On November 5, 2009, Fannie Mae introduced a new program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.
Called "Deed-for-Lease" (D4L) allows qualifying borrowers of properties transferred through deed-in-lieu (DIL) of foreclosure to remain in their home and community by executing a lease of up to 12 months in conjunction with a DIL. Investment properties that are tenant-occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L.
For more information on the Deed-For-Lease Program, please visit www.efanniemae.com
11/17 I received an email from Chris Thorman at Software Advice and Chris put together some great information comparing mortgage rates v. rental rates in the top 10 metro areas to see if it even makes sense, read more here
(Thanks Chris!)
Sandra Mathewson Certified Residential Specialist, CRS Accredited Buyer Representative, ABR Graduate Realtor Institute, GRI Certified New Home Specialist, CNHS Cell: (775) 287-8222
Located 32 miles east of Reno on Interstate 80, where 80 meets U.S. Highway 50 and U.S. Alternate 95. Our population is approximately 18,000 and the landscape is mostly desert with the mountains as a backdrop.
The town was established in the early 1900's, we incorporated and became a city in 2001. Since then, a lot of changes have come our way, but we still remain the family oriented small town that drew most of its current residents.
We have bright blue skies almost year-round, 4 seasons and mild winters. An abundance of recreational opportunities and in close proximity are Pyramid Lake and Lake Lahontan and thousands of acres of Bureau of Land Management (BLM) land for public use.
Affordable housing is our big draw right now. We started 2009 as a "distressed property" area, but as home prices fell, the bargains began and we now have a great demand and homes are being snapped up quickly.
Traffic is not a issue in our town and most residents commute to Reno/Sparks for employment which is only a 30 minute drive.
We have a full time fire department and paramedic response, Lyon County serves as our law enforcement. Something is always going on in the community and we have our own Facebook page (Fernley, Nevada) that keeps the fans informed.
My favorite time of the year......driving between Fernley and Reno/Sparks the Truckee River follows I-80. When Fall arrives, you can't help but look at the trees turning colors for the 38 +/- miles.
Today was such a wonderful day. It was Sunday, the First day of November and a balmy 70 degrees. I grabbed both of my cameras and told my husband I would be gone for about 2 hours.
Trying to get down the river is challenging. Almost all of the scenic spots are private roads leading to private homes. The best I could do was pull off by the bridge in Painted Rock. I was not disappointed, it was beautiful, scenic and no one around.
The Truckee River is 116 miles long, and at Painted Rock the elevation is 4163'. Painted Rock is 6.4 miles west of Fernley.
The Truckee River has been abused and there is currently a 9 year $20 million restoration project taking place. The work is taking the damaged and degraded river system and reshaping it into a sanctuary for birds and wildlife as well as a vital resource to the community.
Home to Lahontan Cutthroat Trout, cui-ui (endangered), Northern Leopard Frog, Western Pond Turtle and many birds. The river is also important for recreational activities and tourism.
Today, it was just the Truckee River in all it's beauty flowing by as I snapped photos from the bridge. Oh yes, a Red Tail Hawk screeched as he flew over my head.
Visit Northern Nevada, better yet MOVE HERE! YOU WILL LOVE IT!
Sandra Mathewson Certified Residential Specialist, CRS Accredited Buyer Representative, ABR Graduate Realtor Institute, GRI Certified New Home Specialist, CNHS Cell: (775) 287-8222
The housing market is still thriving in Fernley, a total of 53 sales for the month of September. It is crunch time for the $8000 First Time Homebuyer Tax Credit.
The golf course community had 5 sales as follows:
4 bank owned list price high $143,000 low $77,900 average $100,460
Sold price high $143,000 low $81,400 average $109,980
Average days on market 56 days, average $66.00 sq.ft.
1 short sale listed for $139,900 sold for $139,000
The rest of Fernley had 47 sales:
29 bank owned:
List price high $160,000 low $48,900 average $82,463
Sold price high $168,000 low $48,000 average $85,889
Average days on market 77 days average $56 sq.ft.
