You got a Nevada notice of default letter. NOW WHAT?

On February 25, 2011, in Las Vegas Short Sales, by Gay Real Estate Agent in Las Vegas

Ok, you get a notice of default either by having the letter taped to your front door, or by certified letter. NOW WHAT?! First of all, please understand that these are extraordinary times and many people are hurting and struggling to stay in their homes. 71% of all of the home owners in Las Vegas […]

Ok, you get a notice of default either by having the letter taped to your front door, or by certified letter. NOW WHAT?! First of all, please understand that these are extraordinary times and many people are hurting and struggling to stay in their homes. 71% of all of the home owners in Las Vegas are currently underwater, and with 14-15% unemployment many people are unable to pay their mortgages. With Loan Modifications not producing great results for home owners, some are getting frustrated and sticking their head in the sand. You have options. Did you know that Nevada has a mandatory mediation program to deal with these pain in the butt banks? YES. You can force the bank to send a representative who can make a decision on the banks behalf in order to get something accomplished. Here’s the catch, and I’m going to make this very clear:

In order to participate in the mandatory mediation program in Nevada, you MUST file your mediation paperwork with in 30 days of the first notice of default. 30 days. Please, please, please open your mail and read it. This is an opportunity for you to stay in your home! If you have decided not to keep the home, this process can facilitate a short sale. The bank can not foreclose on your property until this mediation has taken place. The average mediation is taking 90-120 to set up.

There are legal documents required to file for mediation, so I would recommend speaking to an attorney to help you with the mediation process. I have a few lawyers I send my clients to, and if you need a recommendation please contact me directly at 1-866-589-1646.

So, what happens after the notice of default? The notice of default letter is the first step of the foreclosure process in Nevada. Here are the step of Foreclosure in Nevada:

  1. Notice of Default starts the foreclosure process – it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.
  2. Reinstatement Period (month 1) – starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.
  3. Redemption Period (months 2-3) – starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.
  4. Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.
  5. Trustee Sale (month 5 ) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in “as is” condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).
  6. Eviction (month 6) process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.

If you are looking to avoid foreclosure on your record, you can also do a short sale. In a short sale, you basically ask the bank to take a loss on the property for the amount you owe. This process can be very quick with certain banks and slow as molasses. My team has had great success in closing our short sales. In fact we just closed and EMC short sale and got an approval in 5 weeks! The bank released the seller completely from the debt owed to him, and he was able to move on with his life and start rebuilding his credit. A short sale is not for everyone, and it’s absolutely essential that you understand the tax and legal ramifications of a short sale. I ALWAYS tell my clients to consult with an attorney and an accountant to get their professional advice.

If you would like a free confidential short sale consultation, please call Felipe Crook directly at 1-866-589-1646 with Prudential Americana Group Realtors.

 

 

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

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Investment Properties in Las Vegas

On February 22, 2011, in Gay Las Vegas, Las Vegas Neighborhoods, by Gay Real Estate Agent in Las Vegas

Did you hear? Las Vegas is number 1 yet again! Yes, we’re the #1 city in the nation with the most home owners underwater on their mortgages. USA Today reported that many home owners are extremely underwater and Las Vegas leads the list! Not the most amazing thing to be known for, but unfortunately many […]

Did you hear? Las Vegas is number 1 yet again! Yes, we’re the #1 city in the nation with the most home owners underwater on their mortgages. USA Today reported that many home owners are extremely underwater and Las Vegas leads the list! Not the most amazing thing to be known for, but unfortunately many of us in the real estate market are used to the statistics. 71% of all home owners are upside down in Las Vegas. In fact, our foreclosure rates have increased in January according to the Las Vegas Review Journal’s article. So, what does this mean for investors looking to capitalize on the down turn in our market? DEALS! Here are the latest foreclosure stats in Las Vegas:

  • 1,517 homes went back to the banks in January
  • 388 homes were bought at court house steps
  • Notice of defaults increased to 3,923.
  • Trustee Sale Notices were 3,240 (A huge 32% increase from last January)

