Las Vegas Short Sales | Homes in Las Vegas, NV

Inside Real Estate
Your Trusted Advisor
702-530-4070
Follow My Blog
SteveWadkins
Steve Wadkins Re/MAX Affiliates
Realtor Advanced CDPE-SFR-FACS
    Years of Experience: 8

    SFR-Short Sales & Foreclosure Resourse Expert
    Certified Distressed Property Expert
    I Help People Short Sale Their Homes!
    RE/MAX Affiliates Las Vegas

Direct: 702-530-4070

Office: 702-530-4070



Company Info

RE/MAX Affiliates
181 N. Arroyo Grande BLVD 190B
Henderson, NV
702-530-4070


Real Estate Tools

Schoolsschools

Communitiescommunities

Calculatorscalculators

Local Expert

  • I was Born & Raised in Las Vegas. I have been a ReMax Las Vegas Agent for several years and love Helping people in Real Estate. My Bride Gerri of 26 years and I have a large Team of Full-time...
    » Visit My Blog

Posts Tagged ‘First Time Home Buyer Tax Credit’

Washington Report: Expansion of Tax Credit Las Vegas, Henderson

Monday, November 9th, 2009

 

Washington Report: Expansion of Tax Credit Las Vegas, Henderson

 

Congress’s extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off Las Vegas first time homebuyers who have been rushing to close deals before the November 30 deadline. 702-307-4070

That deadline is now gone. Everybody is got until next June 30 to settle on his or her purchases.

Nevertheless, here is something in the expanded program that has not gotten much attention: The new $6,500 federal tax credit for so-called “move up” buyers took effect immediately upon enactment.

That means that potentially hundreds of thousands of Americans who fit the key ownership and income criteria for the new credit are eligible for it … right now.

What are those tests?

Number one: You have to have owned and used your current Henderson or Las Vegas home as your principal residence for five consecutive years out the past eight;

Number two: Your adjusted household annual income cannot exceed $125,000 if you file taxes as a single, or $225,000 if you are married filing jointly.

To qualify, you’ve got to sign a contract to purchase a replacement residence before next April 30, and go to closing on it by June 30, 2010.

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

To Buy A Las Vegas, Henderson Home: www.WadkinsHomeTeam.com

To Short Sale Las Vegas Home or Short Sale Henderson Home www.VegasShortSaleHomes.com

 

 

 

A Henderson Homeowner Considering A Short Sale, Las Vegas

Friday, November 6th, 2009

A Henderson Homeowner Considering A Short Sale, Las Vegas

 

Pitfalls & Solutions

As a Henderson Nevada homeowner considering a short sale, it is important you understand the process. Following are some of the most common mistakes Las Vegas agents and homeowners make when handling a short sale. 702-307-4070

1.     Your Property is Priced Incorrectly

1.     Pitfall: Your Property is Priced Incorrectly
This is the most common mistake made with all properties, and the most common reason a property doesn’t sell.

2.     Solution: Agent Providing Understanding and Transparency Your real estate agent Steve Wadkins will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

2.     Your Short Sale Proposal is Incomplete

1.     Pitfall: Your Short Sale Proposal is Incomplete
This is one of the most frequently seen causes for the rejection of short sales proposals. Most
Las Vegas agents do not understand the short sale process and what your lender will be looking for.

2.     Solution: Understand All Aspects of the Process
Your agent Steve Wadkins understands the short sale process in detail and will be able to explain it clearly. He also will be able to communicate effectively with both you and lenders to produce a complete and cohesive proposal.

3.     There has been Inadequate Follow-up and Communication

1.     Pitfall: There has been Inadequate Follow-up and Communication
As your property goes through each stage of the short sale process, a Las Vegas Realtor can jeopardize the transaction by not properly communicating with everyone involved. As the homeowner, you may not know that your file has been delayed, and that you again may run out of time to close and avoid foreclosure.

2.     Solution: Select an Agent With Experience Steve Wadkins-Advanced CDPE
The right agent knows exactly how to follow up to ensure that your lender’s issues are addressed in a timely manner, and will make certain you do not have unnecessary delays.

