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A wonderful way to not only discover, but actually learn about all that Truckee has to offer is by visiting – virtually first – our wonderful Recreation Department. Classes for people who are out and about, as well as for the indoor crowd are being offered for just about all ages. Want to go skating, but don’t want to join the Northstar crowds; want to know where the next Bridge Class will be held….???? Here’ s the link that will help you greatly in your search of new (and old) Truckee adventures.
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First Centennial Title has grown from a small, one office operation to a community leader with offices in Reno, Sparks, Carson City and Incline Village. We have provided full service title and escrow in 
Northern Nevada for over 30 years. We are the only title company in Northern Nevada with a local title plant and the strength of four national underwriters. Locally managed with national reach and corporate support, First Centennial Title is truly your partner in title and escrow.
At First Centennial Title we feel your successful transactions are a reflection of what our company has built its reputation on; Quality, Service, Excellence and Integrity. All easy words to say, but our employees strive every day to make them a reality by providing the best service in the industry.
Follow this link to watch a short video introduction to our company:
http://youtu.be/6-p_L3dIHj0
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On January 13th the RGJ reported that since the D’Andrea golf club owed about $250,000 and until that is paid the water to the course would be shut off. D’Andrea Holdings LLC has reported because of economic conditions they could no longer pay the fees to continue to pump reclaimed water on the golf course. It has been proposed to have each of the home owners pay an additional $28.00 per month and the water will be turned back on. What this will do is to create a residents club that would give homeowners the following benefits:
- 28% discount on all food
- The restaurant would be open 7 days a week for lunch and dinner.
- 10% discount on the lowest published golf rate.
- 10% discount on all merchandise in the pro shop
- Free use of the club house for meetings.
All home owners have been mailed ballots and need to respond by March 1 to keep D’Andrea from going dry. A lot of the homeowners are playing “chicken” with their golf course, hoping that the current owners will be forced out and a new owner will take over, “really”. Even a couple of months with no water or maintenance and no one will touch it with a ten foot pole.
One other caveat, the biggest developer of houses in D’Andrea is Lennar and if they do not agree to the monthly increase there is no deal, “game over”.
Homeowners need to do the right thing and “vote yes” and keep your golf course green. This is a pretty inexpensive insurance policy to keep your property values from dropping further.
Last year Somersett had their own little crisis with the members taking over the course from the developer. Since then members have increased membership by 45% and the club is now making money and 2012 is looking great.
They are having some informational meetings before the vote, you can click here and see a schedule of the meetings and get more details of the pros and cons of this deal.
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http://housingwire.com/article/fhfa-will-pre-qualify-investors-bulk-reo-program
Late last year, the FHFA announced an REO bulk sales initiative with the intention of stabilizing neighborhoods in some of the nation’s worst housing markets. The program allows investors to purchase large lots of homes in these areas—provided that they have the capital to rehab them and turn them into rentals.
What does this mean for the Reno/Sparks market? Well, on a surface level, it seems like a good idea. Selling the properties in bulk certainly reduces the holding costs to the owners. Banks must continue to pay taxes and maintenance fees for homes that are in their inventory—shadow or not. Politically, it seems like a winning proposition because it should reduce vacancy rates and market times hopefully leading to a faster recovery. The numbers of relocated previous homeowners are quickly exceeding the capacity of the rental markets in harder hit areas and this phenomenon is leading to extended hostile occupancy. Entities cannot foreclose, evict, value, clear title and liquidate quickly enough and, although national news sources and NAR propagandists would like to continue to spout “buyer’s market” rhetoric, there simply is not a strong influx of quality inventory in my market area. The lack of quality inventory creates a shortage of properties offered for lease and homeowners losing their homes in the foreclosure process simply have nowhere to go. Pooling some of the nations wealthier property investors and bulking out groups of homes to be held as rentals seems like a strong inclination.
On the street level, however, this is a nightmare of unwieldy proportions. To begin with, this program was admittedly (according to DeMarco’s quote in the article) created through a collaborative effort of the stakeholders. I have a brilliant idea, let’s gather a group of individuals that you would like to please, make sure that they are wealthy, powerful and politically connected, then ask them how we could use the housing crisis to best line their pockets and feed their collective interests.