Las Vegas foreclosure filings

Month Notice of
Default
Notice of
Trustee Sale
January 2011 3,923 3,240
December 3,660 4,241
November 3,529 3,892
October 3,677 3,191
September 4,250 4,339
August 4,165 3,845
July 4,289 3,604
June 3,864 3,421
May 4,218 3,390
April 4,309 3,690
March 5,170 4,445
February 4,981 2,160
January 2010 4,731 2,160
Source: ForeclosureRadar.com

More and more home owners are coming to grips with the reality of our market. Many are looking at other options than a foreclosure, i.e. doing a short sale on the Las Vegas property, loan modifications, or deed in lieu. With 48% of the properties on the market being a short sale, the closing ratio of these types of homes are getting better and better. My team and I just successfully negotiated an EMC Short Sale that took 5 weeks to get an approval. The average approval letter is taking anywhere from 90-180 days. Many investors are looking to purchase these short sales, and rent them out as soon as they close. Here is a general range of rental prices in the valley, a standard home depending on upgrades, area and condition can command anywhere from $900-$1600 a month for rent. This makes our average price point of $165,000 very attractive, because you will be able to cash flow your properties. If you would like a referral for a strong lender who can finance investment properties, please give me a call directly at 1-866-589-1646. I can also provide you the latest rental stats for a specific area to help you make an educated decision to purchase an income producing property here in Nevada. Click here if you would like to search for homes in Las Vegas yourself, or you can simply start below.

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

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Las Vegas New Homes for Sale

On February 9, 2011, in Las Vegas Neighborhoods, by Gay Real Estate Agent in Las Vegas

Las Vegas builders have not been as busy as they had been during the “boom” time, but over the last few years a shift has taken place in the new home market here in the valley. New homes during 2001-2006 have always been more expensive than resale homes. Sometimes, significantly higher than a resale home. […]

Las Vegas New Home Construction

Las Vegas builders have not been as busy as they had been during the “boom” time, but over the last few years a shift has taken place in the new home market here in the valley. New homes during 2001-2006 have always been more expensive than resale homes. Sometimes, significantly higher than a resale home. When the market tanked, the new home builder were extremely slow to adjust to the market. More builders went bankrupt and stopped construction during this housing bust than any other time in our city’s history. Not surprising, but now the surviving builders have stepped up to the plate and addressed their pricing woes head on. If you follow my blog you’ll know that over 48% of our market right now in Las Vegas are Short Sales. 20% are Las Vegas Foreclosures, and the remaining 32% are either traditional sales or flippers. The average wait for a short sale approval is 90 days. And just because you go into contract with a short sale, does not guarantee that the bank will approve it. Yes, this is one of the pitfalls of short sales. Many buyers go after short sales and after waiting 4 months, decide that they want nothing to do with a short sale again. Now, not all short sales are like this, but a huge percentage are. The benefit about purchasing a brand new home in Las Vegas is the fact that when you go into contract, that’s it. You don’t have to deal with multiple offers, highest and best offers, you don’t have to wait a week before the bank says yes or no on a foreclosure, you don’t have to guess at what the bank is willing to take. You don’t have to worry about whether or not the bank will pay your closing costs, you don’t have to worry that there is a problem in your plumbing that is not visible in a foreclosure, you don’t have to worry about re-carpeting your home, or repainting and fixing drywall from a disgruntled seller who decided to rip a hole in every wall…..do you get my drift? Many of these builders have “standing inventory” of homes that are brand spanking new and ready for a buyer to write an offer, close, and move in.

Many builders are offering great incentives to attract buyers right now. I would say almost across the board, builder are offering buyers 3% towards their closing costs. Great! Free money that is guaranteed. That’s always a plus. Other builders are offering incentives towards options or upgrades in your home. I know a local builder who is offering $10,000 to upgrade you home the way you like it. Great, more free money. The other wonderful part of buying a new home in Las Vegas is that you can make it exactly what you like. Granite counter tops, cherry wood cabinets, and get rid of that shower, I want a bathtub with jets. Yes, all of this can be customized to your tastes.

