Archive for October 2010
Thursday, October 28th, 2010
We have been listing and purchasing short sales for clients for going on two years now. When we got into this area of real estate back in January 2009 agents were turning away these kinds of listings they wanted nothing to do with these type of listings. They were not only turning them away we were whom they came to for answers and then also listed them for these agents with a 25% to 30% cut of course. What we have learned over the year or so is that to be an experienced short sale agent you need to have knowledge of how each lender operates . What we mean by this is learning what the percentages of the mortgage loan balance certain lenders will approve and will not approve and what lenders will work well with others. This will give you an idea on how to list the property and whom you will be trying to target sell your short sale listing. This also goes for when you have a buyer and you are looking at short sales you will have more due diligence to cover with the short sales in that you will have to know the questions to ask the listing agent before showing your client this property.
Tags: Las Vegas Real Estate, Las Vegas Short sales, Short Sale, shortsales
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Friday, October 22nd, 2010
The median price range dropped slightly to $129,900 in Las Vegas this week. The interest rates for a 30yr fixed rate dropped again this week to 4.265% with the 15yr fixed rate rising a bit to 3.779%. Short sales still dominate the market but with the the foreclosure fiasco with the banks it seems that buyers are leery of short sales even more than they have been in the past. Word has it that the banks are not stopping the foreclosures in Nevada as there does not have to be a judge to sign off on the foreclosures in this state. Most buyers are not willing to wait around the time that it takes to wait on a short sale and the bank owned homes move much quicker so this is the route buyers are leaning more towards as the prices are no difference from a short sale.
Tags: Banking, Foreclosure, Foreclosures, las vegas market, Las Vegas mortgage, las vegas realestate, Las Vegas short sale, nevada real estate, Notice of Default, Short Sale, Short Sales, Variable Rate
Posted in Housing Market | No Comments »
Saturday, October 9th, 2010
Right now is a really good time to purchase an investment property in Las Vegas Nevada. With the interest rates at an all time low and the prices of real estate at rock bottom prices your long term real estate porfolio should be getting a really strong look over right now. Here are a few benefits to owning an investment property #1 is Income: Generating a positive cash flow in a distressed market which is beginning it’s level is very possible as long as the numbers are right. #2 is Equity: Building up your equity with a tenant paying your mortgage. #3 is Tax Savings: There are tax laws which will provide shelter for depreciation just in case the market depreciates a little further. #4 is Appreciation: The market right now is still showing signs of slight depreciation in some areas but in other areas we are seeing it level out completely and with renters out there paying higher rents you could see a positive cash flow right away.
Tags: appreciation, condo, depreciation, equity, henderon nevada investments. las vegas real estate, henderson, Home, Homes, investment properties, las vegas investments, las vegas nevada, tax savings
Posted in Property Investment | No Comments »
Friday, October 8th, 2010
The banks are halting foreclosures due to pressure from congress. Recently the banks have been in trouble again due to a former employee of Bank of America admitting to pushing files through to foreclosure without even looking at the circumstances, not even opening the file just stamping foreclosure on it and moving on to the next. The employee stated that the reason for this was that there was not enough staffing to go through each and every file. For those of us listing short sales we are not at all surprised at these allegations against Bank of America. The most famous line the employees with Bank of America have been taught to say is “It’s with the Investors!”. When you have other agents calling you on your listings and the first question out of the mouths are “Is the lender Bank of America? Yes “Click” This has been happening for at least a year now. Let’s be honest though is there any entity out there that will be able to make the banks do what is right. We all believe that this greed started from the top and then to add insult to injury even started at the top with bail outs. Now is the time that the common people get theirs, it’s time to get this mortgage fiasco which was created by our society’s big business greed under control but who will do this?
Tags: bank of america, Banking, banks, business, Financial Institution, investors, Las Vegas mortgage, las vegas realestate, las vegas realty, Las Vegas Short sales, Mortgage, Mortgage Broker Company, Short Sales
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Thursday, October 7th, 2010
Mortgage insurance is an insurance that is paid to the lender to offset their losses where a borrower is not able to repay their loan. All borrowers who are not able to put down 20% of the loan must obtain this mortgage insurance called PMI. Then once the home owner over time reduces their principle to 80% of the value they may request to have this insurance cancelled…Now let’s just say that Bank of America, or any other big bank corporation for that matter, decided during this mortgage fiasco to purchase the Mortgage Insurance Companies! Would it really honestly matter much to these banks anymore to allow you the homeowner, who has a legitimate financial hardship, the dignity of a short sale? I want everyone to think on this for a minute and then tell me what you think.
Tags: Alliante Short Sales, Banking, Banking Corporation, Corporation, Greenvalley Banking, Henderson Nevada Banking, Home, Homeowners, Homes, Insurance, Las Vegas, Las Vegas Homes, Las Vegas Insurance, Las Vegas Nevada Insurance, Las Vegas Primary Mortgage Insuance, Las Vegas Short sales, Mortgage, Mortgage Insurance, Nevada, Principle, Principle Reduction, Summerlin Short Sales
Posted in Mortgages | 1 Comment »
Ave. Home Sale: $379,000
Avg. Sales Price: 379,000
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