foreclosures: When Should The Home Inspection Be Completed In A Short Sale?
- 03/31/10 02:59 PM
I recently completed and earned the Short Sales and Foreclosures Resource designation. I think the points concerning the home inspection are worth posting: As per contract. If the contract calls for the home inspection to be done in five business days after the contract has been executed, the five days would start from the time of signing by the buyer and seller not from the time of the lender approval. The buyer would not be able to negotiate any costs or repairs if the home inspection was completed after lender's approval. The lender's approval is based on a definite dollar amount … (4 comments)
foreclosures: 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)
foreclosures: Reno and Sparks, Nevada Guide To Communities
- 01/24/10 07:23 AM
If you are thinking of making the Reno/Sparks area your home, the following is a brief overview of the many communities. DOWNTOWN RENO: It is hard not to miss the most famous "Biggest Little City" sign in the heart of downtown Reno. This area serves as the center of the entertainment and gaming businesses with the majority of the largest resort casinos here. Downtown also serves as the place for annual festivals, sporting events and a place to experience Reno's culture. Top attractions are the University of Nevada, Reno, just north of Interstate 80, the Reno Livestock Events Center; the … (2 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)
foreclosures: Incentives For Loan Servicers and Homeowners to Engage in Short Sales
- 12/30/09 02:53 PM
The Obama administration has released long-awaited guidelines for a program that will provide incentives for loan servicers and homeowners to engage in short sales when borrowers who are eligible for the Home Affordable Mondification Program (HAMP) don't qualify for a loan mod. The new guidelines prohibit loan servicers from demanding that real estate brokerages reduce the commission stated in the listing agreement as a condition of approving a short sale, a practice that has upset many real estate agents. Troubled borrowers interested in exploring a short sale will also be allowed to receive preapproved short-sale terms prior to the property listing, … (2 comments)
foreclosures: Reno and Sparks Nevada Real Estate, November 2009
- 12/30/09 02:07 PM
Our residential resale housing market remains strong as we move into the typically slower holiday season. Although there has been a slight seasonal decline with decreases in month-over-month sales, the numbers continue to show a strong year-over-year increase in sales volume. Median sales prices only 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 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 451 sold … (0 comments)
foreclosures: 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)
foreclosures: Fannie Mae Introduces Deed for Lease Program
- 11/17/09 04:38 AM
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 … (2 comments)
foreclosures: Sparks, Nevada....Have You Seen Our Newest Additions?
- 07/07/09 04:07 PM
Being one of the best places in Northern Nevada to live, it just got a little bit better ! The Legends at Sparks Marina had their grand opening in June. Take a tour of RED Development's $1.1 billion shopping center on 148 acres. Phase 1 of 24 stores opened on June 17, 2009. Stores than have been open for a while are Scheels Sporting Goods, Best Buy, Target, and All That Jazz Restaurant. http://www.realestateshows.com/413752 The Legends is adjacent to Sparks Marina, a park with year-round activities and a get-away right in the city, take a look http://www.realestateshows.com/417943 BusinessWeek magazine named the City … (2 comments)
I recently completed and earned the Short Sales and Foreclosures Resource designation. I think the points concerning the home inspection are worth posting:
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