If you’re a first-time homebuyer, or you’re selling your current home but don’t have a lot of equity built up, saving 10 or 20% (or even 5%) of the value of your next home can seem like a tall order.  Fortunately, you may have another option.

Federal Housing Administration (FHA) to the rescue

FHA-backed mortgages still feature a 96.5% loan-to-value option, meaning that you can borrow as much as 96.5% of the value of the home you’re buying.  And, your 3.5% down payment can come from a family member or your employer (“gifted” down payments are typically not allowed by conventional lenders).

They’re called “FHA-backed mortgages” because the FHA doesn’t actually lend the money; instead, the loan is underwritten by an FHA-approved lender and insured by the FHA (so that if the borrower defaults, the FHA pays the lender).  It’s all done through what’s called the 203(b) Mortgage Insurance program.  Some key notes about it:

• You’ll pay a mortgage insurance premium, part of which is required up front and part of which you’ll pay annually.  You can  finance the upfront mortgage insurance premium into the mortgage.
• You have to meet standard FHA credit qualifications, though they’re often more relaxed than conventional mortgage qualifications.  Qualifications include not having a bankruptcy or foreclosure on your record within the last three years.
• The amount of the loan is limited and new changes to loan limits take effect October 1, 2011 (learn how the changes may affect your Las Vegas home purchase).

The upshot

The state of Nevada also has several options that may help you purchase your Las Vegas home.  The bottom line is that you might not need to squirrel away 5, 10, 15, or 20% of your next home’s value in cash.  With an FHA-backed mortgage, you can buy a home with 3.5% down – and with the help from a professional agent, you can be in your new Las Vegas home sooner than you think.

To learn about your Las Vegas down payment options, please give Shelter Realty a call at (702) 376-7379 or to view our many affordable Las Vegas homes for sale, visit www.shelterrealty.com.

There are currently 260 homes for sale in the Las Vegas 89084 zip code, which includes the master planned community of Aliante. Located in North Las Vegas, this 1,905-acre community includes a mix of homes, retail and dining centers, plus 428 acres dedicated to recreational and public use.

Nestled where the desert meets the foothills, Aliante offers a vibrant community life – mixed with outdoor family recreation and plenty of open space. There are 3 parks, a man-made scenic lake, a water play area and 24 miles of interconnecting trails set against the natural arroyos.

Homes for sale in Las Vegas zip code 89084

According to public data records complied by Trulia, between May 2011 and July 2011, 505 homes sold at a median sales price of $162,000. That price is 0.8 percent lower than the same period (May-July) one year ago. In other words, if you’re looking to buy a home in Aliante, now is a good time to get a great deal.

The median sales price of homes in the 89084 zip code (including Aliante) was 54.29 percent higher than the median sales price for North Las Vegas, NV (again, according to public data records complied by Trulia).

89084, North Las Vegas Recently Sold Homes

89084, North Las Vegas Recently Sold Homes

Things to do in and around Aliante

A unique Aliante attraction is its 20-acre Nature Discovery Park. Your children would love to dig for replicas of fossilized dinosaurs in the Dino Dig sandbox. This fully-fenced playground has big kid slides, a tot play area and sprinkler water pad. Outside of the fenced area is a man-made lake (complete with waterfalls), soccer fields, and a volleyball stadium – in warmer weather, you and your family can enjoy watching an outdoor movie and or listen to your favorite local band perform during one of the many music festivals.

If you want to take a hike, throw some dice or hit the fairways, Aliante is near some of the valley’s best natural and newest attractions.

Sheep Mountain Range:  Part of The Desert National Wildlife Refuge, this range is a natural bighorn habitat. The sheep can be seen during the cooler part of the year (from late fall to early spring) – a great time for you and your family to be out enjoying the valley’s beautiful weather and natural environment.

Aliante Station Casino: This casino has it all (except the noise and crowds of the strip). The casino has a hotel with pool (complete with cabanas), rental halls, slots, game rooms, several restaurants, and entertainment. Why hit the strip when you can be in this brand new casino in a matter of minutes!

Aliante Golf Club: Awarded the “Best New Course in Las Vegas” by Vegas Golfer Magazine, this 18-hole championship course was designed by golfing pros and incorporates local desert plants in the landscaping. This picturesque course is fair yet challenging – you’ll want to bring your whole family.

