Selling Reno And Sparks Real Estate Blog: Nevada: Reno: Northwest Reno

I recently closed a Reno, Nevada short sale and the bank waived all future deficiencies against seller. I was the listing agent for this single family home located in the Cold Springs area North of downtown Reno. The seller was a single, young individual who was approved for a $380,000 loan back in 2006. Because  her second job ended and her income decreased, she was no longer able to afford her monthly mortgage payments on her own.

This Reno property was listed  in June 2009 (Yes, we just closed on October 15, 2010). Although I received an offer right away, I did loose the first buyer when the bank took to long to respond. The second buyer decided not to buy after the bank countered their offer by $30,000. The third and final buyer had to wait 6 months before he could move into his new home.

During this 6 month period, appraisals came in low, bpo's were to high, documents had to be updated and uploaded into the new Bank of America equator system, the seller moved out of state and had to be tracked down, power and water were shut on and off a couple of times ( all expenses paid by listing agent), first time home buyers tax credit came and went (buyers were hoping to receive) and just when I had nearly given up on this one, Bank of America offers seller a Cooperative Short Sale on her home.

It really seemed to good to be true. Bank of America asked if my client would be interested in a new pilot program they were working on. If the borrower decided to participate, she would be able to close with no future judgments against her, there would be no foreclosure, and she would receive at $3000 incentive at closing for participating.

My first thought when Bank of America called was "do I still have a interested buyer?". My next thought was, " I sure hope my seller didn't change her phone number."  And finally, I thought, "Is this for real? Or some kind of hoax, there has to be a catch."

Luckily for ALL parties involved this was not a hoax. Bank of America indeed was offering a select group of underwater home borrowers the Cooperative Short Sale.

 The High Performance Out Reach Program or the Cooperative Short Sale Program selects underwater home owners in a pre-screening process.  I believe that because my client had experienced a "true hardship" she was considered for and approved for this program. I don't know this for certain, but us just my guess.

Bank of America approved my Reno Nevada short sale listing and waived all future deficiencies. If you are facing foreclosure why not consider a short sale. Contact a short sale real estate agent who can help you through the process.

Bank of America Approves Reno Short Sale With Cooperative Short Sale Program

Reno Nevada Real Estate!

5990 Omaha Street, Reno Nevada 89506

Short Sale Closed ~ Listed with Terrie Leighton, Ferrari-Lund Real Estate

Just sold 5990 Omaha Street, Reno Nevada, 89506. List price $194,000 and sold for $180,000. The owners of this property were current on their mortgage but needed to sale this home because they were relocating to another area.

I was able to obtain short sale approval from their lender, Bank of America and close on this property with in four months. The seller's were able to stay current on their mortgage and still receive forgiveness from the bank even though they were selling this property for less than what was the borrowers owed.

A few facts about this Reno property:

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.

Spacious kitchen, breakfast bar & nook, maple cabinets with pull outs, bay window with views of mountains, adjoins dining/living rooms. Opens to back patio. Dining room or living room, you choose. Very light and open area just off kitchen. Plenty of room for everyone.

Enter the master suite through its double doors and notice the many touches the current owner added. The crown molding, ceiling fan, walk in closet with buitlin shelves, seating area and the slider doors that open to the back patio make this room exceptional.The master bath has two separate sinks, a jetted tub, separate shower stall, upgraded cabinets with pull out drawers. Very roomy for two.

There is a custom built shed in the back yard that makes this property very special. It will stay and can store so many of your garden tools. The garage has extra storage in its attic to store all you personal items.

The patio is covered with a Louvered style cover, it keeps it cozy and cool so you can enjoy almost any season while sitting and enjoying your mornings or evenings. The backyard is also surrounded by a white picket fence, the only kind in the neighborhood. There is a lovely rose garden with shrubs to help make this property almost complete.

Another Reno Short Sale Property Just Sold By Terrie Leighton, Ferrari-Lund Real Estate!

Currently, 57 Reno home owners have their homes listed for sale in the Rancho San Rafael area. The Rancho San Rafael area is located just northwest of downtown Reno.

If you are lucky enough to live in this area, you are within in walking distance to the Rancho San Rafael Park and the University of Nevada Reno.

The Rancho San Rafael Regional Park encompasses 600 acres of grassy fields, wetlands, natural areas, playgrounds, picnic areas,  and a huge dog park!

It is also home to The Great Reno Balloon Races and the Reno-Tahoe Blues Fest! Two very popular local events and Reno's greatest attractions.

Rancho San Rafael is also home to the Wilber D. May Center which includes a museum, a botanical garden and the Great Basin Adventure park.

The University of Nevada Reno is located on North Virgina Street, nestled in the Great Basin and Sierra Nevada, this beautiful, 17,000 student  campus offers competitive degree programs and academic achievement.

Many univeristy students choose to live on campus , but those who don't should consider housing in the Rancho San Rafael area. Here you will find affordable homes for sale and for rent and you will be be close to campus!

Below you will find a map showing homes for sale in the northwest Reno area. These homes are priced from $75,000 to about $255,000. Call me for additional information on these homes or any other properties you find that look interesting.