4.     Not Enough Time

1.     Pitfall: There Isn’t Enough Time
It is critical that your agent understands the foreclosure laws in your area. They should be able to show you an estimated timeline for the process, from start to closing. In addition, they should know how to communicate with your lender. Certain information can be provided to lenders to postpone your foreclosure for weeks or months in order to negotiate a sale.

2.     Solution: Provide Accurate and Useful Information
Make sure you provide your agent Steve Wadkins accurate information as to exactly how many payments you have missed and any correspondence you have received from your lender. This will allow your agent to understand your situation and work to improve it.

5.     Your Deal is Not Submitted Properly

1.     Pitfall: Your Deal is Not Submitted Properly
If you do not follow the directions you receive for submission, then you are expecting an over-worked, under-staffed department to go out of their way to handle your file. There is very little likelihood of this situation working out in your favor.

2.     Solution: Follow Instructions Closely
If you are instructed to fax your file, fax it and send a backup copy in the mail. If you are instructed to mail two copies, mail two copies. When you reach the point of having a contract, all your information, and a completed proposal, you do not want your deal to fall apart because no one sees it.

6.     The Buyer’s Offer is Too Low

1.     Pitfall: The Buyer’s Offer is Too Low
Many Las Vegas Realtors will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that is more attractive to the lender than a foreclosure.

2.     Solution: Proper Negotiation
The right agent will work with you to properly negotiate any offer that you receive to get ‘highest and best’ from each potential buyer. This ensures you are presenting the best possible solution to your lender.

7.     The Buyer’s Contract is Not Strong Enough

1.     Pitfall: The Buyer’s Contract is Not Strong Enough
Especially in our current economic climate, willingness to make an offer on a property does not mean that a buyer is truly qualified to purchase. The reality is that buyers need to be preapproved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.

2.     Solution: An Agent Familiar with Qualifying Buyers
Your agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don’t risk this process with an uneducated agent who does not appreciate this aspect of short sales.

In conclusion, While these pitfalls may seem troublesome, the right agent can help you navigate your way to a successful closing. Don’t endanger your financial future and the potential sale of your home with an agent who does not fully understand the process. CDPE-designated agents like Steve Wadkins have completed extensive training in the short sale process, and in assisting struggling homeowners who need real solutions. They understand what you are going through, and are here to serve and help save your family’s interests.

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

www.WadkinsHomeTeam.com

 

Home Buyer Tax Credit Expanded, Passed, Awaiting Signature, Las Vegas, Nevada

Wednesday, November 4th, 2009

Senate Extends Aid For Jobless, Homebuyers

Jobless To Get Additional 20 Weeks Of Benefits

 

WASHINGTONThe Senate has voted to give the jobless up to 20 weeks of additional unemployment benefits and significantly expand a tax credit program aimed at getting buyers back into the dormant housing market.

 

The strong Senate vote for the legislation is a recognition that the government still needs to do more to keep the economic recovery from faltering. If enacted, workers in some of the harder-hit states would be eligible for nearly two years of benefits, a record.

 

The bill also provides tax relief for businesses that have been losing money. It now goes back to the House, which is expected to quickly approve it and send it to President Barack Obama for his signature.

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

 

To Buy A Las Vegas Home: www.WadkinsHomeTeam.com

 

To Short Sale a Las Vegas Home: www.VegasShortSaleHomes.com

 

Pending Las Vegas Home Sales Rise for Eighth Straight Month

Tuesday, November 3rd, 2009

Pending Las Vegas Home Sales Rise for Eighth Straight Month

 

Pending home sales rose again, marking eight consecutive monthly gains for the National Association of Realtors’ (NAR) forward-looking sales indicator – the longest streak since measurement began in 2001.

NAR’s Pending Home Sales Index, based on contracts signed in September, rose 6.1 percent compared to August’s reading, and is 21.2 percent higher than September 2008. The gain from a year ago is the largest annual increase on record, raising the index to its highest level since December 2006, NAR said.

 

Lawrence Yun, NAR’s chief economist, said the momentum comes from the government’s homebuyer tax incentive. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” Yun said.

