Category Archive : Real Estate

Added value properties are properties that for one reason or another are undervalued, but with renovation, sometimes minor, sometimes extensive, investing in these properties could be profitable.

This is dangerous area for new investors, particularly those with a get rich quick mentality. Careful analysis by an experienced investor and his/her investment advisers is a requirement of good judgment and the only way to make a qualified decision as to whether the deal is worth pursuing or walking away from.

How to recognize a possibly under-valued property that with some tender love and care would add value, might make a worthwhile investment takes experience in evaluating real estate investment targets.

Some examples of a possible added-value investment property:

• A rental property in which the owner is not experiencing the expected cash flow from the investment. Possibly the current owner is unaware of how to track rental market trends or inexperienced in finding the right kinds of tenants and is experiencing high tenant turnover.
• The neglected, vacant property of an out of town owner, who doesn’t need the money, and may have not as yet gotten around to having the home fixed up and marketed.
• A for sale by owner (FSBO) home that has fallen into disrepair due the owner’s lack of funds. The owner has little knowledge of the property’s true market value, and is selling the property in “as is” condition.
• The owner was recently deceased, and the beneficiaries are out of town and anxious to sell. The property may be in some disrepair, maybe minor, possibly major.

The beneficiaries are reluctant to put any money into the property for renovation, and may be putting pressure on the listing agent for a quick sale and might be amenable to selling at an attractive under-market value price to a qualified buyer.

• The once residential home is now in an area that has been re-zoned for commercial use, and the owner is not inclined to be a landlord to a business owner tenant and would rather just sell the property.

There are many other reasons as to why a property could be targeted by the investor as an added value prospect, and as mentioned previously, it takes real know-how to identify and analyze a real estate investment of this nature.

As any experienced investor knows, it takes the knowledge, resources and experience of a real estate agent who knows how to recognize these kinds of properties to find the investments that may be worth pursuing.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-7379.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Inspections Prior To Listing

Having a Home inspected prior to purchase is an important safeguard for buyers and lenders, in order to ensure that the structure that represents thousands of dollars in investment capital is sound and the home’s vital components are in good working order.

Las Vegas home sellers would do well to have their homes inspected prior to listing, in order to be assured that the home is in good repair or that any problems found have been dealt with.

Although some states do not require licensing of home inspectors, the State of Nevada does. Inspectors are licensed and regulated by the Nevada Real Estate Division, and certified under the categories of Residential, Commercial and Master Inspector.

Home inspectors can be located through the National Association of Home Inspectors (NAHI.) Certification by the NAHI is a professional credential for home inspectors.

A home inspector check list will include the following:

• Home interior
• Home exterior
• Foundation
• Roof, flashings and gutters
• Roof support structure
• Attic
• Basement (if applicable)
• Insulation quality
• Garage
• Electrical
• Visible plumbing, interior and exterior
• Central air and heating

After inspection, a written report will be issued that will describe the home’s overall condition and will indicate any problematical issues discovered.

When interviewing an inspector, find out what type of insurance coverage or coverage’s he has. He should have liability insurance, but he may or may not be covered by an errors or omissions policy (E&O.) An E&O policy will cover an inspector who is negligent in his work, overlooks a serious defect or malfunction, or signs off on an inspection report without denoting an obviously existing problem.

It is important to note that inspectors do not examine a home in minute detail. Inspections are visual and done primarily to discover adverse conditions, and/or safety concerns, and not cosmetic items. Wiring and plumbing not visible to the naked eye, for example, would obviously not be possible to inspect.

Inspectors do not verify code compliance, and cannot inspect inaccessible areas of the home. Additionally, the inspector cannot guarantee that some structural problem or component of the home that has been inspected might fail sometime after the inspection date, if it was in apparently good condition or good working order at the time inspected.

Since long-term prospects of systems can’t be predicted, it would be a good idea to ask the inspector if any systems he has examined might need a specialists attention in the near future.

Certainly, radon and pest inspections are very important as well, and a home inspection company might offer to subcontract and get these inspections done for you, but it probably would cost less to hire these specialists yourself.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

There is no doubt that the overall quality of a school district has a definitive impact on home values. In fact, the one of the most prominent reasons for families with school-age children to choose or reject a particular Las Vegas Home is based less upon the likes and dislikes of the home, and more upon the known quality or lack thereof of the school the property is zoned.

