Las Vegas Real Estate News - Summerlin Real Estate - Henderson Nevada Real Estate Market 
Best Hardship Letter for a Las Vegas Short Sale I've ever seen...
Saturday, April 21st, 2012 at 11:45pm. 227 Views, 1 Comments.
Short Sale Hardship Letter that Sums it all up with one Simple Paragraph
With well over a hundred short sales closed and helping Las Vegas Home Owners to move on after the bad experiment and bad real estate advice... this one paragraph in one of the best hardship letters I've ever seen sums it all up:
We just want to do the right thing and make sure the home we loved is not turned into another sad foreclosure story that ends up being destroyed and being a blight on the community and further reducing home values in a very challenging real estate market. We loved our community and neighbors and want to make sure that we do the responsible thing in helping everybody.
And that's exactly why I started doing short sales over four years ago and did not want to be a…
33 Offers on a Las Vegas Bank Owned Home in Five Days tells the story of what is really going on with Las Vegas Real Estate
Friday, March 16th, 2012 at 4:26pm. 450 Views, 3 Comments.
Multiple Offer Notification for your Buyers to Respond To
No doubt... I expected some offers to compete against for a great little Las Vegas Bank Owned home which is why we put in an all cash offer with a quick close above the list price --- the day it was listed for sale -- but 33 offers on the property in five days?
Really? Unlike the old days when Banks would list Las Vegas Homes for far less then market value to get a bunch of offers in, this one was listed right at fair market value so finding out there were 33 offers submitted on it was a little shocking.
Sounds like if there is any housing problem in Las Vegas, it's a shortage of nice Las Vegas homes to buy.
Las Vegas Bank Owned Homes available for sale Inventory is back to 2007 Levels..
Yes.. quite a…
Cash Back for Short Selling a Las Vegas Home?
Tuesday, February 7th, 2012 at 4:39pm. 544 Views, 1 Comments.
Can You Get Cash Back for Short Selling Your Las Vegas Home?
Yes. It is possible to get cash back at closing for short selling your Las Vegas home if you qualify. Some lenders do want to get rid of the home loans that are secured by homes that are worth far less than the mortgage and will actually pay you cash at closing.
For these particular lenders, it makes ABSOLUTELY no sense to just walk away from your home and let it go to foreclosure.
Does it have to be a Primary Home?
NO. I've successfully closed short sales for investors and they received cash back at closing AND all future deficiency judgement rights were also completely waived. This allowed the homeowner to completely move on in life and not be saddled with a bad investment that will probably…
Las Vegas Homes Needed 01/13/2012
Friday, January 13th, 2012 at 10:33pm. 640 Views, 0 Comments.
Buyers looking for Las Vegas Homes ending 01/13/2012
Searching around this week for my buyer clients and I'm starting to have flashbacks of late 2003 when the inventory of great Las Vegas Homes was starting to dwindle. Some more Government changes for the Las Vegas real estate market is having an impact on what is available to purchase.
So... to start up something that I used to do in 2003 and 2004, I'm just going to list some specifics of what we are looking for Right Now. If you are a Las Vegas home seller that has their home listed for sale, feel free to advertise it in the comments section if it's listed and for whatever reason we can't find it. For Las Vegas home owners that are considering selling, please contact me with the specifics. Need to short…
Las Vegas Home Sales Break Record for 2011
Tuesday, January 10th, 2012 at 4:50pm. 524 Views, 0 Comments.
Las Vegas Home Sales Break Record in 2011
Flying in the face of the perceptions that the Las Vegas real estate market is dismal and in despair, a record number of resale homes sold in Las Vegas for 2011.
Read the Article Here.
Sure... prices have plummeted from the peak of the bubble but there is no shortage of buyers wanting to buy. In fact... I would bet that the numbers would have been even higher if Las Vegas short sales were going through faster. Inventory of Las Vegas Homes for sale is going down - according to the article, only 8,831 single family homes are available on the Las Vegas Multiple Listing Service for sale. Keep in mind this number includes homes in bedroom communities such as Mesquite, Pahrump, Boulder City and Laughlin. In other words, the…
New Las Vegas Foreclosure Ordinance may end up getting Las Vegas sued
Thursday, December 29th, 2011 at 1:49am. 622 Views, 0 Comments.
