Words don’t describe this property. Breathe taking views of the Sierra Nevada’s on one side and down town Reno on the other side. This beautiful 2006 estate is located in one of the most luxurious areas of south Reno nestled in the middle of 2.5 acres and comes with over 4233 sq ft. This 4-bedroom, with 3.5 baths also have not 1 but 2 bonus rooms, one of them at just under 500 sq ft. This property also has 4 parking garages plus an 34 ft deep RV garage. Inside be ready for entertaining with an open floor plan and formal dining room with enough space to house that oversized dining table.

Awesome 3 bedroom 2 bath home with space for a possible RV driveway at the end of a court for under $300,000.00

This home is perfect for the first time home buyer or investor. Come see for yourself Saturday 29th from       10:00 am – 3:00pm.

We’ll have a lender on site who can assist you with getting pre-approved so you don’t loose to another buyer who is ready to go.

Come see this alluring property that is only a short drive from the central valley and away from the rush and noise. This enchanting layout has it all, 5 bedrooms, 4 bathrooms, and 2 bonus rooms, one upstairs and the other one next to the garage, wide open kitchen with a commercial grill, formal dining area, larger bedroom and a private balcony off the master bedroom overlooking the built-in pool that is sure to create an evocative experience.

Enjoy the sensational park like setting in the front yard while sitting on your covered front porch. Enjoy flexibility with 2 driveways and plenty of room for your RV or trailer completely uninstructed of your expansive driveway leading to your private garage.

For a private showing email us at craynor@raynorrealestate.com

FOR SALE : 1528 Parker Ranch Way Modesto Ca 95355

First time buyer or investor property at its best. Priced at only $225,000. We are holding an open house 11-12-2016 fro 10:00 am to 3:00 pm.

Very few people have a clear idea about what is a Preliminary Title Report or what is the purpose of such a report. Let us take a look and understand about a Preliminary Title Report with absolute clarity. Say after months and years of hard work you have finally decided to buy your perfect home. But is it perfect? Will you be buying just a perfect home or something more than that? Will you also be acquiring liens placed on the property by prior owners? Have documents been recorded that will restrict your use of the property?

A preliminary title report will allow you to review and get a clear understanding regarding matters affecting your property, prior to purchase, which are generally excluded from coverage under your title insurance policy.

A preliminary title report is not a bewildering concept, neither is it a simple disclosure document. A preliminary report is a report prepared by a title company before issuing a title insurance policy. This report reflects the ownership of a specific piece of land along with the lies and encumbrances that will not be covered under a subsequent title insurance policy.

So what role does it play in the real estate process?

Since it provides valuable information for both the buyer and seller, technically it should not be considered as a simple disclosure document. It is an offer of title insurance to a buyer or the buyer’s lender. This report contains the situations under which the title company will issue a particular type of title insurance policy. It provides information about the title defects, liens and encumbrances, which would be generally excluded from coverage. Hence you are aware about the different issues governing the real estate before purchasing it. The report may then be reviewed and discussed by the parties to a real estate transaction and their agents.

When and how is this report prepared?

Shortly after the escrow is opened, an order is generally placed with the title company, which will then begin the process involved in producing the report. Processing the report will involve review of certain matters relative to both the property and the parties to the transaction. Examples of recorded matters include a deed of trust recorded against the property or a lien recorded against the buyer or seller for an unpaid court award or unpaid taxes. Lastly, the so-called ‘exceptions’ will remain as they are unless they are released or eliminated prior to the transfer of the title.

Important things that you should know about a Preliminary Title Report…

The deal does not close with the buyer and seller coming to an agreement. After the parties come to an agreement, but before the close of escrow, the preliminary title report needs review. Now it is surely not going to be one of those riveting documents that you will read, but you must thoroughly go through the document before closing on the deal.

You won’t see the legal description in any Realtor® marketing or advertising. It gives you the description of where your property is located and what are the exact dimensions of your property, the boundaries and so on. In the case of a condominium or planned unit development (PUD), the legal description will include the property’s interest in any common areas, exclusive or non-exclusive easements, and details on any parking or storage that conveys with the property.

On a title report the property taxes will always feature as the primary lien. Simply a property cannot be transferred to a new owner if there is any pending taxes or due left to be cleared. So read the document carefully regarding any unclear dues. As the top lien, they will indicate whether taxes are due or paid in full. Taxes must be settled before any debt holder gets paid.

Now coming to the mortgage liens, this lies just below the taxation part. Generally the mortgage lies are always ordered first, second, and third. The largest lien holder generally takes first position, though there are certain conditions where a secondary lien holder will be in first position. When the sell closes the lien must be paid in the order as mentioned in the preliminary title report. So one or more lenders will get “shorted” by the amount they’re owed. In order for the sale to close, the lender must agree to the short payoff.

Is a Preliminary Report the same thing as title insurance?

A huge number of people consider this preliminary title report as the title insurance. Remember that it is an absolute no!!! These two are absolutely different things. Though they might sound to be similar things; however, in reality, they are exceptions from the title insurance. A preliminary report is the statement of terms and conditions regarding the issue of a title insurance policy. No contract or liability exists until the title insurance policy is issued to a particular person.

You must understand the distinctions because of the following reasons. Firstly; no liability or contract will exist until and unless a title insurance policy is issued. So until it is issued it is like a null and void condition. Second, the title insurance policy is issued to a particular insured person and others cannot claim the benefit of the policy.

What is the procedure to clear the unwanted liens and encumbrances?

No one wants to keep unwanted lies and encumbrances under his/her property. So here is the importance and purpose of this document. Go through the document carefully to find put about the lies and encumbrances. If the title to the property is not clear, then the buyer must work with the seller or the seller agent to clear all the unwanted lies and encumbrances.

