Chance Gates' Blog

RISMEDIA, March 10, 2010—Golden Gateway Financial, a financial resource for seniors and retirees, recently released new usage data from its online Reverse Mortgage Calculator that showed average home values for older Americans have halted their slide after remaining flat or declining for seven consecutive quarters. The national average self-reported home value of older Americans rose from $369,762 in the third quarter of 2009 to $381,895 in the fourth quarter of 2009.

Older Americans were one of the last segments of the population to see home prices rebound, but overall home values for seniors remain significantly lower than 2008 levels. Despite this rise in the national average, the report also showed significant decline in many large states, including Florida, Texas and New York.

This mixed recovery in terms of senior home values will likely continue as individual markets reduce inventory and regain their footing. Data from the most recent S&P/Case-Shiller Home Price Indices shows that many markets within these states continue to show improvement, and this should eventually contribute to an increase in home values for older Americans as well.

“Even a minimal gain in home value is a reassuring sign for older Americans because many of these individuals live on a fixed income and rely on their home to support their retirement lifestyle,” said Eric Bachman, founder and CEO of Golden Gateway Financial. “This is especially true for those considering a reverse mortgage because as their home increases in value, so does their potential for greater reverse mortgage proceeds.”

Additional observations from the data include:
-The average age of users remained roughly consistent
-Self-reported senior home values rose by a little more than 3%between the third and fourth quarter of 2009
-The average existing forward mortgage debt dropped slightly to $143,360
-Reverse mortgage average max up front proceeds available rose by roughly 3% while the average max monthly proceeds available dropped by 13%

For more information, visit www.goldengateway.com.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

But I was losing so much bone density that I would have been in grave danger. And I mean grave danger. If I had let it go just a few more years I could have broken my hip or spine just picking up my granddaughter.
Sally Field

But there isn’t any second half of myself waiting to plug in and make me whole. It’s there. I’m already whole.
Sally Field

Change is never easy.
Sally Field

I came from a real working-class show business family.
Sally Field

I can’t deny the fact that you like me! You like me!
Sally Field

I have never been beautiful in cliche terms.
Sally Field

I never really address myself to any image anybody has of me. That’s like fighting with ghosts.
Sally Field

I really have no ulterior motive in taking on certain roles. I have no larger issue that I really want to show people. I’m an actor, that’s all. I just do what I do.
Sally Field

I think that’s very sad, that I haven’t allowed my heart to be broken. I have broken a few.
Sally Field

I think the first thing I did was several scenes from Romeo and Juliet.
Sally Field

I was just lucky enough to grow up in a time when they actually had drama departments in schools.
Sally Field

I was raised to sense what someone wanted me to be and be that kind of person. It took me a long time not to judge myself through someone else’s eyes.
Sally Field

I would take plays and I would cut out all the other dialogue and make long monologues because I felt the other kids weren’t taking it as seriously as I did.
Sally Field

I’m so vigorous, and I so take it for granted, because I’ve always been a real physical person.
Sally Field

If I hadn’t fought back, I might have been Gidget forever.
Sally Field

It took me a long time not to judge myself through someone else’s eyes.
Sally Field

My agent said, ‘You aren’t good enough for movies.’ I said, ‘You’re fired.’
Sally Field

One of the most important things I learned while working as a Reno/Sparks real estate consultant is to learn from others when you can.

As the WAC tournament starts this week I feel this would be a great time to take a break from Reno/Sparks real estate and talk about the Nevada Wolf Pack. With two big wins to finish the regular season the Nevada Wolf  Pack secure the second seed in the WAC tournament.  The WAC Tournament starts March 10 and is being played in Reno this year.  The Nevada Wolf Pack is 15-1 at home this year with their only loss to Utah the Number 1 seed.

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Courtesy: Nevada
http://nevadawolfpack.com
The 2010 WAC Tournament is set for March 10-13 at Nevada’s Lawlor Events Center.

Link: WAC Tournament Information

The WAC Men’s and Women’s Basketball Tournament has returned to Reno for 2010.

The University of Nevada and the Reno Sparks Convention and Visitors Authority will play host to the men’s and women’s basketball tournaments at the 11,536-seat Lawlor Events Center on March 10-13, 2010.

Ticket Information
All-session and single-season tickets as well as a Nevada 3-Pack (same seat for all three Nevada men’s games) are atill available and on sale now. Click here for ticket information or call the Wolf Pack Ticket Office – 775-348-PACK (7225).

