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Posts Tagged ‘Henderson First Time Home Buyer Tax Credit’

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LAS VEGAS FORECLOSURE RESCUE AND MORTGAGE MODIFICATION FRAUD – LAWYER ALERT ISSUED, HENDERSON

Thursday, November 19th, 2009

FORECLOSURE RESCUE AND MORTGAGE MODIFICATION FRAUD – LAWYER ALERT ISSUED

Hello Everyone!

Florida Bar made public the misleading representations that have recently plagued the Loan modification industry nationwide. 702-307-4070 ext 107 The Loan modification industry has sprung up faster than weeds – mostly through mortgage brokers that have seen their ability to make loans dry up in this recession and are applying net office sales techniques to the Loan modification boom.  The problem is that many states have enacted new laws to put them out of business.

The situation is important enough that an “Ethics Alert”was issued by the Florida Bar on March 15th. Check the Nevada Law of Ethics Alert too.

Typically, the mortgage modification firm – which often uses “net offices” just like in the good old lending days and are just where a sales person hangs out - will recruit an attorney to “watch” the modification process and they will advertise that there is an attorney “representing” the client’s (the borrower’s) interests.  Typical language is, “our attorney will represent you in the modification process and review all of your documents,” or similar.  In reality the attorney does almost nothing or works under the direct control of a non-lawyer. Be very careful. There are too many frauds out there that states they can do Las Vegas Short Sales, Las Vegas Loan Modifications, Las Vegas Foreclosure Preventions and so on.

Florida passed a Mortgage Rescue Consultant law in 2008and many firms have sought to stay in the lucrative Florida mortgage assistance market by trying to skirt that law by using a letter opinion by the Florida Attorney General that exempts attorneys from work they are doing in defending a client in a foreclosure. Check back and I will have the Nevada Law. The result however is a plethora of ethics violations for the lawyers that get involved and Unauthorized Practice of Law (UPL) violations for the mortgage loan modification firm if they give any type of legal service.

Usually these firms charge between $1,500 to $3,500 up to $10,000 for Loan modification services – the price is often set by the salesman (who is not an attorney).  The salesman gets a commission (anything above the set fee) and the attorney gets a nominal review fee – or something up to 10% of the total fee if special services are provided, such as using the attorney trust account to deposit the fee for clearance and then disbursement to the loan modification firm.  The Bar also issued an instructive articleon how one Loan modification firm was prosecuted, saying, “Florida lawyers are being approached about working with nonlawyers offering foreclosure-related services to consumers, but the proposals present a veritable minefield of ethical problems.”

If you have any questions or concerns in this area of Las Vegas or Henderson, write me and I will guide you to a Licensed Professional that will “Try” to do your Loan Modification for FREE if you do not qualify I will Short Sale your House as another OPTION to Foreclosure.

www.WadkinsHomeTeam.com To look for a Home, Bank owned Home, Information about what your Las Vegas Home, Henderson Home Summerlin Home is worth.

www.VegasShortSaleHomes.com To gain FREE information about what is a Short Sale

Steve & Gerri Wadkins, Realtors-Advanced CDPE 702-307-4070 ext 107

Be sure to contact your own attorney for Nevada state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

 

 

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Las Vegas and Henderson Real Estate Outlook: Moving Towards Recovery

Wednesday, November 18th, 2009

 

Las Vegas
and Henderson Real Estate Outlook: Moving Towards Recovery

Hello everyone from Las Vegas Real Estate Outlook 702-307-4070. The huge impact of the federal homebuyer tax credit program, which is now set to continue and even expand through next spring, dominates the housing resale numbers this week.

Sales of existing houses during the third quarter jumped by 11.4 percent over second quarter sales, according to the National Association of Realtors.

And the increase in sales came in pretty much every part of the country — in 45 states along with the District of Columbia.

Check out some of these extraordinary increases — all tied in part to homebuyers rushing to complete purchase transactions before the tax credit’s original expiration date of November 30th, plus mortgages at rock bottom five percent rates or less.

In North Dakota, sales were up 42.4 percent, Rhode Island 27 percent, Pennsylvania 26 percent.

In some hard hit local markets, sales gains were almost off the charts. In Orlando, they were up 80 percent for the quarter. In Las Vegas and Henderson sales were 30 percent higher this year over last. So do you think things are stirring out there? You bet they are, and economists have not yet even begun to assess the potential effects on future sales flowing from the brand new $6,500 tax credit for “repeat” buyers.

That means people who’ve owned their house for a consecutive five of the previous eight years, and now want to downsize, move up or just move to a different location.

That credit, which took effect November 6th, will be available for home purchase contracts signed by April 30th of next year and closed by June 30th. If it is a Las Vegas Short Sale Home, you need to buy now or within the next two months.

Of course, not all of the developments underway in the economy right now are favorable to Las Vegas housing and Henderson real estate.