Below are a few builder properties throughout Las Vegas and Henderson that are available. Some are move in ready, others need to be built.

One myth about buying a new home is that buyers will get a better price without Realtor representation. FALSE! Builders have a separate marketing budget to pay Realtors. When you walk into a sales center without a real estate agent, the person working their represent the builder. Do you think that the sales rep can look out for your interest 100% of the time and still represent the builder’s interest 100% of the time?? NO! Make sure, you take your Realtor with you on your first visit. A good real estate agent can make sure you understand parts of the builder’s contract that a sales rep with gloss over. Builders can sneak terms into a contract that buyers need to be aware of. Did you know some builder offer a “right of recision” period? Did you know you’re going to be paying half the transfer tax on some builder contracts? These are things an experience real estate agent brings to a buyer’s attention. If you are interested in new construction, please give me a call for a full list of properties that match your criteria. My direct line is 1-866-589-1646.

REMEMBER: real estate agents have to be present on your first visit in order to represent you!

 

 

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

Bank of America ordered to stop foreclosures.

On February 1, 2011, in Las Vegas Housing Market, by Gay Real Estate Agent in Las Vegas

A ruling in a Jan. 11 lawsuit filed by Pahrump homeowner Suzanne A. North, Nye County District Court Judge Robert Lane on Jan. 20 issued a temporary restraining order and preliminary injunction against ReconTrust, ordering it not to proceed with non-judicial foreclosures in Nevada on behalf of any lender at least until a Feb. 28 […]

A ruling in a Jan. 11 lawsuit filed by Pahrump homeowner Suzanne A. North,
Nye County District Court Judge Robert Lane on Jan. 20 issued a
temporary restraining order and preliminary injunction against
ReconTrust, ordering it not to proceed with non-judicial foreclosures in
Nevada on behalf of any lender at least until a Feb. 28 hearing. This is a welcome relief to the thousands of people trying to save their homes in a horribly hit real estate market in Las Vegas Nevada. As an agent working on many short sales in our city, I find it extremely frustrating dealing with banks for are unwilling to help home owners stay in their homes. If banks were willing to help home owners with legitimate loan modifications, or approvals on short sales in Henderson and Las Vegas, our foreclosure crisis in our city would be much less severe.

The Las Vegas Sun has a few articles about the Bank of America foreclosure moratorium:

http://www.lasvegassun.com/news/2011/jan/28/bank-america-wants-order-halting-8900-nevada-forec/

http://www.lasvegassun.com/news/2011/jan/26/bank-america-seeks-overturn-freeze-foreclosures/

Las Vegas Short Sales

Short Sales have surpassed as the largest segment of our housing market. With nearly 48% of all of the homes on the market in short sale status, what does this mean for buyers and sellers? Short sales actually can help our real estate crisis in this city. Short sales save tens of thousands of dollars to the banks, the sellers, and the hard hit neighborhoods that benefit from keeping homes from becoming vacant. If you’d like to learn your options to avoid foreclosure, you can visit this Las Vegas Short Sale Agent Link.

Las Vegas Sun has also written many articles about short sales:

http://www.lasvegassun.com/news/2010/jan/29/short-sales-soar-while-foreclosure-sales-slacken/

Jim Stout is our go to Lawyer for all our short sale clients. He is a wealth of knowledge and is very affordable:

http://foreclosurenv.wordpress.com/2011/01/26/when-not-to-strategically-default/

If you’d like to discuss your options, please contact Felipe Crook directly for a FREE, CONFIDENTIAL consultation about your options at 1-866-589-1646.

Felipe Crook

Realty ONE Group

8395 Sunset Road, Ste 190

Las Vegas, NV 89113

Felipe@felipecrook.com

1-866-589-1646

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