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

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.*

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

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

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.

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.

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

• Peg’s Glorified Ham and Eggs
• Bibo Coffee Company 
• My Favorite Muffin
• Downtown Reno
• Reno Aces Ballpark
• Newman’s Deli

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.

]]> http://renownhomes.com/know-your-city-old-southwest-reno-nv-video/feed/ 0 http://renownhomes.com/listingbook-part-3-adding-notes-to-your-favorite-reno-homes/ http://renownhomes.com/listingbook-part-3-adding-notes-to-your-favorite-reno-homes/#comments Fri, 16 Dec 2011 17:15:19 +0000 admin http://renownhomes.com/?p=1358 ListingBook: Part 3 Adding Notes To Your Favorite Reno Homes (Video)]]> 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 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.

While this will boost the purchase power for FHA buyers in high price markets the GSE’s, Fannie and Freddie, kept their limits the same. Hopefully, this won’t push too many conventional jumbo loans over to FHA since the housing administration is trying to lighten it’s share of the market.

Q:What does this mean for the typical buyer in Reno or Sparks?

A: The FHA loan limit or Reno and Sparks amount was reduced to $325,450* from October 1, 2011 through November 17, 2011. The new limit was raised back up to $403,750* and will remain there until 2013.  2013 will also be important as rates will most likely rise from their current figures due to being artificially held down by the Federal Reserve.

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

*Owner occupied, single family Use the link to view the Washoe County Limits

Located within 2 walking miles of Spanish Springs High School and Shaw Middle School this home has plenty of space with RV access and parking on a .27 acre lot.

The kitchen opens up to informal dining and a family room with plenty of space for your wide screen tv while feeling cozy with a gas fireplace. For the more formal entertaining evenings there is a family room/formal dining room with easy access to the kitchen.

Rest and relaxation is assured with the master bedroom on the other side of the house from the secondary rooms and includes a walk in closet, double sink, and garden tub/shower combo.

The backyard is built for having fun. The slab patio with built-in propane BBQ and counter space offers relaxing weekends with extra space and a privacy wall for your pleasure.

For a private showing contact Ricky at: (775) 750-1437 or Ricky@Resnv.com. For more information watch the video below…