Family Breakfast @ Tahoe-Douglas Elk’s Lodge #2670

Elks Lodge 2670

The Tahoe Douglas Elks Lodge will have one of its most popular events tomorrow morning – its Sunday morning breakfast. Located at 1227 Kimmerling Road at Gardnerville come on by to not only eat but know profits from this event will all be donated to local charities. Lodge members also donate their time at no expense for visitors and membership.

Sunday morning breakfast begins at 8:30 am and last till 10 am. Sponsored only once a month this is one of the areas best known food events. Omelettes, biscuits with gravy, blueberry pancakes and more for only $8. We hope to see you tomorrow morning! Thank you, Elks Lodge #2670!

1912 Arabian Lane For Sale

1912 arabian ln

I just went by this Gardnerville property today. It has been updated nicely for those looking for a contemporary flair. Although the home is only 1,464 SF it is located on 1.16 Acres with a drip system spread out for the greatest of gardeners. There is also room to add a barn or additional parking space too. Priced at $479,000 give me a call at 775-309-8454 if you’d like to see this property, or receive additional photos and information. Robert Stiles, Chase International. Since 1996.

To Repair Or Not Repair?

Home Repair

Homeowners who sell their houses “as-is” may end up costing themselves more than they would have spent to make the necessary repairs — if they are able to sell their homes at all. For one thing, most buyers these days don’t want to buy a house that needs work. Fixer-uppers are OK for flippers, who are increasingly putting their own money into the houses they buy, as opposed to just relying on appreciation to make a buck, according to real estate analytics firm CoreLogic. But for the most part, families want a move-in ready place. They don’t want to mess with replacing worn carpeting, remediating a patch of mold or painting the walls. “If you don’t want to do the work,” says Jeanne Gregory of RE/MAX Southwest in Sugarland, Texas, “what on earth makes you think your buyer does?” Equally important: Most buyers have no idea what the necessary fixes might cost. So, they tend to double or even triple what it would cost the seller to do the work, and then reduce their offer by that amount. Consequently, sellers net less — sometimes far less — than if they’d bitten the bullet in the first place. And don’t even think about offering your buyer a credit to cover the cost of repairs. That usually doesn’t work, either. Credits rely on the buyer’s imagination, say Sally and David Hanson of eXp Realty in Brookfield, Wisconsin. A credit is “an open invitation,” they added, for an uneducated guess from an uneducated buyer. All the agents hit on a common theme: The eye buys. So, do what you have to do to fix up your place, even if it’s unpleasant or time-consuming. Otherwise, be prepared to wait a while for one of the few buyers willing to take on your headaches. Prepare yourself, too, to accept less than your asking price. Source: Lew Sichelman, The Housing Scene

Fiscal Year 2019-20 Property Taxes – First Installment Due

Douglas County Treasurer

The first installment of the 2019-2020 property tax is due and
payable on August 19, 2019. There is a 10 day grace period. If any
person charged with such fails to pay by August 29, 2019,
there shall be added thereto a penalty as provided by law (NRS 361.483).
Payments may be dropped off 24 hours a day, 7 days a week in our
drop box at the southwest end of our building at 1616 8th Street in
Minden or at 175 Hwy 50 in Stateline. Payments may also be
made through our web: http://cltr.douglasnv.us.

FHA ISSUES NEW CONDOMINIUM APPROVAL RULE

HUD

In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) today published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process.

Designed to be flexible and responsive to market conditions, FHA’s new condo rule and the new Condominium Project Approval section of the Single Family Housing Policy Handbook, provide a comprehensive revision to FHA condominium project approval policy.  In particular, the new policy will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. The polices become effective October 15, 2019. Read FHA’s new condominium approval regulation.

FHA’s new condominium policy is part of a broader Administration objective to reduce regulatory barriers that currently restrict affordable homeownership opportunities. FHA’s new rule:

  • Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
  • Extends the recertification requirement for approved condominium projects from two to three years;
  • Allows more mixed-use projects to be eligible for FHA insurance.

“Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it’s critical that FHA be there to help them,” said U.S. Housing and Urban Development Secretary Ben Carson. “Today, we take an important step to open more doors to homeownership for younger, first-time American buyers as well as seniors hoping to age-in-place.”

HUD Acting Deputy Secretary and FHA Commissioner Brian Montgomery added, “Today we are making certain FHA responds to what the market is telling us. This new rule allows FHA to meet its core mission to support eligible borrowers who are ready for homeownership and are most likely to enter the market with the purchase of a condominium.”

The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA’s mortgage insurance programs.  As a result of FHA’s new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually.

Single Family Policy Handbook Guidance

FHA’s new Single Family Handbook sections published today provide the additional requirements that lenders and other industry participants need in order to implement FHA’s new policy, including requirements for single-unit approvals, minimum owner occupancy requirements, and commercial/non-residential space limits. Read FHA’s changes to its Single Family Handbook.

Single-Unit Approvals

As of October 15, FHA will insure mortgages for selected condominium units in projects that are not currently approved.  An individual unit may be eligible for Single-Unit Approval under the following conditions:

  • The individual condominium unit is located in a completed project that is not approved;
  • For condominium projects with 10 or more units, no more than 10 percent of individual condo units can be FHA-insured; and projects with fewer than 10 units may have no more than two FHA-insured units.

