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Late last week Fannie Mae came out with an update regarding when borrowers are eligible for financing after they were involved in a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure.

• 2 years – 80% max LTV/CLTV or 20% down payment

• 4 years – 90% max LTV/CLTV or 10% down payment

• 7 years – max LTV/CLTV per standard eligibility matrix - which is normally a 97% LTV or 3% down payment

*Most investors already have more stringent guidelines such as GMAC, Chase, and US Bank which all require at least 4 years seasoning since completion of a deed-in-lieu, preforeclosure, short sale, or short payoff. However this change for Fannie Mae should help ease current investor requirements.

The following requirements are currently in effect and waiting periods are from the completion of any one of these events:
When talking to a seller about a short sale, let them know they will likely be eligible to purchase again, with 20% down, after only 2 years.
 
This article is by Bryan Wallpe

Real estate Incline Village Update

by Lakeshore Realty

Our real estate community of Incline Village at Lake Tahoe, NV has an up turn in sales, positive news for buyer's who can finally enter our market at affordable prices.

We are encouraging seller's to list now and tap into the buyer's who are getting off the fence.

Many buyer's we take out are disappointed in the work required for homes priced at the lower end of the market ($300,000-$600,000). It takes an experienced agent to explain the values in each property from lot value, location, remodel potential or to shift them from a home to a town home or condo. The median list price for Incline village and Crystal Bay homes is $1,600,000, Town homes $874,000 and Condominiums $439,000.

One excellent lakefront condominium was reduced this week to under $1 million- take a look at this Crystal Shores East condo! Private beach and marina.

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The Incline Village inventory of properties (single family residential, town homes, condominums, lots) listed for sale total 376 .

Single family = 171  

Town homes = 38

Condominiums= 152  

Lots & Land=15

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Total number of properties under contract= 47

Single Family Under Contract total 19 (7 are pending bank approval)

Town homes under contract total 5   (1 is pending bank approval)

Condominiums under contract total 23 (10 are pending bank approval)

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Lakeshore Realty website is improving and updated daily with new listings and properties going under contract.

Our goal is to keep YOU in the know! Whether you are a current home owner and want to see what is happening in the neighborhood or a Buyer looking into the Incline Village real estate market and what different locations offer.

Surf the market with our map links to each neighborhood or use the drop down menu's.  We welcome your comments and suggestions!

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

LAKESHORE REALTY

Lake Tahoe's Incline Village Real Estate Market Experts & Home Sales Professionals

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