Water Smart in Southern Nevada

While daily watering is permitted beginning on May 1st, it's best to watch what your lawn and plants actually need....don't over water. With our current fluctuating weather, and some cooler temps, you may be able to water less, and therefore save some money.

Here are some tips offered by the Southern Nevada Water Authority.

1. Cycle and soak. Run sprinklers in 3 cycles of 4 minutes with 30-90 minutes between each cycle ... always before sunrise.

2. Run drip less. Drip irrigation is recommended up to 3 days a week in summer, with 1 cycle of 30-90 minutes on those days, depending on the volumes of the emitter and plant needs.

3. Be selective. Water dry spots with a hand held hose at any time of day.

4. Shut off water sprinklers on windy days. Winds can send water in unintended areas. It also evaporates with the wind and puts your lawn at risk of fungus...not to mention water waste.

5. Check your irrigation system regularly. Supervised testing is allowed at any time of the day. A good time to check the sprinklers is after you mow the lawn. Do a quick check and allow your sprinklers to run through a cycle. Look for broken and misaligned sprinkler heads and check for clogs and breaks.

Enjoy your yard this summer, water smart and be wise.

Kim Duclos..............Coldwell Banker Wardley..............(702) 521-3939..........www.CallKim.net.....

Las Vegas Selected for Pilot Program from Fannie Mae

Las Vegas Selected for Pilot Program from Fannie Mae

I was reading an article from our Board of Realtors (GLVAR Realtor Bytes) and it had some great information on Fannie Mae financing and it's relationship to Las Vegas, take a look......

A pilot program from Fannie Mae could help level the playing field between cash-laden investors and owner-occupants bidding on low-priced foreclosure homes in Las Vegas.Fannie Mae is extending the "First Look" grace period in Nevada from 15 days to 30 days effective Monday.
(this is great news...it allows owner occupants extra time to secure a home with out having to compete with the investors) That gives buyers who plan to make the home their primary residence first shot at purchasing a foreclosure within 30 days of its listing. At least

50 percent of foreclosure sales in Las Vegas are cash-only transactions. The bank will almost always take the cash offer because there are no contingencies, no appraisal required and no conditions such as the pending sale of another home. All-cash, owner-occupant purchases will require certification as an addition to the Fannie Mae purchase addendum. Properties that go to contract before the end of the 30-day period and subsequently fall through will be relisted with a new 15-day marketing period. Fannie Mae Chief Executive Officer Michael Williams said the 30-day period could later be replicated across the country if it succeeds in Nevada. He estimated the potential cost of carrying the properties on the books for a longer period of time at $60 million nationwide. "However, given the unique market conditions in Nevada, we found it to be cost-neutral to extend the grace period from 15 to 30 days across the state."

More information on the First Look initiative and Fannie Mae-owned properties can be found at: http://www.homepath.com/.

Please call me with your your real estate questions. Now is a great time to buy and sell.

http://www.callkim.net/

kim.duclos@coldwellbanker.com

(888) 949-2890

(702) 521-3939

Source: Realtor Bytes dated April 30,2010

Death Valley in Bloom

Spectacular Event!

You and your family should take a vacation and see the remarkable peak blooming periods in Death Valley....a spectacular event you will not forget.

Peak Blooming Periods for Death Valley are usually...Mid February - Mid April at lower elevations (valley floor and alluvial fans)

* Best Areas: Jubilee Pass, Highway 190 near the Furnace Creek Inn, base of Daylight Pass

* Dominant species: desert star, blazing star, desert gold, mimulus, encelia, poppies, verbena, evening primrose, phacelia, and various species of cacti (usually above the valley floor).

Early April - Early May at 2,000 to 4,000 ft. elevations

* Best areas: Panamint Mountains* Dominant species: paintbrush, Mojave desert rue, lupine, Joshua tree, bear poppy, cacti and Panamint daisies.

Late April - Early June above 4,000 ft. elevations

* Best areas: High Panamints* Dominant species: Mojave wildrose, rabbitbrush, Panamint daisies, mariposa lilies and lupine.

and don't forget.....call Kim for your real estate needs!

(888) 949-2890

(702) 521-3939

www.CallKim.net

Clue Report

Homeowner’s Insurance and the CLUE Report

In recent years, home insurance rates have gone up, but many homeowners may not realize why. Of course natural disasters, recent mold litigation losses, even an individual’s credit history, can increase insurance rates. But many buyers have questions when it comes to something called the CLUE report.

This summary offered by Win Home Inspections explains how this report can affect how much homeowners pay for insurance and it’s causing a lot of confusion and controvercy. The insurance industry says CLUE reports help keep costs down, and opponents say the reports can be a home buyer’s nightmare. There are two major property claims databases, CLUE (the Comprehensive Loss Underwriting Exchange) and A-Plus (Automated Property Loss Underwriting System).

