SHORT SALE APPRAISALS We are seeing a recurring issue in trying to close deals when there is a third party approval required (Short Sale). The lender (servicer, investor, MI company, etc) is countering the offer with an inflated value on the property. When we challenge the counter by pointing out that the comparable properties don't support their inflated counter offer the lender invariably Continue Reading
Las Vegas Short Sales - Page 2
If I choose Bankruptcy, does that mean I should not consider a Short Sale ?
IF I CHOOSE BANKRUPTCY, DOES THAT MEAN I SHOULDN'T CONSIDER A SHORT SALE? While I believe this a question for someone's attorney, I believe that the answer is very often going to be yes. I have lately been listing homes for clients that have come out of bankruptcy and decided to sell their homes through a short sale. The reasons vary but mainly they came to the conclusion with the advice of Continue Reading
October Market Conditions
OCTOBER MARKET CONDITIONS Inventory is increasing due to a growing number of REO's (Foreclosures) in our market. Activity has fallen off since the tax credit has expired. Las Vegas home prices are holding steady but we believe that prices may fall over the next several months. This is because inventory continues to grow and activity continues to decrease as heading to the holiday season. Short Continue Reading
Old Fashioned Real Estate Sales
OLD FASHIONED REAL ESTATE SALES I am between visitors at an open house. I am reminded that Real Estate is still a service industry. As Realtors we must remember that just because it's a short sale or an REO doesn't mean we should give any less service. I attended a Town Hall meeting recently and people are very concerned about selling their homes in this market. They have been besieged with all Continue Reading
HAFA “Guidelines”
HAFA "GUIDELINES" Please remember that HAFA is a comprensive set of "Guidelines". It is not law. The guidelines are not intended to be a one size fits all either. Each servicer (bank, lender) is currently employing their own version of HAFA. Some have not implemented their own guidlines yet and some are well down the road already. The important facts to remember as a homeowner are that HAFA: Continue Reading
September Market Conditions
SEPTEMBER MARKET CONDITIONS Here are September's market conditions for our Las Vegas market. Inventory is increasing slightly. Prices remain stable. Short sales continue to dominate the market. We expect inventory to continue to grow as demand has decreased somewhat. Stay tuned with us and get the latest updates on the Las Vegas housing situation. Continue Reading
August Market Conditions
AUGUST MARKET CONDITIONS Here are your August Market Conditions. Inventory is slightly increasing in the market. Activity is also slightly off since the tax credit incentive expired. Short Sales continue to dominate our market. Continue Reading
Short Sale Alphabet Soup
SHORT SALE ALPHABET SOUP As a Realtor that takes pride in personal development, I find it important to continually get educated. I have recently taken a number of very comprehensive courses related to Short Sales and I find my head spinning with all of the various acronyms and other abbreviations. Consumers are hearing about HAMP, HAFA, FNMA(fannie mae), FDMC(freddie mac), REO, Prom Note, etc. Continue Reading
Professionalism in Short Sales
Years ago, when the world was in balance and real estate agents were in step with each other, an offer was written for a client and then presented to the seller. The offer was either accepted, rejected, or countered in a timely manner. Everyone knew what was going on and the clients viewed the agents as professional, responsive, and knowledgeable. Now that banks control a large portion of our Continue Reading
Are Short Sales Becoming a Way of Life?
As a Realtor here in Las Vegas, it occurs to me that Short Sales will be a part of our market for a long time to come. Better than 65% of homeowners here in the valley are at a negative equity position in their home and they will be in a situation sometime in the next few years that they will need to sell their home. That means they will either need to write a substantial check upon selling Continue Reading