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Month: April 2009

Las Vegas Property Management Companies

I must say that I am shocked at some of the stories that I have heard from our clients about some of their previous Las Vegas Property Management Companies.  Needless to say, not all Property Management Companies in Las Vegas are the same.  If you have an investment property in Las Vegas and you are thinking about hiring a Property Manager to maintain your property, make sure you research a few companies before selecting one.  Selecting the right property manager can make all the difference in the world.

A few things you should expect without question from your property manager:

  • Proper Licensing
  • Experience
  • Marketing
  • Tenant Screening (credit and criminal checks, references, past landlords, etc…)
  • Rent Collection – You think this would be obvious but after some of the stories I have heard, it’s not
  • Monthly Accounting Statements
  • Maintenance

These are just some of things you should expect from your property manager.

One area that is often over looked by many when looking for a property manager; do they work full time in the property management field?  Many property managers offer property management to make extra income while they spend most of their time working with their clients that buy and sell real estate.  If your property manager isn’t working full time in the property management field, it’s hard for them to keep up with the ever changing laws and most importantly, making sure your tenants are maintaining your property.

So if you made the decision to find a Property Management Company in Las Vegas to maintain your investment, make sure you do your homework and find an experienced property manager.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free us a call at 702.376.7379.

Las Vegas Loan Modification Frequently Asked Questions

Las Vegas Loan Modifications

Many Las Vegas homeowners are upside down or behind on their mortgage payments.  We receive several questions from our clients about how they can avoid foreclosure by doing a loan modification or short sale.

While the politics, procedures, and guidelines for a successful Las Vegas loan modification literally change every day, per our short sale / loan modification attorney, there are still some basic fundamentals that you can be aware of.

As Las Vegas short sale specialists, we work closely with a local law firm to ensure our clients’ individual cases are handled by a legal expert who is bound by law to protect their financial interests vs the bank’s.


Las Vegas Loan Modification FAQ


What is a Loan Modification?

A loan modification is simply a restructuring of the current loan terms between the borrower and the lender.  Lower interest rates, longer term, principal reduction, or a principal forbearance are a few examples of how a loan modification can help a homeowner lower their monthly mortgage payment.

Why would agree to a loan modification?

The main purpose of a loan modification is to reach a mutually beneficial agreement between a lender and borrower that prevents foreclosure or future payment defaults.  With the rapid decrease in Las Vegas property values, prolonged sale times due to an over abundance of listing inventory, and the tightening up of mortgage guidelines for new purchases, lenders that acquire properties through foreclosure stand to lose significantly more money than potentially working out a new payment arrangement with a current borrower.

How do I qualify for a Las Vegas loan modification?

This is slightly a tricky question, so please refer to the legal disclaimer below.

The Making Home Affordable Modification program is a government sponsored loan modification plan that was designed to help up to 9 million American homeowners avoid foreclosure by reducing their monthly mortgage payments to something more affordable for a five year term.

To qualify for the Obama Modification Plan, you need to live in the home you are modifying, the balance cannot be more than $729,750 for a single unit, there has to be a significant hardship, and the possibility of foreclosure has to be imminent.  Since this is such a new program, the various servicers, lenders, and other financial institutions are still learning how to adjust with the guidelines.

Qualifying for any other form of a loan modification that does not fall under the Making Home Affordable guidelines requires a negotiation process between the borrower, investors, and generally a servicer who may act as the middle filter.  Since the lender / servicer’s main priority is to protect their investor’s financial interests, it is important to be familiar with any violations in the real estate or mortgage contract that potentially contributed towards your current financial hardship.

To answer this question more specifically, qualifying for a loan modification is a process that involves proving to the lender / servicer that you have the ability to make future mortgage payments on time based on a calculation of  a new rate, term, principal amount, and your income, assets, and employment.

We are finding that equity, or the amount a home is underwater, does impact a lender / servicer’s decision as to whether or not they would approve a borrower for a loan modification or short sale.

Do I need to be  late on my mortgage to qualify for a loan modification?

No, under the Making Home Affordable Modification Program, the guidelines state the a borrower does not have to be late on their mortgage to qualify for a loan modification.  If your lender has forced you to go 90 days past due before they are willing to start the modification negotiation process, it is important to speak with an attorney about your legal recourse.

