IT'S TIME FOR LAS VEGAS REAL ESTATE NOW'S VIDEO OF THE WEEK! In this week's Video of the Week, Harvey and Shelley are covering the Federal Housing Finance Agency's new loan limits. The FHFA has recently announced that loan limits for mortgages through Fannie Mae and Freddie Mac will increase in most of the country from $417,000 to $424,100. Why the sudden increase? Is this good news for the Continue Reading
banks
Fannie Mae Changes Covered By Kari Phillips
With Shelley Brown away on vacation, Southern Fidelity Mortgage's Kari Phillips joins Harvey as co-host. During her segment, she has a lot to talk about, especially about Fannie Mae policy changes. For example, previously, only 60% of one's assets could be used towards the purchase of a Fannie Mae home. For more on this change and other Fannie Mae changes, be sure to check out this RERNLV Continue Reading
Kari Phillips & Rowe Nelson talk VA Loans & Appraisals
Our radio show on April 27th featured Kari Phillips and Rowe Nelson of Southern Fidelity Mortgage in one of our segment parts. In addition to Kari's wealth of information regarding VA Loan requirements and special incentives they are offering for Veterans in the month of May, Rowe added some great information on the appraisals and how it relates to the loan process. Some of the benefits of a VA Continue Reading
Kudos to Our Preferred Partners
John Ingram of New American Funding just closed a loan for a longtime client of mine in record time.... AND with a contingency on the sale of his current home AND a transfer of funds from one escrow to the other! New American funded the loan almost simultaneously once our first buyer's loan had funded! This allowed both transactions to close by 1 PM on the Wednesday before Thanksgiving. The Continue Reading
Homeowners Bill of Rights
I had the opportunity to hear Robert Noggle, Esq. speak yesterday about the new HOBR legislation. He helped clear up a misconception that was pervasive and being mistakenly sold to the public at large. This misconception is that the banks can't ask for an "Arms Length" affidavit in a short sale. The banks can and likely will continue to require this document. That means that the borrower can't Continue Reading
Where are the homes?
WHERE ARE THE HOMES? The inventory of available homes here in Southern Nevada has been hovering around 4,000 for many months now. Buyers are wondering where all the homes are so they can buy again. The theory is that the "banks" are sitting on a lot of homes and they are going to release them soon. My colleagues and I don't believe the banks will release a lot of Vegas houses here. We don't Continue Reading
Make your home for sale available to everyone
MAKE YOUR HOME FOR SALE AVAILABLE TO EVERYONE As a busy agent here in Las Vegas, I have seen a disturbing trend. Homes are being sold before they get to MLS and often by a buyer being represented by the listing agent. I have represented both parties in a transaction before and I will again in the future, but I will only do it with full disclosure to all parties and only when it's mutually Continue Reading
The Saga of Lakeland Road – A Client’s Poem
THE SAGA OF LAKELAND ROAD - A CLIENT'S POEM We love helping our clients close short sales. Some of them have more twists and turns than others and there is no better feeling than when we see the weight come of the shoulders of our clients when we finally close. We just closed a particularly turbulent short sale and our client wrote a poem to capture the essence of the process. Please click the Continue Reading
How long can I stay in my home?
HOW LONG CAN I STAY IN MY HOME? I'm often asked this question when listing a client's home as a short sale. With all of the changes taking place in the short sale market, it's difficult to have a set answer. The answer these days is less time than it was even a a few months ago. The bank that holds the mortgage wants the seller to stay in the home right up until close of escrow. Once we list a Continue Reading
Will The New Legislation Put A Freeze on Foreclosures?
WILL THE NEW LEGISLATION PUT A FREEZE ON FORECLOSURES? We have all heard the doom and gloom being espoused about AB284. The legislation in general terms increases the responsibilities of the foreclosing entities. It asks them to provide a sworn affidavit and other elements with the intention of preventing incorrect and illegal foreclosures. The banks pushed back hard against this bill, but to Continue Reading