Reno Sparks Real Estate

Nevada AG Sues Lender Processing Services (LPS)

2011-12-19T14:34:00.000-08:00

DSNews reports that the Nevada AG (Catherine Corez Masto) has filed suit against, LPS alleging deceptive practices against Nevada consumers by executing fraudulent foreclosure documents. According to the AG's office, LPS required employees to notarize and execute up to 4,000 documents every day. The suit also alleges kickback fees and obstruction of communication between foreclosure attorneys and clients.
Read the complete article at DSNews.com

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

AB284 Drastically Reduces Lenders Ability to Foreclose

2011-12-19T14:33:00.001-08:00

A bill recently passed by the Nevada Legislature, known as AB284, was designed to combat foreclosure abuses such as "robo-signing". The effect of this bill is already being seen in Washoe County. Notice of Defaults and Notice of Sale recordings are drastically down for the Months of October and November. Primarily due to the fact that the Lender must now file an affidavit concurrent with the Notice of Default in which the person signing for the bank must have "personal knowledge" of the property...merely having documentary evidence on the property is not enought.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Four of the largest 10 Lenders fail the Treasury's metric

2011-06-14T16:18:00.000-07:00

Treasury Department deemed 4 of the 10 largest loan servicers in the country as needing "substantial improvement" in regards to the Making Home Affordable loan modification program. Bank of America, JP Morgan Chase, Ocwen and Wells Fargo were the four servicers to fail the Treasury's metric.

Inman news reports that:

"In April, more than 29,000 homeowners received a trial HAMP modification and nearly 29,000 additional homeowners received a permanent modification, bringing the total number of permanent modifications under the program to nearly 700,000. Since June 2010, 70 percent of the trial modifications started have been made permanent, the report said."

and

"While we continue to get tens of thousands of new homeowners into mortgage modifications each month, we need servicers to step up their performance to meet the needs of those still struggling," said Tim Massad, acting Treasury assistant secretary for financial stability, in a statement."

Full article available at Inman News.

The other size of the largest 10 were deemed to need "moderate improvement". This includes American Home Mortgage, CitiMortgage, GMAC, Litton Loan, OneWest and Select Portoflio Servicing. Those six will receive their financial incentive payments - while the 4 worst will not.

63% of all Nevada properties are underwater

2011-06-08T08:15:00.001-07:00

Corelogic reports that during the first quarter or 2011, 63% of all mortgaged properties in Nevada were underwater. This number leads the country...Arizona (50%) and Florida (46%) round out the top 3. For those of us working in the Reno / Sparks real estate market, this comes as no surprise. Short Sale listings dominate our market right now with no signs of their prevalence changing any time soon. DSNews reports that on a national level, the main problem is homeowners with second mortgages.
They write:
"According to the company’s analysis, a negative equity borrower without home equity loans is upside down by an average of $52,000, versus an average of $83,000 for underwater borrowers with second mortgages."
and
"Many borrowers in negative equity are still able and willing to make their mortgage payments,” said Mark Fleming, chief economist with CoreLogic. “Those in negative equity and impacted by an income shock of some kind, such as a job loss, divorce, or death, are much more likely to be at risk of foreclosure or a short sale. The current economic indicators point to slow yet positive economic growth, which will slowly reduce the risk of borrowers experiencing income shocks.”
Complete article on DSNews.com

New HAFA Short Sale Guidelines

2011-04-07T20:22:00.000-07:00

The U.S. Treasury Department has released policy updates to the HAFA short sale program. The updates include a 10 day acknowledgement requirement by the loan servicer; a 45 day timeline for a decision; and properties can now be sold to non-profit organizations with the purpose of renting or reselling to the borrower (something that was previously prohibited). According to the Treasury only 4,488 homeowners have completed a HAFA Short Sale since the program rolled out. They say that there are 10,177 homeowners with HAFA agreements in the works.

What has your rate done for you?

2011-04-07T20:12:00.001-07:00

In a world where keeping up with the neighbors is the norm, sometimes it not what you have done for your rate but what has your rate done for you? In today's market I have seen many home buyers come into my office so concerned with what's my rate going to be or what are rates today? My simple answer to them is I can give you whatever rate you want. Let's go through your situation, then we can pick a rate that works best for you. I will break down in numbers exactly what I am referring to.