New Las Vegas City Ordinance Stricter then the Chicago "Code"?
Read about the new Las Vegas City Ordinance HERE concerning Vacant Las Vegas homes in foreclosure. When I first heard about this, my thought was that it was one of those new ordinances where you know the intentions mean well but it was poorly thought out.
For Las Vegas homeowners that just stop making their mortgage payments and walk away, there is a process that must be followed in order for the lender to legally take Title (ownership) to the home. During this proces, more often then not the abandoned home where homeowners just walk away and don't even attempt a Las Vegas short sale gets run down, broken into and creates blight for the neighborhood. One of our big pet peeves, especially when we…
Is Bank of America going to start foreclosing on Nevada Homes through the Judicial Process?
Thursday, December 29th, 2011 at 1:07am. 693 Views, 1 Comments.
Is Bank of America Going to the Judicial Process to foreclose on Homes in Nevada?
I went to a Foreclosure Mediation last week with some clients to sit down with Bank of America to have it agreed upon for a short sale approval up front with a set price in order to avoid the wait around time to have a short sale approved once we have a buyer. The vast majority of Las Vegas short sales are cancelled by buyers because of waiting around for so long for the sellers lender to appove the short sale so I do whatever possible to get the price that a lender wants right up front. For example, this Las Vegas short sale I have for sale has an approved price of $130,000 and the lender has already stated that the sellers qualify for a quick answer / approval once we have a…
Las Vegas Short Sales May Rise?
Wednesday, December 28th, 2011 at 9:45pm. 505 Views, 0 Comments.
Las Vegas Short Sales May Rise in 2012?
Interesting article in the Las Vegas Review Journal with predictions concerning the Las Vegas Real Estate market for 2012 that you can read here with opinions all over the place.
These are just opinions so take them for what they are worth since it's pretty difficult to tell with absolute certainty exactly what's going to transpire since the new Nevada Law was passed back in October changing up the foreclosure process.
Too early to tell and this is going to be a pretty long post explaining out a lot more then what is given in the newspaper article so bear with it. By the end of this post, you'll see the opinion I'm going to somewhat lean towards after explaining it all out and taking a look at what happened in other…
Las Vegas Homeowners --- Who Really Owns your Loan?
Thursday, November 24th, 2011 at 7:39pm. 504 Views, 0 Comments.
Who Really Owns Your Home Loan?
I was recently reminded of just how confusing this was when a client of mine who works for a big bank asked what I meant when I updated him to let him know that the final Short Sale Aproval was submitted for a "final" approval by the investor that actually owns the loan.
This whole time he thought it was up to "Big Bank" to approve the short sale... So it threw him off a little when I had to explain that "Big Bank" was just a loan servicer and the entity that actually owned the loan was Fannie Mae.
He's been sending his payments into "Big Bank" but this whole time... that big bank was just "servicing" the loan.
Think of it like you are renting a home managed by a Professional Property Management company. You make the rent…
New Nevada Law Puts Brakes on Foreclosure Notices Filed in Las Vegas
Thursday, November 17th, 2011 at 10:43am. 583 Views, 2 Comments.
Effects of Assembly Bill 284 Now Evident
Well... it's been over a month since AB 284 went into effect and the numbers are out. Check out the updated chart showing the big drop in Notices of Defaults filed in Las Vegas for October of 2011.
What is AB 284?
The simplest article I've read explaining it can be found here.
Besides the basic new requirements, take note of the following statement:
"Failure to comply is subject to a civil penalty, and the penalty to make false representations concerning property title was increased from a gross misdemeanor to a category C felony."
That should certainly make Robo Signers think twice such as the ones that were recently indicted in Nevada for 606 counts of Robo Signing.