Northern Nevada Real Estate Blog

Why Did My Washoe County Property Taxes Go Down?

Fri, 23 Jul 2010 19:58:45 -0400

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?

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

The information in Terrie Leighton's Blog are believed to be accurate and true but are not guaranteed! Terrie Leighton is a licensed real estate agent with Ferrari-Lund Real Estate serving the areas in Reno and Sparks Nevada.

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Be The One

Wed, 21 Jul 2010 20:16:35 -0400

Be the One! And help with this gulf crisis! Watch the video, you know what to do.

Via Lisa Heindel, New Orleans West Bank Real Estate (Keller Williams Realty Crescent City West Bank Partners):

If you don’t live along the Gulf Coast, you probably haven’t been inundated every single day, multiple times a day, for the last 3 months with the images of oil spewing uncontrollably and the memories of lives lost in the initial explosion of the Deepwater Horizon.

Your local newspapers probably are not filled with oil spill related stories from the front page to the back.

You may have seen photos of oily pelicans, but not realize how many people are now out of work.

You may have watched a report on the cleanup of the beaches of Grand Isle, LA, but not seen how the marshlands are dying from a combination of oil and dispersants.

This disaster will take many, many, many years for our eco-system and Gulf to recover from.

And we need to make our voices heard. Now.

Be the one.

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Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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FHA Approved CONDOS In Reno, Nevada

Thu, 15 Jul 2010 22:02:05 -0400

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

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Reno Farmers Markets ~ Keeping it Local & Keeping it Fresh

Thu, 15 Jul 2010 20:57:25 -0400

~Reno Nevada Farmers Markets ~

We may be smack in the middle of summer right now but you can still get fresh produce at Reno Farmers Markets for another six weeks. The Reno weekly farmers markets are great summer spots to find fresh fruits and vegetables. Nearly everyone I know enjoys taking time to shop at local area farmers markets. Here are a few reasons why it is a good idea to shop at local markets:

Buying produce locally has several advantages:

~ Farmers markets help promote and support our local economy

~ Shopping local benefits our farmers and supports our community

~ You have a pretty good idea where your products are coming from

~ By bringing your reusable bags you are helping reduce the carbon footprint on the environment by saving on packaging.

~ Reno farmers markets are great places to bring the entire family

Produce and other items found at local farmers markets are not always the cheapest, but they are the freshest! Farmers are always offering samples while you browse around. Fresh cantaloupe from Fernley is so sweet and refreshing, you can't leave with out one!

There is still plenty of time this summer to get out and shop out Reno's local farmers markets. There is a market going on nearly every day of the week this summer and early fall.

Here is a list of Reno Farmers Markets:

Sundays:

West Street Market ~ West Street, between 1st and 2nd Street ~ 9am to 1pm ~ Now until Sept. 12

South Reno Farmers Market ~ 950 Foothill Road, @ The Grove ~ 9am to 1pm ~ Now until Sept. 5

Mondays:

No Farmers Markets

Tuesdays:

Shoppers Square ~ Plumb Ln & S. Virginia St. ~ 8am to 1pm~ now until Oct. 5

Wednesdays:

Somersett Town Square ~ 7650 Towne Square Way ~ 4pm to 8pm ~ Now until Aug. 25

Thursdays:

Sparks Hometown Farmers Market ~ Victorian Ave in Sparks ~ 4pm to 9pm ~ Now until Aug 25

Fridays:

Tamarack Junction ~13101 S. Virginia St. ~ 8am to 1pm ~ Now until October 8

Saturdays:

Village Market~ On California Ave Booth Street ~ 8am to 1pm ~ Now until October 2

Reno Nevada Farmers Markets ~ Keeping it local and keeping it Fresh!

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Be Your Agent’s Ally. Short Sales Are Battles With The Banks…Don’t Leave Undiscovered Land Mines

Wed, 14 Jul 2010 11:44:22 -0400

Getting Short Sale approval is the goal of all parties involved. Listed below are some ways we can all help out in the process.