If you want to take advantage of the current housing market and sell your Aliante home or if you’re ready to buy your new Las Vegas home, please give our agents a call at (702) 376-7379.  You can also view our listings of Aliante homes for sale at www.shelterrealty.com.

Recent Homes for Sale in Aliante

[idx-listings linkid=”140540″ count=”25″ showlargerphotos=”true”]

Once a property is sold at foreclosure or when the property is sold as a short sale, there will be a remaining deficit of what is owed to the lenders who are holding any mortgage debt. While state laws may affect what constitutes as deficiency, usually it will be the difference between the original loan amount plus any past due interest, less fair market value of the home. Most often the sale price will be accepted as fair market value.

Example: A home with a $360,000 mortgage balance is sold on a short sale for $230,000.  This creates a roughly a $130,000 deficiency amount.

If the state the property is located such as my State, Nevada, the loan is likely a recourse loan and the bank experiencing the deficiency has the right to pursue that borrower after the property is sold. Banks in Nevada have 6 months to file suit for a deficiency judgment after foreclosure or in the case of a short sale in which the deficiency rights have been retained. For loans generated after Oct 1 2009, banks will not have the ability to pursue a deficiency, if the home was purchased and occupied as a personal residence. Don’t despair homeowners, in many cases, a good REALTOR® can frequently get that deficiency waived for you, even if state law does not automatically protect you.

Getting a deficiency judgment is not a simple matter for the banks. They actually have to take you to court and win a lawsuit against you. This must also be accomplished within a very limited time frame. Remember all of those hastily written mortgages that were bought and sold over and over during the real estate boom?

Paul Rowe lists and sells shorts sales for Shelter Realty. He can be reached at 702-376-7379. You may also email him at paul @ shelterrealty.com.

Do you want potential buyers to see your beautiful hardwood floors, granite countertops and custom built-in bookcases? Well, they won’t if you have furniture, knick knacks, and piles of stuff covering every square inch.  Indeed, clutter can (and probably will) drive buyers right out your front door.

You don’t need to throw things out (although this would be a good time to “simplify” your belongings before you move), but getting them out of sight (not crammed into closets and under the bed) is a good idea. Here are 6 de-cluttering tips to help you prepare your Las Vegas home before it goes up for sale:

#1: Remove most appliances from your kitchen counters. If you have a counter microwave, then removing it may not be sensible (you use it every day and it’s big, besides) but stowing your coffee maker and toaster after breakfast is a good idea. Showing as much counter space as possible will make your kitchen look larger.  Buyers love to look at the kitchen, so make the most of your space.

#2: Reduce the amount of stuff in your cabinets, closets and built-in bookshelves. Even though I just said to store appliances away in your cabinets, you’ll want to eliminate excess and unnecessary items stored there. You’ll want your closets to show how organized they can be (not how much you can cram into them). Potential buyers are buying the closets, built-in bookcases, and cabinets along with the rest of the home, so show how spacious they are.

#3: Clean up the kids’ stuff (their bedrooms, playrooms and wherever they leave their things). Kids’ toys, books and games tend to scatter throughout a home, but they’ll be distracting to potential buyers. Use bins, totes and baskets for sorting and storing (don’t forget to label everything).

#4: A sparkling bathroom indicates a well-maintained home. Most buyers judge a home by how well a bathroom looks (and smells). If you’ve taken care of your bathroom (it works properly and is clean), then most likely you’ve taken care of the rest of your home (fewer repairs for a buyer). Again, store everything out of sight (even your rubber ducky!). Don’t forget to clean out the medicine cabinet – yes, buyers definitely snoop in there!

#5: Remove all bills, newspapers and magazines that pile up around your home. Paper can be very distracting and take the focus off of your rooms and onto your messes. As you remove these items, dust and clean (plus sort, discard and file any papers).

#6: Remove and/or rearrange your furnishings. Now I am not saying get rid of your heirloom grandfather clock, but if it blocks a hallway or door entrance, then move it or put it in storage. Take down family photos and other personal decorations (sorry, the hunting trophies need to go into storage). Again, it’s the house that buyers should be looking at – not your daughter’s kindergarten graduation picture.