WAC Whiteout
Fans holding a ticket for the WAC Tournament can pick up a free One Community, One Pack t-shirt starting on Monday, March 8 at Fuddruckers in Sparks or Silver and Blue Outfitters at Meadowood Mall in Reno. Fans are encouraged to wear those shirts to Nevada’s men’s quarterfinals game with Idaho on Thursday at 6 p.m. to create a WAC Whiteout.

WAC Tournament Ticket Pricing

All Session Passes:

Can be purchased at Legacy Hall Only. Includes all games played for both Men and Women.

• $195 – Lower Bowl
• $145 – Upper Bowl Center
• $110 – Upper Bowl Corner/End

Nevada 3– Pack:

Can be purchased online and at Lawlor Events Center. (Legacy Hall will not be selling the Nevada 3-Pack)
All 3 games Nevada could be playing in. Same seat for every game.

• $15 discount from buying the 3 games separate.
• $150 – Lower Bowl (limited availability)
• $90 – Upper Bowl Center
• $60 – Upper Bowl Corner/End

Single – Session Tickets (session and game information):

Can be purchased by calling 348-PACK option #1, online and at Lawlor Events Center. (Legacy Hall will not be selling individual tickets)

• $55 – Lower Bowl Tickets (limited availability)
• $35 – Upper Bowl Center
• $25 – Upper Bowl Corner/End
• $20 – Upper Corner/End for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older and Active Military with Military ID. ($5 discount) A $10 discount available for the following groups: All Government, State, County and City workers including the City of Reno, City of Sparks, Washoe County, and the Washoe County School District, Nevada Alumni Association among others.

Group Tickets:

(15 tickets or more) Not available day of game, only available for first game Nevada plays in.

• $15 – Group Tickets of 15 or more (regular price $25) available in upper corners and end seats.
• Can be purchased in advance through Meredith Montoya 682-6905  mmontoya at unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat.

Women’s Sessions:

• $15 – General Admission
• $10 – for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older, Active Military with Military ID, * employees listed above. ($5 Discount, available in advance or day of game Lawlor Events Center only.)
• $10 – Group Tickets of 15 or more (regular price $15) Can be purchased in advance through Meredith Montoya 682-6905  mmontoya at unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat. Not available day of game.

2010 WAC Basketball Tournament – Men’s Bracket (download)

Thursday, March 11 (Quarterfinals)
Game 1 (Session 3) – #8 Boise State vs. #1 Utah State	12:00 pm PST
Game 2 (Session 3) – #5 Fresno State vs. #4 Louisiana Tech	2:30 pm PST
Game 3 (Session 4) – #7 Idaho vs. #2 Nevada	6:00 pm PST
Game 4 (Session 4) – #6 San Jose State vs. #3 New Mexico State	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 6) – Winner Game 1 vs. Winner Game 2	6:00 pm PST
Game 6 (Session 6) – Winner Game 3 vs. Winner Game 4	8:30 pm PST
Saturday, March 13 (Finals)
Game 7 – Winner Game 5 vs. Winner Game 6	7:00 pm PST

2010 WAC Basketball Tournament – Women’s Bracket (download)

Wednesday, March 10 (Quarterfinals)
Game 1 (Session 1) – #8 Hawai’i vs. #1 Fresno State	12:00 pm PST
Game 2 (Session 1) – #5 New Mexico State vs. #4 Idaho	2:30 pm PST
Game 3 (Session 2) – #6 Boise State vs. #3 Nevada	6:00 pm PST
Game 4 (Session 2) – #7 Utah State vs. #2 Louisiana Tech	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 5) – Winner Game 1 vs. Winner Game 2	12:00 pm PST
Game 6 (Session 5) – Winner Game 3 vs. Winner Game 4	2:30 pm PST
Saturday, March 13 (Finals)
Game 7 (Session 7) – Winner Game 5 vs. Winner Game 6	1:00 pm PST

 http://www.nevadawolfpack.com/ViewArticl…

The Pro:

Think about buying a home for $100,000 and collecting $1200 a month or an income of $14,400 per year, you need to deduct expenses such as Taxes and Management fees. Now you hold the property for at least five years or so and capture the appreciation. The original purchase must be cash, no loans. Any upkeep must come from the IRA and all income goes into the IRA. The rate of return could be wonderful.

The Con:

Granted, since prices have fallen (make that “collapsed” in some areas), I think that housing is a more attractive investment today than it was back at the height of the boom. If nothing else, you’re getting the same sticks and bricks at a lower price.