Via Toni Dalrymple, Mountain House and Livermore (Keller Williams, Serving Livermore, Mountain House & Dublin):

A Smooth Transaction is everyone's goal.

You may not know this, but your REALTOR® is working very diligently behind the scenes to get your bank to approve your short sale. They are faxing and re-faxing the same documents to the same departments because the bank has lost the paperwork. They are waiting 40 minutes on the phone just to speak to a representative that is now answering questions about foreclosure dates and HAFA guidelines that last week was processing insurance payments for the Auto Division. They are keeping all these plates spinning and here’s a little checklist of things that you can be doing to minimize problems when your approval letter comes in.

Open your mail and read it.

The bank may have something important to say and they may be do that by mail. If you receive anything that is time sensitive or refers to a court action, please get that to your REALTOR® right away.

Be cautious on the phone

When the bank calls and you answer refer them back to your listing agent. They may ask you questions about terms that you may not understand and a wrong answer can stop your transaction dead in the tracks.

Please dont take your appliances or other attached items.

Remember you are handing your home over to a buyer that is excited about your home and loves it just the way they saw it. You aren't giving it to the bank. Be kind. If you didnt exclude it from your listing agreement it stays. Dont try to get money for those window shutters, door knobs, plumbing and light fixtures and most of all your appliances. You will have to replace anything that you sold, or find another buyer.

Pay your Home Owners Association Dues

Some banks are refusing to pay past HOA bills. If you don’t pay your bill as it comes, you may have to pay past due payments, late charges and attorney fees or court costs if they file a lien for non-payment. Your bill could end up being substantially higher for non-payment.

Pay your Home Owners Insurance

You still own your home. You are still liable if somebody gets hurt on your property. There is still the risk of fires, etc…

Resist the urge to spend your money.

You are probably not financially able to pay your entire mortgage but now have “extra” money each month. Resist, resist, resist buying those things that you have wanted or planning that dream vacation until after your home has closed. Save, save, save your extra money. Banks are frequently asking for cash contributions or owners to share the loss and contribute $5,000 to $20,000 to the transaction. Of course your Agent will try to negotiate that away or reduced, but you may need to bring in those funds. If they get it waived great, you will need a vacation. If they don’t it could kill your deal and instead of having a short sale on your credit report you may have a foreclosure. Instead of purchasing again in an estimated 2-3 years it could be 5-7 years.

Keep the Utilities on, especially if your home is vacant.

Turn down your thermostat for your furnace and hot water heater. Turn off the water valve that enters your house. Invest in an automatic timed light switch like your grandmother had to keep a light on at night. There are people that want to live in your vacant home at night. The banks are less likely to postpone foreclosures on vacant properties. They don’t want to risk the property being vandalized.

Landscaping…Just Do It or pay a teen ager.

Your neighbors and your agent will appreciate that. If you live in a community that has rules about upkeep they will fine you and call your agent over and over and over. Be kind and mow.

Swimming Pools

Put a lock on your backyard gate. Mosquitoes and Algae are big problems. Both are hazardous to kids and pets. If a pet or child falls into a dirty pool nobody may notice. Make sure you run your filter and add chlorine. You don’t want to have any harm come to anyone.

Thanks for listening. Thanks for being responsible. Now when the approval comes in you can be ready for that 30 day closing.

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Could This Sparks' Got Talent Winner Be The Next Carrie Underwood?

Wed, 07 Jul 2010 20:42:56 -0400

Could this Sparks, Nevada teenager be the next Carrie Underwood?

Julia C. recently won a Sparks' Got Talent contest where she competed against 40 very talented locals. She wowed Reno Aces fans when she sang the "Start Spangled Banner" in front of a sold out crowd of 10,000 fans. Julia goes to school with my children and has big dreams of being a professional singer one day. I have listened to Julia sing and she defiantly has talent!

