Have Short Sale Questions?

Las Vegas Short Sale Help

Call Me Now... I have the Answers 702-348-7191

lv map
LAS VEGAS HOMES Search...Click on the map to search Las Vegas homes, foreclosures and short sales.

Archive for March, 2010

In the State of Nevada, short sale negotiating falls under the category of “loan modification or foreclosure consultant” as defined in Assembly Bill 152 which modified NRS Chapter 645F.  You can read AB152 here: Download AB152_LoanMod_ForeclosureConsultant

In summary there are three options for negotiating short sales in Nevada

  1. Attorneys may handle short sale negotiations because they are exempt under NRS645.380(1).
    Here is a list of recommended Real Estate Attorneys.
  2. A licensed real estate agent as a part of a real estate transaction and as evidenced by being on the “Duties Owed.”As excerpted from the RE Division position statement:
    Download NVRED_MortgageLending_Position Statement_101509

    There may be no separate or distinct payment or compensation for performance of activities defined as loan modification, foreclosure consulting or providing of covered services outside of a real estate transaction.
    Activities that by definition might include aspects of “Loan Modification Consultant,” “Foreclosure Consultant,” or “Provider of Covered Services” must be part of a real estate transaction. As such, a commission paid to a licensee through a real estate brokerage as a result of those activities defined in NRS 645.030 and/or NRS 645.040 shall serve as evidence that the activities engaged in by the real estate licensee were “acting under the authority of their license.

  3. Properly licensed companies/3rd party negotiators per the Mortgage Lending Division

Click Here for Licensing Requirements.

Check Here for the List of licensees and applicants who are eligible for conducting Pre-Foreclosure and Loan Modification activities, according to the Nevada Mortgage Lending Division

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?

The Serra Group is here for your confidential, no obligation consultation
regarding your options – there are solutions!  Call Kathryn at 702-348-7191.

Looking to buy property in the Las Vegas Area?  Start your free property search now.

Categories : Short Sale Tips
Comments (0)

Prudential Announces Top Office in North America

Three Americana Group branch offices were recognized in PREA’s Top Ten, with the nation’s number one spot going to its Sahara branch. “Our Sahara office was recognized as the most productive office throughout Prudential’s North America network,” said Mark Stark, CEO of Prudential Americana . “Nearly 300 sales associates worked from this office to achieve the honor.”

I was excited to receive this National Award as the managing broker of the top office in the Prudential Network of over 1500 branch offices and 600 companies.

I am honored to work with an elite group of professionals serving the Las Vegas Real estate community including three of the top producing teams in the country.

We look forward to another tremendously successful year in 2010.

Categories : Las Vegas Market
Comments (1)

This is part 4 in a 5 part series on HAFA.  HAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury effective April 5, 2010.  HAFA is designed to complement the HAMP program and is expected to streamline and standardize the short sale process for qualified homeowners.

Here are some other HAFA program guidelines to understand:

  • The deal must be “arms length.” Borrowers can’t list the property or sell it to a relative or anyone else with whom they have a close personal or business relationship.
  • The amount of debt forgiven might be treated as income for tax purposes. Under a law expiring at the end of 2012, however, the tax may not apply. Forgiven debt will not be taxed if the amount of forgiven debt does not exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Check with a tax advisor.
  • The servicer will report to the credit reporting agencies that the mortgage was settled for less than full payment. There will be a negative effect on credit scores.
  • 90 day “No-Flipping” term: Buyers may not sell and transfer title of the property within 90 days after closing.

The U.S. Treasury announced new enhancements to the HAMP and HAFA program on March 26, 2010:

Enhancements to the Incentives portion of HAFA:

  • Increases incentives to provide more homeowners with foreclosure alternatives
    • Doubles the relocation assistance payment for borrowers successfully completing a foreclosure alternative (HAFA short sale) to $3,000 from $1,500.
  • Increases servicer incentive payments from $1,000 to $1,500 to increase use of foreclosure alternatives and encourage additional outreach to homeowners unable to complete a modification.
  • Increases payoffs to subordinate lien holders who agree to release borrowers from debt. The new payoff schedule allows servicers to increase the maximum payoff to subordinate lien holders to 6 percent (it was 3%) of the outstanding loan balance and doubles from $1,000 to $2,000 the incentive reimbursement that is available to investors for subordinate lien payoffs, subject to an overall cap of $6,000.

Read the rest of the series on HAFA:

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? Contact us today to discuss your options and/or to see if you qualify for HAFA.

Call Kathryn at 702-348-7191 or Stephanie 497-7705.

Comments (0)

Many people have been waiting for the bottom of the market to hit to take full advantage of buying a home. Based on the following article by HousingWire,Wednesday, March 24th, 2010… Las Vegans waiting to buy should take note.

The Las Vegas real estate market got a small reprieve in February; with sales volume at a four-year high for the month and a dip in foreclosure resales helping prices increase slightly from January.