Most people refer to the reports generated by either system as CLUE reports.
CLUE was created in 1992 and is administered by ChoicePoint, a data management company. Some 600 homeowner’s insurers contribute claims data to it. The insurance Services Office, an insurance industry organization, runs A-Plus to which about 1,250 companies contribute. Insurers contribute loss data can also withdraw information from the exchange. According to the Insurance Information Institute (III), a typical homeowner files a claim only once in 10 years. Since the data is only kept for five years, most people have no CLUE record. Data provided in CLUE reports include policy information such as name, date of birth, policy number and claim information such as date of loss, type of loss and amounts paid.

Homeowners can get an electronic or mailed copy of their own CLUE report for a small fee of $9.00 or less, depending on which state they reside in. If a homeowner lives in Maryland, Georgia, Massachusetts, Colorado, Vermont or New Jersey, they are entitled to a free copy of their consumer report.

Unfortunately, if a buyer is in the process of purchasing a home, they can’t order a copy of the home’s CLUE report. It must be done by the seller. Sellers who suspect errors may contact ChoicePoint or their insurance agency, which must follow certain procedures to investigate the discrepancy.

CLUE reports are playing an increasingly important role in real estate transactions. Many buyers now stipulate that a CLUE report on a home must be included with the real estate transaction.

One of the most controversial issues surrounding the information found in the CLUE database is that an innocent inquiry from a homeowner to their insurance company concerning their deductible or a possible claim, can trigger a file to be opened in the CLUE database-even if the homeowner does not file a formal claim.

Most state insurance laws allow insurers 60 days after issuing a policy to thoroughly review all the underwriting information, including CLUE reports, and cancel a policy if new information comes to light that makes the risk unacceptable. However, a homeowner’s policy must be in place at closing and since many home buyers leave purchasing a homeowners policy to the last minute, the insurer may not have checked all the underwriting material by the time the closing takes place. This may leave issues that could arise after the home has closed and the buyer has moved into the property.

Because of this, Realtors are now encouraging buyers to start shopping for coverage early in the real estate transaction process and include a contingency that the purchaser is satisfied with the insurability of the property.

Feel free to call me with questions

Kim Duclos

Coldwell Banker Wardley

(888) 949-2890 (702) 521-3939

© 2005-2007 WIN Home Inspection is a registered trademark of World Inspection Network International, Inc. and franchisor of home inspector services.

Will You Owe Once Your Home is Foreclosed On?

It is extremely important to work with a Real Estate Professional in today's real estate market. Don't be left hanging off the cliff without help. I am here with hand extended and ready to assist in your real estate needs. Many homeowners facing foreclosure or perhaps negotiating on a short sale must know what the true ramifications of the default or short sale will be and what responsibility lies on their shoulders once the process is complete.

I was reading on one of my real estate informational sites and came across an interesting article in Rismedia. Please read and call me with your questions, I am here to assist you.

Home owners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it.
That’s because lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. The buyers: collection agencies, which in some states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages, said Scott CoBen, a Sacramento bankruptcy attorney.

“The only relief a consumer will have is entering into a debt negotiating plan or filing for bankruptcy,” said Sylvia Alayon, a vice president with the New York-based Consumer Mortgage Audit Center. The firm provides mortgage analysis to lenders, advocacy groups and attorneys.
The phenomenon suggests an ominous, looming echo of today’s real estate meltdown. As debt collectors surely seek at least partial repayment of millions of dollars in unpaid home loans, some say renewed financial stresses on tens of thousands of local consumers could dampen economic recovery.

“I think there will be a lot of unhappy people when it hits,” said CoBen. “We saw this in the ’90s. This is not really new. Just when you think you’re back on your feet, you’re making money and the economy’s good, they hit you with this.”

Alayon said most people are so stressed out and exhausted by trying to save their homes today that they are unaware they could face another hit later. And many who are losing homes don’t get the advice necessary to prevent future fallout, say nonprofit loan counselors.
“You’ve got tens of thousands of people in California who have this hanging over their heads who don’t even know it,” said Scott Thompson, principal at for-profit Mortgage Resolution Services in Carmichael, Calif. He fears a new wave of bankruptcies might flatten people just starting to recover from losing their homes.
“So many of these are people with 750 or 800 credit scores who made a bad decision,” said Thompson. “Or they’re people who suffered income cuts. These are people, in terms of the economy, whom we need to participate.”

