SB 314 Nevada Law Update to the Sellers Real Property Disclosure
If you have purchased a Las Vegas bank owned home or even a Las Vegas short sale home in recent years, chances are that you were asked to sign a NRS 113 or commonly know as the “As-Is” waiver at some point during the sale. This “As-Is” home sale waiver is going away in the state of NV and Las Vegas home sellers will now be required to provide the SRPD for just about every 1-4 unit residential sale.
SB 314 made two significant changes to the Seller’s Real Property Disclosure (SRPD) statutes in NRS 113.
First, the purchaser may no longer waiver any of the rights set forth in NRS 113.130(1). That’s right – no more SRPD waivers! (The NRS 113 waiver form will be removed from ZipForm® as of October 1, 2011.)
Additionally, the legislature went one step further in eliminating the SRPD waiver, stating: “A seller of residential property may not require a purchaser to waive any of the requirements of subsection 1 as a condition of sale or for any other purpose.” There is no question that SRPD forms must be supplied by the seller in all transactions not exempt by statute. REO properties do not fall into an exemption. REO brokers and agents should work with their clients to draw their attention to this new law and discuss compliance.
One type of transaction that is exempt from the SRPD is the actual “courthouse steps” foreclosure auction sale (i.e., the Trustee’s sale). SB 314 also amended what must be provided to the successful bidder. Previously, the trustee or beneficiary of the deed need only supply written notice of any defects they were aware. This disclosure has been broadened to include the contact information of the asset management company who provided asset management services to the property if any defects were repaired or replaced – or attempted to be repaired or replaced – in the home prior to the Trustee sale. The asset management company is required to provide the successful bidder with a copy of any service report upon request.
If you are looking to buy or sell Las Vegas real estate, contact Travis Breton at 702-501-2752 or visit http://vegaslistingservice.com.
Information provided by LasVegasRealtor.com
What Condo Buyers MUST Know
Please contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com for all your San Diego condos buying needs.
A MUST Watch for Home Buyers in Southern California – FHA Limit Reduced
FHA and Fannie Mae Temporary Loan limits may (and most likely will) be reduced as of October 1, 2011. See the chart below and the corresponding video for how this might affect you or someone you know currently needing a FHA home loan.
Orange County FHA loan limits down from $729,750 to $625,500
Los Angeles County FHA loan limits down from $729,750 to $625,500
San Diego County FHA loan limits down from $697,500 to $546,250
Riverside County FHA loan limits down from $500,000 to $355,350
San Bernardino County FHA loan limits down from $500,000 to $355,350
Fannie Mae Loan Limits down from $500,000 to $417,000
Information provided by www.billtdanielsblog.com
Bill T. Daniels
Certified Mortgage Coach / Broker Associate
Coast 2 Coast Funding Group – Direct Lender
Company NMLS ID: 92145
Individual NMLS ID: 242726
1432 Edinger Suite 200
Tustin, CA 92780
714.809.3706 Cell
714.784.7848 eFax
A Little Guidance for Your Home Search
Whether you’re a first time buyer, buying up, or downsizing, buying a home in San Diego CA can seem a little stressful at times. Here are a few tips to help keep you on the right track to getting the right house with minimal stress.
Always research before you look, like you’re most likely doing right now. Decide what features you most want to have in your San Diego home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get pre-qualified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford or are not prepared to make an offer on.
Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of San Diego home you’ll buy as well as the type of mortgage terms that will best suit you.
Insist on a home inspection from a qualified professional. If possible, get a warranty from the seller to cover defects for one year.
Get help from a REALTOR®. Hire a San Diego real estate professional who specializes in buyer representation. Unlike the listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. As a buyer’s representative, I do not charge my home buyers any fees or commissions for my services. For more information about buying or selling San Diego real estate contact Travis Breton at 760-470-2752 or visit http://sdhomesource.com
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