Northern Nevada Real Estate Blog: Nevada: Reno

The Washoe County treasurer's office started mailing the 2010/2011  tax bills to property owners this month and many have noticed a decline in their tax bill.

 July 1st was the start of the new fiscal year so tax bills were sent to out to coincide.

So if you received your tax bill already, which you should have, did you notice the reduction?

 The Washoe County treasurers office recently stated that because of the devaluation of Northern Nevada homes, and probably a whole lot of complaints from property owners,  there was a need to reevaluate property taxes.

Not all Reno home owners will see a reduction even though the home sales in their neighborhood were down.

 Here's why:

 In 2005 the legislature imposed annual limits on property taxes of 3 percent on residential homes but let governments that levy property taxes set aside increases about the limits and collect them in the years when when they would fit beneath the caps.

But governments that levy property taxes were allowed to set aside increases above the limits and collect them in years when they would fit beneath the caps.

So even if a house recently lost value, it could be taxed at a higher rate when the set-aside tax is included.

Here is the full article on the 2005 Washoe County Assessor's Office Tax Cap Notices.

If you want to check your tax bill online, log into the Washoe County Treasurer Property Tax Search Page and enter your property parcel number. This number can be found on your tax bill. If your home is listed for sale, ask your Realtor to check the site for you and update the MLS listing. Lower annual property taxes might attract an interested buyer.

Why Did My Washoe County Property Taxes Go Down?

Reno Condo buyers; Look here for FHA approved Condos and Townhomes!

FHA is certainly a popular way to obtain financing these days, but when you are looking to buy a Reno, Nevada Condo or Townhome, you need to be aware of which projects are FHA approved and which ones do not qualify.

You may be surprised to learn that although there are a large number of condos listed for sale, not all are eligible for FHA financing. The Department of Housing and Urban Development (HUD) eliminated the "spot loan" approval process in 2009.

 A 'spot loan' is a loan on a particularly property, usually a condominium, by a lender who has not previously financed this particular property. By eliminating this type of funding, HUD has made FHA financing harder to obtain on certain condo projects unless they can approve a whole condo project.

This is why it is important to make sure your real estate agent knows which Condo projects are FHA approved and which ones are not. Don't wait until after you get into contract to find out the Reno Condo you are buying is no longer FHA approved!

 You can get lists of condo projects that are FHA approved Condos for any State by going to this site:

FHA Approved Homes and Communities!

Reno has over 24 condominium complexes that are on the FHA approved list.

 Because of our changing and somewhat vvolatile real estate market, it is important to check the HUD website for approved condos on a regular basis when considering a condominium or townhome!

 Or call me, I can help you with your Reno Condo or home search!

Looking for a Sparks, Nevada condo? Look here for your list of FHA approved Condo:

Sparks Nevada FHA approved Condos

FHA Approved CONDOS in Reno, Nevada

Are you a Northern Nevada distressed property home owner and don't what to do? Have you considered a short sale on your home?

A real estate short sale occurs when a home is sold for less than is owned on it. Because the lender is being asked to accept a loss on their investment, the take a role in determining the sales price of the home. They decide what the selling price will be. The tricky part of a short sale transaction is getting the lender to agree to the terms of a contract.

A successful short sale transaction requires experience, patience, and the ability to find solutions if problems should arise during the escrow period ( the time the home goes under contract to the time it closes).

As your Reno Nevada short sale spacialist I will help you thought this process. I will do the following to help you with your short sale:

• Determine the requirements of your lander to approve your short sale
• Facilitate the submission of required documents from you to the lender including a hardship letter which helps the the lender determine if the short sale is appropriate for you
• Determine a listing price for your home
• Communicate regularly with your mortgage lender's short sale negotiator to work towards a selling price that they will agree to

As a Certified Default Resolution Specialist, I can help you with the short sale process and get your home sold. Call me for a free confidential Real Estate consultations. I look forward to talking with you.

Reno Home Owners ~ The Right Realtor Can Help You Short Sale Your Home

~Reno is Artown 2010~

For the last 15 years, Artown has taken place in Reno every July. You could easily say "Reno is Artown in July!" This month long arts and culture festival features more than 400 events from more than 100 performers. Most of the events take place downtown Reno at Wingfield Park, located on First Street and Arlington. Because there is so much to do and so much to see, I am providing a link to Artown. Here you will get your Artown schedule of events. You can also follow the Artown Blog and follow Artown on Twitter and Facebook.

 ~Reno is Artown 2010~

If you are looking for a home to buy in Reno, Nevada, you can search for all the Reno listings at www.Terrieleighton.com. The listings are updated every 15 minutes so you have to guess what homes are active, pending or sold. You can follow my Blog, follow me on Twitter and become a fan of my Selling Reno and Sparks Facebook page. I try to always have the latest Northern Nevada real estateand local events information at your fingertips!