Say we have a client that is looking to purchase a home. They are currently renting a home and paying $1400 a month. They have $8,000 saved up for a down payment but no real other funds to fall back on should things get tough. They are looking at a home that costs $100,000.00. After going through the application process with them we discover they have excellent credit (above 740) and not a lot of outstanding debts. My approach to this is as follows, I will present them with as many different loan options as they are qualified for. In this situation the best option for them is to go with an FHA loan only costing them 3.5% ($3,500) at closing. Looking at the assets that they have I present these rates for them to look at;

Loan 1 FHA fixed for 30 years at 4.625
Loan 2 FHA fixed for 30 years at 4.875
Loan 3 FHA fixed for 30 years at 5.375

Here is the cost breakdown of all 3.

Loan 1. 4.625 costs 2.250 in points ($2,192.96) Payment of $501.11
Loan 2. 4.875 costs 0.375 in points ($365.49) Payment of $515.79
Loan 3 5.375 costs -2.625 in points (+2,558.46) Payment of 545.78

I would let the customer then chose what fits they comfort level best. The difference from 1 to 3 is $4751.42 up front with a change of $44.67 in monthly payment. It will take them 8 years and 9 months to break even if they select to go with loan 1. By selecting loan 3 you can use the $2,558.46 in funds to pay for taxes, insurance, hoa dues, title charges and not use all of your assets. You never know what might pop up after you have moved into your new home and it's nice to have some cash to fall back on should something pop up.

So when you are with your loan officer and going over rates, ask them to show you what your rate can do for you. If you have any mortgage questions I can be reached at christopher.meert@bankofamerica.com .

Energy Audit and Efficiency Requirements for Resale

2010-11-10T16:19:00.001-08:00

The Nevada Association of REALTORS® (NVAR), a group that had an active role in the crafting of SB 437 from the 2007 Legislative Session, reports that they are in full support of R148-10 as crafted by the Energy Commission.

In summary, R148-10 amends SB 437 to:
- only require that the seller provide a 12-month average of the utility bill to a prospective buyer.
- ensure that the form developed by the Energy Commissioner would not cause any additional costs or burdens to the homeowner.
- provide the seller and the buyer with the option to waive that requirement.

The bill, as introduced, and supported by some other interests stipulates that a comprehensive energy audit be conducted at point of sale and that a rating system be utilized to determine the property's energy efficiency. NVAR opposed this requirement because the result would not only increase costs of buying and selling real estate in Nevada for both parties, but also potentially stigmatize poorly rated properties.

18491 Datewood Court, Reno - Cold Springs - $125,000

2010-09-17T12:29:00.000-07:00


18491 Datewood Court, Reno, NV 89508	$125,000

Robert Range
	Phone: Fax:	775-200-0658 775-823-8025


PROPERTY PHOTOS

DETAILS
MLS:	100013126	Bed(s):	3
Total Baths:	2	Garage:	2
Type:	House	Full Baths:	2
Year:	2002	3/4 Baths:	0
SQ Feet:	1660	Half Baths:	0
Story(s):	1 Story	Acreage:	0.20
Pool:	N	InfoNow:	9

AREA INFORMATION
Street Address:	18491 Datewood Court Reno, NV 89508
Zip:	89508
Area:	Reno - Cold Springs (136)
Elementary School:	Gomes
Jr. High/Middle School:	Cold Springs
High School:	North Valleys

PROPERTY HIGHLIGHTS
Situated on a cul-de-sac next to walking path and open space. Lots of curb appeal! RV/Boat parking to one side and dog run on the other. Kitchen is open to living/family room. Large separate dining room and office/den. Central Air. Rear deck. This one is in good condition - come take a look!

