Watch Out Walk Away Home Owners

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reno sparks nv short sales agentThe creator of FICO scores, Fair Issac, has developed a program that will predict which home owners may strategically default.  The program takes into account many different aspects of a borrowers finances including but not limited to:

  • Length of home ownership
  • Credit Card Debt
  • Timeliness of bill payments
  • Newly opened credit card accounts

According to Andrew Jennings, CAO at FICO,

“Our new research shows it is possible for servicers to find those at greatest risk of strategic default, both to prevent losses and to prevent borrowers from making a decision that will damage their credit future”.*

Now this sounds like it may be a promising program geared at looking for underwater home owners that need help but I think there are deeper motives at hand.  Jennings says the program is being used to “both prevent losses and to prevent borrowers from making a decision that will damage their credit future”. What does that mean for strategic defaulters? With Nevada being a deficiency judgment state I’d put more emphasis on the “prevent losses”.  Lien holders and servicers are going to use this technology to sort through their loan portfolios looking for people to pursue after foreclosure. Those that walk away when they were fully capable of paying their mortgage, even if it is a poor financial decision, are now on the radar and the banks will be watching.

Have you thought about pursuing a short sale? Let me help you through it. Contact me via phone or email to get started.

 

Ricky Beach

Managing Broker/Realtor® CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

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

Ricky@Resnv.com www.RenownHomes.com

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Source
*Housingwire.com “New FICO technology predicts strategic default” Ricciardi, Christine 4/20/2011
Important Notice: Renown Real Estate Services is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. Renown Real Estate Services and licensee Richard Beach are not engaged in the practice of law, legal advice, or tax advice. Renown Real Estate Services and licensee Richard Beach do not attest to the accuracy of this information and assume no responsibility for the actions of the recipients. The preceding is for informational purposes only and the recipient is urged to seek professional legal and tax counsel.

Fannie Mae HomePath Buyer Incentives

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Fannie Mae has rolled out their newest incentive for home buyers. We’ve seen Fannie do this before fannie mae closing costs help reno sparks nvwith up to partial closing costs paid for or bonuses to buyers agents but their new program will really help out home buyers with limited funds. The current program offers home buyers a concession up to 3.5% for closing costs on Fannie Mae owned properties. This should take care of most if not all the closing costs that buyers will see and hopefully leave a little extra in your wallet. There are a few stipulations so check your eligibility below.

  • Concession must be asked for upon offer submission
  • The property must close by June 30, 2011
  • The property must be purchased as a primary residence
  • The buyers must be willing to sign an Owner Occupant Certification
  • The Property must be a Fannie Mae HomePath®
*If your closing costs don’t add up to 3.5% the leftover is given back to Fannie Mae. In other words, no cash from closing.

At this point, the biggest hindrance is the deadline of June 30, 2011. For FHA home buyers, you will need to take into account 45 days for the escrow period and anywhere from 7-10 days to get your offer and all addendum’s back with seller signatures. If you want to pursue one of these properties make sure you lender knows time is of the essence.

For more information on this program or to find eligible properties feel free to contact me.

Ricky Beach

Managing Broker/Realtor® CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

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

Ricky@Resnv.com www.RenownHomes.com

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Darn Right, I’m Going to Low Ball It

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reno sparks home buyerAs distressed properties continue to flood the market more and more buyers take advice from friends, family, and infomercials.

Buyer1: I’m going to buy a house. What should I offer?
Family/Friend: Dude, low ball it. It’s a buyer’s market.
Buyer1: You’re right. I should get that property for half of its market value.

 

Buyer 2: What should I offer on this house?
1:00 am Infomercial: Low ball it!!! Also, for $19.99 I can teach you how to purchase homes for pennies.
Buyer2: I knew I should low ball it. My credit card number is….

 

How many offers have you submitted or signed only to have a swift rejection or even worse waiting six months in a short sale for the lien holder(s) to either reject or counter you by 20%? Would you accept that offer if you were the seller?