Of course investors think that it is a good idea for REO properties to be yanked from fair market and sold to them bulk for a discount. Is it a surprise to anyone that they would be so generous? They avoid the typical pesky pitfalls of real estate investment like second party valuation, fair market competition, homeowner competition and market/escrow timelines. You know, those silly little details that help actual citizens in pursuit of real estate transactions and create the fair market system that our hopefully non-socialist economy is based on?
If this article refers to the non-profit organizations that I think that it does—NTSP—I am strenuously opposed to it on the onset. The Neighborhood Stabilization Program is a great news bite—use stimulus funds to purchase REO properties in low income neighborhoods, rehab them with local labor and then sell them to first time buyers with a special government backed loan program in an effort to prevent investors from purchasing the homes to use as rentals and pushing neighborhood values down with lower owner occupancy rates. Never mind the initial problem—that this program uses tax payer dollars to invest in real estate (psst, Congress, real estate is a BAD investment right now, please don’t spend my money on it) instead of infrastructure, education, or defense. But concentrate instead on the fact that property flipping should, under even the best circumstances, be done by professionals with the skills and time to make the profit margins work. Has it occurred to anyone that the government is probably not going to be very efficient at flipping homes? By the time the money trickles down through the sticky fingers of all of the management staff that has been hired to institute the programs, the cronies that they hire based on preference, not skill or experience, hand pick the properties. The rehabs are conducted with the same reckless abandon—superior pricing for sub par workmanship (aah, the government way) and the properties are liquidated through a system that spends more taxpayer funds on buyers who should be obtaining fair market loans. Did I mention that there are no plans in place to insure that these properties don’t eventually become rentals after the close date?
Selling properties in an area en mass to an investor could also create unfair practices in rent fixing. Since this kind of bulk policy will further alter the reality of the actual market – creating an artificial scarcity, it could stretch our recovery even further.
Who will regulate this? Who will guarantee that the rents are fair? What is to keep these investors from liquidating the properties with inappropriate hard money practices, taking advantage of occupants with rent-to-own schemes, or simply re-selling the properties at a profit? How much will it cost taxpayers to monitor these wealthy investors who are getting a pat on the back for altering the reality of fair markets and what is the realistic gain from a program like this?
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Dickson Realty announced that Eagle Home Mortgage has become the preferred lender for their clients. As reported in the Reno Gazette Journal today, Eagle Home Mortgage is a full-service mortgage banker and subsidiary of Lennar Corporation in seven western states with offices in Reno. Eagle offers services to Dickson clients that include conventional and jumbo loans, fixed and adjustable rate mortgages. In addition they provide Federal Housing Administration and Veterans Affairs loan products, Rural Housing/USDA loans, renovation and manufactured housing financing and state bond loans.
Dickson Realty’s Caughlin Ranch, Damonte Ranch and Sparks offices have an Eagle Home Mortgage loan officer on-hand to help you.
If you have more questions, please call or write me an email!
Esther Ramage - Dickson Realty
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As you may know Assembly Bill 284 took affect on 10/1/2011 and requires that lenders have proof of ownership prior to filing a Notice of Default on delinquent mortgages in Nevada. This legislation intended to put an end to the nasty “robo-signing” issue. Well it certainly has done that and then some. We’re nearly three months into this and NOD’s have virtually come to a halt. Is this what our legislators intended? I hope not….
First of all, is this legislation a direct challenge to MERS? (the Mortgage Electronic Registration System). An explanation of that system follows below and has been copied directly from their web-site:
MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.
Simply put, MERS allows banks and investors to exchange mortgages without the typical title and escrow work we’re all familiar with when we buy, sell or refinance our homes. While your home may have stayed with you all these years, your mortgage has likely changed hands many times. This system has served the banks well for many years. However, at this point bankers are clearly lacking in confidence when it comes to risking a felony offense.
Secondly, this will no doubt have an affect on housing inventory in Nevada. At some point in the near future the inventory of available bank owned homes will drop dramatically. Short sale home sellers may delay their plans. Why rush to sell short if the lender isn’t going to rush to foreclose? I’m very concerned that this will create a false sense of demand in the market. Prices may rise due to scarcity but there’s no doubt reality will roar into the market someday soon.
Last but not least, why would any bank want to lend in Nevada? Let’s think about this… High unemployment, declining home values, state mandated foreclosure mediation and now this. Seriously, I’m no big fan of the banks but common sense would seem to dictate that Nevada is not a great place for banks to do mortgage business. Home financing is already tough in our market. No doubt this will only make things tougher in the long run.