I know some of these de-cluttering tips can be a pain, but they can help sell your Las Vegas home (and, let’s be frank, sellers need all the help they can get). Our agents can help you determine where and how to de-clutter – and give you all the other tips that will help you sell your home for more money in less time.  Give us a call at (702) 376-7379 or contact us at www.shelterrealty.com.

Imagine lying awake at night listening to your brand new Las Vegas golf course home cracking or needing to replace the roof on your new home even before you replace its light bulbs. This isn’t a science fiction thriller – this is reality for some homeowners of newly-built homes.

The scenario doesn’t stop there – some homeowners are forced to move out only months after moving in (thanks to toxic mold growing in their new home). You see, you don’t have  to own an older home to experience defects or problems – they can also happen in newly-built homes.

What should you do?

Bottom line: Despite what many people think, a home inspection is a must – even when you’re buying a newly-built home.  An inspection by a reputable, licensed building inspector (the state of Nevada requires all inspectors to be licensed (NAHI)) will help you avoid buying one of the 17% of new homes with significant defects.

It’s also a good idea to get another home inspection (in addition to the one you got before you bought your home) just before the builder’s warranty expires. Since some problems don’t show up until the home is one or two years old, any problems that come up can be fixed at the builder’s expense as long as you catch them before the warranty is up.

During the height of the real estate boom, builders and sub-contractors wanted to build as many homes as possible to keep up with the red-hot demand – at times sacrificing quality in the process and resulting in homes with defects.  Some of those homes are now being resold, and if the defects weren’t addressed, they’re probably now worse. Plus new problems may have developed and they’re all expensive to fix. Bottom line: When you’re buying a resale Las Vegas home (whether it’s two years or 100 years old) you should get a home inspection.

What happens if you have an unsatisfactory home inspection?

After you sign your purchase agreement, you have ten days to get a home inspection. You can specify in the purchase agreement that your offer is contingent upon a satisfactory home inspection – that means that if the home’s inspection is unsatisfactory, then the deal is off (or the price can be negotiated lower to reflect repair costs). This can save you many headaches (and money) in the future.

If you’re about to sell your Las Vegas home, then a home inspection before you list is a good idea too. An inspection can make you aware of any problems and give you time to fix them. It may also prevent a sales deal from falling through (something you don’t want in today’s tough real estate market).

For these reasons (and more) getting professional help to buy (or sell) your Las Vegas home is important. Call us at (702) 376-7379 or contact us at www.shelterrealty.com.

Updated March 24th, 2017:

NAHI closed its doors last August 2016 and their website went dark in September 2016. Here is a great article on What Happened to NAHI.

There are currently 298 homes for sale in the Las Vegas 89128 zip code, which includes the master planned community of Desert Shores.  Desert Shores was developed in 1988 by RA Homes, in the northwest valley near the desert foothills. Its 3,351 homes vary in sizes from one-bedroom condominiums to large custom homes (with private gates and access to docks).  This established neighborhood embraces active family living.

Homes for sale in Las Vegas zip code 89128

According to public data records complied by Trulia, between May 2011 and July 2011, 505 homes sold at a median sales price of $92,300. That price is 16.4 percent lower than the same period (May-July) one year ago. In other words, if you’re looking to buy a home in Desert Shores, now is a good time to get a great deal.

The median sales price of homes in the 89128 zip code (including Desert Shores) was 19.88 percent lower than the median sales price for Las Vegas, NV (again, according to public data records complied by Trulia). With Desert Shores homes selling for less than other Las Vegas homes, now is a great time to buy your Desert Shores home.

89128, Las Vegas Recently Sold Homes

89128, Las Vegas Recently Sold Homes

Neighborhood schools in Desert Shores

There are four public and two private schools within the Desert Shores 89128 zip code. Richard H Bryan Elementary School received a rating of 9 out of 10 from GreatSchools. That’s a big plus for owning a home in this desert community – even if you don’t have school-aged children, the quality of neighborhood schools do affect a home’s resale value.