The fact of the matter is… Sellers are not uneducated and if they are they will hire someone who is educated.

In short sales the lien holder will hire agents to do 6 comp BPOs or appraisers for a full market value report. REO properties have already had numerous BPOs or appraisals done. Your typical home seller has received a full CMA from their listing agent and has more than likely scoured Zillow, Trulia, and public records to see what their home is worth.

Buyers, do yourself a favor and go over the comparables with your agent. As you’re deciding on what to offer always think about what you would do if you were the seller. Would you scoff at that low ball or would gladly accept that fair market offer?

Ricky Beach

Managing Broker/Realtor® CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

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

Ricky@Resnv.com www.RenownHomes.com

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IMPORTANT: The contents of this email and any attachments are confidential. They are intended for the named recipient(s) only. If you have received this email by mistake, please notify the sender immediately and do not disclose the contents to anyone or make copies thereof.

Sparks NV Home For Sale- 101 E I St Sparks, NV 89431

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From the Renown Real Estate Video Library, Ricky Beach presents his video tour 101 E I Street Sparks, NV 89431. 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, useful information for Reno and Sparks home buyers and sellers, 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.

 

What a great property in an established Sparks, NV neighborhood. This property is not an REO or short sale and is ready for a new owner. The kitchen has been updated and includes new appliances. The property boasts new paint and carpet along with a large corner lot. For more information view the virtual tour below.

 

 

 

 

 

 

Ricky Beach

Managing Broker/Realtor® CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

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

Ricky@Resnv.com www.RenownHomes.com

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IMPORTANT: The contents of this email and any attachments are confidential. They are intended for the named recipient(s) only. If you have received this email by mistake, please notify the sender immediately and do not disclose the contents to anyone or make copies thereof.

Down Payment Assistance for First Time Home Buyers

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Well…. the Home At Last Bond Program ran out of money a few months ago but has been replaced by a new program. Currentlyreno sparks homes for sale, the Nevada Rural Housing Authority is offering the Home At Last Wish Program. This first time home buyer program is being run in partnership with Heritage Bank of Nevada and offers down payment contributions for buyers in Washoe, Carson, and Douglas County.

Here’s how it works. A home buyer will contribute a set amount for their down payment. Let’s say $3,000. The Wish Program will contribute three times that ($9,000) for a total down payment of $12,000. It’s free money people. To see if you qualify answer the questions below.

  1. Have you not owned a home in the past three years?
  2. Will you reside in the property as your primary residence?
  3. Are you purchasing in an area with a population less than $100,000 (Sparks and Spanish Springs are okay)?
  4. Will you stay in the home or at least five years?
  5. Do you meet the underwriting requirements for an FHA, VA, Conventional, or RHS loan?
  6. Are you willing to take a home buyer counseling class?

If you answered yes to all six questions you might be eligible. The program also includes income and home value limits so check below to make sure you are within the county ranges.

Washoe County

Income Limits

  • 1 person: $39,000
  • 2 people: $45,600
  • 3 people: $51,300
  • 4 people: $56,900

Home Value Limit

  • $363,375

Carson City

Income Limits

  • 1 person: $36,500
  • 2 people: $41,600
  • 3 people: $46,800
  • 4 people: $52000

Home Value Limit

  • $358,875

Douglas County

Income Limits

  • 1 person: $40,900
  • 2 people: $46,750
  • 3 people: $52,600
  • 4 people: $58,400

Home Value Limit

  • $421,875

For more information contact me, your lender, or the Nevada Rural Housing Authority.

Ricky Beach

Managing Broker/Realtor® CDPE, SFR

reno homes

 

 

 

 

 

6900 S. McCarran Blvd., Suite 3040

Reno, NV 89509

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

Ricky@Resnv.com www.RenownHomes.com

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IMPORTANT: The contents of this email and any attachments are confidential. They are intended for the named recipient(s) only. If you have received this email by mistake, please notify the sender immediately and do not disclose the contents to anyone or make copies thereof.