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.

 

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.

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

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

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

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

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• 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

1.5 ACRES WITH 7 CAR GARAGE, 3200 SF HOME

RE/MAX AGENT HAS LOTS 0F INTEREST ON THIS PROPERTY

• BEAUTIFUL RANCH WITH 7 CAR GARAGE, POOL WITH SOLAR HEATING
• OFFICE IS TILED
• LOCATED ON 1.5 ACRES
• TILE AND CARPET
• SEPARATE LAUNDRY ROOM
• CEILING FANS
• LARGE BONUS ROOM WITH WALK OUT TO THE POOL
• MASTER BATH WITH DUAL SINKS, SEPARATE TUB AND SHOWER,
• MASTER SUITE HAS DOOR TO THE POOL ENTRANCE
• UPGRADED OUT SIDE DOORS WITH BLINDS BUILT IN
• TWO AIR CONDITIONING UNITS
• PULL OUT SHELVES ON BOTTOM KITCHEN CABINETS
• BATHROOM IN BONUS ROOM
• LARGE POOL WITH SAND FILTER
• TAN AND BEIGE CARPET
• GARAGE HAS WASH ROOM AREA

7 CAR GARAGE ON 1.5 ACRES

Call Penny O’Brien with RE/MAX Experience for a private showing.