 

Proponents lobbying for an extension of the homebuyer tax credit say the accelerated pace of sales transactions could continue if Congress moves to extend and expand the housing tax break this week, as promised.

 

According to Yun, if the increased home-purchase demand can be sustained, home values will stabilize sooner rather than over-correcting.

 

NAR estimates that approximately three million renters are now financially well-qualified to buy a median-priced home – a sizable, pent-up demand that Yun says is just waiting to be tapped.

 

 

Yun added, though, that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

www.WadkinsHomeTeam.com To Buy a Home

 

702-307-4070

 

Short Sales Las Vegas, Banks might be seeing the Light!

Tuesday, November 3rd, 2009

Banks may be seeing the light on Las Vegas Short Sales

 

Larry Murphy, president of SalesTraq, which follows foreclosures, says he expects bank repossessions this year to be about 25,000, matching those in 2008.  Murphy believes banks are starting to realize it makes better financial sense to allow owners to sell homes through short sales rather than repossess them.  Of the 35,742 closings through the first three quarters, 75% were foreclosures and only 10% were short sales, but Murphy expects this percentage to rise.  Murphy says 21,576 homes are on the MLS and 52% of those have a contingent sale in place.  Of those 11,249, 71% are short sales, and 21% are bank-owned properties.  The median price of a home sold through foreclosure is $116,900 and homes sold through short sales have a median price of $150,000, Murphy says, which explains the growing interest for bank in going the short-sale route. Read more…
http://www.lasvegassun.com/news/2009/oct/30/banks-may-be-seeing-light-short-sales/

If you or someone you know are under water on their mortgage, call us for Free advise before spending any money. You have several OPTIONS. 702-307-4070 or go to www.VegasShortSaleHomes.com and click on the right side for your free reports. Or another site at  http://www.wadkinshometeam.com/vegasShortSale.html See, you have OPTIONS!

If you are Looking to Buy a Las Vegas Home, call us at 702-307-4070 or go to our website and search for homes at www.WadkinsHomeTeam.com

In Our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

ReMax Associates

702-307-4070

www.WadkinsHomeTeam.com

Serving Las Vegas and Surrounding areas!

 

 

Washington Report: Homebuyers Tax Credit Extending, Las Vegas, Nevada

Monday, November 2nd, 2009

 

Washington Report: Homebuyers Tax Credit Extending Las Vegas, Nevada

Hello Everyone! It looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date – and maybe even open it up to people who already own homes Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who’ve owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.Under one version of the Senate plan, which reportedly has the support of top Democrats including Majority Leader Senator Harry Reid, the current $8,000 credit for first-timers would effectively be extended through next June 30.

However, buyers would need to have their contracts signed by April 30 and closed by July 1.

The credit program would also be opened up to a restricted segment of current home owners, those with at least five years in their current residences, but with the maximum tax credit amount capped at $6,500.

That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 — and thereby help stimulate the economy and create jobs.

The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples – far more generous than the current $75,000 and $150,000 maximums.

On the other hand, limiting any extension to six months would be less expensive than a full-year extension, as advocated by major housing lobbies, including the National Association of Realtors and the National Association of Home Builders.

So the issue on Capitol Hill appears to boil down to this: It’s not so much a question of whether to extend the credit. Absent a political train wreck, the credit should survive beyond November 30

We’ll keep you up to date. In our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

To Short Sale You Home: http://www.wadkinshometeam.com/vegasShortSale.html To Buy a Las Vegas Investment Home: www.WadkinsHomeTeam.com

Loan Modifications-Are The Banks Helping You? Las Vegas, Nevada

Friday, October 30th, 2009

Loan Modifications-Are the Banks Helping You? Las Vegas, Nevada

 

Hi Everyone! The first OPTION that I always tell people when they call me about wanting to Short Sale their Home in Las Vegas is “Have you called your Bank/Lender to see if they will do a “Work Out Program Loan Modification”? The ones that have not, I tell them to first call their Bank and get that process going and if they turn you down or the payments do not workout for you, then I will qualify them for the Short Sale through a questionnaire. Majority of these Banks/Lenders tell you not to pay your payments then call them back when YOU are in Default. WRONG!

