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Month: November 2008

Las Vegas Short Sales 201

Ok, you have been researching Las Vegas short sales on Google, Suze Orman, talking with friends etc. You know that you may have a way out of a dreadful situation and avoid foreclosure. You know you need to take action, but can you? Yes you can! Many people never get past the research phase because they are afraid to reach out and seek the help they need.

First, talk to your tax professional. If you don’t have one, get one! You need to know the ramifications of doing a short sale. You must get the facts on what potential tax liabilities you might owe and what strategies your tax professional can suggest to mitigate any tax burden.

For those of us who live in “deficiency” States such as Nevada where I live, you need to know if a lender can obtain a judgment against you for any portion of the debt that is lost during a short sale by a lender. Recent bills passed by Congress have made it much easier for homeowners doing short sales to avoid deficiencies.

Hire a Las Vegas Realtor who specializes or at the least has significant experience in short sales. The days of hiring Aunt Sallie or your girlfriend’s brother to be your Realtor because you want to do them a favor or because you’ll feel guilty at the next Thanksgiving Day dinner if you don’t, have been suspended during this horrible market for sellers. You need a professional who will know how to deal with the bank bureaucracies as well as run the real estate portion of a short sale.

Remember your Realtor has four phases to manage:

  1. List the property.
  2. Negotiate the settlement on your behalf with your bank(s).
  3. Manage the offers and negotiate with potential buyers.
  4. Manage a good portion of the escrow as there will be heavy coordination between the bank, the listing agent and title. If you’re a buyer’s agent, encourage your buyer to let the listing agent choose title, as they are the ones that have most of the information related to the transaction and are performing the negotiations with the bank.

Remember sellers, the key to moving on beyond your own research is seeking professionals who can help you. They have facts and experience necessary to guide you to your ultimate goal of a successful short sale.

You can contact us at 702.376.0088 to set up a free consultation and we can discuss the short sale process.

What to Expect when Listing a Short Sale in Las Vegas

If you have made the decision to sell your Las Vegas Home after looking at all other options such as Loan Modification than the next step is finding an experienced agent specializing in short sales.  Short Sales require a real estate agent to not only list your home, market your home but negotiate on your behalf with your lenders to accept an offer for less than you owe on your mortgage. If you have a 1st Mortgage and a 2nd Mortgage it can be even more of a challenge, which is why your real estate agent needs to specialize in short sales.

When you interview perspective agents, make sure you ask them how many short sales they have sold in the last 6 months and how many where they actually represented the seller. There is a difference in selling a short sale when you represent the buyer as opposed to representing the seller.  Make sure you ask them what you can expect during the process and what they will do to ensure you get your home sold.

You can contact us at 702.376.0088 to set up a free consultation and we can discuss the process of selling your Las Vegas Home.

Short Sales in Las Vegas

According to the Greater Las Vegas Association of Realtors, over 30% of homes for sale are Short Sales.  A successful short sale is where the Lender/Bank agrees to take less than what is owed.  The homeowner usually has to show some type of hardship in order to get approved to do a short sale.

A hardship could be the loss of a job, divorce, or job relocation.  Some Lenders/Banks won’t approve a short sale unless the homeowner is at least 1 month behind in payments.

Short Sales are definitely not “short”!  Short Sales usually take anywhere from 90 days to 180 days to get approved.  The reason why most short sales don’t close successfully is because buyers don’t have the patience to wait that long for the transaction to be approved.  There are a few things that can be done by the listing agent to help improve the chances of the short sale getting approved and in less time.

If you are interested in selling your home and you owe more than it is worth, we should talk about doing a short sale.  We can be reached at 702.376.0088 or you can complete our contact form.  Click on the link for more information on Las Vegas Short Sales.

Lake Las Vegas Spreads Ultimate Dome of Luxury and Privacy

In a brilliantly unique desert setting, Lake Las Vegas spreads out as an ultimate dome of luxury and privacy.

The landscape is fairly inspiring and the desert stretch calls for mute obedience. On the largely untouched side of Henderson Mountain, Lake Las Vegas Real Estate is spread over a colossal 2245 acres of private canyon, some 40 minutes away from the Las Vegas Strip.

Lake Las Vegas is a place one can’t keep boasting about, it is the home to two of the most renowned global chain of hotels; the prestigious Ritz-Carlton and the Hyatt regency. Apart from the unflappable grandness of these hotels, Lake Las Vegas puts on the platter few of the most challenging golf courses; the public one’s for the “mainstreeters” and the private one for the elite. The courses are built in a fashion that it takes the mountain and the lake within its compass.

Jack Nicklaus, the undisputed great of the golfing arena has used his insight to construct Reflection Bay Golf club. Tom Weiskopf’s Falls Golf Club is a piece of sheer delight running through lush tans, erratic mountain slopes and hindering lake. So you have got to work your way up the birdie.

Lake Las Vegas homes area tribute to the Mediterranean concept of house-making. Owing to the reflective natural neighborhoods and the artistic desert settings, the place offers a touch of nomadic with the urban theme. The houses are built with a classical mindset and offers variable patterns.

Many Lake Las Vegas neighborhoods offer the peace of an enclave even while being replete with almost all the amenities modern day has to present. Bella Fiore is highly rated and this reflects in its shooting prices. Manicured greens and green lush fields run alongside the desert setting creating a wide repertoire of nature-based emotions. The homes and ranches are readily available at different altitudes.

Now for the modern side of the neighborhoods; the houses are replete with private Casitas, Master suites, internal courtyards and outdoor fireplaces. Floor plans are distinctive. The carpet area setting enhances from 2822 to 4376 square feet. At $ 700000, the prices are still reasonable, considering the flats mostly have five bedrooms and nearly four and a half baths. The houses have oil-rubbed bronze rubbed hardware and fiberglass doors. The homes include volume ceilings and are effected with fire sprinkler systems. They also have the out-of-convention setting of gourmet kitchens with raised panels and stern countertops. Home networks are complete with ultra speed digital 5 wiring.

If you are interested in a private showing in the Lake Las Vegas area, please contact us 702.376.0088

Homes for Rent in Las Vegas

Many people in the Las Vegas Valley have lost their home due to foreclosure and have been forced into the rental market.  With the recent changes to FHA lending guidelines, homeowners whose homes were foreclosed on will not be able to purchase a home for 5 years.  So instead of buying a home in Las Vegas within the next few years, they will be forced to rent a home a little longer than they had thought.

Even though you might look at renting a home as a setback, if you look at it from a different aspect, it could actually be just what you needed.  Majority of the time, the rent that you are paying is much less than what your monthly mortgage payment was and you are no longer responsible for paying home owner association fees.  If you add the savings between the two, this extra money can help pay down some other debts that you may have or save the money for a future down payment on a home.

You also don’t have to worry about fixing items that break or are need of repair, just call the property management firm that is representing the homeowner and they will handle it.

If you are in the market for a rental home, feel free to contact us and we can assist you in finding the right rental home in Las Vegas for you!  We can be reached at 702.376.0088.