Here’s a list of the schools in the 89128 zip code area:

Source: GreatSchools.org

Things to do in and around Desert Shores

Desert Shores encompasses 682 acres and features four manmade lakes (complete with docks for paddle boating), a lagoon-style swimming pool surrounded by a sand beach, palm trees and a picnic park (with volleyball, basketball courts and playground facilities). There are over 80 miles of walking, jogging and biking trails that tie the community together. When you’re hungry after a day of “fun in the sun” then you’ll want to dine overlooking the water from any one of the lakeside restaurants.

When you and your family want to venture beyond its shores, there’s a variety of activities (from hiking, to playing a round of golf, to watching lions play) right outside your door.

Spring Mountain Ranch State Park: Located beneath the colorful cliffs of the magnificent Wilson Range, this park is usually 10-15 degrees cooler than the desert valley (thanks to its elevation of 3,800 feet). This 520 acre oasis used to be a working ranch – now it’s a public cultural and recreational attraction.

Palm Valley Golf Course: If you want a player-friendly, yet challenging golf course (plus a short drive from home), then this is your course. Designed by golfers for golfers of all skill levels, this course will satisfy your golf appetite.

Southern Nevada Zoological and Botanical Park: Touted as Nevada’s “Wildest Family Entertainment” this shady 3-acre park is just 15 minutes from your Desert Shores home. There are over 150 species of plants and animals – it provides a wonderful educational experience for you and your family. You can visit anytime during the year, because it’s Nevada’s only year-round zoo.

If you want to take advantage of the current housing market and buy your  new Desert Shores home or if  you want sell your Las Vegas home, then give our agents a call at (702) 376-7379.  You can also view our listings of Desert Shores homes for sale at www.shelterrealty.com.

Recent Homes For Sale In Desert Shores

[idx-listings linkid=”142240″ count=”25″ showlargerphotos=”true”]

The other day I wrote about the first 5 questions you should ask when buying your new Las Vegas Condo.  Here are the other 5.

Question # 6: Has the condo unit been professionally inspected? It’s a good idea to include a contingency clause in your purchase offer for a profession inspection (you don’t want to be “surprised” by any defects). If the condo is a new-build, don’t rely on the buildings permit of occupancy (city building inspection) – the city carries no liability for defective or incomplete inspections.

Question #7: Is the condo soundproof? The main problem with condos is the lack of good soundproofing. It’s a good idea to view the condo in the afternoon or evening (when most neighbors are home). If they’re making noise (like watching TV, listening to music or talking), then you should be able to tell if the condo has good soundproofing. To reduce the chance of noise, try to buy an end-unit or top-floor-unit – this will limit the amount of neighbors (down to one) and therefore the amount of noise.

Question #8: Is the seller up-to-date with the applicable state statutes? If the condo was built before 1978, then a written lead-based paint disclosure report is required.  You may opt to have the condo professionally inspected (at your own expense). Additional local or state disclosures may be required for energy efficiency, building-code compliance, radon, and well-water quality; our agents know which disclosures are required in Las Vegas and Nevada.

Question #9: Are there any special contracts or long-term leases affecting the condo complex? You’ll want to find if the condo owners have control over the whole complex. Some new complexes still have titles (and contracts) through the developer, which gives the developer control – not the HOA.

Question #10: What are the key points to consider when assessing the condo complex?

• Floor plan
• Construction
• Parking
• Street access
• Location
• Property taxes
• Amenities (community center, pool, tennis courts, golf)
• Visual obstructions or sound concerns (power lines, factories or noisy railroads)

Buying a condo can be complex if you don’t know the right questions to ask. Hire a Shelter Realty agent to help you find the right Las Vegas condo at the best price and ensure that you’re asking the right questions. Call (702) 376-7379 to speak to one of our agents or browse our Las Vegas condos for sale.

Think buying a condo is easy? Think again. When you’re buying a condo, there might actually be more to consider than when you’re buying a home.  Just knowing what to look for (and ask) can be a challenge. Hiring a good Las Vegas real estate agent and asking the right questions is a start, so here’s a list of 10 questions to ask before you make on offer on your Las Vegas condo.

