I would like to get feed back on what your experience has been as far as  your process of going through the loss of your home due to foreclosure, bankruptcy or short sale.

I want to hear everyone’s story. I want to here from every state.  What happened that you had to move, was it loss of job?  Mortgage payment go too high?  Divorce?  Death of a family member?  I really don’t have any restrictions on what your story is about.

I’m just curious because I have so many friends, family and associates/clients who are going through the same thing.  I know we are all joined together in this fiancial crisis.

Purchasing a short sale property is the same as buying a re-sale property (owner occupied).That’s why it is important place on your offer the amount of Earnest money you will be applying.  Without an earnest money deposit, your agreement is not a contract. Earnest money is an essential part of a serious contract. What should you be willing to put down for the EMD is up to you.  On a short sale you really don’t want to tie up too much money because the deal might fall through and all that EMD could be tied up for month. On the other hand if you don’t put a serious amount down the seller may not believe you’re too interested. The more you put down just shows you are serious about your decision to purchase.

Short sales are different from other purchases in that there are multiple decision makers involved in accepting an offer. It is normal to take three to four weeks for longer or some lenders to decide on a short sale. And successful short sales happen only happens if the short sale package is been completly fully and submitted properly.
The closing can happen in as little as 7-10 days for a cash buyers. If you need to get a mortgage to complete the purchase, the time frame for closing is more upon you and your lender and how quickly they can process the mortgage application. Depending on your credit score and documentation requirements, that could be between 30 and 55 days to close on the property.

Wow, I can’t believe this is my 100th entry into my blog.  I can remember writing my first entry thinking –I’m not quite sure why people do this nor do I think I’m going to like it much but as time has gone by I have grown to love putting in entries and having people react to them.  I try to put current information on my blog as far as what is happening at the very moment in Las Vegas and the Real Estate Market.  It’s been a real roller coaster the past 20 months with our Las Vegas market.  We have gone from selling homes last year at the beginning of the year at around $190,000-$225,000 price range to now those homes are worth on average $170,000-$200,000. 

Since there are so many different programs out there that are set by the U.S. Government the housing market has just changed so drastically.  There’s the 8000k tax credit for first time home buyers but that ends NOV. 30, 09…

The list of programs goes on and on and on and on.  If you’re looking to buy or sell give me a buzz.  Thanks for checking out my blog.  Penny

The Rental application should supply you with lots of background information about the possible tenant to enable you to make a decision.

Here are some details on an Rental application.

• Tenant’s name.
• Date of birth.
• Present address.
• City, State, Zip code.
• Mother’s maiden name.
• Social security number.
• Desired date of occupancy.
• Desired length of occupacy.
• Previous address.
• Driver’s License.
• Type of Car.
• Employer’s Name, phone, address, how long? Your supervisor.
• Monthly income: take home pay whether they are wages, salary, commissions, tips, govt. assistantce or other.
• Military? What Branch?
• How many people over the age of 18 will be living in the house?
• Pets? how many? record of shots and pictures.
• Credit reference.
• Personal reference.
• Nearest Relative.
• Banks information.
• Have you ever been evicted from any tenancy?

Many office supply stores have rental agreement forms.  Just guard yourself and be educated, if not hire a professional Property management company

I am a Las Vegas RE/MAX selling  agent which is also considered a listing agent.  My responsiblities are numberous. 

• Do comparibles between your house and others similar to yours
• Prepare  the listing agreement and all disclosures that go with it
• Take pictures of your property
• Hold open houses
• Expose property on the internet and advertise as much as possible
• Put up for sale sign with flyers inside the flyer box
• Communicate with you throughout the whole transaction process
• Consult with you about offers that come in and which are more valuable to consider
• Go through all the paperwork necessary to complete the transaction successfully (which there is a lot)
• To to the title company with you for the final paperwork
• Help you find your next place to live, whether here in Las Vegas or another state

Call me about questions you may have related to selling your home for you: 702.321.9383

http://www.Pennysproperties.com

10-SFR Email w/Agent Photo

Nye county Nevada per MLS as of right this very moment. There are five homes for sale in NYE county search in MLS. 

I hope this is of interest to someone out there looking for such properties.

10-SFR Email w/Agent Photo

Above is the link that shows all the properties for sale in Pahrump.  Currently per MLS there are 477 in ER, EA status.  That means they are not in some kind of contract that is is either pending or contingent. 

My listing in Pahrump has driven a lot of interest to my web site and many calls inquiring about the property.  I have recieved calls from all over the United States. 

This property is a wonderul home that sits on 1.5 acreas and has an inground pool, ranch style home with Mountain views.

I hope the MLS list I have in the blog is of assistance to anyone who is looking to buy in Pahrump. 

If you’re currently not working with a REALTOR and would like to contact me feel free to call anytime.  My cell phone number is 702.321.9383 or e amil me at Penny@pennysProperties.com

How do these Tags related to the Real Estate world?  Well I did a little internet hunting for top blog words and these were just a few. 

Humor:  My goodness if a REALTOR doesn’t have a sense of Humor or try to take their job lightly then it going to be a tough career for them.

Internet:  As a REALTOR you should if you’re not be on the Internet.  Through your office web site or your own web-site it’s critical that you have some kind of site for your advertising.  And as a REALTOR don’t be intimidated by the Internet.  USE it to your advantage.

Computer:  Please if you don’t know how to work a computer you better have a good assistant that does.

Blog and Blogging:  Just jump in and try it.  It’s fun most of the time.

Business:  How many hours do you work at being a REALTOR?  It should be at LEAST 40 hours.

Funny:  Hopefully, you can laugh at yourself every once in awhile.  You just have to.

Music:  In the car or at the office turn on some fun music to listen to for a little bit, it helps change your mood for the better.

Travel:  We’ll I’ve been so busy I’ve put travel off.  I don’t advise you do that.  Go get away from the Real Estate world for a bit.  You’ll be so refreshed when you come back.   Come out to Las Vegas where I sell, the weather is always nice. 

Are you interested in buying a short sale?

YOU have to be very patient. When you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one loan/mortgage) needs to be approve the sale before you can close. If there is only one loan/mortgage, short-sale professionals say lender approval can standardly take about two months. When there is more than one loan/mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.  The second lender is usually the one who eats a bunch of the loss.  Second banks have more risk and more loss.

Important things to consider about buying a short sale:

1. Your financing is in tack and up to date. Lenders love cash offers which is true with all sales in this market. even if you can’t pay all cash for a short-sale property,  You have to be preapproved, perferably have a  large down payment, and can close at any time, You have a high chance of having your offer accepted
2. Please don’t have any contingencies. If you’re serious about purchasing a short-sale property, You can’t think that you can put demands on the bank for closing time, they don’t like having any contingencies. You don’t want to have any other properties to sell before you purchase the short sale.
3. it’s important for you to have expert assistance. Here are some people experts suggest you work with.:
4. Hire an Experienced real estate attorney. The stats are two in five short-sales close.  A Real Estate attorney who is knowledgeable about the short-sale process will largely broaded your chances on a success short- sale approved contract. If you want any things changed in the purchase contract the attorney can help assist in that too.
5. A qualified real estate professional. You may have a close friend or relative in real estate or want to call Penny at RE/MAX Experience. I have Experience with short sales and would love to see if I can assist you in buying or seliing a short-sale.
6. Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get.
7. No repairs or any kind of repair credits. You will probably be asked to take the property “as is.” Lenders/banks are already taking a loss on the property and may not agree to requests for repair credits. And the homeowners have to money to make any repairs.  That is why they are selling their home, it just makes no sense for them to put any more money into it.

The risks of a short sale are quite large. Possiblities are if  you have the time, patience, this short-sale could end up being a wonderful home for you and sometimes patience is a vertue.

Explaination of a short sale.

A short sale is a transaction in which the lender, or possilble multiple lenders, agree to accept less than the mortgage amount owed by the current homeowner. Sometimes, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. The word “short” mean the short of the loan.  Even though the process can be quite lenghly and it feels like a “long” sale.

Is the number of short sales going up?

Due to our vurrent economic crisis, for instance rising unemployment, and  home prices decreasomg in communities across the United States, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “underwater” or owe more than their home is worth a  short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.  One of my clients are currently doing the exact thing.

How to choose a Realtor that KNOWS short sales:

Call Penny for more information:  702.321.9383

http://www.PennysProperties.com  or E mail at Penny@pennysProperties.com