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SpanishTHE 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
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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
Las Vegas Real Estate Market Update April 2012
LAS VEGAS REAL ESTATE MARKET UPDATE APRIL 2012 Have you ever heard the saying "If you don't like the weather, wait a minute." Well, that applies to our real estate market too. The most recent development surrounds our current inventory. As of this moment we have 5,474 single family homes available in our entire multiple list. We have 13,113 single family homes in escrow. We have closed 3,195 Continue Reading
What Should I Do With A Low Offer On My Short Sale Listing?
WHAT SHOULD I DO WITH A LOW OFFER ON MY SHORT SALE LISTING? Short sales are unique in a lot of ways. One way they aren't unique here in Las Vegas is that the bank holding the lien will want fair market value for the home. The lien holder will recognize that they need to offer some discount for the inconvenience, but that discount is usually in the form of buyer closing costs or a couple of Continue Reading
February Market Conditions
FEBRUARY MARKET CONDITIONS Available inventory remains stable in the market. Prices remain stable for listings under $200,000. Listings above that are still experiencing some small drops. Short sales dominate our market but traditional sellers are making up a bigger portion of our current inventory than we've seen in recent years. We've seen some small improvement in appraisals where the Continue Reading
Short Sale Appraisals
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
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
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
Adding Insult to Injury: The Short Sale That Wouldn’t Go Away!
Today I find myself writing this blog to relieve the stress of dealing with a bank on a short sale. Now I believe that just about everyone understands that Short Sales are difficult. They are difficult on sellers, buyers and agents. This short sale however is not only difficult, it just won't go away. In May of last year we took a listing. It was a short sale and the owner was very concerned Continue Reading
The Homeowner and The Big Bank: A Loan Modification Fable
A fable according to Webster's Dictionary is “a fictitious story meant to teach a moral lesson". Aesop is the best known fable writer and most of us are familiar with his stories such as "The Tortoise and The Hare". A lesser known fable is "The Wolf and The Crane". For the purpose of my fable, the leading roles will be played by The Homeowner (the Crane) and The Big Bad Bank (the Wolf). The Continue Reading