Start with the unemployment rate, which just jumped to 10.2 percent, the highest in decades. Most economists agree that the true jobless rate, factoring in people who have stopped looking for jobs and those working part time, takes the effective unemployment rate nationally closer to 18 percent.

That’s a major negative for home buying prospects.

Moreover, the flip side of record housing sales numbers can’t be ignored either: Prices are still way down from year ago levels in many areas — and they’re down 11 percent during the third quarter compared with 2008.

So that’s all pretty sobering.

Nonetheless, the fact is that the only way we are going to move towards full recovery is by selling many houses, at very attractive prices and low interest rates.

That is happening right now in a big way — and it looks like it should continue well into the spring.

Steve & Gerri Wadkins® Realtors-Advanced CDPE 702-307-4070

To Buy A Home 702-307-4070 ext 106 www.WadkinsHomeTeam.com

To Short Sale a House 702-307-4070 ext 107 www.VegasShortSaleHomes.com  

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Henderson Home Buyer Tax Credit Extended, Expanded Las Vegas

Tuesday, November 17th, 2009

Henderson Home Buyer Tax Credit Extended, Expanded Las Vegas

The extension of the first-time Las Vegas homebuyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas. 702-307-4070

President Barack Obama recently signed legislation that extends the deadline on the first-time homebuyer tax credit and adds a smaller tax credit for move-up and other Henderson homebuyers.

The extension and expansion gives homebuyers a tax incentive to buy a home until at least April 30, 2010 — April 30, 2011 for qualifying military personnel. The previous deadline was just weeks away, November 30, 2009.

“The extension of the first-time home buyer tax credit will be crucial to clearing out unsold inventory and especially the lagging bank owned inventory that has not even hit the market yet,” said Steve Wadkins of ReMax Associates Henderson Nevada.

That’s true of many housing markets.

The existing tax credit for first-time homebuyers remains at a maximum $8,000.

A new tax credit of up to $6,500 is available to qualifying existing homeowners who buy a new primary residence (or have one built) by April 30, 2010, if they owned their existing home for five consecutive years over the last eight years. Second homes don’t qualify for the credit. www.WadkinsHomeTeam.com  

Las Vegas Home buyers have to repay the credit if they live in their primary residence less than 36 months and are not members of the military.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000. www.WadkinsHomeTeam.com

The maximum allowed home purchase price is $800,000, which won’t be as useful to move-up buyers in high-cost areas.

Both first-time Henderson home buyers and others must contract to buy a home by April 30, but close escrow by June 30, 2010. To search for Las Vegas Home or Henderson Hom or Summerlin Home www.WadkinsHomeTeam.com  

Buyers can claim the credit on their 2009 taxes, even if the purchase is made in 2010 by filing an amended return.

Steve Wadkins said “This will also assist in selling the short sale inventory that those buyers were afraid to consider because of the time frame involved in closing them when they were on this deadline to close by the end of the month (November).”

Buyers who don’t owe taxes can have the credit refunded to them as a rebate.

More information is available from the Internal Revenue Service (IRS}, including a question and answer page.

It’s all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

The first-time home buyer tax credit’s availability has coincided with mortgage rates often hanging below 5 percent, according to Gerri Wadkins of Wadkins Home Team ReMax Associates.

Tax credit history

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

To search or Buy a Home www.WadkinsHomeTeam.com

To Short Sale Your Home: www.VegasShortSaleHomes.com

Steve & Gerri Wadkins® Realtors Advanced CDPE

702-307-4070

 

 

 

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Henderson Home Buyer Tax Credit Extended, Expanded Las Vegas

Thursday, November 12th, 2009

 

Home Buyer Tax Credit Extended, Expanded

The extension of the first-time Las Vegas home buyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas.

President Barack Obama recently signed legislation that extends the deadline on the first-time home buyer tax credit and adds a smaller tax credit for move-up and other Henderson home buyers.

The extension and expansion gives home buyers a tax incentive to buy a home until at least April 30, 2010 — April 30, 2011 for qualifying military personnel. The previous deadline was just weeks away, November 30, 2009.

“The extension of the first-time home buyer tax credit will be crucial to clearing out unsold inventory and especially the lagging bank owned inventory that has not even hit the market yet,” said Kim DiBenedetto, president of the Monterey County Association of Realtors.

That’s true of many housing markets.

“California Association of Realtor studies tell us that for more than 75 percent of home buyers this year, the tax credit was very important and more than 40 percent of the home buyers would not have been able to buy without the credit,” added DiBenedetto.

The existing tax credit for first-time homebuyers remains at a maximum $8,000.

A new tax credit of up to $6,500 is available to qualifying existing homeowners who buy a new primary residence (or have one built) by April 30, 2010, if they owned their existing home for five consecutive years over the last eight years. Second homes don’t qualify for the credit.