It must be noted that owning real estate within an IRA can be a hassle. Most people don’t have enough dough in their IRA to buy enough properties to diversify properly. (Financing a purchase for an IRA is possible, but complicated.) And since there are limits ($5,000 this year, plus $1,000 if you’re 50 or older) to how much you can contribute to an IRA in any year, you could run into problems if the cost of property maintenance and repairs exceeds the amount of cash you have in your IRA or that you’re allowed to put in.

That said even with incentives designed to spur demand, such as the $8,000 first-time homebuyer credit, it’s still somewhat unclear  how long it will be until we see a sustainable turnaround. And given how the last boom turned out, you have to wonder how robust the upturn will be.

But even setting that issue aside, you still have to deal with the other difficulties  about owning real estate in an IRA. One more thing you might want to consider is that real estate isn’t the most liquid investment around. That could be a problem if you need to raise cash from your IRA in a hurry

All in all, you can get enough of the diversification benefit and return potential that real estate has to offer by investing in REITs or mutual funds that specialize in REITS or other forms of real estate.

Not that it’s not an interesting idea. Just like anything, it probably makes sense for some and could be disastrous for others.  Please when ever thinking about investing in Reno/Sparks real estate talk to your account.

RISMEDIA, March 3, 2010—With the U.S. federal income tax filing deadline of April 15 now just weeks away, taking time to review your tax situation and plan for any needed action will save you time, stress and, quite possibly, money.

With the economic recession impacting so many Americans in 2009, many people will have complicated filing situations this year, says Jeff Staley, president of Freedom Tax Relief, LLC. “This is the time to prepare, review your tax obligations and evaluate your alternatives for payment if you find you may have difficulty in paying your tax bill this year.” Staley recommends taxpayers follow these steps now in order to be ready for April 15:

1. Make a plan for filing. Make plans now to ensure that you will be able to file your income tax return on time. If that is impossible, file an extension. The Internal Revenue Service (IRS) is more forgiving of those who follow the rules than those who skip filing. Even if you cannot pay your tax debt in full on April 15, filing the required forms will result in smaller penalties.

2. Understand tax on unemployment benefits. Unemployment income is taxable. If you received unemployment benefits during 2009, you should have received a Form 1099-G providing the total amount received. If your employer paid separate unemployment compensation, that income should be reported on your W-2 form as income. Note that the first $2,400 of government benefits received in 2009 is exempt from tax, thanks to the American Recovery and Reinvestment Act.

3. Prepare documentation for tax credits. Review your 2009 expenses to know whether you qualify for credits. The American Recovery and Reinvestment Act of 2009 (e.g., stimulus package) included many tax credits, ranging from an expanded health coverage tax credit to new education benefits.

4. Maximize deductions. If you made donations to nonprofit organizations in 2009, make sure you obtain needed appraisals or valuations to list these contributions accurately in your tax forms, per IRS guidelines.

5. Contribute to your retirement plan. If you plan to contribute to a retirement plan, you can still make tax-deferred contributions for 2009 until April 2010.

6. Estimate your payment. You can estimate your tax obligation by reviewing a copy of last year’s tax form, completed with your 2010 data. If you purchase tax return software, you can use that. Or go to www.irs.gov and download a PDF version of your form to fill out.

7. Plan for payment. If it looks like you will have a larger tax bill than you can afford to pay in full by April 15, the IRS suggests taxpayers find any means possible to pay that bill, including bank loans, cash advances on credit cards, using savings, borrowing against retirement or life insurance, or using equity in assets (such as a home) to pay. However, if you are in dire financial circumstances, exchanging one debt for another will not make things easier, and putting a home at risk is almost always a bad idea. Consult a tax and/or financial adviser before making a decision.

8. Evaluate your alternatives. If you will absolutely be unable to pay your tax bill, contact the IRS. The agency sometimes gives some leeway to taxpayers who contact them directly or pay a late bill voluntarily. The IRS might waive penalties for those who cannot pay because of a death in the family, serious illness, financial records lost in a natural disaster or another “reasonable cause.”

Another alternative is tax debt resolution. Tax resolution specialists can often negotiate directly with the IRS on behalf of consumers who owe $10,000 or more. These specialists usually are attorneys, enrolled agents or certified public accountants with special training and experience. They can navigate the maze of IRS forms and calculations, help consumers understand what the IRS wants, and help them resolve their tax debt.

“As the April tax filing deadline looms, it is time to face up to the demands of the IRS and determine a payment strategy for your tax bill,” says Staley. “In these economic times, it is good to know that help is available for those who need it.”

For more information, visit www.freedomtaxrelief.com.