It’s an absolute fact that the market value of residential homes located within the jurisdiction of a quality school remain consistently higher than the value of similar homes in a less desirable school zone.

Often, buyers will be willing to pay premium prices for a home within a high ranked school zone, which is a primary reason for such a home to command top dollar.

Even in a market of declining home values, such as we are experiencing today, homes within the better school zones are holding their value far better than most.

A home within a school zone recognized for its consistency in quality education is often considered more desirable than a home that is perhaps located more conveniently to shopping, entertainment and business districts, for example.

Sixth largest in the United States, the Clark County School District has a number of schools that have rated among the nation’s best. Green Valley High School has, in fact, been proudly ranked among the top ten high schools in the country.

Detailed information about schools in the Clark County School District, as well as charter schools, can be viewed by parents and guardians through required annual reports. These reports are also used by Las Vegas school teachers and administrators to help develop academic achievement programs designed to increase the learning skills of all students.

Additionally, a Magnet School Program developed by the Clark County School District provides students with the opportunity to attend schools offering unique educational programs.

Under these programs, parents and their children have the opportunity to choose which of the Magnet School’s specific offerings would best suit the child’s particular interests.

Important consideration should be given to the fact that there is always a possibility that school boundary changes could occur if, for instance, a particular school is growing rapidly and is near or over capacity.

A new subdivision located near an established neighborhood could possibly stress the capacity of the adjacent schools and cause a school boundary shift, and although homes in a good school zone can often command selling prices of twenty to thirty percent higher than similar homes in a lesser school zone, a school boundary shift which would put the home in a less desirable school zone would most certainly negatively affect market values.

What can you do? Evaluate all of the factors involved, and just try to make the most intelligent choice possible. Remember, in the real estate marketplace, as in life, nothing is guaranteed, and change is inevitable..

If you are looking to purchase a Las Vegas Home within a particular school zone and have any questions, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Which Would Be The Best Choice

If you are planning to buy a Las Vegas Home, and are not sure of whether you are interested in a new home, a somewhat older resale, or a truly “older” home, it would be best to avoid confusion by researching what the differences are in older and newer homes, and how these differences would or would not be to you and your family’s liking and adaptability.

Be sure to have a family consultation after you have carefully examined these differences, in order to reach a consensus as to what kind of home would best suit everyone’s lifestyle.

Above all, try to reach some conclusions before you bring your appointed real estate agent into the picture. Once you are focused on the kind of homes you have decided you are interested in, and in what price range, your agent can go to work and locate properties of interest.

Differences in newer and older homes are many.  For example, older homes –in particular, homes  built in the 1950s thru the  1970s –  may offer less interior living space then a newer home ( a typical two or three bedroom home in those days might be about 900 to 1600 square feet, with one or one-and-one half bathrooms)  but may have been built on a larger lot since land was not quite at such a premium then.

Rooms and windows are generally smaller in these older homes, and each of the rooms are pretty much closed off from one another. The open floor plan of modern construction allows for lighter, airier surroundings, and larger windows will let in more daylight.

Rewiring might be a distinct necessity for some older homes, which may not be able to accommodate all of the high end kitchen appliances and electronic equipment that are in every day use today.

Additionally, the cost of a code upgrade or remodeling of an older home should be taken into consideration as well. On the other hand, an older homes mature landscaping, with towering trees and abundant shrubbery, are a definite plus factor, since landscaping today can be an expensive proposition, and trees and shrubs can take years to reach full size and maturity.

Due to lesser square footage, the older home lacks the equivalent storage space available in newer construction.

However, the quality construction found in many older homes is often better than on many comparable newer Las Vegas Homes. These homes were built to last, with sturdy 2×6 redwood framing and solid plaster walls in place of sheetrock.

Many vintage homes, such as those built in the 1920s and 30s, have architectural features that give these homes a “character” that is appealing to many people. Many of these vintage homes are located closer to downtown areas, which can make them quite expensive to own.

So, the conclusion seems to be that whether to buy a new or older home is pretty much a judgment call, and your decision should be based on many factors, and especially how well a particular home, old or new, fits in with your expectations of what an ideal place to call home should be.

If you are interested in purchasing a “resale”  or new home in Las Vegas and have any questions about the Las Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Although there are many reasons why some Las Vegas Homes are harder to sell than others, some obvious and some not so obvious, basically, most any home should be saleable. Even if the home is in bad shape, there are always buyers out there looking for fixer-uppers. What then could be the problems that are keeping a particular home sitting unwanted in the For Sale columns for many long months?