So you tell me, could this rockin local Sparks girl be the next Carrie Underwood? Just listen to Julia nail "Cowboy Casanova" at the July 2010 Sparks' Got Talent Show at the Sparks Marina and you be the judge:

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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

Sat, 03 Jul 2010 09:50:55 -0400

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

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Explosive Fourth of July Fireworks Events In Northern Nevada

Fri, 02 Jul 2010 20:26:35 -0400

Find your Fourth of July explosive Fireworks Shows and Events in the Northern Nevada areas of Sparks, Reno, Carson City, Lake Tahoe and Virginia City right here!

Star Spangled Sparks ~ Probably one of Northern Nevada's largest fireworks events. The Star spangled Sparks party is an all day, family fun filled extravaganza.

Start you day at the Sparks Marina with hot air balloon rides, a two mile run/walk race, a milk carton boat race and a Sparks' Got Talent Competition.

After you finish running and racing at the Sparks Marina, walk on over to the Legends shopping center and enjoy live music, several children's events, food samples and entertainment for the entire family. Legends will provide free shuttle service to and from the Sparks Marina and to Victorian Avenue, where the Star Spangled Sparks firework's show will be help.

The Star Spangled Sparks fireworks show will be held on Victorian Avenue in downtown Sparks. You will find them right across the street from John Ascuaga's Nugget.

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Fireworks at the Reno Aces Ballpark ~ An exciting fireworks show is scheduled to follow the Reno Aces Baseball game.

The baseball game is sold out but fireworks can still be viewed from around the stadium. The Reno Aces Baseball Stadium is located at 250 Evans Ave, downtown Reno. It sits on the corner of Evans and Second Streets, you can't miss it.

Arrive early and bring a blanket to watch the show near the entrance of the ballpark. While you are waiting for the show to begin, take some time to check out some of downtown Reno's spectacular sites and establishments.

Visit the new Freight House District you have heard so much about lately. Take a walk along the Truckee River. Stop by the Reno West Street Market and buy a Reno eNVy T-shirt. Wherever your feet take you, I hope you have a wonderful downtown Reno Fourth of July celebration.

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Lake Tahoe Fireworks ~ We all love Lake Tahoe! And if you are lucky enough to be at the lake on the fourth, you will surely want to know where to look for those fireworks, am I right? There are several locations for the firework displays this year.

Kings Beach~ Located on the North Shore of Lake Tahoe, Kings Beach will be having its show on Saturday this year. The show is expected to start at 9:30 but you know the drill, GET THERE EARLY! The best place to view the show is at the Kings Beach Recreation Area.

Incline Village ~ Just in case you are driving around and are wondering what is happening here, this fireworks show is for residents and guests only and will be taking place at the Incline Beach on Sunday.

South Lake Tahoe ~ Star Spangle Fourth ~ Lights on the Lake! Visible to almost all Lake Tahoe visitors and is the area's largest and most spectacular shows. Set to music the fireworks can be seen and heard from all over town . Below are some of the sweet spots to get a front row seat.

The Tahoe Queen and M.S. Dixie II: South Shore's two Mississippi paddle wheelers offer a unique opportunity to view the light show from the water. Board the Tahoe Queen for a Dinner Dance Cruise or the M.S. Dixie II for a Fireworks Cruise. Both feature live entertainment and fantastic views of the evening's display.
Nevada Beach: Located about two miles east of the Nevada casinos on Elk Point Road, Nevada Beach is the ideal setting for a family barbecue at the beach. A wide, sandy shoreline leads down to the sapphire waters of Lake Tahoe. The view of the fireworks display is one of the best in town.
Regan and El Dorado Beaches: Located right where Highway 50 meets the Lake, these connecting stretches of narrow beach are front and center for the fireworks. Arrive early! These beaches fill up with people who love to be right under the action.

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Carson City ~ Celebrate the holiday all weekend in Carson City at Mills Parks. As part of this RSPV celebration, you and your family will enjoy a carnival, arts, crafts, great food and drinks. The fireworks show will take place Sunday evening in the park! Call 687-4689 for more information and to RSVP!

