My New Blog

Purchase a property knowing you got a price under market value without buying a distressed property that may take up to 90 days to close escrow.  Let me show you how. I've been helping my clients find the property of their dreams without settling for a distressed property that they really didn't like all that much anyway.

I have developed a method of identifying properties whereby the seller can afford to accept a price under market value.  A majority of homeowners with their homes for sale paid a price above the current market value.  They cannot accept a lower price without the consent of the mortgage holder which can become very complicated and over 50% of time ends up being a waste of your time. The national statistics say that less than 30% of offers made on short sales end up successfully closing.  There are many reason why and that is the subject of another article.

You DO NOT have to wait for a foreclosure to get a fantastic deal on the purchase of a property. You can choose the property you really want and still buy it under market value.  Since I discovered this method I have successfully helped many buyers not only save money but be able to live in the home of their choice.  Allow me to do the same for you if you are looking to live in the North Western Nevada areas: Greater Reno/Lake Tahoe vicinities which include Carson City, Minden, Gardnerville, Genoa, Dayton etc. 

Call me today Theresa 800-662-1059, website: BuyNevadaProperty.com, email: Theresa@Century21.com  I look forward to talking with you in the near future.

The following letter is a response from a Nevada senator regarding the housing market problems.

Thank you for contacting me about subprime loans, predatory lending practices, and the current housing crisis. I value the opinions of every Nevadan and am always grateful for those who take the time to inform me of their views.

The housing market in Nevada has experienced significant turmoil in recent months. Housing sales are sluggish, home prices are stagnant or have even declined in some areas, and new home construction has slowed. The increasing rate of foreclosures occurring in our state is also of great concern. Indeed, Nevada has one of the highest foreclosure rates in the nation. These foreclosures are a result of several factors including an oversupply of houses, weakening demand for housing, a proliferation of subprime loans, rising interest rates, and lax lending practices. My colleagues and I are considering various ways to address these problems, but a government bailout is not the answer.

Subprime loans have allowed people with bad credit who would not normally qualify for a mortgage to take out home loans at a higher interest rate. These loans are sometimes combined with other options like small or no down payments, less restrictive income documentation requirements, or adjustable rate mortgages (ARMs) with low introductory rates. A large percentage of the foreclosures we are seeing today are borrowers defaulting on subprime ARMs. These loans usually foreclose at a higher rate than other types of loans.

After years of low interest rates and skyrocketing home prices, many borrowers were not prepared for the market to shift so dramatically. High interest rates and weak housing prices have made it nearly impossible for many borrowers to refinance their loans on more favorable terms. Unable to pay the higher loan payments, many borrowers have been forced into foreclosure.

The recent turmoil in the real estate and mortgage markets has certainly been difficult for many Nevadans. Borrowers, lenders, and investors as a group made terrible decisions about risk over the last few years and are now paying the price. In this situation, it is easy for politicians to promise a bailout or new regulations in order to appear sympathetic and helpful. However, such actions would be irresponsible. As painful as it may be, the housing and mortgage markets now require a natural and significant correction. Rash government intervention is not the answer.

Rather, Congress needs to closely investigate the causes of the current problems and exercise restraint as it considers legislation. Lending standards likely need to be tightened, but it must be done in a careful manner. The government should fully enforce all its current laws and ensure government agencies can effectively carry out their regulatory responsibilities. Another issue that needs to be addressed is "predatory lenders" who often prey on subprime borrowers. However, Congress must be careful not to overreact and create an environment that rewards poor financial decisions or makes it unnecessarily difficult for Americans to own a home in the future.

One proposed legislative response to the housing crisis is S. 2338, the Federal Housing Administration (FHA) Modernization Act, which would reform the FHA. The FHA provides mortgage borrowers with an alternative during a lending crisis. The bill would raise the FHA's loan limit to $417,000; reduce down payment requirements from 3% to 1.5 percent; and expand the FHA's reverse mortgage program that allows seniors to convert equity into cash. The intent of this bill is to bring some relief to the distressed mortgage marketplace by increasing potential access to FHA loans.

The Administration has assembled a private-sector group called HOPE NOW, which has developed a plan that could assist over 1 million subprime borrowers feeling financial stress under adjustable rate loans. The HOPE NOW plan is designed to help homeowners who can afford the current, starter rate on a subprime loan but not the higher payments once their interest rate goes up. This effort, which involves no government funds, will freeze interest rates for eligible borrowers and create a streamlined process by which struggling homeowners can work with their mortgage holders to avoid foreclosure. I am hopeful that the President's plan will have a positive impact on the housing market.

I am pleased to see that the Nevada state legislature has already taken up measures to better regulate and oversee the mortgage lending and brokerage industries in our state. While I am not a member of the U.S. Senate Banking Committee that oversees legislation relating to the housing and mortgage industries, please rest assured that I will keep your thoughts in mind as the Senate considers legislation dealing with the housing crisis.

Thank you again for sharing your thoughts with me. Please feel free to contact me in the future on matters of importance to you. Should you have any other questions or comments or would like to sign up for my newsletter, please do not hesitate to either write or e-mail me via my website at <a href="http://ensign.senate.gov/">http://ensign.senate.gov</a>.

Sincerely,

JOHN ENSIGN

United States Senator

Thank you for contacting me about subprime loans, predatory lending practices, and the current housing crisis. I value the opinions of every Nevadan and am always grateful for those who take the time to inform me of their views.