775-200-0658

2355 Howard Dr, Sparks - 3 Bedrooms - $113,000

2010-09-17T12:28:00.000-07:00


2355 Howard Drive, Sparks, NV 89434	$113,000

Robert Range
	Phone: Fax:	775-200-0658 775-823-8025


PROPERTY PHOTOS

DETAILS
MLS:	100012557	Bed(s):	3
Total Baths:	2	Garage:	2
Type:	House	Full Baths:	2
Year:	1972	3/4 Baths:	0
SQ Feet:	1172	Half Baths:	0
Story(s):	1 Story	Acreage:	0.14
Pool:	N	InfoNow:	9

AREA INFORMATION
Street Address:	2355 Howard Drive Sparks, NV 89434
Zip:	89434
Area:	Sparks - East (181)
Elementary School:	Dunn
Jr. High/Middle School:	Dilworth
High School:	Reed

PROPERTY HIGHLIGHTS
Very well maintained and recently remodeled single story 3 bedroom home in well established Sparks neighborhood. Open kitchen featuring tile counter tops and a breakfast bar between kitchen and living areas. Large tree in front yard provides plenty of shade.

775-200-0658

Real Estate Market Statistics for July 2010

2010-09-17T12:26:00.000-07:00

Summary: 454 sales for a median price of $180,000 and $105 per square foot. Volume decreases 34.2% over June 2010 while median price increases almost 2.3%. Best performing area is the North Urban with a 29.92% increase in median sales price. Worst performing area is the Sparks with a 3.9% decrease in median sales price.

At months end we had 3,312 active listings in the MLS for a median list price of $103 per square foot or $204,698.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Poll Indicates Most Americans Believe Home Prices Have Bottomed

2010-09-17T12:25:00.000-07:00

Poll Indicates Most Americans Believe Home Prices Have Bottomed

DSNews.com reports that a recent poll conducted by Fannie Mae indicates that 78% of Americans believe home prices have bottomed out.

"Of the respondents to the Fannie Mae National Housing Survey, 47 percent believe home prices will hold steady over the next year, while 31 percent expect them to rebound." "A majority of Americans — 67 percent — continue to believe that housing is a safe investment; however, that number is down 16 percentage points from a similar survey conducted in 2003 — the largest drop by far among all investment types tracked since then."

Complete Article at http://tinyurl.com/24n6nu6 DSNews.com by Carrie Bay 09/16/2010

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Real Estate Market Statistics for June 2010

2010-08-27T14:39:00.001-07:00

Summary: 690 sales for a median price of $175,950 and $103 per square foot. Volume increases 31.2% over May 2010 while median price drops almost 2%. Best performing area is the North Valleys with a 11.1% increase in median sales price. Worst performing area is the Old Southwest with a 16.4% decrease in median sales price.

At months end we had 3223 active listings in the MLS for a median list price of $103 per square foot or $200,000.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

FHA Delinquencies Fall Again

2010-07-26T16:18:00.001-07:00

According to DSNews.com, FHA delinquencies have dropped again in the month of June. That will be the 5th straight month of declining delinquents. The FHA's operations report indicates that as of June 30th 532,757 of it's guaranteed mortgages are at least 90 days past due (or 8.3%). That is down from 8.4% in May and 9.4% recorded in January.

Read the complete article on DSNews.com at: http://www.dsnews.com/articles/fha-delinquencies-fall-for-fifth-consecutive-month-2010-07-23

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Lenders Perspective - Installment #1

2010-07-26T16:17:00.001-07:00

I am pleased to announce the launch of a new series of articles featuring information on current Lending requirements, changes in Lending industry as well as some tips and suggestions for Buyer's that are thinking of getting into the real estate market for either primary or investment purposes. I think you'll find the information in this series helpful and valuable. I've asked Denise Lindsay, Vice President at Wholesale Mortgage to be be the primary contributor. Lender's Perspective - Installment #1

Q. Denise, for our first article would you summarize what you are seeing in the market right now? What do you see, in general terms, going on in regards to mortgage industry in the Reno/Sparks region?

A. Rates at their lowest point since mid–1950’s. Mortgages are cheaper today than they’ve been in a half-century...if only most people had the job security, credit score and cash to qualify! The average rate for a 30-year fixed loan fell to 4.69 percent this week (beating the low set in December and down from 4.75 last week). Rates are at their lowest since the mortgage company began keeping records in 1971.

Almost no one expects falling rates to energize the economy though. Sales of new homes collapsed in May after an enticing tax credit expired. Rates have fallen over the past two months as investors have become nervous about Europe’s debt crisis and the global economy and have shifted money into safe Treasury bonds. The demand has caused Treasury yields to fall. Americans normally rush to refinance when rates plummet, but refinancing activity now amounts to less then half the level of early 2009 (when long-term rates hovered around 5 percent). Right now Investors are cornering the market. I will have more for you on the programs to watch for in our next installment!