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Virginia City ~ Celebrate the Fourth of July the way they did back when Mark Twain was alive and kicking! Virginia City is hosting a old-fashioned parade with cowboys and gangsters marching. Enjoy music, food and drinks through out the day. The fireworks will begin at 9:30 p.m. and can be seen from the Virginia City Park.

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Explosive fireworks shows can be seen all over Northern Nevada this 2010 holiday weekend. I hope you will find what show you are looking for and make it a great, safe and exciting 2010 Fourth of July weekend here in Northern Nevada!

Explosive Fourth of July Fireworks Events in Northern Nevada

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Updated Summer Photos Make This Home Stand Out Above The Rest!

Thu, 01 Jul 2010 17:32:47 -0400

I updated the photos of this Reno home and now it stands out above the rest!

My listing at 4288 Muriwood Circle in Reno is really spectacular. It truly is. But from the front of the house, there was just something missing. I talked to the sellers about what we could do to make it more appealing. They both agreed we needed something to make it more attractive. They went to work. Take a look at the before and after photos and see how a little updating goes a long way.

The before pictures were taken in February and the after pictures are from June.

Before:

After:

Before:

After:

Before:

After:

The sellers made a some minor changes to front and back of this home. They were very open to my suggestions and are very happy with the results. Because of the few changes that were made, the outside now matches the modern, stlyist interior of this home.

Here is a video for you to see both the interior and exteroir of 4288 Muirwood Circle:

Photo and video editing at www.OneTrueMedia.com

Updated Summer Photos Make This Home Stand Out Above The Rest!

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Artown Schedule of Events ~ Reno is Artown in July 2010

Mon, 28 Jun 2010 20:39:30 -0400

~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!

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Reno Nevada Home Owners: Bank Of America Opens Outreach Help Center In Reno

Mon, 28 Jun 2010 16:00:05 -0400

Bank of America Outreach Help Center In Reno

Reno and Sparks homeowners ~ Bank of America has opened a outreach center here in Reno, Nevada to assist distressed and underwater homeowners modify their mortgages.

If you or anyone you know are having difficulty making your mortgage payment each month, why not consider speaking to a homewonershrip retension specialist. A homeownership retention specialist is trained to assist, help customers ( you ) find a solution to your current situation. Their job is to help you stay in your home and find a way to help you stay.

If there is no way for you to keep your home because of a hardship, they will recommend you short sale your home. Bank of America might consider a hardship to be a divorce, loss of income, relocation or an illness. Maybe you have fallen to far behind on your mortgage payments to catch up, the retention specialist might recommend you short sale your home.

Prior to visiting or contacting the Bank of America help center, you will need to have your loan number, property address, two months bank statements, latest tax returns, recent income and financial expenses ready.

The main goal of the Bank of America Outreach Help Center in Reno is to keep you from walking away from your home. The Reno Bank of America Outreach Help Center is located at 695 Sierra Rose Drive, Reno Nevada 89511. Call 1-877-345-6416 to schedule an appointment.

The following is a Fox Business News Video. Barbara DeSoer is being interviewed about the new Bank of America Outreach Help Centers. Barbara DeSoer is a Bank of America home loans President.

Fannie Mae, the government sponsored mortgage program, recently announced they were going to "block" homeowners who walk away from their mortgage from getting another mortgage for up to seven years from the date of the foreclosure on their property.

But if you work with you lender to try to do a loan modification or short sale your home, Fannie Mae says the wait time to purchase another home will be much shorter.

There are many articles written on this but here is the article I recently read that helps explain Fannie Mae's plan to keep you from walking away from your home: "Walk Away From Your Mortgage? Fannie Mae Will Give You the Freeze."

If you have already taken steps to try to stay in your home but no longer feel you can do so and are ready to short sale, call me today to discuss the process of the short sale. I have received my Short Sales & Foreclosure Resource Certification on well as my Certificate of Designation for a Certified Default Resolution Specialist and I believe I can help you with this next step. Walking away from you home should not be a solution. Short selling could be a solution for you.