The housing market in Nevada has experienced significant turmoil in recent months. Housing sales are sluggish, home prices are stagnant or have even declined in some areas, and new home construction has slowed. The increasing rate of foreclosures occurring in our state is also of great concern. Indeed, Nevada has one of the highest foreclosure rates in the nation. These foreclosures are a result of several factors including an oversupply of houses, weakening demand for housing, a proliferation of subprime loans, rising interest rates, and lax lending practices. My colleagues and I are considering various ways to address these problems, but a government bailout is not the answer.

Subprime loans have allowed people with bad credit who would not normally qualify for a mortgage to take out home loans at a higher interest rate. These loans are sometimes combined with other options like small or no down payments, less restrictive income documentation requirements, or adjustable rate mortgages (ARMs) with low introductory rates. A large percentage of the foreclosures we are seeing today are borrowers defaulting on subprime ARMs. These loans usually foreclose at a higher rate than other types of loans.

After years of low interest rates and skyrocketing home prices, many borrowers were not prepared for the market to shift so dramatically. High interest rates and weak housing prices have made it nearly impossible for many borrowers to refinance their loans on more favorable terms. Unable to pay the higher loan payments, many borrowers have been forced into foreclosure.

The recent turmoil in the real estate and mortgage markets has certainly been difficult for many Nevadans. Borrowers, lenders, and investors as a group made terrible decisions about risk over the last few years and are now paying the price. In this situation, it is easy for politicians to promise a bailout or new regulations in order to appear sympathetic and helpful. However, such actions would be irresponsible. As painful as it may be, the housing and mortgage markets now require a natural and significant correction. Rash government intervention is not the answer.

Rather, Congress needs to closely investigate the causes of the current problems and exercise restraint as it considers legislation. Lending standards likely need to be tightened, but it must be done in a careful manner. The government should fully enforce all its current laws and ensure government agencies can effectively carry out their regulatory responsibilities. Another issue that needs to be addressed is "predatory lenders" who often prey on subprime borrowers. However, Congress must be careful not to overreact and create an environment that rewards poor financial decisions or makes it unnecessarily difficult for Americans to own a home in the future.

One proposed legislative response to the housing crisis is S. 2338, the Federal Housing Administration (FHA) Modernization Act, which would reform the FHA. The FHA provides mortgage borrowers with an alternative during a lending crisis. The bill would raise the FHA's loan limit to $417,000; reduce down payment requirements from 3% to 1.5 percent; and expand the FHA's reverse mortgage program that allows seniors to convert equity into cash. The intent of this bill is to bring some relief to the distressed mortgage marketplace by increasing potential access to FHA loans.

The Administration has assembled a private-sector group called HOPE NOW, which has developed a plan that could assist over 1 million subprime borrowers feeling financial stress under adjustable rate loans. The HOPE NOW plan is designed to help homeowners who can afford the current, starter rate on a subprime loan but not the higher payments once their interest rate goes up. This effort, which involves no government funds, will freeze interest rates for eligible borrowers and create a streamlined process by which struggling homeowners can work with their mortgage holders to avoid foreclosure. I am hopeful that the President's plan will have a positive impact on the housing market.

I am pleased to see that the Nevada state legislature has already taken up measures to better regulate and oversee the mortgage lending and brokerage industries in our state. While I am not a member of the U.S. Senate Banking Committee that oversees legislation relating to the housing and mortgage industries, please rest assured that I will keep your thoughts in mind as the Senate considers legislation dealing with the housing crisis.

Thank you again for sharing your thoughts with me. Please feel free to contact me in the future on matters of importance to you. Should you have any other questions or comments or would like to sign up for my newsletter, please do not hesitate to either write or e-mail me via my website at <a href="http://ensign.senate.gov/">http://ensign.senate.gov</a>.

Sincerely,

JOHN ENSIGN

United States Senator

The media has continually painted a gloomy picture of the housing market which may be true in some parts of the country.

Fortunately the greater Reno/Carson area has had increasing activity since the holidays.  Many individuals are inquiring, whether they are investors or planning on living in the home themselves.  Our area has not seen the large number of foreclosures as Las Vegas and other parts of the country have.

Carson Valley is still a popular and special place to live. From the vast open spaces and fresh air to our variety of events and casino shows.  Skiing of course is what Lake Tahoe is known for and seems to be going strong.  Our favorable tax status with low property taxes and no state income tax plus many other advantages keep our area in the eye of the baby boomers for retirement.  The promise of the largest industrial park in the U.S. under construction should bring many new headquarters and jobs.

If you are in the market to live in a resort atmosphere check out the Carson Valley areas and plan a trip here soon.

For further information call me, Theresa @ 800-662-1059 or email; Theresa@Century21.com

There's Good News & Bad News, of course!

1 word; Inventory. Buyers who want to experience the High Quality of Life here in the greater Carson Valley areas have the best opportunity that I've seen in over 10 years. In addition, all the new amenities available to those who live here have grown tremendously in the last 7 years. Shopping, new hospital, care centers and social organizations to name a few. Plus, the tax advantages, manageable population and traffic and no long lines anywhere.

As a self proclaimed "Lifestyle Consultant" I can't think of a more affordable place to live that has it all. To view all the statistical information about our area visit my website: BuyNevadaProperty.com

thanx for reading!