Las Vegas Home buyers have to repay the credit if they live in their primary residence less than 36 months and are not members of the military.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

The maximum allowed home purchase price is $800,000, which won’t be as useful to move-up buyers in high-cost areas.

“Part of the bill also expanded the credit to move up buyers, however, it may not be as helpful to the homeowners in our areas because there is a cap on the purchase price of $800,000, but we are grateful to anything that will help even a few,” said DiBenedetto, a real estate agent with Coldwell Banker Del Monte Realty in Carmel.

That’s also true of high-cost markets nationwide.

Both first-time Henderson home buyers and others must contract to buy a home by April 30, but close escrow by June 30, 2010.

Buyers can claim the credit on their 2009 taxes, even if the purchase is made in 2010 by filing an amended return.

DiBenedetto said “This will also assist in selling the short sale inventory that those buyers were afraid to consider because of the time frame involved in closing them when they were on this deadline to close by the end of the month (November).”

Buyers who don’t owe taxes can have the credit refunded to them as a rebate.

More information is available from the Internal Revenue Service (IRS}, including a question and answer page.

It’s all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

Home sales also add property and sales tax revenues to the coffers of local governments as reduced inventory helps boost prices and home values.

The first-time home buyer tax credit’s availability has coincided with mortgage rates often hanging below 5 percent, according to Jeff Howard, CEO of Erate.com.

As the November 30 tax credit deadline neared, reports from the Commerce Department, revealed new home sales slipped 3.6 percent in September and were down 7.8 percent from September 2008.

Tax credit history

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 first-time home buyer tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an $8,000 tax credit for those who purchased homes by the current November 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, for both new and resale homes – according to the Treasury Inspector General for Tax Administration (TIGTA).

A TIGTA audit also revealed last month that nearly 90,000 taxpayers — including nearly 600 children — may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

To search or Buy a Home www.WadkinsHomeTeam.com

To Short Sale Your Home: www.VegasShortSaleHomes.com

Steve & Gerri Wadkins® Realtors Advanced CDPE

702-307-4070

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Las Vegas Real Estate Outlook: Henderson Pending Sales Rise, Recession Over

Tuesday, November 10th, 2009

 

Las Vegas Real Estate Outlook: Henderson Pending Sales Rise, National

A record jump in pending home sales — pointing to higher numbers of closed transactions in the next two to three months — tops the housing economic news this week.

Pending sales rose by 6.1 percent nationwide during the month of September, pushed in part by consumer concerns that the $8,000 tax credit might expire at the end of the month – and we now know that won’t happen.

The pending home sale index, compiled monthly by the National Association of Realtors, was up 21 percent higher this September compared with September of 2008. That’s the biggest year-over-year increase in the history of the index, dating back to 2001.

Plus the September gain in pending sales was the eighth straight month of higher numbers — and that’s also a record for the index. Pending sales were up by 10.2 percent in the Western states, 8.1 percent in the Midwest, 5 percent in the South.

Only the Northeast saw a decline, and that was by 2 percent.

Those numbers are pretty robust, but some economists caution that the index is likely to see a tapering off during the winter and holiday months, when fewer people are shopping.

David Semmens, an economist with Standard Chartered Bank in New York, said “we expect a far slower growth rate going forward.”

But other economists question whether that seasonal pattern might be overridden by the short term extension, and expansion, of the tax credit through next June.

That extension not only continues the $8,000 credit for first time buyers, but allows people who’ve owned their homes for the past five years to qualify for a $6,500 credit if they sign a contract by April 30th 2010 and go to closing by June 30.

In other key economic developments affecting real estate this week, the Commerce Department reported that spending on construction, both residential and commercial, was up by eight tenths of a percent during September. That’s a further welcome indication the recession is over.

Also, the Clear Capital “HDI” home price index rose by 3.7 percent on a national average basis between September 26th and October 28th.

Meanwhile, mortgage rates got even a little better last week, according to the Mortgage Bankers Association. Average 30-year fixed rates slipped just below 5 percent, while 15-year fixed rate loans dropped significantly — and now average just 4.3 percent.

Not surprisingly, given all these positive indicators, new applications for mortgages to buy homes were up again last week — this time by 3 percent.

The recovery looks like it’s well on track.

Steve & Gerri Wadkins® Realtors-Advanced CDPE

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

To Short Sale your Henderson Las Vegas House  http://www.wadkinshometeam.com/vegasShortSale.html

 

 

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Approved Home Buyer Tax Credit Approved Henderson Las Vegas Nevada

Monday, November 9th, 2009

Approved Home Buyer Tax Credit Approved Henderson Las Vegas Nevada

 

 

Home Buyer Tax Credit EXTENDED for EVERYONE! This comes as great news for our economy. Las Vegas & Henderson Nevada has been one of the hardest hit Cities. If you are a Henderson Home Buyer or a Las Vegas Home Buyer, take note….BUY now before pricing of Henderson Homes or Las Vegas Home pricing goes up.