Question #1: What about the HOA? Most Las Vegas homes, whether they’re single-family or condos, have homeowners associations (HOAs).  Before you buy, you want to check up on that organization whose umbrella you’ll be living under.  Check out:

• Covenants, conditions and restrictions (CC&Rs)
• By-laws and rules
• Financial reports
• Minutes from most recent meetings

You’ll also want to ask: How and when might my association fees increase?  Is the HOA involved in any lawsuits? Are there any plans for major repairs (new roof or new pool) in the near future?

Question #2: What is the percentage of renters in the complex? Mortgage lenders tend to see condo buildings with more than 20 percent renters as a lending risk.  That means they’ll charge higher interest rates or won’t lend at all.  Plus, a higher proportion of renters to owners can impact how easy (or difficult) it is to sell your Las Vegas condo down the road.  It also often lowers market values (renters usually don’t treat the condo as well as owners). As a safe rule, look for condo buildings that have less than 10 percent renters.

Question #3: Is the complex professionally managed? All condos need regular maintenance and repairs and using a professional management company usually pays for itself.

Question #4:  Are the complex fees similar to other comps? For that regular maintenance and repairs, plus management of facilities like a pool, you’ll pay a monthly fee in addition to your mortgage payment.  Compare maintenance fees at the different Las Vegas condos you’re considering.  Given factors like the size and age of the condo complex and level of amenities offered, fees should be comparable.

Question #5: Has your condo seller prepared a defect disclosure report? Most states require a defect disclosure report (Nevada is one of those states).  If the seller discloses that something is wrong with the condo, get a professional contractor to estimate repair costs, then factor those costs in to your offer.

Buying a Las Vegas condo can be more complicated than buying a single-family home in large part because so much of your condo ownership experience will depend on those neighbors with whom you share walls.  From dealing with common area maintenance needs to reselling your condo, you’re kind of all in it together.

So stay tuned here tomorrow for the next 5 questions to ask when buying a Las Vegas condo, or go ahead and give the Las Vegas condo experts a call at (702) 376-7379 or view our lists of condos at www.shelterrealty.com.

If you’re a first-time home buyer or looking to upgrade to your dream home, there are 10 steps you’ll want to complete before you even start looking at listings of Las Vegas homes for sale.

Step #1: Figure out how much Las Vegas home you can afford. Figure out how much money you make and how much you’re able to use for your new home. A good rule of thumb is that your new home’s value should equal between two to three times your gross income (that means if you make $100,000, your new home should cost no more than $300,000).

Step #2: Create a wish list. Write down what you want in your new home. Do you want four bedrooms and three baths with granite throughout? A backyard big enough for pool and swing set?  Golf course views?  You’ll also want to prioritize your list. Write down (from top to bottom) what’s the most important to the least. Do you really need (or want) a fourth garage?

Step #3: Pick three or four neighborhoods. Drive through neighborhoods that seem appealing to you and your family. Do you like the way the homes are maintained? Are the neighborhoods close to school and work? Find out the neighborhood statistics like crime rates.  Find out about future developments (including road expansions) planned for the area.  Your Las Vegas real estate agent will help you get that information; we have some of it here on our website.

Step #4: Do you have enough money saved? Determine if you have enough money to cover your down payment and closing costs.  Depending on the type of mortgage you get, your down payment could be anywhere from 3% to 20% of the purchase price of the home.  Plus, you’ll have to pay closing costs, which typically run 2-3% of the loan amount (though many mortgage lenders will wrap those closing costs into the loan).

Step # 5: Check your credit. Make sure your credit is up-to-date and accurate. Get a copy of your credit report and go over every section of your credit history. Does your report say that you’re delinquent on a credit card when you actually paid it off? It can mean the difference in several points in your mortgage interest rate (which can mean a higher monthly mortgage payment).   To learn the ins and outs of your credit score, check out our recent blog Score High for Your New Las Vegas Home.

Step #6: What size mortgage do you qualify for? After you have checked your credit report (and had any errors corrected), you can approach a few lenders for a mortgage pre-approval (it pays to shop around.  Explore all the different loan options (ARMs and fixed rates, 15-year and 30-year).

Step #7: Get all of your documents in order. Since you’ll want to get pre-approved for a mortgage before you start looking at homes, have all of your necessary paperwork ready you give to your lender. The documents you’ll need to get started are:

• Pay stubs
• Bank account statements
• Tax returns

Step #8: Research if you qualify for any federal mortgage or down payment assistance programs. You may be surprised how the government may be able to help you buy your new home. There are specific restrictions with some programs, but the potential savings make them worth looking into (we can help).