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

The question that keeps arising when a client approaches me about buying a home is “what information should I have ready for when I apply for a loan?”.

So to help people out who are getting ready to enter the Reno/Sparks real estate market here is a checklist for you.

Your Residence History:

_____  Your previous addressed for the past two years

_____  The length of time you’ve lived in each place

_____  If you currently rent, your landlord’s name and address (12months)

Your Employment History:

_____  The names and addresses of all your employers for the last two years

_____  The dates you worked at each place of employment

_____  If there have been any gaps in your employment and why

All Outstanding Loans and Credit Cards:

_____  The creditor’s name and address

_____  Your account number

_____  The current total balance you owe and months left to pay

_____  The amount of the monthly payment

Savings, Checking or Investments Accounts

_____  The name and address of each financial institution

_____ Your account number

_____  The current balance or value

Real Estate You Currently Own ( For Each Property)

_____The property address

_____  The estimated market value

_____  The outstanding loan balance(s), the name and address of  the                     mortgage company(s) and your account number(s)

_____ The amount of the monthly payment ( including taxes, insurance and                    HOA dues)

_____  The amount of your monthly rental income (if applicable)

Personal Propert You Own:

_____  The net cash value of your life insurance

_____  The make, year, and value of your automobiles

_____ The value of your furniture, jewelry, or other personal property

Read more at http://chancegates.com/tag/mortgage/

Courage is being scared to death… and saddling up anyway.
John Wayne

Get off your butt and join the Marines!
John Wayne

Get off your horse and drink your milk.
John Wayne

If everything isn’t black and white, I say, ‘Why the hell not?’
John Wayne

If you’ve got them by the balls their hearts and minds will follow.
John Wayne

Life is hard; it’s harder if you’re stupid.
John Wayne

Talk low, talk slow and don’t say too much.
John Wayne

Tomorrow hopes we have learned something from yesterday.
John Wayne

Tomorrow is the most important thing in life. Comes into us at midnight very clean. It’s perfect when it arrives and it puts itself in our hands. It hopes we’ve learned something from yesterday.
John Wayne

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

This Walmart is be replace by a Super Walmart to be located on the Reno-Sparks Indian Colony land on East Second.  The retailer planed to break ground last February but was delayed by a environmental cleanup of more than 6,000 tons of oil-contaminated soil.  The new 24 acre site will be about 185,000 square feet and will include groceries, tires and garden centers, and a drive through pharmacy.  The 250 employees of the Northtowne Walmart will have the option to transition to the the new location.  Plus the Super Walmart will hire about an additional 200 employees to meet the new demands.

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

Where as national new home sales may be suffering the local Reno-Sparks Association of Realtors reports that 346 home sales closed in Washoe County.  This is a 49% increase in real estate transaction from the same month a year earlier.    http://chancegates.com/2010/02/27/new-ho… This completely contradicts the national new home sales entry   This is a great reason why when searching for answer on real estate that a person should watch the local markets not the national ones.

2009 FORECLOSURE LEGISLATION
By Sue Saunders, General Counsel, NVAR
The 2009 Legislature was busy trying to assist homeowners this legislative year. There are new laws which are specific to relieving some of the imbalances banks have against borrowers in foreclosures.
The first bill which was signed into law and became effective July 1, 2009, was Assembly Bill 149 (AB149). This bill provides relief for homeowners of owner-occupied houses who receive formal Notice of Default and Election to Sell (NOD) notices filed after June 30, 2009. AB 149 gives borrowers the right to seek mediation of a mortgage loan if they are the owners and occupants of that home. The borrowers have 30 days after being served with a NOD to elect to participate in mediation and notify the trustee (generally a title company). The trustee shall, in turn, notify all entities with an interest in the property that the owner is requesting mediation.
A form to request mediation and easy-to-understand instructions must be attached to the NOD notice served on the borrower. Once the homeowner requests mediation, the lender is required to participate. Mediation must then take place within 90 days of the recording of the NOD. The mediation fee is $400, to be shared equally by the homeowner and lender.
AB 149 also gives the owner-occupying homeowner the right to pay back the missed payments up until 5 days before the foreclosure sale to make good the back unpaid payments and perform under the deed of trust agreement.
Another bill which assists the homeowner in foreclosure is AB 471. This bill provides for relief from any deficiency judgment against owner-occupied homeowner if the foreclosing entity is bank which loaned the money for the purchase of the property and the homeowner lives in the property financed from the time of financing until the present. AB 471 only applies to foreclosures proceedings on loans after October 1, 2009.