About Washoe County, NV

Over the past several years, our local market has been flooded with bank owned properties. Throughout 2010 and 2011 our market had an endless supply of REO listings hitting the market daily. If we had a buyer looking for a certain area/floor plan, there would be several bank owned homes to pick from. 2012 is turning out to be a very different story. Looking at our local MLS today tells it all by the numbers. Looking at all active listings available in our area there are only 243 bank owned homes available, BUT 1298 active regular or traditional sales. WOW… The first question is why? We all know that there is plenty of bank owned homes out there but they are not up for sale. Just drive a few neighborhoods and you will see several vacant homes with bank notices posted but NO for sale sign will be posted for months if not a year or more. Yes, the wonderful “shadow inventory" We all know the banks are holding thousands of homes across the county not wanting to “flood” the market or show the loss on their books. But now most agents have a list of buyers actively looking for a home in a certain area, certain price range and they just can’t find it. The banks MUST start releasing some of their shadow inventory. Our market needs it, buyers are looking, rates are GREAT, now is the time!! If the banks don’t release inventory soon, who would have thought, but 2012 could very well be a great year for new home builders and traditional sales!!

HUD Townhome for sale in the Damonte Ranch, one of Reno's newest and exciting communities.

This townhome is located in Esplande, By D.R. Horton, in South Reno, Nevada. It is currently listed as a HUD property for $123,000. It features 2 bedrooms, two bathrooms, 1 car garage, top unit and is approximately 1233 square feet in size.

The kitchen offers granite counter tops, a pantry, breakfast bar, gas range, wood floors, and upgraded light fixtures. This unit offers a private balcony, views of surrounding wetlands and mountains, a laundry closet, walk in closets, plantations shutters and many additional upgrades that are noticed throughout!

Be sure to read my blog: "Reno Real Estate ~ Damonte Ranch Condominiums Selling in Reno, Nevada" to learn more about this exciting townhome community. Here are a few pictures to help you visualize this exciting HUD opportunity in Reno, Nevada:

HUD Townhome for sale in Reno, Nevada 89521. If you would like additional information on HUD homes in the Reno, Nevada area or this particular condo, please contact me at 775-846-5424. I can help answer all your bank owned, short sale, REO and selling homes in the Reno and Sparks Nevada questions.

HUD Townhome For Sale in Reno, Nevada 89521 ~ Damonte Ranch

After I perform an Energy Audit I offer to pass the information gathered and the finding over to a BPI or Resnet Certified Weatherization Contractor. They can provide recommendations and repairs to maximize the energy savings and comfort of the home. A BPI or Resnet Certified Contractor uses the home as a system approach when doing Energy retrofits. This approach ensures not only energy savings but ensure the good indoor air quality is maintained.

While the temptation to do the work yourself or hire a cheaper contractor that has not been trained and certified to do this type of repair can bring up problems in the future and be a waste of money. A certified weatherization contractor has to perform the repairs based on savings and comfort; this allows them to be unbiased. They are not selling a single product like insulation windows, or furnaces. This means while the one part of the home may be old or inefficient money might be better spent in another area or project that will provide better savings for the same or less money.

The specialized training and equipment used to test the house proves the contractors work is performing as intended for energy savings. Many contractors have developed proprietary techniques and tools to accomplish this. The standard the certified weatherization contractor is required to follow makes it so the house also isn’t too tight. This is one of the biggest concerns of people since many have heard of a house that was weatherized improperly and caused other issues with the home. Again this is where hiring the right people with the right training and equipment is important. Since energy retrofits are the only improvements that can be done to a home that pay themselves back.

More information on the subject can be found in this article. http://retrotec.com/RetrotecBlog/tabid/540/post/building-myth-busters-the-problem-with-diy-energy-fixes/Default.aspx

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.*