Minimum Owner-Occupancy Requirements

FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects.

FHA Insurance Concentration in Condominium Projects

FHA will only insure up to 50 percent of the total number of units in an approved condominium project.

Commercial/Nonresidential Space Limits

FHA will require that the commercial/non-residential space within an approved condominium project not exceed 35 percent of the project’s total floor area.

Insurance Contingency Addendum’s

Due to a variety of factors, the availability of hazard and property insurance has become problematic in many areas including the Carson Valley.  Therefore, Buyer’s should be prepared to arrange for appropriate homeowner’s insurance immediately upon opening escrow.  An Insurance Contingency Addendum is available for those needing a bit more time to find the best rates.

Genoa to Alpine View Estates Update

Genoa Lakes

The Genoa to Alpine View Estates area currently has 26 listings on the market.  They range in price from $639,000 at Genoa Lakes to $3,175,000 at Clear Creek Tahoe.  There have been 35 sales in the area this year with a median sales price of $740,000.  The average days on market have been 117.  As compared to last year at this time when there was a median sales price of $725,000 values have maintained their upward trend.  For more information on this area contact Robert Stiles, Agent of Chase International at 775-309-8454.  NV BS.1001136

Landlord/Tenant and Evictions- New Laws

NV Assoc of Realtors

Many of you are already aware of the significant changes to landlord/tenant law as of July 1, 2019. The way landlords and property managers in Nevada deal with evicting a tenant will be changed in a big way. SB 151 also has an impact on investors and how they do business in Nevada, or if they even want to continue to do so. We will touch on some of these changes below, what we know, what we don’t know, but will keep you updated in the coming weeks as we learn more. Now that these laws are in effect, the question is, how will courts interpret these laws?

Serving Notices: Notices must now be served by licensed professionals, including the sheriff or constable, agent of an attorney and licensed process server. Prior to this, landlords and property managers could serve an eviction notice themselves.

What does this mean? If you have been in the business of handling these notices yourselves, you will now need to hire someone. Does this mean a notice to terminate a lease, within the terms of the lease needs a professional? No, you can do that yourself. These are for notices under Chapter 40.

Cap on Late Fees: Tenants who pay late can now only be charged a maximum of 5%, even if your current lease with the tenant requires more.

What does this mean? Courts will only allow the 5% and no more. Does this mean that you must amend current leases to reflect these changes? No. You may however send the tenant a letter notifying them of the changes to the law, and on your next renewal make modifications to the lease. Prior to this legislative session, a landlord could charge a reasonable late fee, sometimes a base late fee and per day. Now, that is capped at 5% of periodic rent. **Another article will be coming in the next few weeks as when it is determined how courts will determine what is included in “periodic rent.” For now, if rent is $1,000 a month and the late fee is $50 then the amount you need them to pay to “stay in the property” is $1,050.

Notice to Pay Rent or Quit: The notice to pay rent or quit, previously 5 days, is now close of business on the 7th judicial day.

What does this mean? Tenant’s rent is due July 1st, which is a Wednesday. Landlord serves notice on Thursday July 2nd to pay rent or quit. This would mean that the tenant has until the close of business on Monday July 13th to pay the rent in its entirety. The landlord could then take court action on Tuesday July 14th; with an order from the Judge on July 15th. The notice of the order has to be posted within 24 hours. This would mean that if the sheriff/constable received the order to post at 4 pm on Wednesday July 15th, and posted it on Thursday July 16th at 4:00 pm, the tenant may not be removed until the following Monday July 20th. This is now 19 full calendar days from the first day notice is served.

As you can see, this is a significant change from noon on the fifth day. Nevada REALTORS® worked hard on this provision to minimize the impact of an increase to the number of days. The proposed timeframe in the original bill was 10 business days.

Contributed by Tiffany Banks, General Counsel Nevada Realtors®

Senior Menus This Week for Douglas County Center

Senior Center Douglas County

MONDAY: Oven fried chicken baked, sour cream with chives, garden salad, honey dressing, fruited gelatin dessert, whole wheat bread with apple jelly

TUESDAY: Barbecue beef sandwich, corn on the cob, spinach, creamy coleslaw, tapioca pudding

WEDNESDAY: Cod with dill sauce, pea salad, harvest blend rice, asparagus spears, lemony-raspberry and blueberry parfait

THURSDAY: Unavailable

FRIDAY: Unavailable

Homes Listed in The Ranchos

Ranchos Area

41 listings on the market as we head into the weekend.  Prices range from $279,900 for a 3/2 built in 1987 off of Victoria Drive to a $1,260,000 4/4 on Glenwood.  I will have an open house Saturday from 10 am to 1 pm at 619 Kathy Court.  Listed at $319,900 this 3/2 is located in a wonderful cul-de-sac location.  Contact me if you would like a list of those 41 properties.  Have a nice weekend!  Robert Stiles, Realtor® Chase International 775-309-8454