 

To Buy a Henderson Home or a Las Vegas Home click on www.WadkinsHomeTeam.com or call Gerri Wadkins at 702-307-4070 ext 106

 

To Short Sale Henderson Home or Short Sale Las Vegas Home click on

http://www.wadkinshometeam.com/vegasShortSale.html

 

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

www.WadkinsHomeTeam.com

 

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Short Sale & IRS Las Vegas, Henderson

Monday, November 9th, 2009

IRS announces a new tax receipts form 4506T-EZ

            Las Vegas CPA has alerted me that on October 21, 2009 the IRS issued a new form, 4506T-EZ, entitled “Short Form Request for Individual Tax Return Transcript“.  This new form will make it easier for Henderson homeowners trying to short sale, modify, refinance or finance their mortgages to obtain their tax return transcripts.

            A transcript is a computer print out that includes most line items on the original return.  Many lenders accept the transcript as a substitute for a copy of the original tax return for income and other verification purposes.

            This new form is a simplified (“EZ”) form of the 4506T, Request for Transcript of Tax Return.  It is only for obtaining copies of 1040 series (including 1040A and 1040EZ) individual income tax returns.  It can be filled out online, printed, and then submitted by fax or mail.  Upon the taxpayer’s request, the transcript can be sent directly to a third party, such as a lender.  It is expected that a request will take 10 days to process.

            As a reminder, taxpayers still should keep copies of their original return in a safe place.  Copies of the actual tax return can be obtained by filing form 4506, Request for Copy of the Return, usually at a cost of $57 per return and a two-month period.

            Taxpayers also should be careful to fill out all parts of the form, including the years requested and who is to receive the information.  Remember that once the IRS sends the information to a third party, such as a lender, the IRS has no control over what a third party does with the information.

Copyright 2009 Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

To Short Sale a Henderson Home: www.WadkinsHomeTeam.com/vegasshortsale.html

To Buy a Henderson Home: www.WadkinsHomeTeam.com

Be sure to contact your own attorney for your Nevada laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

 

 

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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

 

 

 

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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

 

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Is Your Las Vegas Realtor Experienced in Short Sales/Distressed Properties?

Thursday, November 5th, 2009

Is Your Las Vegas Realtor Experienced in Short Sales/Distressed Properties?

Hi again everyone…If you are buying a Henderson short sale, Henderson foreclosed home or other distressed property in the Las Vegas Housing Market, you ought to have someone experienced in distressed properties working for you.

Just in the nick of time, the Certified Distressed Property Institute and the National Association of Realtors (NAR) is coming to the rescue with real estate agents specifically schooled in those subjects. Like myself, I am an Advanced CDPE-Certified Distressed Property Expert for Las Vegas, Henderson and surrounding areas.

Short Sales and Foreclosure Certification Program (SFR) and CDPE trains agents how to manage short-sales, foreclosures, and real estate owned (REO or bank owned) transactions, and keeps agents current on national and state-specific information and regulations on these issues.

“There’s a lot of activity in this area and it is certainly helpful for buyers if they have someone who is better able to serve them,” says Gerri Wadkins with ReMax Henderson Nevada.

“There are some regular sales, but most of our market is short sales, REO, especially in Las Vegas & Henderson. We have multiple offers on everything that comes up, so the better you can deal with them and work with banks and sellers, the better you can serve your clients,” Wadkins added.

The CDPE certification program is offered by ReMax.

The program includes training for ReMax real estate agents on how to manage short-sales, foreclosures, and REO transactions. Agents learn how to direct distressed sellers to finance, tax and legal sources. They also learn to qualify sellers for short sales, how to negotiate with lenders and how to limit buyers’ risk associated with distress property transactions. The training provides resources to help Realtors stay current on national and state-specific information as the market for these distressed properties evolves.

 

“Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a ReMax real estate professional … for these kinds of purchases,” said Steve Wadkins with ReMax Henderson.

“Nothing beats on the job training. It’s a great idea to ask a Realtor ‘How many short sales, how many bank owned sales have you done?’ You want to be working with someone who has the right knowledge, right now. You wouldn’t want a heart surgeon to do your brain surgery,” Steve Wadkins an agent with ReMax Associates in Henderson.

Wadkins said many real estate agents are grappling with distressed properties for the first time and unless they are schooled and experienced, they may be fine for a regular sale, but perhaps not so much for distressed properties.

“I think certification gives some level of experience. I took a two day seminar on short sales and REOS and at that point no one was thinking about certification,” said Wadkins.

                                                                        

In our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

ReMax Associates

http://www.wadkinshometeam.com/vegasShortSale.html

 

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