~Free places to keep cool this summer in Reno, Nevada ~ Wingfield Park Amphitheater next to the Truckee River in Downtown Reno! ~

Rollin' On The River ~ Free Summer Concerts In The Park

Summertime is a huge time of year for bands to hit the road and tour the country. This is when outdoor arenas and amphitheaters step up to book the best shows in town.  This year marks the 14th year of FREE community concerts at the Wingfield Park Amphitheater in downtown Reno during the month of July. Produced by the Reno News & Review, every Friday in July you can enjoy free concerts at the Wingfield Park Amphitheater.

The Wingfield Park Amphitheater is a beautiful stage situated along the Truckee River on the corner of First Street and Arlington, downtown Reno. This centrally located park hosts numerous concerts, art and cultural events throughout the summer. Get to the park early, save your place with your blanket then go for a swim in the Truckee River to cool off before the show starts.

Celebrate summer by attending one, two or all the Rollin' On the River Free Concerts In The Park. Enjoy a wide variety of musical guests in a free, open, festival seating style concert. Bring blankets or low back chairs, whatever your comfortable with. Remember to leave all pets and alcohol at home!

Here is a schedule of free concerts at the Wingfield Park Amphitheater:

July 2 : Maria Muldaur ~ Blues/Jazz/Folk

July 9 : Tempfest ~ Celtic Rock

July 16 : The House Jacks ~ Rock Bank Without Instruments

July 23 : Brad Wilson ~ Rockin' Blues

July 30 : Elliott Randall ~ Country Rock Troubadour

Where to park for the Rolling' On the River Festival:

You can park at the Parking Gallery in downtown Reno, corner Sierra and First Streets (entrance is from First Street), at Reno High School on Booth Street, and at the McKinley Arts Center on Riverside Drive and Bell Street. Street parking around downtown Reno is metered until 6 p.m. except on Sundays, which is free all day. The big government parking lot at the corner of Court and Virginia Streets is free and open to the public on weekends.

A Free Place to Keep Cool This Summer in Reno, Nevada; Rollin' On The River 

~Vietnam Traveling Memorial Wall pays a visit to Reno this weekend~

The Vietnam Traveling Memorial Wall is in Reno right now. It's moving across the country the April 2010 to November 2010. The wall displays the names of soldiers who died during the Vietnam War and has been traveling across the country for more than twenty years.

The Vietnam Traveling Memorial Wall is at the Rancho San Rafeal Park located at:

1595 North Sierra Street

Reno, Nevada 89503

Today, June 18 to Sunday, June 20, 2010

58,260 = The number of names that are on the Vietnam War Wall

6,312 = The number of U.S Soldiers who have died since the Vietnam War.

You will also find a "Walk of Remembrance" at Rancho San Rafeal Park this weekend.The "Walk of Remembrance" is a display of over 6,000 flags that represent the American  men and women  who fought and lost  their lives while fighting for freedom  since the end of the Vietnam War.

Catch The Vietnam Traveling Memorial Wall In Reno This Weekend ~ June 18 to Sunday June 20, 2010

5990 Omaha Street, Reno Nevada 89506 ~ Under Contract / No Longer Available

Listed By Terrie Leighton, Ferrari-Lund Real Estate

5990 Omaha Street in Reno Nevada is a single story, single family home located in Panther Valley. This property was listed on 6.9.2010 and is now a pending short sale property. Pending short sale property means was there is a third party involved with this transaction, the mortgage lender. This home is being sold for less than what the current owners owes, therefore will reguire approval from the bank to close.

5990 Omaha Street is located in North Reno, just off of Virginia Street and 395N.  A great location near downtown Reno, the University of Nevada, Truckee Meadows Community College, the Rancho San Rafael Park, the freeway and so many great places to shop and dine. Home buyers like this Reno area for its rural, quiet setting the is close to town but still has the feel of being "away" from it all.

This home is not longer available but there are a few other similar homes in this neighborhood. For a complete list of homes, visit my LisitngBook website at www.TerrieLeighton.comto view other single family homes for sale in the Panther Valley. 

UPDATE**** tax credit has not been extended! MY BAD! I jumped the gun. The senate has not signed the amendment as of yet, we are still waiting for the final decision.

It is true, the closing date for those who met the April 30, 2010  deadline to have a signed contract has been extended. The new date a buyer needs to close in order to be eligible for the 2010 Home Buyers Tax Credit is September 30, 2010.

Like it or not, the Senate accepted an amendment by Senator Harry Reid (D NEV) to extend the date. By a vote of 60 - 37, the amendment was passed. This only affects the home buyers who have already made offers and should not have any significant affect on the housing market.

Click here to read the full story from Reuters.com

The Tax Credit Closing Deadline Has Been Extended!