A total of 3,698 new and existing houses and condos were sold in the Las Vegas-Paradise metro area in February, according to MDA DataQuick. That’s up 9.8% from January and 10.5% from one year ago. A 5.7% increase from January to February is the average, dating back to 1994, DataQuick said.

The February 2010 total was the highest for the month since 2006, when 6,065 homes were sold, but 2% below the 16-year average February sales total. It’s the 18th straight month that total sales rose year-over-year.

Existing home sales totaled 3,311, up 7.1% from January and up 9.5% from last year. It’s the highest total for February existing sales since 2005. Existing home sales are on a 22-month-long run of monthly year-over-year increases.

Foreclosure resales accounted for 59.6% of all resales in February, down from 62% in January and down from 70.6% last year. After peaking in April 2009 at 73.7%, foreclosure resales have declined every month.

While foreclosure resales were down, foreclosure proceedings were up. In February, 1,756 homes and condos were foreclosed on in Las Vegas, up 5.3% from January, but down 52.8% from 3,718 foreclosures last year.

New home sales totaled 387 in February, up 40% from January and up 20.2% from last year, but it was one of the slowest February sales totals in DataQuick’s 16 years of records, second only to last year.

The decline in foreclosure resales and the increase in new home sales helped the median price increase from January, but only slightly.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in February was $126,197, up 0.4% from $125,750 in January but down 17.2% from $152,500 a year earlier. DataQuick said the year-over-year decline was the smallest since March 2008, when the median dropped 16% from a year earlier, to $247,925. In addition, sales of homes over $200,000 made up 22.4% of total sales, up from 21.3% in January but down from 30.8% a year earlier.

The median sales price is on a 34-month-long run of monthly year-over-year declines and in February 2010, was 59.6% below the peak median of $312,000 in November 2006.

The median price for single-family homes was $133,800 in February, down from $135,000 in January and down from $157,000 last year. The median condo sales price was $69,000, even from January, but down 9.2% from $76,000 last year.

Absentee buyers, usually investors, but anyone who indicates at the time of sale that the property tax bill will go to a different address, accounted for 44.6% of all Las Vegas area home sales. However, house flipping declined. Homes sold in February that had previously sold in the past three weeks to six months accounted for 3.7% of all sales, down from 5% in January, but up from 2.6% last year.

Comments (0)

This is part 3 in a 5 part series on HAFA.

HAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury effective April 5, 2010.  HAFA is designed to complement the HAMP program and is expected to streamline and standardize the short sale process for qualified homeowners.

What Loan Services (Banks) are participating?

According to HUD, over 100 loan servicers have signed up for the Making Home Affordable program covering more than 89% of mortgage debt.  To see if your lender is on the list, go to http://www.makinghomeaffordable.gov/contact_servicer.html and click on “show all servicers.”

What is the Timeline of the HAFA short sale process?

14 Days- The lender must notify the borrower of their options in writing and give the borrower 14 days to respond. If the borrower does not respond that ends the lenders duty to give a HAFA offer.

30 Days- Servicers must consider borrowers for the HAFA plan within 30 days of one of the following:

  • If the borrower does not qualify for a HAMP trial period,
  • or does not successfully complete a HAMP trial period plan,
  • or is delinquent on a HAMP modification,
  • or requests a short sale

14 Days-  The loan servicer will prepare and send a Short Sale Agreement to the borrower/seller. The Seller has 14 days to return a fully executed Short Sale Agreement to the lender.  The short sale agreement will contain a variety of terms including:

  • Acceptable list price and/or net proceeds from the sale
  • 120 Days-The lender must give the Seller 120 days to sell the short sale the house (extensions up to 12 months possible).
  • Requirement that the property be listed with a licensed real estate professional who is regularly doing business in the community
  • Amount of closing costs or other expenses servicer will permit

3 Days-Within 3 days of receiving an offer, Seller (via the real estate agent) must submit a completed Request for Approval of Short Sale (RASS) to the lender along with the complete purchase agreement and additional information per the short sale agreement.

45 Days-The lender may not ask the Seller (borrower) to close before 45 days unless Seller/Buyer agrees.

10 Days-Lender must release the first mortgage lien from receipt of short sale proceeds.

HAFA Series Part 1 – What is the Home Affordable Foreclosure Alternatives Program?

HAFA Series Part 2…Who is eligible for HAFA?

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? Contact us today to discuss your options and/or to see if you qualify for HAFA.

Call Kathryn at 702-348-7191 or Stephanie 497-7705.

Comments (2)

las vegas mls search

lv map
Click on the map to start your Las Vegas area property search.
  • 11655
ResidentialShortSale.com provides useful information to the community about Las Vegas Short Sales, Nevada Foreclosure Mediation, and the Las Vegas Short Sale process. We are Las Vegas Short Sale Experts who know the Las Vegas Real Estate Market.

You can also search all Las Vegas Homes for Sale from this site.

short sale consultation

Do You Have a Real Estate Agent You Can Trust to Handle Your Short Sale?

Call Now: 702-348-7191