waived the 90 day rule through the end of 2011. This allowed FHA to lend on 42,000 mortgages nationwide that they most likely wouldn’t have been able to because of poor property condition.

Well, that flip waiver has been extended through the end of 2012 with much praise and a sigh of relief from potential home buyers and Reno/Sparks flip giants NRES-NV1 LLC and Dickson Group I LLC.

The flip rule does come with a set of criteria and processes that must be followed. Most specifically for flips that net the seller over 20%. As a buyer, you may run into second appraisals or repairs/rehabs needing to be documented.

For more information on buying a home in Reno or Sparks, Nevada feel free to contact me at Ricky@Resnv.com

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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December 2011 Reno/Sparks Market Report (Video)

By admin on December 27, 2011

The Reno/Sparks Real Estate Market Report for December 2011 is out from the Reno Sparks Association of Realtors®… Here is a quick overview:

Here are the stats through November of 2011:

Median sale price increased $506 from October of 2011
Median price continues to stay within 4% of the previous few months
50% of sales were under $150,000. The payment on a purchase at or below $150,000 is generally at or below market rent.
488 units sold in November outpacing November of 2010 by 22%
2011 ytd sales have outpaced 2010 sales by 10%

For more market and affordability stats please watch the video. To learn more about buying or selling a home in Reno and Sparks please contact me at (775) 750-1437 or Ricky@Resnv.com.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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ListingBook: Part 4 Creating An Email Update For Your Favorite Reno Homes (Video)

By admin on December 23, 2011

While third party sites like zillow.com and trulia.com continue to gain popularity they have one major problem…. They aren’t directly connected to our Reno and Sparks MLS system. Because they don’t have a direct feed their updates and information can be behind and incorrect. My most recent run in with a zillow.com client led to learning that the home they have been tracking for months, still active on zillow, was actually pending and about to close within the week.

So what can we do to get around this misinformation? ….Listingbook.

The Listingbook program has the same robust tools as sites like zillow.com or trulia.com but has a direct feed from our local MLS. So the updates are in real time. While many people still swear by zillow and trulia I’ve found my clients like using Listingbook for factual information and outside sites for all the fluff.

In the fourth video of our ListingBook series we go over creating a daily email update….

For more information on buying a home in Reno or to get a free Listingbook account feel free to email me at Ricky@Resnv.com or call (775) 750-1437.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Know Your City: Old Southwest Reno, NV (Video)

By admin on December 20, 2011

Where is Old Southwest Reno?

Voted one of the best neighborhoods by Men’s Health Magazine the Old Southwest Reno is a highly desirable area with tree lined streets and mature landscaping. Home were built from the early 1900′s to pocket neighborhoods of more recently built properties. The Old Southwest’s central location leaves residents in close proximity, and in some cases walking distance, to downtown Reno, the Truckee River that run’s through it, dining, coffee shops, and parks. Below is a list of some of my favorite places in Old Southwest, a video of the area, and links to available properties for sale.

Video Tour of Old Southwest Reno

My Favorite Places

Homes For Sale in Old Southwest Reno

For more information on buying or selling a home in the Old Southwest part of Reno feel free to contact me with the information below.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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ListingBook: Part 3 Adding Notes To Your Favorite Reno Homes (Video)

By admin on December 16, 2011

So what can we do to get around this misinformation? ….Listingbook.

In the third video of our ListingBook series we go over adding personal notes and asking your agent questions….

For more information on buying a home in Reno or to get a free Listingbook account feel free to email me at Ricky@Resnv.com or call (775) 750-1437.

Ricky Beach

Broker/Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |

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Your Reno and Sparks Real Estate Source

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Short Sales May Get Shorter In Reno and Sparks

Where Have All the Homes Gone For First Time Home Buyers in Reno?

Freddie Mac Waives Deficiency Judgments

Short Sale Debt Cancellation Set To Expire At The End Of 2012

The preceding was for information purposes only. Renown Real Estate Services and Broker Ricky Beach do not provide financial or legal advice. All parties are advised to seek profession help from a qualified CPA and/or legal counsel.

Cost of FHA, Fannie, and Freddie loans rises…

FHA Will Keep Funding Those Turn Key “Flipped” Properties

December 2011 Reno/Sparks Market Report (Video)

ListingBook: Part 4 Creating An Email Update For Your Favorite Reno Homes (Video)

Know Your City: Old Southwest Reno, NV (Video)

ListingBook: Part 3 Adding Notes To Your Favorite Reno Homes (Video)

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*The preceding was for information purposes only. Renown Real Estate Services and Broker Ricky Beach do not provide financial or legal advice. All parties are advised to seek profession help from a qualified CPA and/or legal counsel.*

The preceding was for information purposes only. Renown Real Estate Services and Broker Ricky Beach do not provide financial or legal advice. All parties are advised to seek profession help from a qualified CPA and/or legal counsel.