Would you favor a bill that would extend the closing date for home buyers who took advantage of the home buyers 2010 tax credit?

I recently read an article in The Washington Post, By Dina ElBoghdady that talks about this extension. The Bill, if it passes, would give home buyers three additional months to close on properties that went into contract on or before April 30, 2010. A few of the highlights from the article are:

Senator Majority Leader Harry Reid (D-NV) is putting together a Bill that would extend the deadline for home buyers who took advantage of the recent Home Buyers Tax Credit.  The proposal would move the deadline for closing transaction to Sept. 30, 2010.

The National Association of Realtors (NAR) have noticed many home buyers will most likely not be able to meet the June 30 closing deadline because delays related to low appraisals, short sales that are not closing or getting approvals from lenders, loan documents taking to long to get to title because of the surge in loan volume.

You can read the full article in the Washington Post by clicking here. 

I think an extension is a great idea. The NAR's estimated number of 180,000 homes that are eligible for the tax credit  and getting them  closed by June 30 seems highly unlikely. 

 Over the last 12 months, the average length of time for a Nevada short sale to close has been between 90 to 120 days, sometimes longer. With the April 30th deadline to be eligible to receive the home buyers tax credit, this has left just in 60 days for some home buyers to close. An impossible task under normal circumstances, even harder with the volume of homes that are under contract right now.

What about you, would you favor a Bill to extend the closing date for the credit home buyers?

I recently wrote a post about the Tax Credit being a Rat Race to the end  because of the issues I was having with lenders not responding and  trying getting my properties closed by June 30, in time for the buyers to get the the tax credit. I was wondering if anyone had heard of congress extending the closing deadline.  Today I came across this article that was posted in the Wall Street Journal that talks about extending the Home-Buyer Tax Credit closing deadline.

The following article was written by Nick Timiraos.

Congress Could Extend Home-Buyer Tax Credit Closing Deadline

The Wall Street Journal, By Nick Timiraos

June 10, 2010

What if the home-buyer tax credit worked too well?

That's the latest concern from the real-estate industry, which says that a last-minute home-buying rush in April created bottlenecks at lenders and real-estate service companies that may not be able to finalize purchases in time for tens of thousands of buyers to receive a tax credit worth up to $8,000.

On Thursday, there were signs that the real-estate lobby had successfully communicated those concerns to Congress.  Senate Majority Leader Harry Reid (D., Nev.) joined Sen. Christopher Dodd (D., Conn.) and Sen. Johnny Isakson (R., Ga.) in sponsoring a measure that would give buyers until Sept. 30 to close on sales that went into contract by April 30. That measure would be attached to a job-related bill before the Senate. It would need House and Senate passage before being signed by President Obama.

Congress last fall extended an $8,000 tax credit for first-time home buyers and added a smaller $6,500 credit for current homeowners. For now, buyers who signed contracts by April 30 have until June 30 to close on those sales in order to claim the tax credit.

One worry has been that short sales, where a lender allows a home to sell for less than the amount owed, won't receive requisite bank approvals in time to meet the closing deadline. Short sales are "clearly at risk" because agents and loan officers have little control over getting those deals approved, says Tim Wilson, who heads the mortgage and title divisions at real-estate brokerage Long & Foster Cos. "I think you'll see a lot of those not make the deadline," he says.

But real-estate agents say that "plain-vanilla" transactions are increasingly at risk because of backlogs at lenders, title companies and appraisal outfits.

At Wells Fargo & Co., employees from other sales divisions are being brought in to handle mortgages, and staffs are working weekends and nights to process higher volumes. "It's all hands on deck," says Greg Gwizdz, an executive vice president at Wells Fargo Home Mortgage. He says the bank has prioritized "every customer who qualified for the tax credit."

A spokeswoman for Bank of America Corp. says the lender is also placing "increased priority" on loan applications submitted before the April 30 deadline.

Luke Hayden, president of PHH Mortgage, a lender based in Mount Laurel, N.J., says consumers can help speed the process along by being "very responsive to requests for documentation" from lenders. Underwriting standards are much more exhaustive today, and borrowers may not be accustomed to the amount of paperwork required, he says.

Delays have become more common as lenders and third-party firms, such as title companies, ensure that they comply with disclosure and appraisal requirements enacted to correct the excesses of the bubble years. The new regulations have prompted lenders to take extra caution at every step of the process.

The National Association of Realtors says 55,000 to 75,000 prospective buyers are at risk of losing their tax credit, but it's unclear how many sales would actually fall through for those who miss out on the tax credit. Buyers could be hard-pressed to void signed sales contracts unless they've made their closing contingent on receiving the tax credit or are willing to forego any deposits.

 The above article was from the June 10, 2010 Wall Street Journal, By Nick Timiraos

Congress Could Extend Home-Buyer Tax Credit Closing Deadline