Let’s look at the obvious:

• The asking price is too high. If the house is overpriced, then the primary reason the house has not been sold is either the fault of a homeowner who insists on a set selling price and won’t budge, or the Las Vegas Listing Agent, who is either not familiar enough with the neighborhood, and has not bothered to do a comprehensive neighborhood market study, or is hampered by inexperience and is not capable of convincing his/her client that they are being unrealistic.
• The house lacks “curb appeal.” The homeowner has neglected to spruce up the yards, front and back and the exterior may have that uncared for look; peeling or dull looking paint, a shoddy front door, screens that need repairing, cars and trash cans in plain view in the driveway, etc.
• The interior of the home has not been “staged.” That is to say, a fresh coat of paint in a neutral color, carpets vacuumed, home thoroughly cleaned top to bottom, appliances shined, furniture attractively arranged and clutter removed. Rooms should look bright and cheery, and most personal items removed to make it easier for a prospective buyer to imagine him or herself occupying the premises. A messy home is understandably a big turnoff to buyers.
• The Las Vegas Property has not been professionally marketed. If the homeowner is trying to sell on his/her own, they will not be able to access the resources or depend on the marketing skills of a real estate agent, and as a result will not get the badly needed exposure the home needs in order to attract a buyer in this very competitive “buyer’s market.” Furthermore, many buyers are uncomfortable dealing with an owner directly, and would rather negotiate through their real estate agent.

What can be done to make the house saleable, besides all of the above corrective actions? Adjust the asking price to coincide with current prevailing market conditions in the area, and for the listing agent to ensure that the property gets maximum marketplace exposure.

Additionally, the listing agent’s negotiating skills, or lack thereof, as well as a buyer’s and/or seller’s unwillingness to compromise, are often key reasons as to why a home can be difficult to sell.

If you are interested in selling your Las Vegas Home and have any questions about the process or the need to do a short sale, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

BUYING A LAS VEGAS HOME

Before you even begin to search for your new Las Vegas Home, you and your family should prepare a checklist of wants and needs, a list that will analyze exactly what those absolute needs are, as opposed to your wants, such as a spare bedroom or home office, which would be nice but not absolutely necessary.

A list that is realistic, in accord with market conditions, and leaves room for compromise will help you to focus on the specifics of what your needs really are in a home, neighborhood, etc., and is helpful to your agent, who will know what to focus on as well.

A helpful list of needs and wants, emphasizing the importance of needs first, would consider the following, arranging individual needs and choices in order of most importance to you. For example:

• Where in town do you prefer to live?
• Older home (over five years) newer, or new construction?
• How much house can you afford? What price range?
• Have you been pre-approved by a lender?
• Convenience of location: short commute, or close to public transportation, nearby to shopping, schools, etc. Which of those choices are the most important?
• Neighborhood demographics: nicely kept homes on a quiet street, property located on a cul de sac, or corner lot, crime stats, quality of school district. Good schools add quality to a neighborhood and should be an important consideration.
• Number of bedrooms, baths required
• Single or two story construction. If anyone has a problem with climbing stairs, a one story is obviously the best choice.
• Consider a short sale or foreclosure property if it is only one of very few in the neighborhood?
• Have a professional home inspector check for problems and evaluate cost of repair.
• Would you prefer to pay a little more for a house in perfect condition, or would you rather buy a house that is in need of some repair in order to pay less for the home?
• How much renovation are you willing to do? Are you handy with tools and will be doing much of the repairs yourself, or would you need a contactor? Contactor fees would add to the costs which would impact your home buying budgetary expenses.
• Before making a commitment on a particular piece of property, Investigate the noise factor and other aspects of the neighborhood for conditions that may or may not be a source of discomfort or annoyance by driving through the area at different times of the day and evening, during the week and on a weekend.
• Large yard for the weekend gardener, romping room for the family dog, etc., or smaller yard for less maintenance.
• Pool
• Patio Deck
• Two or three car garage
• View
• If the community is governed by a Home Owners Association (HOA) find out if the rules and regulations are compatible with your lifestyle and freedom of choice
• Gated community with entry password security system, or gated with 24/7 on duty security guards

Let your Las Vegas Real Estate Agent know of any other special features or needs that your family may require.

