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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 pushing for an extension but in an election year you never know what can happen. Your decision may come down to trusting the powers in D.C. to extend or taking what they have already given.
How does the act work? You short sell your home for $100,000 with $200,000 remaining on the loan. If the bank doesn't come back for a deficiency judgment you're on the hook for $100,000 in that tax year in the form of a 1099-c.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation allows you to cancel this tax by using Form 982, the Reduction of Tax Attributes Due to Discharge of Indebtedness.
The Act doesn't apply to all debts so check Publication 4861to see if you're eligible.
For more information on Reno and Sparks short sales contact Ricky at (775) 750-1437 or Ricky@Resnv.com
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Brought to you each week by Team Soli of Intero Real Estate Services in Incline Village, NV.
Take a peek at what was happening last week in the local market. For such a small market, we are holding our own and may see the beginning of a turn around if we keep on pace. Thanks Team Soli for organizing the data in an easy to read format. For this weeks update, join us here...
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Since the adoption of new legislation and AB284 the foreclosure market in Incline Village has really come to a halt.
IT was NEVER a huge segment of the market, but it has literally dropped off and the amount of new auction/trustee sales has decreased as well. Here is the most recent update, coming to you from Team Soli of Intero Real Estate Services...
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On the short sale list, we have 4 price reductions, 1 new listing and 2 sales to report. The property at 985 Wedge Court listed at $510,000 sold 02/07/2012 for $505,000. The home at 968 Granite Court listed at $699,000 sold 02/06/2012 for $650,000.
On the REO list, we have 1 price reduction, 1 back on market, 1 new listing and 1 sale to report. The home at 917 Michael Court listed at $609,000 sold 02/06/2012 for $580,000.
The new listing at 875 Southwood, #17 L’Ermitage sounds like a real bargain at $359,900 that someone should jump on.
NOTE: If you are seriously looking to purchase a bank owned or short sale property, I suggest you make your move. The inventory is getting really thin in this market. Don't know if invenotry will fill back in or not.
We never had more than 25% troubled properties and today, it is far less than that. Call me or email me. 775-691-3855. kencash@tahoeliving.com.
Denise Cash 775.691.3844 Ken Cash 775.691.3855
DeniseCash@TahoeLiving.com KenCash@TahoeLiving.com
Incline Village Condominium/PUD Short Sale Listings
MLS# Address Unit List Price Status Bed Bath Gar SqFt
940064 870 Southwood 3 $119,000 P 2 1 ½ N 1040
940104 945 Harold Dr. 1 $125,000 A 2 1 N 782
939687 989 Tahoe Blvd. 64 $165,000 A 3 2 N 1649
940182 801 Northwood 3 $165,000 A 2 1 ½ CP 960
939903 333 Ski Way 257 $175,000 A 1 2 CP 1062
939628 321 Ski Way 3 $184,900 P 3 2 ½ N 1280
940153 599 Crest Lane 33 $179,000 A 2 2 N 1120
110008157 845 Southwood 61 $189,000 A 3 2 ½ N 1332
940132 702 College 82 $224,900 A 3 2 N 1120
940204 1312 St Galen $295,000 P 3 2 ½ N 1688
940122 978 Glenrock 52 $297,700 A 3 2 ½ N 1440
940266 908 Harold 23 $275,000 A 2 2 2 1452
940058 998 Driver 5 $349,000 A 2 2 N 1499
940237 4 Calaneva Dr 11 $349,000 A 2 2 ½ 1 1435
937825 1208 Styria $375,000 A 3 2 N 1568
940057 931 Incline Way 234 $425,000 P 2 2 1 1089
937846 978 Glenrock 59 $510,000 A 3 2 ½ N 1596
Incline Village Single Family Home Short Sale Listings
939893 573 Sugarpine Dr $361,309 P 3 2 ½ 1 1582
939701 422 Valerie $375,000 P 3 2 N 1392
940223 984 Tyner Way $424,900 A 4 2 ½ 2 2036
940156 382 Country Club $459,000 A 3 2 1 1596
940117 640 Tumbleweed $479,000 P 3 3 2 2245
940221 550 N. Dyer Circle $479,000 P 3 2 2 2116
940097 940 Wendy Lane $419,000 A 4 3 2 2480
The above list is accurate as of February 11, 2012 as reflected in the Northern Nevada Regional
and Incline Village Multiple Listing Services. Prices & availability are subject to frequent change.
Denise Cash 775.691.3844 Ken Cash 775.691.3855
DeniseCash@TahoeLiving.com KenCash@TahoeLiving.com
Incline Village Single Family Home Short Sale Listings
MLS# Address Unit List Price Status Bed Bath Gar SqFt
940205 327 Winding Way $499,000 P 3 2 ½ 3 2677
940171 631 Village $499,500 A 4 2 2 1912
939996 572 Lucille Dr $519,000 P 3 2 2 1688
940225 632 Woodridge $549,000 P 4 3 2 1864
940217 466 Winding Way $620,000 A 3 3 ½ 3 2802
110011033 522 McDonald Dr $644,900 P 4 4 ½ 2 3282
940061 542 Spencer Way $649,000 P 3 3 2 2172
940251 338 2nd Creek $629,000 A 3 3 2 4000
940299 985 3rd Green Court $655,000 A 3 2 ½ 2 1864
940279 732 Betty $675,000 A 3 2 2 1682
940311 1057 Mill Creek Road $739,000 P 4 3 ½ 3 2430
939781 519 Ponderosa $1,349,000 A 6 5 ½ 3 5517
940323 836 Lakeshore $1,495,000 A 4 4 2 3489
940113 550 Fairview $1,849,000 P 4 5 ½ 2 6746
940077 689 Tyner Way $1,999,000 A 6 7 ½ 3 6146
70020699 250 Northlake $3,500,000 P 4 3 ½ 2 3039
Incline Village REO Condominiums/Townhomes
MLS# Address Unit List Price Status Bed Bath Gar SqFt
110013626 335 Ski Way 302 $166,500 P 1 2 CP 1064
940307 820 Oriole Way 51 $224,900 A 3 2 ½ 2 1440
110016028 700 College 35 $225,900 P 3 2 N 1120
110015447 880 Golfers Pass 3 $239,900 P 3 2 1 1470
110015366 120 Country Club 12 $314,900 A 2 2 ½ N 2208
120001685 875 Southwood 17 $359,900 A 2 2 ½ 1 1564
Incline Village REO Homes
940164 910 Harold Dr. “C” $279,900 A 3 2 ½ 2 1576
940252 966 Little Burro Ct $550,000 P 3 3 2 2429
120001293 658 Tumbleweed $808,000 A 4 2 ½ 2 2912
The above list is accurate as of February 11, 2012 as reflected in the Northern Nevada Regional
and Incline Village Multiple Listing Services. Prices & availability are subject to frequent change.
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I know I'm not a woman but a good Broker friend of mine is a member of the Zonta Club of Greater Reno and they are hosting these years International Women's Day here in Reno. I am attending as an exhibitor and will be on hand with Home Inspection and Energy Audit information.
This year’s event will be held at the National Automobile Museum in Reno on March 8th. The cost is $65 and includes entertainment, food and a drink. The proceeds go towards scholarships for women.
While this event is about International Women's Day Men are encouraged to attend, after all it is at the Auto Museum. There is no reason to not support this cause and you don’t want to miss an opportunity to stop by and chat with me.
Registration and more information can be found here on Zontas flyer.
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