12 short sales
List price high $169,900 low $39,000 average $103,016
Sold price high $170,150 low $60,000 average $103,387
Average days on market 153 days, average $60 sq.ft.
6 regular owner sales (non-distressed)
List price high $160,000 low $61,900 average $110,798
Sold price high $160,000 low $70,000 average $113,000
Average $81 sq.ft.
October starts with 268 city-wide listings as follows:
38 listings in the golf course:
7 bank owned:
List price high $149,900 low $89,900 average $110,071
Average days on market 59 days
23 short sales:
List price high $174,900 low $74,900 average $124,430
Average days on market 87 days
8 owner/seller listings:
List price high $325,000 low $89,000 average $238,299
Average days on market 135 days
The rest of Fernley has 230 listings:
69 bank owned:
List price high $1,390,000 low $29,900 average $118,619
Average days on market 61 days
109 short sales:
List price high $300,000 low $55,000 average $111,733
Average days on market 122 days
50 owner/seller listings:
List price high $4,200,000 low $75,500 average $281,485
Average days on market 152 days
1 relocation listed at $349,900
1 court ordered sale $229,000
If you would like information on Fernley or the surrounding communities, please contact Sandra at info@SoldOnFernley.com
Every attempt has been made to present factual information.
Sandra Mathewson Certified Residential Specialist, CRS Accredited Buyer Representative, ABR Graduate Realtor Institute, GRI Certified New Home Specialist, CNHS Cell: (775) 287-8222
A large housing inventory, record low prices and the $8,000 first-time homebuyer tax credit deadline coming up, buyer competition has increased to the point where many homebuyers are running into multiple offers, over-asking sale prices and getting outbid on their choice homes.
Reconcile yourself to the fact that you might have to write offers on three or more properties before you find the home that is meant for you. Buying a home in a market like this takes hard work, resilence and not getting set on any one home until you have a signed contract by all decision makers, including the bank, on a short sale or bank owned transaction.
The question is how can a zero down buyer compete with cash offers or buyers with larger down payments? It's not a new problem and the seller doesn't really care how much is being put down on the deal. But, the seller does care about making sure the transaction closes escrow. Sellers worry about pulling their home off the market, missing out on other potential buyers and relying on an offer that may fall out of escrow because of a glitch with the buyer's loan or condition of the property.
Low down payment VA, FHA and Nevada's USDA bond program all impose stricter condition requirements than moderate down payment conventional loans, and conventional loans (obviously) are more likely to be troubled by condition or appraisal issues than an all cash deal.
The more cash a buyer has available to put down, to a seller's mind, the more financing options they have to fall back on in case their mortgage plan "A" falls through. All cash transactions have the added advantage of being able to close and get cash to the seller very quickly while most VA loans take up to 45 days to close.
There are things you can do improve your chances of prevailing in multiple offer situations. Shorten your inspection contingencies as much as your Realtor thinks is possible to do while still protecting yourself and obtaining inspections. Maximize the net price you are offering the seller (net to seller after any costs and fees you are asking the seller to pay).
Stay focused, get out there and see new listings. If the listing meets your criteria, make an offer quickly and if possible, put as short as possible a seller response deadline in the contract.
Ask your Realtor to analyze the average recent list price to sale price ratio so that you can have a record how far over the asking price your target properties are selling for.
Reset your price range a notch or two lower than the maximum amount for which you are preapproved so that you have room to offer more if need be.
Don't hesitate to offer more than asking for homes where the comparables and the competition justify your offer price. True this is a buyer's market, but the sellers are also smart and motivated, and many times the list prices are being set intentionally low to generate multiple bids.
Regards,
Sandra
Sandra Mathewson Certified Residential Specialist, CRS Accredited Buyer Representative, ABR Graduate Realtor Institute, GRI Certified New Home Specialist, CNHS Cell: (775) 287-8222
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