If you are interested in purchasing a home in Las Vegas and have any questions about theLas Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

No doubt, every investor in Las Vegas residential real estate is looking for the best of all deals; buy low and sell high properties. Obviously, most of the best deals will be found in distressed properties and motivated sellers.

There are many ways to locate these kinds of properties. Try the classified ads in your local newspaper, specialized publications, etc. Look at For Sale by Owner (FSBO) ads, pre-foreclosures, which would be listed under notices of default, foreclosures, (trustee sales,) and auction notices, (tax sale properties.)

Check public records at the county courthouse, where you can find leads through divorce records, real estate auctions, default notices, and probate properties.

Comprehensive internet property finding services can be a very time-saving and efficient way of locating the kinds of investments that best meet your criteria. Paying a monthly fee to these services can be a cost-effective way of finding properties. The web lists any number of these sites, so check them out and find the ones that best meet your needs.

Distressed properties such as pre-foreclosures, Tax sales, short sales, REO’s, probate, foreclosure and divorce properties are where you are most likely to find the hottest deals.

Check with lenders to find the agents who are handling their REOs, and/or www.reonetwork.com to locate bank owned real estate.

You , and the Realtor you work with, should maintain frequent contacts with bankruptcy, divorce  probate, and general real estate attorneys who can be excellent sources of information and leads to hot deals.

Properties up for auction can be located through various websites such as Realty Bid (www.realtybid.com) and Williams & Williams (www.williamsauction.com) among several others.

The Housing and Urban Development agency (HUD) is another source of finding distressed properties. Sign on to this website as an investor and you can bid on their listings.

Try the Veterans Administration (VA) listings as well. The county real estate tax authority, the Treasury Department, the Internal Revenue Service, and the FDIC (Federal Deposit Insurance Corporation) are additional resources that can be more than useful in uncovering distressed properties.

The United States Marshals Service is charged with the responsibility of disposing of seized properties, and can be another possible source of finding low-priced homes.

There are many methods and sources of locating Las Vegas Distressed Properties and hot deals, including even driving around neighborhoods to locate properties, although that is not the most efficient method of finding good deals.

Certainly, do not forget that your real estate agent is a most valuable source of information as well, and can keep you updated on properties of interest. Your agent’s broker and attorney contacts, as well as interaction with other Realtors will provide you with a constant update of relevant data.

If you have any questions about distressed properties in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

If you are a new player in the Las Vegas Real Estate Investment game, one of the first steps you should take as part of an investment strategy – that you have hopefully planned out meticulously – is to find a good real estate agent to partner with you.

Find an agent who is in sync with your strategies (some agents prefer not to work with investors,) and has the experience and expertise to help you achieve your goals. You need an agent who can help you find and qualify the good deals, handle much of the details, and one who has worked with investors before.

Although word of mouth is one of the best ways to find a qualified agent with a solid track record of success and great references, Las Vegas Real Estate Investment Clubs are another source.

When discussing your plans with an agent you are considering partnering with and who is interested in working with you as well, be sure to explain exactly what kinds of properties you will interested in buying. Assure the agent that you will both make money from this partnership, and that you are a high-energy, aggressive and eager investor.

Another thing to keep in mind, is that if your buying strategies involve sending out a flood of low-ball offers in order to consistently close deals, some agents would rather not work with you.

That is why it is so important for the agent or agents you are interviewing to understand what your investment strategies and goals really are. You have to be as forthright and honest with them as you expect them to be with you.

Now, what about buyers? Certainly, your strategy for investing in Las Vegas Real Estate has included contingencies for dealing with willing buyers who are handicapped with marginal credit.

Many of your buyers may be able to acquire a mortgage on their own, but buyers with a passable, but not very impressive FICO score, probably would not qualify with most lenders.

This is where another very important member of your investment team, your mortgage broker, steps in. If you are closing on properties monthly, you are going to attract brokers willing to work with you. Find a broker who has the expertise and lender contacts to obtain mortgages for people with marginal credit.

Don’t expect miracles, however. A buyer must meet certain, even minimal standards of acceptance, but if those criteria are not met, obtaining a mortgage will not be possible.

If you are a quick-turnover investor, you will need a broker who can close deals quickly, and will be available when needed. Assure the broker, as you did your real estate agent, that you want everyone on your team to make money. Consistently closing deals will be all the assurance they need.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Common sense will tell you that the nicer your home looks, the better your chances of selling at or close to the asking price. However, don’t go overboard and practically remodel the entire house before listing the property. Not only will a project of this scope cost you plenty, but you probably won’t recoup even half of your fix-up expenses.