Bank of America Outreach Help Center in Reno ~ 695 Sierra Rose Drive, Reno, 89511

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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

Sat, 26 Jun 2010 19:31:15 -0400

~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

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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FNMA Pushing Lenders to Pull New Credit Reports Right before Closings!

Fri, 25 Jun 2010 15:20:04 -0400

This is a must read post from Drew Sygit for all of today's buyers. Knowing what could happen once you apply for a loan from start to finish is critical.

Via Drew Sygit (The Lending Edge) Real Estate Financing Expert (The Lending Edge):

FNMA Pushing Lenders to Pull New Credit Reports Right before Closings!

The lending world just keeps getting tougher.

As of June 1, 2010 FNMA guidelines now require lenders to pull a new credit report right before closing a loan in addition to the credit report pulled at application.

This new required practice will take some time for homebuyers and industry professionals to get used to. Unfortunately, it'll become more common for purchase transactions to fall apart at the last minute.

How?

Let's say a homebuyer barely has the credit score required to qualify for their mortgage. They get pre-approved for a conforming mortgage, find a home they like, sign a purchase contract and apply for their mortgage. So far, so good. Then, sometime during the approval process, they innocently charge a tank of gas for their car on a credit card. That small transaction could drop their credit score enough to kill their deal.

Or a homebuyer could go out and open a new account at Best Buy and purchase their new appliances ahead of time. The additional credit payments could exceed the debt tolerance they were initially approved for and again kill their transacation at the last minute.

The least controllable situation - the new credit reportpulled before closing discloses something a homebuyer did BEFORE they even applied for their mortgage. It's easy to forget that information can take up to 90 days to appear on a credit report. So, an innocent credit transaction leading to an increased balance could pop up and kill a transaction.

So homebuyers need to be VERY prudent about what they do with their credit when buying a home.  Here are some tips:

Turn in all your credit card statements from the last 90 days when applying for a mortgage.

Review your credit report with your Loan Officer and compare what's reported to what's on your credit card statements.

Consider paying down account balances where there's a discrepancy.

Disclose any recent new credit accounts opened or large charges.

If you're credit is borderline, consider an FHA mortgage (which isn't requiring the additional credit pull yet)

Be very careful with the use of credit accounts before the closing of your home purchase.

Real estate agents also need to be more aware of this new requirement and start educating homebuyers about it as soon as they start showing them homes.  There will definitely be transactions affected, but throwing a temper tantrum and making the problem 100% the lender's fault will not solve anything. Be professional and part of the solution, not part of the problem!

I do not wish one of these ugly situations on anyone and I'm dreading when it occurs on one of my transactions.

A more in depth explanation of the new requirement

It's important to note that FNMA hasn't come out and required lenders to pull new credit reports right before closing. What they've done is introduce a new requirement called, "Loan Quality Initiative" (LQI) and that is forcing lenders to take this action to meet the LQI requirements.

Here's the language from FNMA leading to lenders pulling new credit reports right before closings:

Lender must determine that borrower liabilities incurred up to, and concurrent with, closing are disclosed and evaluated in qualifying the borrower for the loan.

Why is FNMA doing this? Well here's as excerpt from FNMA's announcement 2010-03 about LQI released February 26th that supposedly explains why:

Historically, many issues related to compliance with Fannie Mae selling policies are not detected until after loans are delinquent or through the foreclosure process. Loan repurchase requests to lenders have increased in the past three years, highlighting the need for an improved approach for working with lenders to deliver loans that meet Fannie Mae's underwriting and eligibility guidelines. Fannie Mae conducted an extensive analysis to determine the primary drivers of repurchase requests and is launching the Loan Quality Initiative (LQI) to identify and implement policy, process, and technology enhancements to improve the compliance with underwriting and eligibility guidelines and mitigate repurchase risk.