What if I am already in foreclosure?

Foreclosure can be postponed while a loan modification is attempted, but it is vital to file the proper paperwork as soon as possible.

What if I have assets, can I still get approved for a loan modification?

Since most lenders weigh their decision for a loan modification based on the threat of imminent foreclosure, having a significant amount of available capital does not strengthen your case.  However, there are several other factors that can be taken into consideration, including monthly budget, lender or RESPA violations, employment and income.

Will the lender require an appraisal or inspection?

Yes, the lender may require that your property is inspected to determine the livable condition as well as the market value.

Can I do a loan modification on my own?

Yes, it is possible to work out a solution directly with your lender / servicer that lowers your monthly payment.  Just be aware of any hidden language in the new contract that requires you to sign away your legal rights to litigation.  Other things to pay close attention to are the terms of the new loan, whether or not your mortgage becomes a recourse vs non-recourse loan, if there are any balloon payments 15 – 20 years out, and the difference between a lower rate vs a longer term.  There are literally hundreds of details that can mean the difference between the perception of a lower payment vs an actual fair loan modification.

What if I have already failed on my own, is there still hope with the help of an attorney?

Yes, most homeowners or real estate professionals are not well versed in real estate / mortgage contract law.  Actually,  most of the loss mitigation consultants or case managers at these large financial institutions are still learning the process.  Knowing your legal rights, how to write a hardship letter, and who makes the final decision can give you a significant advantage for a successful loan workout.

A complete forensic loan audit may uncover several lender violations that your bank may not want to address court.


*Legal Disclaimer – Please keep in mind that we are a real estate company that specializes in listing and marketing Las Vegas short sales.  Since there are several legal logistics and details that apply to each individual scenario, we refer our short sale clients to a trusted local law firm that understands real estate / mortgage contract law.  As a result of our trusted relationship, they have offered to give our clients free consultations to answer any personal  loan modification or short sale questions.

Please contact us @ 702-376-0088 for more information.  Since they do place first priority on homeowners who need immediate help, we’d like to please ask for your cooperation and to contact us to see if we can answer some basic questions and get you set up prior to meeting with them.  We will respect your privacy and understand how sensitive every one’s individual situation can be.

Las Vegas Property Management: Consider This Before Hiring a Property Management Company

Are you responsible for managing residential or commercial real estate in Las Vegas?  Thinking about retaining a Las Vegas Property Management company?  Consider the following points.

Does the company offer “full services”? Are they able to supply tradesmen to answer every need – plumbing, electric, landscape and so forth?  Consider finding a company that hires and manages its own maintenance staff.

Does the company contracts out some functions? If they do, are references available for these subcontractors? You should shy away from a property management company constantly trolling through the yellow pages for subs.

Is the company insured and bonded? Can the company provide you with current certificates of insurance policies and bonds? Do they carry workmen’s compensation insurance, which is a requirement in the State of Nevada?

Does the company have references? Will the company provide you with contact names and numbers of current and former clients that you can contact directly?

Is the company accessible 24 x 7? Will your tenants be able to reach them any time, day or night, to report an emergency?

Is the property management function the primary portion of their business? You want your property management company to be dedicated to that function, not a sideline of a real estate company.

Does the property management company invoice you on a regular basis for work done? You should have a clear understanding of their standard charges, along with charges for extraordinary service, along with an understanding of terms of payment.

Most importantly, put yourself in the place of your tenants – whether commercial or residential. Would you be comfortable working with the property management company you are considering retaining. If you are, it’s probably a good fit and the start of a comfortable, professional relationship.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

Las Vegas Property Management Services

If you are fortunate enough to invest in a property suitable for short term rentals in a resort area like Las vegas, you should be working with a full services property management company. Doing so will enhance your return on investment, while protecting the integrity of your property.

A local full services property management company will work with you to set rental rates based upon your property’s characteristics and appropriate seasonality. They will be able to market your property to a broad base of qualified renters. They will make sure that your asking rental rates are competitive with other similar properties.

The company will make reservations for renters for you. They will coordinate renting the property out with your usage of the property. They will collect rental and damage deposits and amounts due, they will work to optimize the rental days and income, and they will enforce any reservation cancellation clauses for you.

