"Lisa & Jim's Carson Valley, Nevada Real Estate Blog ..." - 5 new articles
Buyers Can Help Themselves During The Course Of EscrowBuyers Can Help Themselves During The Course Of Escrow
Congratulations to you Buyers that are in escrow. Great price and great interest – it is a great time to be a Buyer. To make sure your buying experience is smooth and successful there are some ways you can help yourself through the course of your escrow. It isn’t automatic that escrows close, and it is important that you help yourself along the way to make sure that yours does. One area that causes delays, and frustration, in escrow is not having all the documents signed, or signed in a timely manner. There are many, many documents to sign during the course of negotiation, escrow, loan, and closing. If you are asked to sign something, something you agree with, make a point to sign and return it in a timely manner. If you have questions, ask them right away and get your answers. Don’t delay your performance because you are not happy with, or are questioning, something. If you are getting a new loan, don’t make any purchases without talking to your lender. We’ve seen a simple new $1,500 credit line at a department store blow a Buyer’s ratios and almost cause the Buyers to  lose their new home. Without a private money swing loan they would not have been able to buy their home … this news coming in while the Sellers are actually loading the moving van anticipating closing the next day. Credit will be rechecked before funding. If you get a new credit card, buy a new car, etc. you can jeopardize your loan.
When you get your inspection reports – read them and make your repair requests immediately. Repairs must be ordered, tradesmen scheduled, re-inspections made. A delay of a couple of days can cause you grief at the closing end. How is your communication with your lender? Are you talking about locking your interest rate? Do you know your rate … for sure? A shocking higher rate when you are ready to close, even if you can qualify and make the payment, is not a pleasant experience – especially if it could have been avoided. Are there pre-doc conditions? Pre-funding conditions? If so, get them handled as quickly as possible as things will be delayed until you do. Be available to your agent, be responsive to your agent, talk to your lender, stay active. You don’t have to be alert 24/7, but don’t go underground. If you travel stay in touch. With email and faxes it is easy to get documentation to you most anywhere on the planet in a timely manner. Our advice: Delays in your actions can lead to a delay in the close of escrow. These days there are new potential delay factors that we must deal with. The appraisal may be reviewed. The underwriter may initiate an unexpected and unexplainable hurdle that must be dealt with. You can’t control those items, but you can control your actions. Be timely, pay attention, keep smiling, take action. Be sure to bring certified funds to close the escrow, i.e.- cashier’s check or have the funds wired, no personal checks. Remember to set up your utilities for the close of escrow. If the Seller schedules them to be turned off you might be without power, gas or water for a few days. It’s the details of the transaction that will help you maintain your peace of mind as you move towards home ownership … pay attention to them for your own sake. When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com ……………………………………………………………………………………………………. Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley, Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: www.findhomesincarsoncity.com of visit our website at www.CarsonValleyLand.com  Truth In Lending Changes Take Effect July 30, 2009Truth In Lending Changes Take Effect July 30, 2009
Predatory lending practices played a large role in the recent global economic collapse. Those practices included funding loans with falsified information, hidden costs and charges. They also packaged subprime loans as prime loans and resold them to international investors. The resulting negative ramifications have been felt globally as the investments proved to be not what they appeared to be ... for the investor and the borrower. That has resulted in an assortment of laws and/or guidelines, Federal and State, intended to protect the consumer and the investor the latest of which takes effect on July 30th. The new Truth in Lending Regulation (Reg Z) changes take effect for loan applications filed on, or after July 30, 2009. The new requirements apply to all mortgages secured by a primary or second home. Investor loans are exempt. Two main changes are the requirement of the lender to give a good faith estimate of loan costs within 3 business days after the loan application (early disclosure), and the lender may not now collect any fees before the disclosure is provided, except for a reasonable credit report fee. More Reg Z changes: a) The escrow may not close until after a 7 day waiting period following the consumer’s receipt of the early disclosure., b) If the annual percentage rate (APR) increases by more than 0.125 percent from the early disclosure amount, the lender must provide a corrected disclosure and wait an additional 3 business days before closing the loan. It is important to understand that the APR not only includes the interest rate on the loan, but certain other settlement costs. c) The consumer may modify or waive both waiting periods for a documented personal financial emergency, with some restrictions. It is important to understand that the APR can be affected by something seemingly innocuous, but with the potential for major consequences. These can include an unlocked interest rate, a change in the loan amount, a product change (the loan product), rate re-lock due to market improvement, change in closing date, and changes