Working with its lender partners, Fannie Mae is implementing the LQI enhancements to promote improved loan delivery data that is complete, accurate, and fully reflective of the terms of the mortgage. The LQI will also help ensure that the loan meets the credit and eligibility standards, pricing guidelines, and other requirements of the Selling Guide or negotiated variances. A primary focus is on capturing critical loan data earlier in the process and validating it before, during, and immediately after loan delivery.

This updated approach is designed to stand the test of time across market cycles and risk tolerances, thus supporting market stability and reducing investor and lender risk. Changes introduced under the LQI are intended to reduce repurchase requests through improved data integrity and consistent and early feedback on policy compliance while maintaining the current business model of relying on lenders to make appropriate decisions in accordance with Fannie Mae's guidelines.

The announcement actually covers a lot more items than just pulling new credit before closings.

Lenders now also have to:

Confirm the identity of all borrowers

Verify all borrowers have a valid social security number

Verify a borrower intends to owner occupy a property

Validate all parties to a transaction and make sure they're not on any government exclusion lists

Reporting & validation of mortgage insurance coverage

Credit scores must be 620 or higher (with some exceptions)

..and more.

FNMA's vagueness about LQI caused such an uproar in the industry that they had to release a clarification statement March 29th.

Oh but wait, it get's better! Because their bureaucratic mumbo jumbo is so clear, FNMA had to publish additional clarifying statements on April 7th and again on June 7th.

FNMA has also created an index page on their website to assist lenders with understanding what they're after.

Is it any wonder why it's seems so difficult to get approved for a mortgage these days?

MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY
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Contact him for The Lending Edge
P: 248-356-3739 • F: 866-215-3755 • dsygit@TheLendingEdge.com • www.TheLendingEdge.com

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Get It Fresh At The Sparks Hometown Farmers Market

Thu, 24 Jun 2010 17:23:23 -0400

If fresh fruit and vegetables are what you are after, the Sparks Hometown Farmers Market is the place to be every Thursday in June to August in Sparks, Nevada.

Every summer, Sparks hosts the largest farmers market in the Reno / Sparks area. This year will be the 18th year in Sparks and it continues to be a huge local favorite, not to mention one of the funnest events to attend as well.

The market features more than 100 vendors offering fresh picked produce, breads, pastries, flowers and gourmet foods with amazing free samples. There is plenty of ready-to-eat food and drinks served during the evening as well.

Enjoy live entertainment and shop for unique home and garden treasures. There is a kids zone so bringing the entire family is a must. The Sparks Hometown farmers market is more like a mini-fair with all the street activities and attractions.

The Sparks Hometown Framers Market is held on Thursday evenings from 4-9 p.m. at Victorian Square Sparks.

Shuttle service is available at the Legends Shopping Center. Legends is located at 1311 Lincoln Way in Sparks. Shuttle hours will be from 4:30 - 9:30 pm. Service is provided to and from the farmers market.

Attendees are asked not to bring any glass containers, alcohol or pets to this event.

Get It Fresh At The Sparks Hometown Farmers Market

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Sparks Nevada Buyers: Look Here For FHA Approved Condos and Townhomes

Mon, 21 Jun 2010 19:44:45 -0400

FHA approved condos and townhomes in Sparks, Nevada

There are plenty of amazing deals right now in the Sparks, Nevada condominium market.

However, with the recent turmoil in our housing industry, many financial institutions have tightened their lending guidelines and have made it difficult to obtain financing on condos.

It is important to remember that when considering to purchase a Sparks, Nevada Condo or Townhome with a FHA loan, these complexes must already be approved by the FHA and HUD.

