Sparks, NV

Animal Rescue Site Needs Your Help

I received this email request today from a good friend who happens to be an animal lover like myself. Yes, it is a forward to forward to your contacts. But it is for a good cause. The Animal Rescue Siterelies on people like you and me to help feed homeless, abused animals in shelters all over the world.

The Animal Rescue Site focuses the power of the Internet on a specific need - providing food for some of the eight million companion animals relinquished to shelters in the U.S. every year. But our hopes also extend far beyond U.S. borders. Animals around the world need our help, as evidenced by the recent earthquake in Haiti.

This is the request:

Please ask ten friends to each ask a further ten today!

The Animal Rescue Site is having trouble getting enough people to click on it daily so they can meet their quota of getting FREE FOOD donated every day to abused and neglected animals. It takes less than a minute (about 15 seconds) to go to their site and click on the purple box 'fund food for animals for free'.

This doesn't cost you a thing.

Their corporate sponsors/advertisers use the number of daily visits to donate food to abandoned/neglected animals in exchange for advertising. Here's the web site!
http://www.theanimalrescuesite.com/

Thank you for taking the time to vote and share with your friends and families.

Animal Rescue Site Needs Your Help

The Start of FHA 2010 Changes for Investors

~ 90 Day Seller Acquisition Rule Change ~

The following is an explanation of the changes that are taking place in the FHA mortgage world. My good friend Nick Parino with New American Mortgage helped with the following explanations that should help answer your questions.

For one year until 2/1/2011, FHA is removing the 90-day seller acquisition requirement on properties. This move is to keep FHA buyers' purchase offers from being denied due to the seller's brief period of ownership. It may also help the sellers from the expense of holding the property and potential vandalism associated with allowing the property to sit vacant for 90 days.

This takes effect 2-1-10 for the next year. Lenders will be required to ensure that the property is not part of a ‘flipping' scheme which sales the property at inflated price to unsuspecting borrowers. If the property has had change of ownership within 90 days of the FHA borrower's purchase, the transaction must meet the following requirements.

1. Transactions must be arms-length, with no identity of interest between the borrower, seller, or other party in the transaction.

2. When sales price of the property is 20% more than the seller's acquisition costs, the lender must:

a. Provide supporting documentation

b. Order an inspection and provide it to buyer

3. This 90 day exception is limited to forward mortgages, and does not apply to Home Equity Conversion Mortgage purchase program.

Up-Front Mortgage Insurance Premium (UFMIP) Increase

As expected, HUD will increase the cost of their UFMIP on purchase and all refinance transactions from 1.75% to 2.25% effective on case numbers order as of 4-5-2010 per Mortgagee Letter 2010-2. Some of the UFMIP increase to the annual MIP will shift to the annual MIP which is paid monthly over the life of the loan. This increase will allow HUD to increase their capital reserves requirements to support the loans they have insured.

This change will increase the payment on a $200,000 loan about $6 per month.

FICO Requirement Changes

FHA is requiring the borrower to have a FICO score of 580 to allow the 3.5% down payment requirement. If they have less than a 580 FICO, the borrower is required to have 10% down payment from their own funds. This may not be a big issue in our industry, as most lenders were not allowing a FICO less than 620

Reduction for Allowable Seller Concessions

To reduce the level of exposure to FHA with sellers inflating sales price to accommodate high seller concessions, the 6% seller concessions has been reduced to 3%. This is scheduled to go into effect this summer.

If you are looking for an investment property here in Northern Nevada, now is a good time to start your home search. I can help you find a home or several homes that meet your criteria. If you are looking for a lender in the Reno and Sparks Nevada areas, Nick Parino with New American Mortgageis someone with a lot of experience that can help you decide if investing is right for you.

The Start of FHA Changes for Investors ~ Northern Nevada Real Estate Talk

Effective for all sales contracts dated on or after February 1, 2010, certain property may be resold and financed using FHA insured financing without waiting 90 days.

FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.

• Private sellers and investors are now eligible to take advantage of this waiver.
• These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.
• In cases where the sales price is 20% or greater than the seller's acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.
• If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.
• The lender must order a property inspection and provide that report to the home buyer. Buyer's may be charged for the cost of this inspection.