Cosmetic upgrading and repair however should always be secondary to plumbing, heating/cooling and electrical repair. Roofing and structural repairs are an absolute must as well.

Certain upgrades and repairs designed to improve the property’s “eye appeal” include:

• A fresh coat of paint, inside and out, is a most effective way of making the home look newer and more inviting. Neutral colors such as beige or off-white seem to work best.
• If the interior of the home has wallpaper in some or all of the rooms, particularly if it has a worn look, strip it off and paint. Replacing the wallpaper with another design of your choice may not appeal to a prospective buyer, and could actually negatively influence a buyer’s decision.
• If any of the rooms are carpeted, and the carpeting shows signs of wear or discoloration, replace it. Use neutral colors, and medium shades, not too light or too dark. Carpeting and painting are cost effective ways of sprucing up the home’s environment, and can help increase the price tag by much more than the cost of material and installation.
• If the floors are hardwood, refinish if necessary.
• Replace chipped or cracked tiles. It is equally important to repair or replace grouting. If the grouting is in good shape, be sure it has been scrubbed clean.
• If you have Formica counter tops that are showing signs of wear, replace them with a do-it-yourself  kit, available at hardware stores, or if you are not inclined to tackle the job, which can be somewhat tricky, hire a competent handy man.
• The appearance of the kitchen can be a huge influence on the overall impression of the home, and is the most important part of the house to revitalize, if needed.

Although kitchen remodeling can most often return 100% of investment, it can cost a ton of money. However many kitchens can look their best by a simple resurfacing of the cabinets, if needed, and perhaps the installation of a new sink and fixtures.

• Replace or refurbish exterior siding.
• Examine and repair/replace window and door caulking.
• Replace doorknobs and locks if worn looking.
• Repair, refurbish or replace the front door if necessary.
• Fix or paint fences and backyard walls.
• Replace any old, outdated kitchen and laundry room appliances

Include a home warranty package as a “throw-in” if the home is ten years old or more. It’s a nice gesture to offer a prospective buyer a “piece of mind” package, and will go a long way toward establishing amicable negotiations.

If you have any other questions about getting your Las Vegas Home ready to sell, feel fee to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Negotiating to buy distressed properties from a lender certainly shouldn’t trouble the conscience of an investor; however, some investors feel pangs of guilt when trying to negotiate a deal with a Las Vegas Homeowner in financial difficulty.

If you are a creative investor with a conscience, you are not trying to take unfair advantage of anybody. You are not a predator. Instead, you will be attempting to promote a win-win situation that relieves the homeowner of his/her burden, and creates a profitable deal for yourself. This can be done, and is frequently done.

Las Vegas Homeowners in financial difficulty, and who are in danger of losing their home, but are not as yet in a pre-foreclosure situation, would certainly welcome the opportunity to sell at a fair price, and the lender would equally be freed of the expense and difficulties involved in foreclosing and trying to recoup at least a part of their investment.

Seems only fair that the investor should earn a certain profit for his efforts and output of funds. Besides, depending upon the condition of the home, the investor may have additional expenditures for repairs and upgrades necessary to increase the property’s value.

If the homeowner is already in a foreclosure situation, the investor must contact the borrower first, and cannot approach the lender or learn details of the borrowers overall financial situation from the lender without written permission from the borrower.

Once the negotiation process has begun, the investor, regardless of whether dealing with a bank, private lender, or a government agency ( FHA, VA, etc.,) will no doubt have an exit strategy that will include contingency clauses in the proposal. These clauses basically gives the investor an “out” if, for example, the appraisal report is negative for one reason or another, or if a home inspection reveals certain serious problems, such as structural damage.

Additionally, the investor may -unless it is an all cash purchase- specify in the proposal agreement that the purchase is contingent upon the investor obtaining financing under specific terms and conditions.

We are only scraping the surface at this point, since there are many other factors to consider as an investor in foreclosure and pre-foreclosure property.  Since this type of real estate investing can be as complex as it is profitable, it probably should be avoided by a new player in the field, and left to the expertise of a more seasoned investor who conferences with advisers that have considerable experience in this specific area of real estate investment.

Negotiating the purchase of a pre-foreclosure, buying a property at a foreclosure auction, or purchasing the foreclosed property from a lender each take a different negotiating tactic which will be covered in brief in the second part of this article.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Finding a Las Vegas Home and location that best fits your requirements will be a lot easier if you first understand that you should be clear in your own mind as to what your priorities are.