But an entire industry is gearing up to buy their debt at deep discounts and collect what they can, Alayon said. “It’s a big business and investors are coming out of the woodwork. It’s a very lucrative business,” she said. Real estate insiders and financial players know it as “scratch and dent.”

Regionally, no one knows for sure how much unpaid debt is on the line. CoBen said people who used their borrowings for a traditional loan on a house in which they lived generally have little to worry about. But borrowers may be vulnerable in years ahead—generally, those who defaulted not only on their first mortgage but also on a home equity loan or second mortgage.
In California, banks can’t collect from borrowers for primary, so-called “first-lien,” loans that go unpaid. When a house is foreclosed or sold through a short sale, the lender of the first loan gets the house back or the proceeds from another buyer. But banks also made thousands of “second-lien” loans, including those used to finance 20% down payments during the housing boom. A separate category of “seconds” includes home equity loans and home equity lines of credit. Nationally, about 3.4% of those loans are currently delinquent, according to Foresight.

Owners are generally, but not always, on the hook for the second loans left over from a foreclosure or short sale. Most investor mortgages, too, leave the borrower liable for potential unpaid debt. In many short sales, experienced real estate agents or attorneys can negotiate away debt obligations for the second-lien loan. But many inexperienced borrowers don’t know that, and sign final-hour agreements giving lenders the right to pursue them later.

“Seek advice,” counseled Doug Robinson, spokesman for national nonprofit mortgage counselor NeighborWorks America. He said nonprofit counselors can help. “Often when you work with a real estate agent, they’re not really equipped to handle the repercussions. They’re set up to make the sale,” he said.

Government forces are already moving to limit potential damage to millions now struggling with home loans. A new Obama administration short sale program aims to prevent banks that hold second-lien loans from pursuing collections from homeowners after the short sale. It goes into effect April 5, 2010 and works this way: Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders “in exchange for release and full satisfaction of their liens.” This release would apply only to short sales done through the administration’s Home Affordable Foreclosure Alternatives program.

In California, Democratic state Sen. Ellen Corbett recently introduced SB 1178, which would expand California’s protections for some people who refinance and take on a second mortgage.
People who refinance, but use the funds to improve their homes or to stay in their homes with a better interest rate, would be protected. Lenders could not seek court judgments to collect from these borrowers in the event of foreclosure or short sales.

“If you refinance a property and aren’t using the money for personal reasons, you shouldn’t lose your personal protections,” said California Association of Realtors lobbyist Alex Creel. He said the idea has been around for years but has become more urgent as thousands lose income and fall into mortgage trouble. The bill would apply to all foreclosures or short sales that occur after it becomes law. It doesn’t matter when the loan was made, Creel said. SB 1178 is still in the early stages of consideration. It must clear both houses of the Legislature and be signed by Gov. Arnold Schwarzenegger by Sept. 30 in order to take effect.

****** This is good information, but I will reiterate that a professional realtor can help. You must look to a EXPERIENCED LICENSED REALTOR, ask the questions about their experience and their capabilities in this volatile market.

Feel free to call me toll free @ 888-949-2890

or email me @ kim.duclos@coldwellbanker.com

RISMEDIA, March 27, 2010

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big. Here are a few reasons why: On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly. It is important to note that in order to be eligible for the lower cost up-front mortgage insurance, a lender has to order a case number from the FHA before April 5th. A case number can only be generated for loan applications where a property is involved and a fully executed purchase contract exists. Home buyers who have been pre-approved but are not under contract will not be eligible for the reduced premium effective April 5th. Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000. There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

If I can answer any questions you may have about how these changes could impact you, call me.

Kim Duclos @ (702) 521-3939 or toll free @ (888) 949-2890

kim.duclos@coldwellbanker.com

Deadline Looming on Current Tax Credit - Act Now

Tax Credit in General

For first time homebuyers, there is a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately). A first-time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed.

1. There are several situations in which a taxpayer cannot claim the credit:
2. The taxpayer is a nonresident alien;
3. The taxpayer purchases a home located outside the United States;
4. The taxpayer sells the home or if it stops being the taxpayer’s principal residence in the
year the taxpayer purchased the home;
5. The taxpayer receives the home, or any portion of the home, as a gift or as an inheritance;
and The taxpayer exceeds the income limits.

The Worker, Homeownership, and Business Assistance Act of 2009 extended and expanded the tax credit for first time homebuyers that had been created in 2008. The new law extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.

ACT NOW! Call me and I can facilitate a home purchase or sale here in the Las Vegas Vally.

(702) 521-3939 direct (888) 949-2890 toll free http://www.callkim.net/

Kim Duclos

Coldwell Banker Wardley

kim.duclos@coldwellbanker.com