Let’s hope our legislators do a little more homework before they pas the next round of laws intended to protect us all.
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Need a stocking stuffer? Or a present so special it will be remembered forever?
For $10 you can obtain a ticket for the January 20 event featuring three original Tuskegee Airmen which entitles you or your giftee to meet and greet with these historical figures, enjoy refreshments, take a tour of the Air Guard Facility, and gain admission to the movie, “Red Tails”.
Sponsored by “Our Story, Inc” and the Nevada Air National Guard with assistance from Cinemark, the event starts at 11:30 at 1776 National Guard Way in Reno. Admission is by pre-purchased ticket only. Movie attendance is at one’s convenience at any local Cinemark.
For more information, ticket purchase and details, call 775.741.4869
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Veterans day began as “Armistice Day” right after WWI. It is celebrated on November 11 because that is the date in 1918 that the war OFFICIALLY ended. It became an official holiday in 1954 when it was signed into law by President Eisenhower.
Reno will celebrate the holiday with a parade honoring our local military veterans who have served and protected our country. The theme of the parade this year is “Women in the military”.
Please join me and hundreds of others at the parade on Friday, 11-11-11 @ 11am (time the war officially ended) on Court & Virginia Street (downtown Reno) to cheer and thank those who help keep us FREE.
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Days are getting shorter, the weather is getting colder, and the holidays are right around the corner. Now is the time to make your house look the best and make the most out of selling your home. This time of year often signals a slowing down in the real estate market. What better time to make your home stand out from all the rest. Just a few simple things will put you ahead of the competition.
Paying attention to curb appeal is first and foremost. It is the first impression a buyer has as they pull up to your home. Make sure leaves are raked and shrubs and bushes are pruned. Plant some cold weather loving flowers such as mums or pansies to add color to a fading flower bed. Add some fall decorating with a pumpkin or two and a wreath. Too much decorating detracts from the house so keep it modest and simple. Just a touch goes a long way and helps a buyer envision themselves living there instead of focusing on your decorations.
Lighting is also very important with shorter daylight hours. Open the blinds during the day to bring in as much light as possible. Make sure exterior and interior lights are on for later in the day showings. Set the thermostat at a comfortable temperature. Buyers won’t linger for very long if they are freezing to death and the house is dark. If there is a fireplace make it a focal point in the room. Light some scented candles. All of these things will make your home feel very welcoming and homey.
Another essential tip is to update your listing photos. Most of the time the buyer’s first impression of your home is online through photos. If your home has been listed for a while and the pictures were taken in the summer or winter your listing looks old and outdated. There is no better way to bring the life back to your listing and make it look new and exciting again. If you are just now considering selling take advantage of these tips and make the most of the season changing to make your house look its best.
Call or email me today for some additional tips and advice or to discuss your selling options. 775.303.7871 or dboscarello@dicksonrealty.com
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President Obama has expanded the existing Home Affordable Refinance Program, HARP. According to Phillip van Doorn from “The Street”; “HARP is offered to mortgage borrowers who are current on mortgage loans that are guaranteed by Fannie Mae or Freddie Mac, whose home values have dropped so much that the current loan-to-value ratio is over 80%. The program has been extended through December, 2013, and is available for loans sold to Fannie or Freddie before May 31, 2009. Under the expanded 
HARP, borrowers will be able to refinance for up to 125% of a home’s current value, but the 125% loan-to-value cap will be removed during the first quarter of 2012.” The homeowner can ask their lending officer if their loan is owned by Fannie Mae or Freddie Mac or you can visit the links at the bottom of this post.
There is another key requirement to qualify for HARP. According to Mahesh Swaminathan, senior mortgage strategist at Credit Suisse, “You must have made the last six mortgage payments, and have missed no more than one payment in the last year. You also must have a job or another source of regular income”.
With the interest rates being in the low 4%, and even in the mid 3% for Adjusted Rate Mortgages, it might be a great time to call your lender and ask if this is the right time to lower your mortgage payment.
If you would like to know if your current mortgage is owned by Fannie Mae or Freddie Mac, plcase visit the following websites:
Fannie Mae
Freddie Mac
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Friday, March 2, 2012 By: Anna Grahn-Nilsson
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