Sounds strange, but any Realtor can tell you that some people are not really sure of what they want in a property, and have decided they will just keep looking at homes until they find a property in their price range that seems to be “a good fit.”

By establishing some firm guidelines as to what really suits your needs, and discussing with your appointed real estate agent what those needs are, you will have increased your chances of finding your ideal new home in a shorter time, and with less frustration on both your part and your Las Vegas Realtor’s.

After setting a price range guideline, you should analyze and then list all the requirements in a home and neighborhood that are most important and most suitable to you and your family’s needs and lifestyle. For example:

• One or two story construction
• Square footage –interior and lot size
• Number of bedrooms required
• Spacious eat-in kitchen or breakfast nook adjoining family room
• Formal dining room, or open floor plan dining room
• Extra bedroom (guestroom) or den
• Minimum number of bathrooms or half-baths
• Fireplace
• Garage size
• Roomy backyard
• Xeriscaped or lushly planted front yard
• Fenced, walled or open property
• Trees

Of course, some compromise will undoubtedly be necessary, but the guidelines you have established will certainly help in your decisions. Now, what about the Las Vegas Neighborhood?

The neighborhood has a direct influence on property values, so the area in which you choose to live is of equal importance to your choice of a home.

Again, you need to list in order of importance what neighborhood values are necessary and what compromises you and your family are able and/or willing to accept. For example:

• Distance to work (driving time) and easy access to major thoroughfares and freeways
• Availability of public transportation
• Nearby schools and quality of the school district
• Higher educational facilities within reasonable distance
• Overall appearance of the neighborhood; regardless of income level, whether blue-collar, middle or upper class, neighborhood homes should have the appearance of being well –maintained and neatly landscaped
• Any repeated sightings of neglected, or abandoned homes are a definite RED FLAG!
• Check with your Realtor to get the neighborhood stats on short sales and foreclosures before you decide to make an offer on a home in the area.
• Crime statistics are another vital piece of information you should have before committing to a property

So, without a real understanding of what would be a best home and neighborhood fit for you and your loved ones, you could wind up spending fruitless hours scanning MLS listings, to no avail, and driving your poor, dedicated Las Vegas Real Estate Agent crazy.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

The Negotiation Process

The price may be right, and there is an enthused and qualified buyer, and an enthused and eager seller, but the deal falls apart. Why would this happen when all the right elements are in place? These situations can often occur, much to the frustration of all concerned.

There may be many possibilities to consider regarding what might have caused the collapse of the deal. Possibly a problem arose between seller, lender and buyer, such as an appraisal dispute, or a buyer’s -intentionally or unintentionally- undisclosed debt uncovered by the lender.

But, guess what? If there were no problems with the appraisal or issues between buyer and lender, then the real problem may have surfaced during negotiations between buyer and seller.

Negotiations between buyer and seller can most often be a sensitive process that often uncovers certain demands and refusals by either party that can lead to an impasse. In situations such as these, an experienced and knowledgeable Las Vegas Real Estate Agent’s people handling skills can very well be the key to solving the dispute.

A real estate agent’s success in his/her profession is dependent not only upon knowledge of the business, but equally based upon an understanding of human nature, and the ability to arbitrate disputes.

It has been said before, but an agent’s ability to foster an atmosphere of trust and cooperation between buyer and seller during the negotiation process is often the answer to resolving disputes and clearing the way to a successful closing.

Forging an understanding that neither party is going to get everything they want, and that some concessions must be made, or the buyer will not get the house he/she had wanted to buy, and the seller’s property will have to be put back on the market, can be a convincing argument for both parties, and can lead to the acceptance of a give and take attitude that is needed to close a deal.

Buyer and seller must be made to understand that a win-lose scenario in which only one party gets what they want can rarely work in a real estate deal, and a win-win situation in which each party is given options for mutual gain is the best route to take.

Fear, anger, distrust and anxiety are some of the negative emotions that might surface during the negotiations, and the Realtor must be alert to these feelings and help to dispel them.

The skilled real estate negotiator must first start with an understanding of his client’s real wants and needs. Wants and needs, for example, are not always “set in stone,” and the agent must assure both parties that a solution must be reached that is fair to both parties, and that would be the only way  differences can be  resolved.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com