There is much more detail to this wavier and if you have transactions meeting this guideline you are advised to read the waiver in its entirety here:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

Here are your market statistics for single family homes in Sparks, Nevada for December 2009:

Sold = 143 Single Family Homes

Average Sold Price = $175,000

There were 143 single family homes sold in December 2009. During the month of December 2009, there were 144 single family homes sold and in November 2009, 142 single family homes were sold.

The average sold price in December was $175,000, down just $2,000 from November. The average sold price of a single family home during October was $187,000. The average number of days these homes were on the market was 117 days.

Bank Owned Sold Properties = 52

Average Bank Owned Sold Price = $162,000

Out of the 143 single family homes that sold during December 2009, 52 were bank owned and sold for an average price of $162,000 while spending an average of just 75 days on the market.

Short Sale Properties Sold = 44

Average Sold Short Sale Price = $165,5000

There were 44 short sale properties sold (homes that required third party approvals) during December. The average sold price of a short sale property was $165,500 and spent an average of 167 days listed in the Northern Nevada Regional Multiple Listing Service. The average sold price of a short sale during the month of November 2009 was $170,127.

Out of the 143 single family homes that were sold in December 2009, only 47 were sold without special conditions. The other 96 homes sold were either bank owned or required third party approval. These numbers show us the current real estate market in Sparks, Nevada are still being influenced by these special conditions. As long as this happens, I believe we will continue to see a decline in the home prices of single family homes.

Currently Listed = 775 Single Family Homes in Sparks Nevada

Currently Available = 363

Average List Price = $189,000

If you are looking for a home in Sparks, Nevada, currently we have 775 single family homes listed for sale. Keep in mind only 363 are available and active. All other active single family listings are pending short sale approval or loan approval.

If you are looking for a bank owned property or a foreclosed property in Sparks, Nevada, we have 40 active single family bank owned properties with an average list price of $154,9000.

If you are looking for a short sale property, one that requires a third party approval and will not close quickly, you will find at least 182 currently listed for sale in the Northern Nevada Regional MLS. The average Price of one these properties is $170,000.

Please remember the numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!

Sparks Nevada Market Report For December 2009

Have you tested your home for Radon? Do you know what Radon is? Most people have no idea that Radon is present in many homes, not only in Nevada, but in homes all across the country, and is the leading cause of lung cancer among nonsmokers. Radon is responsible for about 21,000 lung cancer deaths every year and that is why the EPA (Environmental Protection Agency) has proclaimed January National Radon Action Month.

What is Radon? Radon is a naturally occurring radioactive gas that has no odor, color or taste and is produced by the breakdown of uranium in soil, rock and water. Uranium is found in all soils and in rocks such as granite. As uranium decays, it turns to radon gas that then moves through the atmosphere and can enter your home. When trapped indoors it accumulates to harmful levels that when you are exposed to, can cause lung cancer over time.

During winter months, most homes are closed up and radon gets trapped inside. That is why the EPA proclaimed January National Radon Action Month. If your home has the radon gas present, it will most likely be at its highest levels during the cold, winter months. A good time to test your home for radon is now.

Since you cannot see or smell radon, special equipment is needed to detect its presence. Test kits are commercially available and can be purchased and used by the homeowner without having to call someone to do it for you.

To obtain a low cost test kit and to find out more about radon, you can call the Radon Hot Line at 888-723-6610. Nevada residents can contact the Nevada State Health Division by calling 775-687-7531 or 775-687-7536.

Some counties in Nevada are offering radon test kits for free while some counties are offering the test kits for only $5.00. To find out how to get your radon test kit you can visit the Nevada Radon Education Program Web Site at www.unce.unr.edu/radon or call the Radon Hot Line at 888-RADON10 (888-723-6610).

**Washoe County Residents can receive a FREE radon test kit by going to the Cooperative Extension Office located at 5305 Mills Street, Reno, Nevada 89502.**

Call the Nevada State Health Division at 775-687-7531 for radon test kit information.

January Is National Radon Action Month ~ Nevada Home Owners Get Radon Test Kits