"What does this mean?". Normally HUD will not allow an FHA insured loan on a property that has been bought by an investor, fixed up and sold within 90 days. During the time of boom to bust there were some unscrupulous investors that would buy properties and turn them immediately, sometimes with a straw buyer at hyper inflated prices.
What we are seeing now is a void being filled by the investors who have the money to buy properties that have been abandoned for months, fixing them up and putting in a qualified buyer who has a nominal down payment and who would not have otherwise had the money to fix up such a property. Thus taking these eye sores off of the market and helping the values of the neighborhoods they are located in.
"Property flipping is…
www.RenoRealEstateGurus.comDavid Hughes - Reno Residential Guru Reed Simmons - Reno Commercial Real Estate Guru Stephanie Hanna - Reno Mortgage Lender Guru Erin Schiller - Reno Title and Escrow Guru We are excited to be bringing you all the news and updates from all aspects of the Real Estate Market. We will also be adding other authors such as a home inspector, appraiser, water rights expert etc., this will become the resource in the Reno area for all of your Reno Real Estate questions. Reed Simmons with Grubb and Ellis in Reno has been in the real estate industry for 30 years and was once a partner at Dickson Realty.…
That was quicker than I thought, it was just 2 weeks ago that they had halted foreclosures due to the Robo Signing scandal. Bank of America has resubmitted affidavits in 102,000 foreclosures in 23 states. This would allow them to resume foreclosures in those states.
They plan on resuming foreclosures in the remaining 27 states as soon as it completes the review of the foreclosure process in each one of those states. According to a bank spokesperson the basis for the foeclosure decisions was accurate, meaning the people they are foreclosing on are behind on their payments and should be foreclosed on.
Bank of America is just one of 6 loan servicers that have been under scrutiny for allowing employees to sign off on affidavits without reading them. BOA and…
Bank of America announced last week they will be halting foreclosures in all 50 states while they investigate their pending foreclosures for fraud. Apparently they have been engaging in something you have probably heard about called "Robo Signing", which basically means bank employees forged notarized documents to accelerate the foreclosure process.
The arrogance by which these banks have operated throughout this foreclosure process is appalling. What does this mean for the average buyer and seller is a delay of the inevitable. Most guestimates are a 3 to 12 week bump in the road. In the short term could be good for sellers because this will give them less competition, in the long run this could hurt values as there will be a flurry of foreclosures that…
We just listed 7245 Ishi Point in the Northwest suburban area. This is a one owner home and is not a short sale. It is on a quiet cul de sac and has lot's of upgrades including: large RV area, lots of concrete work and built in shelves in garage. This home is close to shopping and is in the McQueen school district. $179,000
- 1263 sq. ft.
- 3 bedrooms
- 2 bathrooms
- 2 car garage
- .15 acre cul de sac lot
This is a must see if you are looking for a home in the Reno Northwest suburban neighborhood.
For more information on this home and more pictures - CLICK HERE
FHA Changes effective October 4, 2010: What's it really mean to the average buyer?
The good: FHA has maintained a miniumum 3.5% down payment.
More Good:The up front mortgage insurance premium (ufmip) has been reduced from 2.25% of your loan amount down to 1%. This amount is not actually collected upfront, but rather financed back into your loan. The lower this is, the lower your final loan amount is.
The Bad: The monthly mortgage insurance, or annual premium as FHA calls them is going from .55% to .90% on all loans that are for 95% or more of the sale price/value, and from .50% to .85% for all loans less than 95% of the sales price/value. So this monthly premium is almost doubling.
Simply put, for a buyer purchasing a $100,000 home with an FHA loan…
The key here is you have to have been in contract by April 30 of this year. If you were, they are giving you until September 30 of this year to close and take advantage of the $8000 tax credit for first time home buyers and $6500 credit for homebuyers who are buying a new primary residence.
The first tax credit that was to expire June 30 of this year has caused some back log with buyers trying to meet that deadline. This new deadline to September 30 should give everyone some breathing room.
Read the Reuters Article lining out the details of the extention.
As of the end of April the Reno Sparks area had an inventory of 2.3 months. This means that at the current pace of housing sales we would sell all of the inventory in 2.3 months. Compare that with November of 2008, when we had about 13 months of inventory on the market. A typical buyers market is defined as 8 months of inventory on the market. You do the math. Some people say banks are holding back on releasing foreclosures. If that is true there could be a flood of houses hitting the market. All I know is we have been very busy putting buyers in homes.
Interest rates are unbelievably low. Remember...your home is your home, that is where you hang your hat. Nothing more nothing less.
The recession has hit downtown Reno in a crazy way and the trend is not exactly what Reno officials were looking for. They were working for a mix of housing, shops and restaurants to help the faultering casino industry. The reason for the downturn in casino gaming is the Indian casinos in California which are just about three hours away.
The problem is the elephant in the room, which was Nevada's real estate crash. Reno's downtown condo market has floundered. The biggest project downtown is the Montage which has 377 units and sits nearly empty and has been put on the auction block. There are some other condo projects downtown that are still selling units, like the Palladio. They think the idea of all the condo projects downtown was a great idea but…