Contact Denise Lindsay at Wholesale Mortgage at 775-825-1600 or DeniseWholesale@yahoo.com

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

Real Estate Market Statistics for May 2010

2010-07-26T16:01:00.000-07:00

Summary: 526 sales for a median price of $178,975 and $105 per square foot. Volume decreases 7.4% under April 2010 while median price drops almost 3%. Best performing area is New Southeast with a 20.2% increase in median sales price. Worst performing area is the North Valleys with a 10.5% decrease in median sales price.

At months end we had 3207 active listings in the MLS for a median list price of $103 per square foot or $199,900.

2 Bedroom in Fleur De Lis - $140,000

2010-07-26T15:06:00.001-07:00

Not a Short Sale or Bank Owned. Equity Seller! Beautiful ground level townhouse in Fleur De Lis community. Quiet and private. Patio area faces south with a nice mountain peak view. Interior features two bedrooms with two full bathrooms. Great condition! Move-in ready.
Last Updated on Monday, 26 July 2010 10:41

HAFA Short Sale Program Summa

2010-05-19T11:49:00.000-07:00

he HAFA program (Home Affordable Foreclosure Alternatives) went into effect April 5th, 2010. As an industry we are just starting to see some progress with HAFA eligible short sales and the approval process. Below is a summary of the HAFA provisions as posted on Realtor.com. Please call or email if you have any questions.

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.

HAFA Provisions

- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification

-Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

-Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

-Uses standard processes, documents, and timeframes/deadlines.

-Provides the following financial incentives: $3,000 for borrower relocation assistance; $1,500 for servicers to cover administrative and processing costs; Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

Full article is available at http://www.realtor.org/government_affairs/short_sales_hafa

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

First Time Homebuyer Program and Down Payment Assistance

2010-05-11T14:54:00.001-07:00

(from Nevada Housing Division) The Nevada Housing Division Mission Statement is to assist and encourage the private sector and other government entities in the creation and maintenance of affordable housing throughout the State.

The Division issues bonds for the purchase of newly originated Mortgage Loans. We offer first time homebuyers fixed interest rate 30-year loans with additional assistance available for down payment and closing costs. Some exemptions from the first time homebuyer criteria may apply for eligible veterans and individuals purchasing in targeted areas. PROGRAM DETAILS:
First Mortgage Loan – Current rates as of 05/03/10 are 4.75% (subject to change)
APPROVED LOAN TYPES
FHA: 203(b); 234(c); 703(b); and other acceptable FHA programs. Temporary buy-downspermitted per limits and rules.
VA: Originated and guaranteed in accordance with VA guidelines under 1810 and 181A.
Temporary buy-downs permitted per limits and rules.
RHS: Originated and guaranteed in accordance with USDA. Temporary buy-downs permitted per limits and rules.
Fannie Mae Conventional: Traditional Fannie Mae, Fannie Mae MyCommunity Mortgage. (Fannie Mae Flex 97 and loan programs involving discount pricing are not permitted. Manufactured homes, as defined by Fannie Mae, are not allowed. Temporary buy-downs permitted per limits and rules.)

Down Payment Loans (Must be used in conjunction with NHD First Mortgage loan.)
A general description of the Nevada Housing Division Down Payment and Closing Cost Loan Programs are as follows:
Fixed rate
First-time homebuyer requirement; 20 year amortization; Income limits-same as first loan program; Purchase price limits-same as first loan program; First Time Homebuyer Education Course required; Maximum assets $5000.00 after loan closing.

Secondary financing: Up to $4,500 to be used for down payment assistance and/or closing costs. Up to $5000 for deferred loan program for borrowers under 60% income limits.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

4.0% "Sales Tax" on Home Sales - Not Correct

2010-04-27T12:02:00.000-07:00

(As reported by NAR) Contrary to reports and newspaper articles circulating widely on the Internet, there is not a 4.0% "sales tax" or "transfer tax" on the sale of a home included in the recently signed health care reform bill. The analysis underlying these reports is incorrect and fails to take into account the interplay of the bill's provisions with already existing real estate tax laws that remain unchanged.