to fees including settlement fees. Each of these items can occur innocently enough during the course of an escrow and, if too close to the scheduled closing date, can wreck havoc with the closing timing. Sample simple problem- if you put a home equity loan on during the transaction the initial disclosure period starts all over. With a home equity line of credit there is no impact. Our advice: The changes aren’t really burdensome, but they have the potential to delay escrows. It is important that everyone – borrower, Realtor, and lender – all pay attention to the details from the onset of the loan process to the funding. Minor changes can cause several days of delays. Delays can result in missed closing dates which can mean not only not moving on the weekend that you have arranged for with your friends and work, but can also mean a breach of contract that could cause you to lose the property in certain circumstances. All parties must be diligent in their efforts and communication on the loan and escrow process to minimize aggravation. Getting a new loan? Better plan on at least a 30 day escrow period, and be diligent during the process. The longer the process goes the more opportunity there is for a “stick to meet your spokes”. As changes occur during your escrow make sure of their consequence, if any, on your loan process. When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley, Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: www.findhomesincarsoncity.com of visit our website at www.CarsonValleyLand.com  Wordless Wednesday Offering … “Sierra Nevadas” By Jim Promessi
Wordless Wednesday Offering … “Sierra Nevadas” By Jim Promessi
Our brother-in-law is a wonderful artist. His painting of the Sierra Nevadas. Is an excellent example of the beautiful area we call home! Enjoy! Looking across the fertile Carson Valley in Northern Nevada. The Sierra Nevada range rises straight up from the valley floor. I was captivated by the distant cottonwood trees and lush green grasses up against the rust-tinted tullies. Contact Jim by email: mailto:art@promessi.com  Nevada Asbestos Prevention Tips & GREEN Options for Homeowners
Located in the western region of the United States, Nevada is known for its natural parks, lakes, canyons, casinos, and scenery. What home buyer would not want to call this state their home? The road to owning a home is a wonderful experience, but requires new responsibilities. Homes that are newly purchased may require additional remodeling or repairs. Having the assistance of an honest and reliable real estate agent can make all the difference in the world.
Potential Nevada home buyers or those seeking to remodel homes built before 1980 should be aware that asbestos materials may still be present. This should not make you jump out of your chair because asbestos exposure can be easily prevented by taking simple precautions. Citizens of this great state are striving to move to a green lifestyle by advocating environmentally sustainable methods to be used throughout the state. Asbestos In most situations, any suspected asbestos should be left un-disturbed. Sometimes the best action is no action at all. When asbestos materials become disturbed, broken down or friable, this is when it becomes a concern, as fibers can become airborne and presents a high risk for anyone in the area. The inhalation of its fibers can cause a rare lung-ailment known as mesothelioma, which accounts for three percent of cancer diagnoses in the United States. The amount of asbestos-related incidents in the last few decades has lead to asbestos lawyer firms advocating victim rights around the U.S. The negligence involved with the asbestos scandal has been one of greed and dishonesty. Manufacturers of asbestos were aware of its toxic qualities, but repressed this information from the public. The general rule of thumb is if the asbestos is in good shape, it's posing no apparent risk. If it's in bad shape, it could be a problem. If a home inspector suggests removal is necessary, it must be performed by a licensed abatement contractor who is trained in handling hazardous materials. At the present time, there is a growing list of green insulation alternatives which replace the need for asbestos. Green Alternatives in the home Combining tough research and political advocacy, Environment Nevada is a citizen run environmental organization seeking to produce real changes in tackling all of the state’s eco problems. Each and every human being would like clean air to breathe and crisp water to drink. It takes a lot of effort and political advocacy to achieve this on a macro level. That is what groups such as Environment Nevada focus exclusively on. Recently, congress passed the American Recovery and Reinvestment Act into law. Included in this act were extensions to the tax incentives placed for energy efficiency in 2005, as well as new credits for homeowners who remodel or build using eco-sustainable methods. Some of the measures that are eligible for tax credits include added insulation to walls, ceilings, or other part of the building envelope that meets the 2009 IECC specifications, sealing cracks in the building shell and ducts to reduce heat loss. Storm doors paired with U-factored rated wood doors are also eligible. The use of recycled building materials such as cotton fiber insulation can reduce energy use by 25 percent. The implementation of eco-construction, alternative energy solutions and energy reduction solutions has continued to play an important role in the transformation to a healthier and sustainable world.  Saturday I Experienced the "Rest Of the Story". Sharing Their New Home With Their Family and Friends!Saturday I Experienced the "Rest Of the Story". Sharing Their New Home With Their Family and Friends!
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