For a condo complex to be FHA approved, they have to meet specific requirements. These requirements are:

At least 90% of the units must have been sold
At least 51% are owner occupied
No single entity may own more than 10% of the units
If there are more than 30 total units, then no more than 10% of the units may have FHA financing
If there are 30 or fewer total units, then no more than 30% of the units may have FHA financing

If you are a Sparks, Nevada home buyer who is considering purchasing a condo with a FHA loan, here is your list of Sparks, Nevada FHA Approved Townhomes and Condominiums:

Casoleil At Spanish Springs

500 Costa Azul Drive

Sparks, NV 89436

Built in 2006, Casoleil in Spanish Springs is one of Sparks newest, luxury communities that offers two and three bedrooms with up to five different floor plans. Home owners enjoy a gated community, pool and spa, fitness center, business center with full service kitchen.

There are 5 Casoleil Condos listings in the NNRMLS right now. The average list price is $135,000. The HOA dues are $170/monthly.

Mountain Meadows

3230 Wedekind Road

Sparks, Nevada 89431

Mountain Meadows offers two bedroom town-home style condominiums with three different floor plans to choose from. Homeowners enjoy the security of a gated complex, a swimming pool, indoor spa, clubhouse, fitness center and covered parking.

There are 9 Mountain Meadows Condominiums listed for sale in the NNRMLS. The average list prices is $70,000. Mountain Meadows HOA dues are $195/monthly.

Pine Meadows

663 Pine Meadows

Sparks, Nevada 89431

Pine Meadows Townhomes are great for first time home buyers. Two story, three bedroom units with two car garages. Easy access to Interstate 80 and just blocks from the Sparks Marina. Mature landscaping.

There are 6 Pine Meadows Townhomes listed for sale. The average list price is $82,000. Pine Meadows HOA dues are $140/monthly.

Silver State Condominiums

15 Street & Rock BLVD

Sparks, Nevada 89431

Silver State Condominiums are centrally located in Sparks, Nevada, near the Sparks High School and Sparks Middle School. The units are two story, come ready for washer and dryer, offer a recreation room and swimming pool

There are 15 Silver State Condominiums for sale. The average list prices is $69,000. Silver State Condominiums HOA dues are $190/monthly.

Springland Village

Springland Drive

Sparks, NV 89434

Springland Village offers several different floor plans. Choose from a studio to a three bedroom unit.

The amenities at Springland Village include two swimming pools, one spa, a tennis court, two parking spaces per unit, and partial utilities paid through the home owners association. Mature landscaping and a wide variety of fresh, wild flowers surround this popular Sparks, Nevada complex.

There are 9 current listings in Springland Village. The average list price of a Springland Village Condominium is $80,000. The HOA dues are $220/monthly.

Williamsburg Townhomes

E. Lincoln Way

Sparks, NV 89431

These two story townhomes were built in 1972 and are located in East Sparks, Nevada. There are several different units to choose from. Each unit has its own private patio, covered parking with extra storage.

There are only two Williamsburg Townhomes available for sale. The average list prices is $72,000. The HOA dues are $165/monthly.

Wingfield Springs Condominiums

Vista / Ingleston Drive

Sparks, Nevada 89436

The Wingfield Springs condos are located just off Vista Blvd in sparks and have soaring views of both the Spanish Springs Valley and the "Hills" golf course at Red Hawk. This project was built in 2002 and offers state of the art townhome/condo living.

Amenities include access to swimming pool, recreation room, club house and fitness center. Close to the Golden Eagle Sports Complex, a supermarket and eateries.

Choose from 12 active listings that average in list price of $130,000. The Wingfield Springs Condo HOA's are $220/monthly.

The process of buying a FHA approved condo is really not as complicated as it may seem. Enlisting the help of a professional real estate agent who knows the area can help save you time and help make the process both easier and more successful. Please feel free to contact me for all of your condo and townhome information.

Sparks Nevada Buyers: Look Here For FHA Approved Condos and Townhomes

__________________________________________________________________________________________________

Certified Default Resolution Specialist (CDRS)

Short Sales & Foreclosure Resource ~ Certified (SFR)

Ferrari-Lund Real Estate

775.846.5424

www.TerrieLeighton.com

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Search the MLS for Properties here in Northern Nevada

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