Broker Beach Blog
A blog about the Reno/Sparks real estate market, local news and information, technology, and whatever is on my mind.
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One question that I'm asked all the time by home buyers is, "What will the seller take?". In all honesty I don't know and neither does the listing agent. The seller may be willing to accept list price or they may not. You see our market is in a mini bubble. Many homes are selling for at or above ...
04/06/2012
Inventory continues to decline in the wake of Ab 284 and AB 149 (Related Post). In my last post on this subject, found here, there were 215 single family homes available that would pencil out at or near rental rates for FHA loan home buyers. Within a month's time that number has dropped to 116 as...
04/04/2012
It may not look like the market is drowning, due to lack of inventory and multiple offers situations that are creating short-term appreciation (another mini bubble), but rest assured that there is still inventory to come. Steven Miller from the Nevada Policy Research Institute recently wrote an a...
04/03/2012
he Reno/Sparks Association of Realtors released their February 2012 market reports. The full report can be viewed by clicking on the picture to the right. Here are a few snippets for those that don't have any time to read it. The median sales price rose from $135,000 in January of 2012 to $145,00...
03/20/2012
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You already own a blender and vaccum so why not add home ownership to your wedding registry? FHA allows for wedding registry gifts of cash, checks, and wire transfers from guests and those unable to attend to be used toward the down payment of a new home. In order to make the funds available for...
03/16/2012
HUD is revisiting their idea, from 2010, of reducing the allowable closing cost concessions for FHA loans. HUD Document Here Currently, the cap is 6% which generally covers all costs associated with a home purchase minus the down payment which must be paid for by the buyer or gifted from a famil...
03/15/2012
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Current short sales outside of the HAFA and HUD PFS program can take anywhere from 2-8 months to close and in some cases longer. As part of the state Attorney General's multi-billion dollar settlement short sale time frames are set to decrease. New guidelines from the settlement give mortgage ser...
03/14/2012
The past couple weeks have been a bit of a struggle for many of my first time home buyers. An increase in the numbers of buyer's coming into the market and the passing of AB284 in 2011 have created pretty fierce competition. Many homes that are priced right and in good condition are procuring mul...
02/28/2012
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Freddie Mac reinforced the requirement that the servicers of their loans and Freddie Mac itself would waive deficiencies for short sale and deed-in-lieu of foreclosure transactions. The announcement came out in their 2012-5 Bulletin found here. A deficiency judgment is where an investor or servi...
02/20/2012
The Mortgage Relief and Debt Forgiveness Act of 2007 is scheduled to expire on December 31, 2012. With short sale time frames ranging from 4-10 months we're coming up on decision making time for under water homeowners in Reno and Sparks, NV. As of today, there aren't any talks from NAR about push...
02/14/2012
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