SellingNorthernNV

Posted By admin on August 25, 2010

Knowing and understanding the differences in roofing material can help you determine how long a roof will last, and how expensive it is to maintain. Here are some descriptions of several types of roofing material.

Wood Shakes and Shingles

Although you wouldn’t think it by looking at them, roofing with this material can last up to 50 years. However they must first be treated to withstand the elements, including fire. Depending on where you live, Wood Shake roofing may not be permitted by your area’s building code. If they are available in your area, they can add a very natural look to your home without having to break the bank.

Metal Roofs

Metal roofs come in a variety of materials, colors, shapes, thicknesses and textures. You can find metal roofing material made in small shingle form, all the way to large panels. Although installing a metal roof is one of the more expensive options, they can have a lifespan ranging anywhere from 50 to 100 years depending on the material. However, they can become very noisy during a rain storm.

Synthetic/artificial

Over the last several years, we have seen new roofing products enter the market made from various polymers and composites. These materials can be made to resemble almost any type of roofing material and are advertised for their durability and light weight. However since most of these products haven’t been around long, there’s really no way to say for certain what kind of lifespan they will actually have. These products are still a bit pricey, but may be worth it if it turns out they outlive the material they are made to resemble.

Composite shingles or Asphalt

Depending on the quality of shingles, the lifespan on these roofs can range anywhere from 15 to 40 years. Depending on the quality you choose, the price can vary just as much. Complimenting almost any architectural style, as well as being lightweight and compact when compared to other materials, this is the product that you’ll find is most widely used in the industry.

Clay, Concrete, and Slate Tiles

These types of material are typically used on specific home styles and are better used in warmer climates due to being more prone to cracking in colder weather. Concrete tiles are much heavier than clay, but are less prone to cracking. This material can last anywhere from 50 to 100 years. Having any of these materials installed can get expensive. You will also want to make sure you consult a seasoned contractor who is use to working with these tiles. These materials weigh much more than any other, and can cause serious damage if your home is unable to properly support the weight.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: General, Remodeling/Repair/design Tips | No Comments »
Tags: Chase International, composite shingles, construction, home building, Nevada, NV, Real Estate, reno, renovation, Roofing, Talayka, Wood Shake, www.sellinghomesinreno.com, www.sellingnorthernnv.com

Posted By admin on August 16, 2010

The FHA 203k Renovation Loan allows a borrower to roll repair/renovation costs into their FHA loan. The repairs/renovation can include optional renovations/upgrades such as: interior and/or exterior paint, new flooring, kitchen/bath remodel, Energy Efficient Improvements, landscaping, etc. The process in obtaining and utilizing an FHA 203k loan can be very simple when working with the right loan officer who understands the program, and offers advantages to everyone involved in the transaction.

Advantages to Borrower

- Repair/renovation costs are rolled into the loan
- Both major and minor items are allowed
- Only 3.5% down on any FHA loan with up to 6% closing cost credit from seller allowed
- Loan amount can go up to 110% of the “after-improved value” on the appraisal
- Optional renovations/upgrades are allowed
- Customer can use a 203k consultant to help deal with contractors
- Interest on the entire loan may be tax deductable.
- Allows buyer to purchase homes that may not qualify under standard FHA guidelines

Advantages to the Seller

- Allows the home to sell to more buyers if it wouldn’t qualify for a standard FHA loan
- Repairs being rolled into the loan and not requiring seller to make repairs out of pocket prior to close.
- Not having to go off and on the market due to not passing an FHA appraisal

Advantages to the Contractor

- Up to 30% available up front to purchase permits and materials
- Not having to worry about getting paid once the job is done.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: FHA loans, Financing/Mortgage Topics, Remodeling/Repair/design Tips | No Comments »
Tags: Chase International, FHA, FHA 401k, fixer-upper, home repair, HUD, mortgage, Nevada, NV, Real Estate, remodeling, reno, Renovation Loan, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com

Posted By admin on August 11, 2010

An Energy Efficient Mortgage (EEM) allows a borrower to finance the entire (100%) expense of a cost effective “energy package” when made in conjunction with a VA purchase loan or a refinance loan.

A cost-effective package is where the cost of the improvements plus maintenance is less than the present value of the energy saved over the useful life of those improvements.

Types of modifications allowed in the EEM program (but not limited to) include:

Solar heating systems
Caulking & weather stripping
Automatic Thermostats
Water heater insulation
Heat pumps
Solar heating and cooling systems
Furnace efficiency modification
New or additional insulation
Storm windows and/or doors
Vapor Barriers
And More

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Category: Uncategorized | No Comments »
Tags: Chase International, eco friendly, EEM, Energy, energy efficient mortgage, environmental, green, mortgage, Nevada, NV, Real Estate, reno, Talayka, VA loan, Veteran, www.sellinghomesinreno.com, www.sellingnorthernnv.com

Posted By admin on August 6, 2010

The federal government’s guidelines for standardizing short sales that were released at the end of 2009 have been in effect since April 5, 2010. These guidelines are an addition to Obama’s Making Home Affordable program which was rolled out in early 2009. The new sub-program called the Home Affordable Foreclosure Alternative program (or HAFA) is designed to offer an alternative solution in the form of a standardized short sale for homeowner’s who meet minimum eligibility for the Home Affordable Modification Program (HAMP), but are still unable or unwilling to work out a plan to stay in their home.

Although the new program is voluntary for lender’s to participate it, the program does offer some incentives to lender’s who do decide to participate. As a result, the majority of lender’s are electing to participate. Some of the major lenders include; Bank of America, Chase, Wells Fargo, CitiMortgage, and many larger and smaller lenders. A complete list of lender’s participating can be found on the Making Home Affordable website.

