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Archive for April, 2010

The Las Vegas Real Estate Market Condition Report for March 2010-April 2010 , courtesy of Nevada Title Company with chart breakdowns of all closings by type and Las Vegas short sale closings is presented here for your review.

Las Vegas Homes Supply continued its decline while demand increased marginally over last month. Failures remain relatively constant in the current range dictating an overall closing probability of about 56%. This probability has remained rather constant for the last several months and varies considerably according to sales type. In Escrow properties (pending/contingent) jumped by 749 units—a significant increase. Note from the Market History Table that overall median price, which had been holding in the mid $130′s, has now begun to increase with three positive outcomes in a row.

The last change in median price (April = +$6,900) is a very strong positive indicator. The tight supply/demand situation should continue to place upward pressure on the price schedule (especially REO). The upper price ranges, while showing some activity, continue to suffer from lack of demand.

Las Vegas Short Sale supply declined slightly from last month but demand moved up 59 units. Market Speed is still slow (but increasing). Percent Selling remains depressed and stable. Escrow inventory remains at high levels and continues to increase. In April of 2009, the percentage of Las Vegas Short Sale closings was 8.5%. In April of 2010, it climbed to 26%. This growth rate is one-third faster than Standard Sale growth. The closing process remains inefficient and challenging.

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 foreclosure alternatives consultation regarding your options.

Call Kathryn, Las Vegas Short Sale REALTOR at 702-348-7191.

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

Categories : