Las Vegas has a plan to take a National Historic Landmark building, which once was the old courthouse and post office and turn it into a museum that will bring some history and old stories about how the city was run years ago.

The renovation of the historic building in Las Vegas into a museum dedicated to the history of organized crime has begun, it is said to bring in a possible 600,000-800,000 tourists a year.  Not including all the locals that will enjoy this museum It’s to be completed in 2011.

Las Vegas is always blowing up old casinos to make room for new casions and advancement.  This museum will be a part of Vegas that is actually part of the city’s history.  Along with a few other museums we have here..

I feel good about the attraction, I believe it will greatly help our economy.  Also, bringing in new jobs for our housing market.  The more people visit here the more interest there is for many people to own a piece of Las Vegas for a second home.  It’s win, win for everyone.

I’ve noticed that several vacant homes I’ve viewed lately have had angels left behind.  Either in the form of a statue in the bachyard, a waterfall, little staute angels left on kitchen counter tops or pictures, books of angels or angels painted on the wall. 

In my opinion people must be leaving them behind intentionally.  People leave all kinds of things behind.  Some things I’ve seen are furniture, personal family pictures, at least they look like family pictures.  Wedding books, scrap books of babys and toddlers all the way to their teenage years.  Treasure chests full of memories.  Kids and adults clothing.  Closets full of sheets and towels.  Many times I see numberous cleaning supplies and bug/weed sprays. 

After researching angels on the internet and understanding a liitle more, perhaps they are left behind to fight off the demons.

With the very low intenvory of foreclousres out on the market, the possiblity of Las Vegas agents successing at getting an offer accepted is extremely low.

On the contrary the general public listening to the news whether it’s the local stations or world wide news,  what they hear on the radio or from co-works and other friends and framily.  They are under the impression that there are so many foreclosures out there they should be able to get a steal of a deal with no problem.

Well, like I said there are several reasons why buyers and Real Estate agents can’t get an offer accepted.  For example: there may be as many as over 40 offers on just one property.  Some agents are writing offers on over 40 properties before they finally get their offer accepted.  The second and very difficult issue for buyings to understand is that most of the offers coming in will be cash offers.  Which of course that is what the selling bank perfers. No additional costs to them and they can close quickly. 

The frustration I hear is from agents that call me and ask, do you have any offers on the property?  How many do you have?  Is is worth my client and I putting in an offer? Can we put in a back up offer?  Do you have cash offers.

If a property has cash offers than almost everytime cash buyers win the bid and people retaining any kind of a loan is out of the running.  Which is very sad for the first time home buyers who require FHA loan, or the Vet. who would like to get a VA loan. Or even conventional loans.  None of these loans can compete against cash.

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.

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.

Mortgage modifications can include second mortgages, not just your first mortgage and cash incentives are making short sale deals, do to new efforts by the Obama Administration.

The new changes have some homeowners a second chance at a loan modification, especially if they were originally turned down, which most people are turned away from dealing with the banks because the second mortgage cabosh the process.

Sometimes other homeowners may  be able to take the short sale route from unaffordable mortgages that could otherwise would result in a foreclosure.

Eligible homeowners looking to modify their first mortgage must be an occupant/homeowner of the property; have an unpaid principal balance that is no more than $729,750. The loan that was originated on or before January 1, 2009; have a mortgage payment which includes taxes, insurance, and home owners association dues that is more than 31 % of their gross monthly income; and have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses do to job loss, divorce, death somekind of hardship.

Under the new second mortgage program, in addition to lowering the payment, lenders can also opt to erase a borrower’s second mortgage in exchange for a payment from the government single sum of money that serves as complete payment…

We are starting to see more short sales go through with flying colors. 
I need more lisitngs Call Me at 702.321.9383

As of 9:55 a.m. Vegas time there are 250k homes for sale per the MLS.  Of the 250 homes I didn’t pull any homes that were in pending or contingent status. 

Now the general public and Realtors need to know that there are bidding wars going on with this Las Vegas Market the way it is so… Even though it’s listed at 50k it might sell for a lot more than that. 

Las Vegas is going through a huge wild fire of investors all wanting the same thing and that is the 50k properties.  A majority of the investors are paying cash and since there are multiple offers on these properties sometimes the investor loses out because they are up against so many other investors.  But truly the buyers that miss out are the buyers who need financing to get a loan.  Competing against cash buyers is really tough in this market. 

Click on the link below to view the properties.

 

10-SFR Email w/Agent Photo

Yes, I know you think of Las Vegas and you might think it’s an adult playground and it is. Yes, it is.  There is so much to do here it’s amazing.  I think that’s why enough people come here so many times that they decide they want to have a vacation home here.  And why not?  With prices they way they are right now lots of people are scrambling to buy that vacation home.  Doesn’t matter if it’s a condo or a single family residence.  So back to the differences between Palm Springs and Las Vegas.  The weather and tourism is probably what they have mostly in common.  There is a casino not too far away from Palm Springs so they actally have gaming too.

Both Las Vegas and Palm Springs get very warm/hot and dry in the summer.  They are both considered a desert environment.  And the tourists, Las Vegas couldn’t make it with the tourism nor do I think Palm Springs could either.  Even in 110 degree weather people still come to visit both places.

• Loyalty to clients and all parties involved in the transaction
• Honesty I live by the “Golden Rule”
• Knowledge of what it takes to close a deal
• Experience in the Las Vegas Real Estate market
• Web site knowledge
• Internet Exposure and how they market your Las Vegas home/investment
• Awareness of parties involved
• Acquaintance with facts
• Familiarity with the changing market
• Principles and facts
• How to handle all kinds of circumstances
• Creativity with marketing and how to handle other agents and other parties involved
• Informative to you and explains the home buying/selling process
• Comprehension of what to expect and be ready to handle the unexcepted

That’s right a few months ago everyone was all about helping out buyers find that perfect home.  Well things have changes drastically and it’s all about the seller.  Buyers are just drulling waiting for homes to go on the market.  We literally have no inventory …yes, of course their are homes or sale but it is very limited.  There is so many more buyers than homes for sales.  I’m not sure of the percentage, but it’s pretty large.

BUyers are getting extremely frustrated, waiting and waiting for a place to go on the market only to find there are 17 or more offers on that same property.  They wonder how many offers on how many different homes will they have to write before their offer is accepted? 

Also, one word of caution to buyers.  Beware of lenders who are taking advance to desperate buyers.  I  have noticed that many listing agents only allow certain lenders to do the loan on their Las Vegas property that they have listed.  Which can be a very large problem for buyers since they are not allowed to shop around and get the best deal.  Just a little heads up to buyers.  beware and ask lots of questions.