Will the preliminary report disclose the complete condition of the title to a property?

The answer to the question is a no. It is very important that you understand the fact that a preliminary title report is not a written representation as to the condition of title and might not list all liens, defects and encumbrances affecting title to the land. This report will only include the current ownership and the terms and conditions that the title insurance company might exclude from coverage if a title insurance policy should later be issued.

Who would be able to provide you with more information regarding this report in future?

None other than your real estate agent and your real estate attorney will help you in getting a clear understand of a Preliminary Title Report. They will help explain the preliminary report to you.

Few last words…

As a potential buyer you must always scrutinize your preliminary title report and make sure that your real estate agent and your real estate attorney also takes a thorough look at the document. You want the title to be delivered as clean as possible. It is perhaps the most important document is the purchase of a real estate, so never consider it with negligence. If there are disputes regarding the property or there are issues on the title that would affect your homeownership, you need to know and understand them thoroughly before you close. Remember once you close the escrow then nothing can be changed and you will be solely responsible for all the ill records of the land. So go through the document carefully, analyze it with care and successfully purchase a real estate with peace of mind…

Comedienne and a native of San Jose, California, Anjelah Johnson performed at the Gallo Center for the Arts in October 2012, a sold out comedy show that delighted fans and newcomers alike. Anjelah is a former Oakland Raiderette cheerleader. She became an internet sensation with her viral video “Nail Salon,” This video led to many more stand up and performance opportunities. That led to Johnson joining the cast of “MADtv” as a series regular, which formed yet another internet sensation, “Bon Qui Qui.” This character, a disgruntled fast food employee with no filter, has been loved by over 55 million people worldwide. You don’t want to miss out on this night of fun, clean comedy.

Phone : 209-338-2100
Web Site : galloarts.org
Date : April 11, 2015
Time : 8:00pm
Location : Gallo Center
Address : 1000 I Street Modesto, CA 95354

Some reasons the starter home is losing interest among those in the building industry:

• Land costs are more costly, and many of the lots during the first part of the housing recovery within the last few years have been finished lots of “A” quality – with not much attention devoted to B, C, and D lots that would have been traditionally geared toward entry-level homes. Lots that could be used for entry-level homes involve high-density or outer-circumference subdivision tracts. Costs of lots in those areas and relief on some construction defects litigation on attached homes, need to come down quite a bit for there to be a return of entry level housing.

• Higher fees in building these communities also deter entry-level buyers to the new-home market. Builders often face large infrastructure and support service costs. These fees and charges also get added on to the price of new homes, which adds an extra 20 to 25 percent of the cost of a new home.

• The typical “entry-level” buyers do not want “starter” homes any longer. Millennia’s have waited, paid down student debt, married, and are ready to move into a permanent home rather than buy a starter home and move again a few years down the line.

The “starter” home may well be a thing of the past. Buyers are more patient and more willing to wait until they find their “dream home” rather than buying the first thing available. If you have questions or would like more information, please feel free to contact us today.

Down payment requirements that rose after the latest mortgage crisis, are easing again as lenders and mortgage backed securities try to bring in more new buyers.

One of the major hurdles to home buying is qualifying for a mortgage loan. This task may not be as insurmountable as it may seem.

The Federal Housing Administration has backed loans for borrowers with lower credit scores and down payments as low as 3%, but it also required hefty insurance payments. This is all going to change.

FHA annual insurance premiums drastically dropped at the beginning of 2015. The change, from 1.35% to 0.85%, makes FHA loans a better choice for most borrowers after years of incredibly high premiums. This is beneficial towards your buying power.

“The crisis has shaken the market so much that there is no doubt there was an overreaction.”
-Fannie and Freddie

Fannie Mae and Freddie Mac guarantee more than half the country’s mortgages. At the end of 2014, the two companies announced their plans to decrease minimum down payments from 5% to 3%.

The program from Fannie Mae went into effect in December, and the one from Freddie Mac will start in March. They are both for first-time homebuyers or those refinancing their mortgage, but the Freddie Mac program is restricted to low-income borrowers.

These loans still require private mortgage insurance for down payments that are less than 20%.

This does not mean that all lenders will change their standards, but it is a step towards easier loan approval. Each lender has their own regulations referred to as “overlays”

“Rural” and VA loans

Some other types of loans have also become more popular since the recession. Despite the name, loans from the Department of Agriculture are widely open to borrowers in many locations that aren’t really rural, they also include no-money-down financing. To be eligible for USDA loans, you must have dependable income and decent credit, and cannot already own a home, exceed area median income thresholds or live in certain urban areas.

Department of Veteran Affairs loans are increasing in popularity as well, almost outnumbering FHA loans. VA mortgage backing enables veterans and surviving spouses to purchase property with no money down, no outside insurance and low closing costs. VA interest rates are usually lower, and credit and income requirements are more flexible than conventional loans.

An increase in loans with low down payments has triggered widespread criticism of more relaxed lending standards. This is one of the factors that lead to the Great Recession. The fact remains that if no one is qualifying for loans, lenders are not making a living. Somebody has to prime the pump, so to speak, to get the housing market back to where it needs to be.

Down payments are one of the largest hurdles to overcome when attempting to purchase a home. The trend towards lower down payments and looser mortgage restrictions will help everyone in the long run.

Every individual and scenario is different, even if you don’t feel you could qualify, we recommend you speak to our lending team who are well versed in everything from high net worth clients to the toughest scenarios. You will not hear no from us, we will stay the course with you guiding and educating you throughout the process and even assist you with getting prepared if you have less than perfect credit. Contact Shayla Gifford and her team at buyers@thegiffordteam.com

http://www.guildmortgage.com/officers/shaylagifford