 

This is why our economy is struggling to recover is these Banks and Lender Institutions are guiding the public, Distressed Home Owners to Default.

 

Read this article that came out from USA TODAY Continuing Homeowner Crisis and Loan Modification trends:  http://www.usatoday.com/money/economy/housing/2009-10-08-mortgage-relief_N.htm

 

Write back to me on our Blog and give me your Loan Modification problems that you had to deal with and what type of help you have received if it was a successful one to help everyone in this crisis.

 

If your Home is upside down and you have exhausted all options, or you know someone in that situation, call me and I will Short Sale your House. www.VegasShortSaleHomes.com 702-307-4070

 

If you want to utilize the Home Buyer Tax Credit to buy a Home, Call Gerri! www.WadkinsHomeTeam.com 702-307-4070

 

Until our next Blog be Blessed! Don’t forget to write us back on our Blogs!

 

In Our Opinion Only,

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

 

Home Affordable Modification Program

Wednesday, October 28th, 2009

Home Affordable Modification Program

Hi Everyone! This issue touches me in so many different ways. I receive several telephone calls daily from Las Vegas Distressed Homeowners that have tried every possible way to keep their Las Vegas Home or Henderson Home. When the telephone rings, I always wonder if it is another Nevada Distressed Homeowner that is going to be crying telling me that a Loan Modification Company has taken them and now they want me to Short Sale their Home before it goes into Foreclosure. As most of you know, Nevada has been hit the hardest in Foreclosures and will continue for sometime. Call Me for Las Vegas Foreclosure Avoidance “You Have Options” 702-307-4070

You as a Las Vegas Homeowner that is upside down in their Home, have OPTIONS: one of your OPTIONS to saving your Home is to pay it if you can, try a Loan Modification with your bank, Short Sale with me or Foreclose on it. Obviously, the F-word is not an OPTION in my opinion when you have the other OPTIONS that are available to you. Especially the F-Word is FOREVER!

In Las Vegas Nevada, Henderson, Summerlin, North Las Vegas, Mountains Edge, Seven Hills, Anthem, Lake Las Vegas and surrounding communities, our Las Vegas Real Estate Team and Henderson Real Estate Team of Full Time Licensed Realtors are specialized and Certified in: Buyers-Looking for a Las Vegas Home to Buy, Investors-Looking for a Las Vegas Investment, Rentals-Looking for a Las Vegas Rental, Las Vegas Luxury Homes-Looking for that special Home for a great price, Las Vegas Selling Homes, Las Vegas Short Sale Homes, Las Vegas Bank owned Homes, REO Properties, Las Vegas Commercial Properties. Or you just need advise on Short Selling your home or Foreclosure Avoidance, we are here. We are your Las Vegas Real Estate One Stop.

For those of you that need help with your Mortgage and want to keep your Las Vegas Home, I have copied & pasted the HAMP Home Affordable Modification Program for your review. You can get a Loan Modification. You need a financial hardship, 31% debt to ratio, You DON’T have to be behind on your payments to qualify under this program. It is Government backed and has been around since March 2009. Remember friends, its always changing! This Loan Modification Program will not reduce your principal, but will take your interest rate down to 2%.

If you don’t qualify or someone you know needs Help Short Selling their Home in Las Vegas and surrounding areas or any Help in Buying, Selling Las Vegas, call Gerri Wadkins & Steve Wadkins with RreMax Associates and we will be happy to Help you.

Below are the HAMP Guidelines:

 

On March 4, 2009, the U.S. Department of the Treasury announced details of the Home Affordable Modification program (HAMP) as part of the Making Home Affordable program. HAMP is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program.

Guide Bulletin Updates

Our September 18, 2009, Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-23 [PDF] provides Servicers with HAMP requirement updates, including the mandatory use of Workout Prospector® when evaluating borrowers for a modification under HAMP, new reporting requirements, and providing guidance on mortgages with second liens.

