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Where Have All the Homes Gone For First Time Home Buyers in Reno? - 02/28/12 03:58 PM
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 … (1 comments)
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Freddie Mac Waives Deficiency Judgments - 02/20/12 11:34 AM
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 … (14 comments)
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Short Sale Debt Cancellation Set To Expire At The End Of 2012 - 02/14/12 07:02 PM
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 … (1 comments)
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Cost of FHA, Fannie, and Freddie loans rises... - 02/07/12 08:15 PM
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 … (0 comments)
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Ricky Beach Broker/Owner, Realtor
Reno,
NV
More about me…
Renown Real Estate Services
Address: 6900 S. McCarran Blvd., Suite 3040, Reno, NV, 89509
Office Phone: (775) 313-9600
Cell Phone: (775) 750-1437
Email Me
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