What was included in the health bill is a provision that imposes a new 3.8% Medicare tax for some high income households that have "net investment income." Any revenue collected by the tax is dedicated to the Medicare hospital insurance program. This new tax will only apply to households with Adjusted Gross Income (AGI) of more than $200,000 for individuals or more than $250,000 for married couples. Since capital gains are included in the definition of net investment income, an additional tax obligation might result from the sale of real property.

In the case of the sale of a principal residence, the existing $250,000/$500,000 exclusion from capital gains on the sale of a principal residence remains unchanged. Consequently, even when the AGI limits are met, the new tax would not be applied to all capital gains that result from the sale of a home. Rather, it would only apply to any home sale gain realized in excess of the $250K/$500K existing primary home exclusion that pushes the filer's AGI over the $200K/$250K adjusted gross income limit.

The new Medicare tax will not take effect until January 1, 2013.

For more information on the new Medicare tax, please consult NAR's Health Reform Q&A on this and other provisions of the new health reform law located at: www.realtor.org/healthreform

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.

IRS Clarifies What is Needed to Claim Tax Credit

2010-02-28T09:27:00.000-08:00

The Washington Post reports:

"While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements."

Full article link : http://www.realtor.org/RMODaily.nsf/pages/News2010022201?OpenDocument

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter.

You are welcome to contact Robert by phone at 775-200-0658 or Email.

Reno Sparks Nevada Foreclosure List Update

2010-02-20T15:35:00.000-08:00

All new and price reduced Bank Owned or REO properties in Reno and Sparks, Nevada.

Real Estate Market Statistics for December 2009

2010-02-15T16:59:00.000-08:00

Summary: 644 sales for a median price of $175,100 and $102 per square foot. Volume increases 36% over November while median price remains flat. Best performing area is New Southeast with a 27% increase in median sales price. Worst performing area is New Southwest with a 22% decrease in median sales price.

At months end we had 2535 active listings in the MLS for a median list price of $106 per square foot or $200,000.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter.

You are welcome to contact Robert by phone at 775-200-0658 or Email.

Reno Sparks Nevada Foreclosure List Update

2010-02-08T12:28:00.001-08:00

Link to Listings

All new and price reduced Bank Owned or REO properties in Reno and Sparks, Nevada.

FHA 90 Day Flip Rule Waived

2010-02-08T12:27:00.001-08:00

The 90 day flip rule has been temporarily suspended for all sellers effective February 1, 2010 and the waiver shall expire one year from February 1, 2010. This is great news for FHA Buyers as it opens the possibility for more inventory to consider. Note that the VA Flip Rule was waived earlier this year.

Pursuant to §7(q) of the Department of Housing and Urban Development Act (42 USC 3535 (q)) and 24 CFR 5.110, I hereby waive §203.37a(b)(2) of the regulations. The regulations at 24 CFR §203.37a(b)(2) provide that a mortgage for a property will not be eligible for FHA insurance if the contract of sale for the purchase of the property is executed within 90 days of the prior acquisition by the seller, and the seller does not come under any of the specific exemptions that apply to the 90-day rule. This waiver, which takes effect on February 1, 2010, is limited to those sales meeting the following conditions:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. Some ways that the lender can ensure that there is no inappropriate conspiracy or agreement between parties is to assess and determine the following:
· 1) The seller holds title to the property;
· 2) LLCs, corporations, or trusts that are serving as sellers were established and are operated in accordance with applicable state and Federal law;
· 3) No pattern of previous flipping activity exists for the subject property, as evidenced by multiple title transfers within a · 12-month time frame (chain of title information for the subject property can be found in the appraisal report);
· 4) The property was marketed openly and fairly, via MLS, auction, For Sale by Owner offering, or developer marketing · (any sales contracts that refer to an "assignment of contract of sale," which represents a special arrangement between · seller and buyer may be a red flag).

