Where have all the homes in Reno, Sparks gone?

In October, AB 284 cleared the legislature adding more oversight and regulation for Mortgage Lenders to deal with. This set of more stringent pre-foreclosure criteria has been directly correlated with a drop in inventory in many markets, especially ours. Because Reno, Sparks saw some of the highest increase in equity growth during the boom (think 2005-2006), we had the farthest to fall. That means more homes being foreclosed upon. Well, they are still being foreclosed, it just takes longer now and that is partially why we are seeing a drop in inventory here locally. If you'd like more info, drop me a line or visit www.garylsmith.kwrealty.com  or www.RenoHomesList.com

Why buy a "HUD" home?

HUD homes are foreclosed homes that have been conveyed to HUD (Housing and Urban Development) programs. HUD homes can be single family residences (SRF), Townhomes, condominiums, and other types of residences up to 4 units.
Benefits to purchasing a HUD home include:
1. HUD will pay up to 3% of buyer's closing costs, (must be negotiated)
2. Escrow fee is paid by HUD savings approx. 350-900$ (often split in other transactions)
3 .Price fo the home is based on an FHA as-is appraisal (excellent value)
4. If a Condo or townhome, project approval is not required (see me for explanation)
5. FHA appraisal is already completed, saving an average $400
6. Insured Escrow finance types have option of doing an FHA standard loan with escrow repair.
7. Owner Occupant priority bidding period.
8. Low Earnest Money Deposit ($500 or $1,000)
9. Good Neighbor Next Door (GNND) program available in certain areas for eligible buyers.
10. All homes listed on www.hudhomestore.com nationwide
11. Quick response to bids (typically within 24 hrs. from bidding deadline)
12. FHA 203K owner occupant rehab loan option
13. If FHA financing is used, termite inspection and treatment is paid by HUD and all section one items are cleared
14. Sealed Bids, Bid Transparency

For more information contact me at glsmith@kw.com or visit my site at www.renohomeslist.com

Are Buyer's agents really free?

Well yes and no! The buyer's agent is offered a percentage of the Seller's agent's commission (listing agent). For example, if the listing agent has contracted for a 6% marketing fee or commission, the listing agent may offer out 2.5 or 3 % to the agent that brings and represents the buyer. This is rather counter-intuitive as the better the buyer's agent works for you, the less he/she gets paid!! The origin of this oddity comes from the history of real estate transactions when the listing agent used to do it all. So the buyer's agent isn't "free", and in some cases such as for sale by owner the buyer may end up paying some or all of the buyer's agent fees, but the buyer usually doesn't pay the agent directly. Call or write me with any of your real estate questions! Visit my website at www.RenoHomesList.com