Chance Gates' Blog

Being a Dallas Cowboys fan you can imagine that I’m pretty happy with last week’s  results.  I’m really kind of torn this week as Brett Favre is going against the Cowboys.  Who doesn’t want to see Brett get a Superbowl Ring so late in his career.  Kurt Warner fans that’s who.  I like the Arizona Cardinal plus the points this week going against the New Orleans Saints.   This one could be fun to watch with a lot of points being scored.

This is another one of those Northern Nevada  real estate blog entries that was derived from a commonly asked question.  This once again starts from the saying “there are no stupid questions”, which my son has proven wrong many times.  However if you do have a question, it does make picking a topic so much easier on me.

Trying to keep this as simple as possible a home warranty,  for the most part covers items inside the house:  leaky pipes, electrical systems, dishwashers, pumping of septic tanks etc…

This is most commonly purchased by the year, plus a small service fee every time used. The homeowners warranty is usually not required in order to get a home loan.  This is something I highly recommend to everyone of my clients buying a home.

items covered will vary from policy to policy be sure to get your policy explained to you in detailed.

RESPA Reform

The Objectives:

1.)  Help consumers shop for the best loan, through competition bring lower prices.

2.)  Disclose to consumer, the loan information quickly in an easy to understand format.

3.)  Facilitate comparison of Good Faith Estimate (GFE) and HUD-1 or HUD-1A Settlement Statement.

THE GOOD FAITH ESTIMATE (GFE):

1.)  The lender has 3 days after receiving a complete loan application to provide the buyer with a GFE.

2.)  The buyer has 10 business days to review the GFE.

3.)  Page 3 of the GFE must have a “Shopping Cart” to allow the borrower the ability to compare terms and conditions.

THREE TYPES OF GOOD FAITH ESTIMATE FEES

1.)  Zero Tolerance are fees on the GFE that may not be exceeded at closing.

2.)  10% Increase Permitted are fees that the total aggregate of all charges are subject to a 10% tolerance.

3.)  Unlimited Change Permitted are fee that HUD does not limit the amount of increase

Other terms and conditions may apply please contact a Nevada real estate professional to answer any questions  that you might have.

RISMEDIA, December 12, 2009—Looking for fast, free ways to save on energy around the home this winter? According to Tom Kraeutler, host of the nationally-syndicated home improvement radio show, The Money Pit, there are many common-sense things you can do everyday in your home to lower energy bills.

Tip #1 – Lock your windows. Don’t just close them, but lock them to create an airtight seal that keeps out air leaks and drafts.

Tip #2 – Plug power-draining computers and electronic equipment into a power strip with a switch, so they can all be easily turned off when not in use.

Tip #3 – Turn off lights when leaving a room.

Tip #4 – Get free solar heat by opening the blinds and shades during the day.

Tip #5 – Chill out and do your laundry in cold water.

Tip #6 – Add a sweater and lower the thermostat. For every degree you lower your thermostat, you may be able to save 5% on heating costs.

Tip #7 – Run only full loads in your dishwasher.

Tip #8 – Remove lint often from your clothes dryer and its outside vent. And, run your dryer in the evening, when the extra heat helps warm your house.

Tip #9 – Close the doors (and the heating vents) in rooms with minimal use, like walk-in closets, laundry rooms and guest bedrooms, to reduce heat use in those areas.

Tip #10 – Snuggle up under more blankets at night and turn your heat down lower to reduce energy costs.

“Small things can add up to big energy savings in the home,” says Kraeutler. “You’ll be surprised to find your energy bills dropping by 20, 30 or more dollars each month when you consistently make the effort.
Read more: http://rismedia.com/2009-12-12/around-the-home-10-no-cost-tips-for-saving-energy/#ixzz0ZgYdqFR2

Trulia, Inc., a real estate search site, has announced that 22% of homes currently on the market in the United States as of December 1, 2009 have experienced at least one price cut.
Read more: http://rismedia.com/2009-12-10/home-price-reduction-levels-drop-to-2009-low/#ixzz0ZOqMMnLK

When we already know for the first time in years nondistressed properties had more sale than the short sales or foreclosed properties.

http://chancegates.com/2009/12/02/october-2009-reno-market-stick-built-homes-in-reno-100/

As presented in the article http://chancegates.com/2009/11/23/180/
interest rates have hit an all time low. With the tax credit extensions for first time buyer which now includes move up buyers also. http://chancegates.com/2009/12/03/first-time-home-buyers-tax-credit-extension-quandaries-answered/
Should make March and April very active months in the Reno/Sparks real estate market, as everyone tries to beat the April 30 deadline.

If your selling a house here is a helpful real estate blog post so you will not be one of the 22%. http://chancegates.com/2009/04/27/selling-a-house-in-a-buyers-market/

If your buying a house in the Reno/Sparks real estate you can visit these helpful blogs post:

http://chancegates.com/2009/12/06/home-owner-tax-credit-for-new-purchase-of-a-home/

http://chancegates.com/2009/11/02/home-loan-checklist/

http://chancegates.com/2009/09/16/hud-home-loanprogram-100-down-payment/

http://chancegates.com/2009/10/19/how-to-find-and-buy-a-hud-foreclosed-home/

http://chancegates.com/2009/08/12/city-of-reno-homebuyer-assistance-program/

If looking to purchase real estate in Lyon County here is another helpful real estate blog post:

http://chancegates.com/2009/08/03/new-nsp-down-payment-assistance-program/

There is a misconception in the market place that sellers net more proceeds by selling their homes themselves without the help of a real estate professional.  Not so according to a study by the National Association of REALTORS* that shows that sellers make an average 16 percent more on the sale of their home when they use a real estate professional than when they sell it themselves. http://chancegates.com/2009/04/    Tells of different strategies Real estate professionals know and use market a home to reach the greatest pool of potential buyers.

Have you ever hear of a little store called “The Proper Fit” located on the corner of S. Virginia and Peckham in the Old Town Mall.   The staff is very knowledgeable about the product; and the owner is a great guy who will actually sit and talk with you for a while.  The product, I found I like the best are the insoles with arch support.  Every pair of shoes I wear now has a pair of those insoles.  My wife who has a job which requires a lot of walking loves the shoes with springs in the soles

As a Reno – Sparks real estate consultant I encourage any question or comments on the Reno – Sparks real estate market or any of the articles I posted here.

I can be reach at  chance at ballard-company.com

I hate it when relatives come to town; all they want to do is gamble.  Having worked in that industry for years, it is not something I care to do.   My mom is the exception to this rule; she comes to Reno to visit the grand kids.  So we head to the arcade at the Grand Sierra Resort.  While walking through the Grand Sierra we notice the movie theater.  It only shows four different movies but one happened to be Harry Potter.  So we figured three dollars to watch Harry Potter why not.  In case you didn’t catch that, the tickets cost three dollars a piece.  We enter the lobby; buy the popcorn and drinks and head to the theater.  Inside the theater they have love seats with tables separating them.  This is the first time I been to the movies and didn’t have a sore rear when the movie was over.    If you’re going to the movies checkout the Grand Sierra and see what they have playing you might be pleasantly surprised.