Previous Guide Bulletins provide requirements for Servicers to implement, underwrite, and service eligible Freddie Mac-owned mortgages under the program. We urge Servicers to thoroughly review the Guide Bulletins, which are available below, and Guide Chapter C65 for complete requirements.

HAMP is effective immediately for mortgages originated on or prior to January 1, 2009, and will expire on December 31, 2012. Servicers should no longer solicit borrowers for a modification under the Streamlined Modification Program, and should instead begin to solicit eligible borrowers who are 31 or more days delinquent for a modification under HAMP. Servicers should not solicit borrowers for this program who are less than 31 days delinquent.

Mortgage and Borrower Eligibility Requirements

The following mortgages are eligible for a modification under the Home Affordable Modification program (HAMP):

  • First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) – eligible manufactured homes, and our negotiated conforming jumbo mortgages.
  • FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
  • Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
  • Mortgages may be previously modified, but can only be modified once under HAMP.

Borrowers may be eligible for this program if they meet the following requirements:

  • Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
  • A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. In addition, the borrower must have a Debt Coverage Ratio that is less than 1.20 and Cash Reserves that are less than three times their current monthly PITIA payment.
  • Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
  • Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
  • Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.

Other mortgage and borrower eligibility requirements apply as noted in our Guide Chapter C65.

  1. To Search for Las Vegas, Henderson Homes www.WadkinsHomeTeam.com

 

  1. To Get FREE information on Las Vegas, Henderson Short Sale your Home www.VegasShortSaleHomes.com

 

  1. Las Vegas Henderson Rentals www.WadkinsHomeTeam.com

 

Keep checking on mine and Gerri’s Blogs sign up, it is free and stay up with Las Vegas Real Estate with the Experts.

 

All of my Blogs are my own opinion and Expert Advise. Until then, Be Blessed!

 

 

Steve & Gerri Wadkins, Realtors®-Advanced CDPE

ReMax Associates

www.WadkinsHomeTeam.com

702-307-4070

“A Bet You Wont Regret”

 

“Short Sales Las Vegas Homeowners You Have Options”

Friday, October 23rd, 2009

 

“Short Sales Las Vegas Homeowners You Have Options”

 

Hi Everyone!

 

I hope you’re doing well! I always like staying in touch with the members of my community – especially clients! I wanted to let you know about a free call to me to inform homeowners in Las Vegas, Henderson, Summerlin, Anthem Country Club, and our surrounding communities about their foreclosure-avoidance options. You can call me anytime at 702-307-4070 or Email me at Steve@WadkinsHomeTeam.com or reply to my Blog and ask me any question that will help you in all of your options before Foreclosure.

You may not know this, but I am an Advanced Certified Distressed Property Expert. This means I have an extensive knowledge of all the options available to homeowners facing financial hardship and Expert in Short Sale. If you are struggling on your Mortgage, contact me there are several options like Loan Modification and Short Sale. I List several Homeowners Homes in Las Vegas Short Sale their homes while they stay in their home. Personally, I think that one Las Vegas foreclosure in our community is one too many! I know that Las Vegas foreclosure can be prevented with information alone.

 

I sell Las Vegas & Henderson Homes and the surrounding areas as Short Sales including Luxury Home Short Sales. You can also view our Listings in Las Vegas, Nevada at www.WadkinsHomeTeam.com  

 

Recent statistics show that more than 1 in 8 homeowners are behind on mortgage payments. In this market, chances are you or someone you know could use some HELP and Advice in Las Vegas Real Estate Market. That is why my services are FREE. I want to HELP as many members of the Las Vegas & Henderson community as I can to find assistance and solutions.

 

Please call me I am “A Bet You Wont Regret”.

 

Sincerely yours,

 

 

Steve Wadkins-Advanced CDPE Realtor®

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

Free Market Alerts

Get local reports delivered to you

 
Recently Asked Questions
    market alert newsletter

    Get free market reports delivered to you. » Sign up today

    - Copyright © 2010 Inside Real Estate, LLC

    Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent. Inside Real Estate and Omnia Alliance LLC take no accountability for the content contributed by members to the site.