Las Vegas Short Sales 
As specialists in the highly complicated Las Vegas short sales specialty, this is where to go to look for answers to common questions about Las Vegas Short Sales. If you have a question not covered here... please ask or call 702.592.3058.
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Selling a Las Vegas Short Sale
Remember - Las Vegas Short Sales can be highly complicated and you should use Las Vegas Realtors with experience and a system.
There are currently 11 blog entries related to this category.
Nevada Short Sale Strategy
Tuesday, August 10th, 2010 at 2:31am. 208 Views, 0 Comments.
A Nevada Short Sale Strategy worth Trying
Over the years of doing Las Vegas short sales, I've come across quite a bit of strategies through multiple educational classes, real estate short sale forums, networking with other True Short Sale agents and sitting down with my client's Attorneys. Honestly, I pretty much read at least one case about short sales a day to stay on top of all the changes that are constantly going on. Some of the strategies are completely ridiculous and a waste of time... more often then not strategies that would never fly with Nevada laws or just downright Mortgage Fraud, while some have been worth trying. But nothing really consistent that Any Nevada Home seller upside down on their mortgage can use with any lender.
I've pretty much…
Las Vegas Homeowners Who Strategically Default About to See Stiff Penalties
Wednesday, July 28th, 2010 at 7:12am. 124 Views, 0 Comments.
Las Vegas Home Owners who Strategically Default about to see Stiff Penalties
Fannie Mae, the largest Guarantor of Home Loans in the Country, recently announced some new changes for homeowners eligibility to receive a home loan beginning on 10/01/2010 that you can read here:
Fannie Mae Increases Penalties for Homeowners who Walk Away
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have…Time Frame of Short Sales by Major Loan Servicers ranked by Deutsche Bank
Saturday, July 10th, 2010 at 5:40am. 276 Views, 1 Comments.
Major Loan Servicers Ranked in Time to Complete Short Sale Process
So you started up that short sale process with Bank of America and received their welcome letter with a brief overview of the process: (Taken from an Actual Bank of America Short Sale Welcome Letter)
Six months later and reality hits just like the Las Vegas homeowners interviewed by Channel 13 on Las Vegas Homeowners Frustrated with Short Sales.
Somewhere along the way, you may have gotten the impression that a short sale was going to be short... It could have been from a PR campaign or some overzealous promises made by somebody inexperienced with the process.
Regardless... the good news is that someone Finally did a study on…
Las Vegas Ch. 13 Airs Bank of America Short Sale Frustrations
Saturday, July 3rd, 2010 at 2:44am. 236 Views, 1 Comments.
Old News for Bank of America Short Sales
Representative from Bank of America says there are too many homes in the Short Sale Process..
From Channel 13 Las Vegas:
Bank of America Short Sale Frustrations
"Weeks after our Contact 13 investigation into Bank of America we have uncovered a new wave of problems hitting Valley homeowners."
Sorry Channel 13 Las Vegas... it's not new news. In fact, it's very, very old. But it is nice to finally see a local news station highlighting the frustration multiple homeowners trying to do the right thing across Las Vegas have been going through with Bank of America.
Believe it or not... it has gotten a little bit better dealing with Bank of America since they moved to the Equator system and putting the work of the database entry…
Will new HAFA Program approve more Las Vegas short sales and slow down Foreclosures?
Friday, April 23rd, 2010 at 1:38pm. 245 Views, 0 Comments.
Servicer Profits are greater then Government Incentives
From Businessweek:
Mortgage Servicer Profits Greater then Incentives to Participate.
Mortgage servicers may have to take a pay cut to participate in President Barack Obama’s programs to modify home loans and advance the sale of properties in default.Starting this month, the Treasury Department is paying companies that collect mortgage payments and examine pleas for assistance a $1,500 stipend for approving the sale of homes for less than the loan balance, known as a short sale. The servicers also get $1,000 for each completion under the government’s year- old mortgage modification program, and additional stipends over three years if borrowers stay current on their payments.
Those “carrots” won’t be…
Las Vegas Short Sales Report for March of 2010
Tuesday, April 20th, 2010 at 7:32am. 279 Views, 0 Comments.
Las Vegas Short Sales Report - March 2010
Short sales closings are picking up. For March of 2010 there were 970 closings for properties listed as short sales on the Las Vegas MLS for areas 101 though 606 which includes Summerlin, Henderson and North Las Vegas real estate.
Las Vegas Short Sales currently available for sale: 4,283. Las Vegas short sales currently under contract: 11,255
For the reality of short sales... Please contact Paul Francis @ 702.592.3058
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Private Company Loan Modifications almost double Government Loan Modifications
Friday, March 19th, 2010 at 2:24pm. 168 Views, 0 Comments.
You Can't Argue with Actual Results
Interesting article today on CNBC concerning the latest reported number of loan modifications performed in January that you can read Here.
From the Article:
"The Hope Now Alliance, "the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors," reported today:
January 2010 data estimates 99,499 homeowners received proprietary loan modifications for the month. Combined with the United States Treasury’s recently released Home Affordable Modification Program (HAMP) data that showed 50,364 HAMP modifications for January, the total number of loan modifications is almost 150,000 for the month.
Most significant in the data is the fact that 74% of proprietary loan modifications done in…
Short Sales Program to Speed up Las Vegas Short Sales?
Tuesday, March 16th, 2010 at 7:44am. 227 Views, 0 Comments.
New Government Program to Speed up Short Sale Approvals?
The new HAFA program is due to be in effect starting 04/05/2010 as reported in the latest Wall St. Journal entry.
New Government Program for Short Sales
I want to point something out in this article with this quote:
"For homeowners considering a short sale, Ms. Bovard says it's important they speak to their trusted advisers, including their attorney and tax accountant, as well as a real-estate agent who has a short-sale designation."
Some of the top Las Vegas short sales real estate agents do not have a short sale designation. Why is this?
They started working and doing short sales long before Short Sale Designations were even created.
They have been doing short sales long before Short Sale designations…
Las Vegas Short Sales dominate Inventory Report for February of 2010
Thursday, February 4th, 2010 at 8:15pm. 273 Views, 0 Comments.
Las Vegas Inventory Report
Short Sales in Contingent Status Dominate Inventory
I just updated a client searching for properties on their own that keeps sending some really nice properties for more information with the news that the properties are currently in a "Contingent" status. All of them were short sales in a contingent status just waiting for a Lenders Approval of the short sale.
Due to the uncertainty of what the lien holder is going to come back with for an approval, properties with a signed contract between the seller and a buyer are put into a "Contingent" status subject to lenders approval. Unlike other contingencies... this is something the buyers and sellers have to rely on a third party since the price and terms of the final sale have to be…
Las Vegas Short Sales making Mainstream Media
Monday, February 1st, 2010 at 1:58am. 233 Views, 0 Comments.
Las Vegas Short Sales in the News
There has been a recent trend of the local media covering Las Vegas short sales in the news more often which is a wonderful thing in educating Las Vegas homeowners facing financial difficulties that they do have better options then just walking away and abandoning their homes.
There is nothing to be embarassed about when doing the right thing.
However... remember that a lot of the analysts being intereviewed in these news articles have never even listed and sold a short sale. There is a big difference between talking to a agent that actually does short sales then taking advice from analysts hearing about us doing them.
I've been catching some of these articles with some statements that probably need a little more…