When your property is rented, the property management services company will inspect the property before the arrival of the renters, making sure that the property is clean, appropriately stocked and does not have any outstanding maintenance issues. While your renters are using the property, the property management company is available to answer any calls for service requests. When the renters leave the property, the management services company will make sure that the property is clean, do any repair or maintenance issues and get the property ready for the next renter. On a periodic basis, the company will do annual or seasonal cleaning and maintenance tasks.

As the owner of the property, you are relieved of marketing and sales, answering service request phone calls, cleaning and maintenance and much more. The property management services company provides all these services, in addition to generating accounting and tax information for you.

This is, above all, a contractual relationship. When you retain a company, check their references. Talk to other home owners who use them. Ask if they have the necessary insurance and bonds. Find out if they are easy to reach in case of an emergency. Make sure you understand their fee structure.

A good relationship with a property management service company will have no surprises and will enhance your investment and when you do use your property yourself, it will be a stress-free experience.

If you would like to speak with one of our Property Managers about your Las Vegas Investment Property, feel free to give us a call at 702.376.7379 or complete our contact form and we will contact you.

Las Vegas Property Management

Property management refers to the management of residential, commercial, or industrial buildings. Property managers find tenants, collect rent and fees, manage building maintenance, assist homeowners’ associations and advise on litigation issues. Though property managers often deal with multi-unit residential and commercial buildings, landlords who own single-family dwellings may also choose to hire a company to manage their property.

For multi-unit complexes, such as condominiums and townhouses, the property manager serves as an adviser to the homeowner’s association, which is responsible for common area maintenance and improvements.

In the United States, many individual states require property managers to hold a real estate license. Organizations such as the National Association of Residential Property Managers (NAPRM) offer certifications to property management professionals that ensure ethical and professional behavior. To obtain a certification, a manager must log a certain number of hours managing properties and take training classes offered by the association.

In recent years, the industry has increased its use of software to help manage properties. Available programs let managers maintain different sizes and types of properties, track tenant information, schedule work orders, and organize accounts payable and receivable. The use of software enables smaller companies to compete in the industry.

A major advantage of a property manager, especially for out of state landlords is their knowledge of the local rental market. Property managers can survey average rents for similar properties in the area and determine the fair market value. They are also often available on a 24-hour basis to deal with maintenance emergencies that might otherwise cause property damage.

If you are in need of Property Management Services, Shelter Realty offers full service Property Management.  You can reach a Property Manager at 702.376.7379.

Las Vegas Loan Modifications: Do They Affect Your Credit?

I have been receiving numerous phone calls and emails asking if a Loan Modification will affect your credit.  With so many inquiries on this topic, I am assuming there are others that would like to know the answer to this question.  Loan Modifications do not affect your credit.

If you are current in your mortgage payments, a Loan Modification will not affect your credit.

A loan modification is simply a re-negotiation of the terms of your mortgage with your current lender or lenders.  Whether it is a reduced interest rate, longer term, forbearance or a principal reduction, the main objective of a loan modification is to create an affordable mortgage payment that works for the borrower’s current financial scenario.  A loan modification is a contractual agreement to change the terms of the existing mortgage, and because there is no effect on the timing or non-payment of the loan, the credit reporting agencies simply do not see the changes, much less report on them.

If you are currently behind more than 30 days on your mortgage payment, chances are your Lender has already reported you to the credit agencies and your score now reflects a derogatory item.  Completing a Loan Modification might actually help you become current with your mortgage payments and place you in a payment that you can actually afford.  Bringing your mortgage payment current as quickly as possible will minimize the damage to your credit.

Establishing a timely mortgage payment history may actually help improve credit scores, especially if it makes things easier to pay other monthly credit obligations.

If you think a Loan Modification might work for you, I highly recommend having an Attorney with the Paladin Legal Advocacy Center represent you.  Call today to make an appointment for a free consultation at 702.376.0088 or you can attend one of their free Loan Modification Seminars held every Wednesday at 6 pm.

Renting a Home in Las Vegas, Nevada

One of the most popular areas for people to rent these days is Las Vegas, Nevada.  Long known as one of the best cities to visit in the world, it is now becoming a place where people come to live.  Whether you are looking to buy or rent a home in Las Vegas there are many residential homes, condos, and town homes to choose from in and around the Las Vegas Valley.

There is a Las Vegas that exists outside the famous “La Vegas Strip.”

