About Washoe County, NV

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

*The preceding was for information purposes only. Renown Real Estate Services and Broker Ricky Beach do not provide financial or legal advice. All parties are advised to seek profession help from a qualified CPA and/or legal counsel.*

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

www.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

www.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 2^nd Creek $629,000 A 3 3 2 4000

940299 985 3^rd 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.

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 8^th. 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.