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Home Buying in 89521 : Real Estate Advice

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  • Local Info2
  • Home Buying12
  • Home Selling3
  • Market Conditions1

Activity 10
Sun Oct 21, 2012
Robert Ernst answered:
The new homes including Lennar are built to the new 2009 IECC which is a newly adopted energy code. These homes should all have been inspected and tested by a rater like myself to verify. Make sure you ask to make sure if you choose to buy one yours was inspected. As for the bills they will be based on the occupants inside. You might be in the $150-$250 range for power and gas. If you work from home it might be more. Also make sure you get a home inspection no matter if it's old or new. In fact a new home can be inspected during the various stages of construction. Don't rely on the local building officials inspection. ... more
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Sun Apr 24, 2011
Ron Bell answered:
Get a list of private investor's that bought at the trustee's sale and send them a letter asking for owner finance and or a lease option. Be extremely careful in this arena and also the mls lease options and owner finance; they tend to be overpriced and demanding on the terms.

You really need to repair your credit with a reputable firm if you can so you have a choice of the whole market at only 31/2% down and get an fha loan. These days they can clean your credit up pretty quick. Don't spend more than $1,000. total or it will be a scam and ask for a lot of references of their clients and loan officers.

Go to my you tube channel and you will see some credit repair videos I made. http://www.youtube.com/watch?v=pcnRZ6IPROM
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Thu Feb 11, 2010
Anna M Brocco answered:
Consult with your Tax Consultant--Legislation extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010; contracts must be executed before May 1, 2010 and must close before the end of June 2010. Annual income limits raised from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples; must be for a primary residence—check IRS Code for qualifying conditions.

Credit is expanded to grant up to $6,500 to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010; must be the next primary residence and current owners must have lived in the house for 5 consecutive years during the past 8 years. You will need an executed contract before May 1, 2010 and must close the deal before the end of June 2010. Income limits are the same as first time buyers. Credit can only be claimed for a primary residence bought for less than $800,000 and buyer must live in the house for 3 or more years after purchase or credit will need to be paid back—check IRS Code for qualifying conditions.
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Tue Feb 9, 2010
Joshua Talayka answered:
The only short sale I've worked where the NOD made any difference was on a transaction where the seller executed their right for mediation. In the mediation, he requested that the current offer/short sale package be approved and they agreed. I had an approval letter within 24 hours.

However, the actual NOD probably wouldn't affect the decision for the short sale. The NOD just informs the homeowner that the lender has begun foreclosure proceeding. Until the actual Notice of Sale NOS is filed, the lender could drag out the short sale as long as they want.
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Tue Feb 2, 2010
Movingoutofca answered:
This is Movingoutofca again. Thanks for the answers, they have been very helpful. And, to Ron, no I am not a HUD person...just someone looking for some insight into your market since I hope to move there over the summer. I understand the need to be PC these days (don't agree with the excessive pc'ness...but I do understand). This wasn't a trick just an honest question. If we are still allowed to ask them. ;)

Thanks again. If any of you have info about other areas that might be helpful...feel free to respond.
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Mon Jan 11, 2010
Bobbi McKinnon answered:
The infra red using inspector is Rick Miller, Inspector On The Run.
775-225-5758. I have not used him yet, but I love the infrared capability.
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Thu Jan 7, 2010
Ron Bell answered:
Woody,

My model for that area (Double Diamond -Damonte Ranch area Reno Nevada) is showing stable to slightly down. I wouldn't worry about the slightly down as we have already corrected around 50% in there so it is not worth waiting for a few % ticks down. I am calling for a buy signal in that area after April 15th when the extension goes away. With this said, don't wait, we are in a Sellers market in a Buyers market under 250K and knocking down a lot of homes down here. Media hyped shadow inventory may not happen as when foreclosures hit in there, they have multiple offers.

I am concerned in that Double Diamond-Damonte Ranch-South Meadows area that there is still a lot of undeveloped parcels that have been sold at fire sale or bank sold and Builders will come in lean and mean with lower acquisition and building costs and keep prices flat for 1 to 3 years. Centex, Cyan is already selling at pretty good prices in that area and more will follow. The commercial projects in there are toast for 3 to 7 years but it shouldn't affect residential.

This (89521) is some of the hottest real estate not only in Reno but the whole entire country as it is the gateway to Tahoe, Carson and Reno (Golden Triangle). It is also an area I have named Silicon Meadows because of all of the Biotech, and Tech campuses nearby. It is a classic white collar (accent; collar) neighborhood with 20 and 30 somethings pushing jogging strollers holding Starbucks cups type of scene and retired Boomers speed walking with dogs holding Nalgene water bottles.

Like all questions posed in this forum and my blog, I answer the whole question so it appears it is a two part question and the second is general:

Core areas in Reno will stabilize in the next year, the outskirts/overbuilt areas may hurt for many years as foreclosures will continue to increase and good deals can be had close to town so why drive?

I hammer statistics on my blog and also my Investor club meetings so click on statistics and or videos: www.renohomevoices.com

These questions are answered on an economics scale only and don't reflect the opinion of myself as a Realtor or Coldwell Banker local or Corporate. I answered them as an Investor and Demographer.

Ron Bell
1/6/10
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Wed Oct 29, 2008
Fred Kissinger answered:
I did some research for a client and found there are only 8 companies that handle self directed IRA's. The closest to Reno is in San Francisco. Here is the web address:

http://www.penscotrust.com/education/RealEstateProcess.asp

I hope this helps,
Fred
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Mon Aug 25, 2008
Eric Crosby answered:
You can pick your property in Damonte Ranch, but you are right, you need to find it and then hurry.
These homes are going out at 2004 prices and are complete with window treatments & landscape.
Great time to buy in So Meadows and/or Damonte Ranch.
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