How Does this Benefit You?

One of the biggest problems when going through a short sale is the time it takes to get a short sale approved. Outside of the HAFA program, most lenders will not even consider starting the short sale process until you receive an offer on the property. After which, it can take anywhere from 3-6 months (depending on the lender) to receive an approval. Under the HAFA program, this is no longer the case.

Under the HAFA program, your lender will determine the Fair Market Value (FMV) of your property, determine what they will need to net based on this FMV, and then issue you an approval letter which will tell you the minimum offer amount they will accept. In addition to doing processing the short sale up front, the program also includes standardized forms and specific timeline in order to ensure the process is completed in the shortest time possible. The program also allows borrower’s to receive $3,000 at closing to help with their moving expenses and requires that borrowers must be fully released from any future liability for the debt of the loan. This is not always the case in many short sales done outside of HAFA.

Like most of the programs out there, the HAFA will not be a one size cures all. However, as long as lenders continue to participate in the program, is should bring assistance to many homeowners who otherwise wouldn’t have any alternative but foreclosure.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal representation or legal advice in any means. You should not act upon this or any information without first seeking independent legal counsel.

Category: HAFA, Loan Modification Series | 2 Comments »
Tags: Chase International, debt forgiveness, Foreclosure, HAFA, HAMP, Home Affordable Foreclosure Alternative, Making Home Affordable, Nevada, NV, Real Estate, reno, short sale, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com

Posted By admin on July 30, 2010

A foreclosure is a legal process whereby a lender takes back real property after a borrower has failed to make loan payments. Nevada allows for two different types of foreclosures, judicial foreclosure and non-judicial foreclosure. Each type of foreclosure has different timelines. The lender may use either of these two types of foreclosures, but not both. Following either type of foreclosure, the lender may be able to sue the borrower for any deficiency remaining after the sale of the property.

A judicial foreclosure occurs when a lender files for foreclosure with the court, and then records a notice of pending lawsuit. After filing for foreclosure in this manner, a trial is held and a judgment for foreclosure may be issued at its conclusion. This type of foreclosure is typically the more expensive route to take, and therefore very seldom used by lenders.

A non-judicial foreclosure occurs outside of court utilizing the terms outlined in the Deed of Trust signed by the borrower when the loan was originated. This Deed of Trust contains a Power of Sale clause which outlines the terms in which the lender may foreclose. Since this type of foreclosure occurs outside of the courts, it is normally less costly on the lender, and is typically the preferred way to foreclose on a property.

Because non-judicial foreclosures are the most common form of foreclosure in Nevada, the timelines outlined below will refer to those in a non-judicial foreclosure.

Default period

No set time – A lender will typically begin their foreclosure following a default period. Although the Deed of Trust may outline the minimum delinquency period required before the lender may begin to foreclosure, there is no set time in which they must begin to foreclose on your property and may take the lender as little as 30 day to 6 months (or more) to begin the process.

Notice of Default and Election to Sell (NOD)

Timeline Begins – After the initial Default period, the lender must file a NOD with the county recorder’s office located within the county the property is located. Copies of this document must also be mailed to the appropriate parties that have an interest in the property (i.e.: borrower and junior lien holders). Once this document is recorded, the foreclosure process has legally begun. If owner occupied, the lender must also inform the borrower that they are eligible to participate in the Nevada Foreclosure Mediation Program.

Reinstatement period

35 days following NOD – The borrower or secondary lender(s) may pay off any delinquent amount and reinstate the loan within these 35 days following the recording of the NOD.

Notice of Sale

90 days following NOD – The lender may file with the county recorder’s office a Notice of Sale (NOS), which will indicate the date, time, and place the foreclosure sale will occur.

21 days before sale date – The notice of sale must be posted at three public places and mailed to the appropriate parties. The sale must also be published for three consecutive weeks in an appropriate adjudicated newspaper before the sale may occur.

(Lender must also have recorded either a certificate of completion of the Nevada Mediation program, or certificate indicating that Mediation is not needed. See Nevada Foreclosure Mediation Program for more information.)

Sale Date

Once all the timeframes and requirements above have been met, the lender may carry out their foreclosure sale (Trustee’s Sale).

In Summary:

Default Period – No timeframe

Notice of Default (NOD) – Day 1 of foreclosure process

Notice of Sale (NOS) – 90 days from NOD (35 day reinstatement period included in this timeframe)

Sale Date – 21 days from NOS

Earliest time lender may foreclose – 111 days from the date the Notice of Default was filed.

Before or during this foreclosure process, there are a few alternatives that may be available to the borrower. These alternatives include (but not limited to); loan modification, repayment plan, extensions, deed-in-lieu of foreclosure, and short sale.

A short sale is a sales transaction in which the lender typically agrees to accept a payoff of less than the balance due on the loan in lue of foreclosure. In many cases, a short sale is preferred by the lender over an actual foreclosure. This is because lenders are in the business of making and servicing loans, and typically loose even more money when they have to take back properties and attempt to sell the properties themselves.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal representation or legal advice in any means. You should not act upon this or any information without first seeking independent legal counsel.

Category: Foreclosure Mediation Program, Northern Nevada, Short Sale & Foreclosures | 2 Comments »
Tags: Chase International, deed of trust, Default, Foreclosure, Foreclosure Prevention, home retention, Judicial, Mediation, Nevada, NOD, non-judicial, NOS, Notice of Default, notice of sale, NV, Real Estate, Realtor, reno, short sale, Talayka, trustee sale, www.sellinghomesinreno.com, www.sellingnorthernnv.com