financing: Nasty Little Tricks An REO Pulled On My Buyers
- 03/27/10 05:04 PM
I have a young couple that are purchasing their first home. The couple have been tenants of mine for a year, paying rent at $850 a month. The payment on their new home will be $605, a big monthly savings for them. The young man is in the military and she is employed at a local bank and expecting their first child in June. We found a nice REO listing that they liked and made an offer on 1/24/2010. Usually the REO's are priced slightly below market, but not this one, it was priced at the high end, but the kids … (8 comments)
Effective for all sales contracts dated on or after February 1, 2010, certain property may be resold and financed using FHA insured financing without waiting 90 days. FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance. Private sellers and investors are now eligible to take advantage of this waiver. These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction. In cases where the sales price is 20% or greater than … (0 comments)
Sellers wishing to sell their home and buy another have been asking me if they need to sell before purchasing another home to get the credit. The answer is "NO". If you can obtain financing for the new home until you sell the other that is one way. The other, which is a little more difficult in the current housing market is to to do a contingency. If your home is priced right and in top shape to sell, you should be able to manage this. According to the Internal Revenue Service, you do not have to sell your current … (2 comments)
financing: Fernley, Nevada Real Estate November 2009
- 12/27/09 07:42 AM
The residential housing market has been strong since early summer. Typically sales slow down during the holidays. and we are seeing a decrease in month-over-month sales, but the numbers continue to show a strong year-over-year increase in sales volume. Median sales prices slightly dropped continuing the flat pricing trend that we have seen over the past six months. We anticipate steady sales moving through the holidays and into the first quarter of 2010, with buyers responding to the extension and expansion of the home buyer tax credit and exceptionally affordable interest rates. SALES: November ended the month with 49 sold transactions as … (0 comments)
financing: Big Brother Is Watching The Homebuyer Tax Credit Claims
- 08/01/09 03:10 PM
The IRS claims to have "sophisticated computer screening tools" to indentify tax returns that may contain fraudulent claims for the tax credit. The IRS says it has executed seven search warrants and currently has 24 open criminal investigations of potential instances of fraud involving the credit. "We will vigorously pursue anyone who falsely tries to claim this or any other tax credit or deduction" said Eileen Mayer, chief of the IRS' crimiminal investigations. "The penalities for tax fraud ar steep." Taxpayers should be wary of anyone who promises to get them a big refund." Congress allocated $13.6 billion for the first … (0 comments)
financing: Fernley, Nevada Homes And Real Estate May 2009
- 06/08/09 12:55 PM
Sales are steady in and around Fernley. The golf course had 10 sales: 7 bank-owned sold with an average of $65 per sq.ft. and an average of 124 days to sell. List price high $159,900 average $127,428 low 79,900 Sold price high $157,000 average $125,000 low $78,000 2 short sales sold, one was listed for $162,000 and sold for $162,000, the other was listed at $149,900 and sold for $130,000 1 regular seller/buyer sale at the list price of $169,000 All the rest of Fernley had 33 sales for May 2009: 27 bank-owned sold with an average per sq.ft. cost of $62.00 and 119 … (0 comments)
financing: Fernley, Nevada Real Estate Neighborhood Stabilization Program Funds Announced
- 06/02/09 04:38 PM
Fernley is now eligible for the "Neighborhood Stabilization Program (NSP) to assist homebuyers in purchasing bank-owned homes in Fernley and Dayton. Funding is available through Lyon County's Neighborhood Stabilization Program. As a component of the Housing and Economic Recovery Act of 2008 (HERA), the NSP is specifically intended to stabilize neighborhoods experiencing the negative effects of the sub-prime mortgage crisis and the general economic downturn. These localities are identified as those hard hit by foreclosures and are statistically at high risk of continued market deterioration. Lyon County is taking applications for the qualified homebuyers Down Payment Assistance Program (DPA). This program … (0 comments)
financing: Buyers Can Tap Tax Credit For Down Payment
- 05/13/09 03:13 PM
Secretary of Housing, Shaun Donovan reported on Tuesday that the Federal Housing Administration is working on a policy that will allow FHA approved lenders, HUD approved nonprofits and state and local housing finance agencies to "monetize" the tax credit through short-term bridge loans. First-time home buyers will soon be able to access their $8000 federal tax credit when closing on a home through a short-term bridge loan that will cover their down payment on FHA-backed loans. At the National Association of Realtors midyear conference in Washington, D.C., Donovan told members "We think the policy is a real win for everyone, ensuring … (0 comments)
financing: Fallon, Nevada Real Estate MLS Statistics for April 2009
- 05/05/09 08:19 AM
For the month of April 2009, Fallon had 13 sales (14 in March) so things are still moving. Of the 13 sales all were stick built homes. Six were bank-owned, the rest were regular owner sales. List price high $399,900 Low $40,000 Average $143,084 Sold price high $335,000 Low $45,500 Average $132,873 Average days on market 107
May starts off with 233 listings, 183 stick built and 50 manufactured homes. Stick built homes, 29 are bank-owned, 15 are short sales List price high $729,500 Low $19,900 Average $234,562 Avg. $124 per sq.ft. Avg. 187 days Manufactured homes: List price high $274,000 Low $69,900 … (1 comments)
I have a young couple that are purchasing their first home. The couple have been tenants of mine for a year, paying rent at $850 a month. The payment on their new home will be $605, a big monthly savings for them. The young man is in the military and she is employed at a local bank and expecting their first child in June.
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