Step #9: Calculate how much it’ll cost you to own (and maintain) your home. Some regular expenses to think about (other than your mortgage) are:

• Property taxes
• Homeowner’s insurance
• Home maintenance costs (landscaping, pool/spa, air conditioning)
• HOA fees (if applicable)

Step #10: Find an experienced real estate agent. Our agents at Shelter Realty can help make sure that you’ve completed all 10 steps and can help make your new Las Vegas home purchase as smooth as possible.  Call us at (702) 376-7379 or visit www.shelterrealty.com to see our listings of Las Vegas homes for sale.

Hiring a real estate agent can be a confusing process, especially if you are new to the market and don’t already have someone you know and trust lined up to help. Yet whether you’re selling a Las Vegas home or buying a new one the right Las Vegas agent can make all difference.

When deciding who is the right person to help you find the right home at the right price (buyer’s agent) or the one who can get your home sold for the most money in the least time (seller’s agent), interview in person at least two or three agents.  Ask all of them these 10 questions.

1. How long have you been a Las Vegas real estate agent?  You can never underestimate the power of experience, though you’ll want an agent who’ll give you excellent service (and sometimes this can come from newer agents, who have fewer clients and more time to spend on you).

2.  Do you have experience closing your listings in a depressed market? Do you have at least 25 closed short sale listings (If  you’re considering a short sale). If you want to sell your home as a non short sale (meaning you owe less on your mortgage than the home’s worth), you’ll want to ask the agent how they plan to price, market and sell the home in an evironment of declining values.

If you’re looking to buy a home, you’ll need an agent with real experience in representing buyers on foreclosures, short sales, new homes and traditional sales, since you may encounter all four types when purchasing.

3. How are you going to sell my home or find me a new one?  If you’re buying a Las Vegas home, your agent should only show you homes within your price, location and need range (so you’re not wasting your time shopping at Wal-Mart, or Barneys, when Dillard’s is really your range).  As a Las Vegas home seller you’ll want your agent to design a marketing plan that will sell your property the fastest and for the most money.

4. Can you give me any references?  All agents have references, even if they’re new to the real estate business. If a reference had a good experience with the agent, then most likely you will too.

5. What are the top 3 things that separate you from your competition?  Any of these traits would be good to have in an agent: honest, trustworthy, assertive, a good negotiator, easily to contact, friendly, analytical, professional and most importantly a good communicator.

6. Will you allow me to review all documents before I sign?  A good agent should make all forms available to you. As a buyer you’ll want to see the Buyer’s Broker Agreement, Agency Disclosure, Purchase Agreement and Buyer Disclosure. As the seller you’ll want to see the Agency Disclosure, Listing Agreement and the Seller Disclosure.

7. Can you recommend additional professionals (mortgage brokers, title companies, home appraisers, home inspectors)?  Since you’ll most likely need the services of some or all of these professionals during the home buying or selling process, getting a referral can save you time (you won’t have to thumb through the yellow pages) and a good agent will be able to recommend other good professionals.

8. How much do you charge?  Generally speaking, real estate agents charge a percentage. Usually the percentage negotiated between the seller and the listing agent covers both commissions if there are two agents involved in the deal. Commissions and fees are fully negotiable.

9. Do you offer a guarantee?  Finding out if or what kind of guarantee an agent offers can help you decide if the agent is a good fit for you. Will you be able to cancel your listing/buying agreement if you are unhappy with your service? How does the agent’s company handle canceled agreements?  Has anyone else ever canceled before?

10. Is there anything that I forgot to ask you but need to know?  An agent should always have something to add (to make you feel confident in their service). After all, they’ll be representing you in your real estate transaction, so good communication is important.

If you’re looking for a Las Vegas real estate agent, you’ll want to call Shelter Realty.  With experienced, expert buyer’s agents and seller’s listing agents, we’re happy to answer these 10 questions – and any others.  To make your appointment today, give us a call at (702) 376-7379 or visit us at www.shelterrealty.com.