In cases in which the sales price of the property is 20 percent or more over and above the seller's acquisition cost, the waiver will only apply if the lender:
· 1) Justifies the increase in value by retaining in the loan file supporting documentation and/or a second appraisal which · verities that the seller has completed sufficient legitimate renovation, repair, and rehabilitation work on the subject · property to substantiate the increase in value or, in cases where no such work is performed, the appraiser provides · appropriate explanation of the increase in property value since the prior title transfer: and
· 2) Orders a property inspection and provides the inspection report to the purchaser before closing. The lender may · charge borrower for this inspection. The use of FHA-approved inspectors or 203(k) consultants is not required. The · inspector must have no interest in the property or relationship or with the seller, and must not receive compensation for · the inspection from any other party than the lender. Also, the inspector may not compensate anyone for the referral of the · inspection. Additionally, the inspector may not receive any compensation for referring or recommending contractors to · perform any repairs recommended by the inspection, and may not be involved with performing any repairs · recommended by the inspection.

At a minimum, the inspection must include:
· 1) The property structure, including the foundation, floor, ceiling, walls and roof;
· 2) The exterior, including siding, doors, windows, appurtenant structures such as decks and balconies, walkways and · driveways;
· 3) The roofing, plumbing systems, electrical systems, heating and air conditioning systems;
· 4) All interiors; and All insulation and ventilation systems, as well as fireplaces and solid-fuel-burning appliances.

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter.

You are welcome to contact Robert by phone at 775-200-0658 or Email.

Reno Sparks Foreclosure List Update - January 30th, 2010

2010-01-30T13:18:00.001-08:00

See below for a list of all New, Back on Market and Price Reduced listings that are Bank Owned (REO).

Link to Listings

Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter.

You are welcome to contact Robert by phone at 775-200-0658 or Email.

2010 Home Buyer Tax Credit

2010-01-30T10:56:00.000-08:00

Congress has extended the very popular First Time Home Buyer tax credit that expired November 30th, 2009 - and added a provision for existing homeowners interested in purchasing a new home. Buyers need to be In Contract by April 30th, 2010 (and ultimately close by June 30th, 2010) to take advantage of this program. See all the details below and let me know if you have any questions.

How does this effecting the Reno/Sparks market? As many Buyers are starting to find out, competition for "quick closing" properties (like Bank Owned and the rare Equity Seller) has become fierce. Multiple offer situations and contract pricing exceeding list price are common. If you are a qualified buyer looking to take advantage of this Tax Credit - expect to compete with other Buyers on any property that can reasonable close prior to the Tax Credit expiration.

You are welcome to contact Robert by phone at 775-200-0658 or Email.

Reno Sparks Nevada Foreclosure List Update

2009-11-02T07:56:00.000-08:00

Reno Sparks Real Estate

Nevada AG Sues Lender Processing Services (LPS)

AB284 Drastically Reduces Lenders Ability to Foreclose

Four of the largest 10 Lenders fail the Treasury's metric

63% of all Nevada properties are underwater

New HAFA Short Sale Guidelines

What has your rate done for you?

Energy Audit and Efficiency Requirements for Resale

18491 Datewood Court, Reno - Cold Springs - $125,000

2355 Howard Dr, Sparks - 3 Bedrooms - $113,000

Real Estate Market Statistics for July 2010

Poll Indicates Most Americans Believe Home Prices Have Bottomed

Poll Indicates Most Americans Believe Home Prices Have Bottomed

Real Estate Market Statistics for June 2010

FHA Delinquencies Fall Again

Lenders Perspective - Installment #1

Real Estate Market Statistics for May 2010

2 Bedroom in Fleur De Lis - $140,000

HAFA Short Sale Program Summa

First Time Homebuyer Program and Down Payment Assistance

4.0% "Sales Tax" on Home Sales - Not Correct

IRS Clarifies What is Needed to Claim Tax Credit

Reno Sparks Nevada Foreclosure List Update

Real Estate Market Statistics for December 2009

Reno Sparks Nevada Foreclosure List Update

FHA 90 Day Flip Rule Waived

Reno Sparks Foreclosure List Update - January 30th, 2010

2010 Home Buyer Tax Credit

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

The short sale process - how does it work?

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Nevada Foreclosure List Update

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)

Reno Sparks Daily Foreclosure List Update (over $300,000)

Reno Sparks Daily Foreclosure List Update ($100,000 to $300,000)

Reno Sparks Daily Foreclosure List Update (under $100,000)