The neighborhoods in Las Vegas tend to be the typical culprits of urban sprawl, with partitioned sub-divisions all over the city.

All in all, Las Vegas provides a ton of things to do and things to see, even beyond what you might find on Las Vegas Boulevard. It features excellent restaurants, lots of great entertainment, shopping and only a 20-30 minutes drive to Lake Mead National Recreation and Mount Charleston.

If you need any assistance in locating a home for rent in Las Vegas, don’t hesitate to contact us today at 702.376.0088 or complete our contact form.

Looking for a Rental Home in Summerlin

Rental Homes in Summerlin

If you are interested in renting a home, condo or town home in Summerlin, it’s certainly an option to consider. Located just west of Las Vegas, this 22,500 acre master planned community is known for its beautiful natural surroundings, its focus on arts and the environment. Summerlin is only 15 to 20 minutes away from the famous Las Vegas Strip and 30 minutes away from McCarran International Airport.

If you enjoy the outdoors, Summerlin is only minutes away from Red Rock, world famous for its rock climbing faces and Mount Charleston. Mount Charleston offers skiing and snow boarding in the winter and hiking in the spring and summer.

If you prefer recreation in the Summerlin area, you could always choose to golf at one of the nine golf courses in the area.  Summerlin also offers shopping centers, ballet theater, restaurants and activities that provide something for everyone’s pleasure.

If you need any assistance in locating a home for rent in Summerlin or Las Vegas, don’t hesitate to contact us today at 702.376.7379 or complete our contact form.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Renting A Home Or Condo In Henderson, Nevada

If you are thinking about moving to the Henderson, Nevada area, you will discover that this area has a lot to offer its residents. Whether you are thinking about renting a home or condo, you are sure to find many excellent and suitable options for you and your family. Henderson boasts many great attractions and amenities that make it a great location to relocate.

Whether you are interested in Green Valley, Anthem, Seven Hills or any other part of Henderson, we are sure you will be able to find a home to rent suitable to your needs.  No matter where you decide to rent a home or condo in the City of Henderson, you won’t be to far from a Park.  If you enjoy biking or running, just find one of the many paths throughout the City of Henderson.  Also spread out throughout Henderson are recreational centers that offer indoor and outdoor swimming, basketball courts, exercise rooms and other activities.

For those who enjoy shopping and fine dining, you can choose to shop outdoors at The District at Green Valley Ranch or visit the local mall, The Galleria at Sunset.  There are several fine restaurants to choose from at Sunset Station, Green Valley Ranch and the newest Hotel and Casino to open in Henderson, “The M Resort” located on St. Rose Pkwy and Las Vegas Boulevard.

If you need any assistance in locating a home for rent in Henderson or Las Vegas, don’t hesitate to contact us today at 702.376.7379 or complete our contact form.

Las Vegas Short Sale Update: Should I Pay My HOA Fees?

As a busy short sale listing agent here in Las Vegas, I am asked this question all the time by prospective sellers. Legitimate sellers in a short sale are usually in a serious financial bind, but I do recommend that they keep their home owner association (HOA) dues current whenever possible.

One key to getting a short sale to close successfully is to limit the number of liens that will be recorded against the property.

Sellers already have at least one mortgage to clear, many have two. Having to extra liens is time consuming and can endanger the viability of a short sale.

Remember the order of priority when it comes to liens on a property; HOA’s, Taxes, 1st mortgage, 2nd mortgage holder, and any judgments for additional debt placed against the property. While this is the pecking order, remember that ALL must be cleared in order to transfer the property to a buyer. The 1st mortgage will get the lion’s share of the proceeds, but even their portion is a negotiated settlement. Junior liens further down the chain generally receive even worse settlements, but an HOA and the government will get exactly what is owed to them.

If a lien is placed on the property for HOA dues and fines unpaid, the listing agent will be forced to try and clear yet another lien, and usually has to deal with collection agencies to do it. I am sure all of you are aware of what it is like to deal with that lot. For most people the HOA is a relatively small cost and letting it spiral out of control into a large debt is often unnecessary and can threaten your short sale’s ability to close.

If you have a condo or something similar with very high fees, then you’ll just have to make the call whether or not you feel it is worth it to keep them current, but the majority of sellers should not let them lapse, considering their cost is usually modest.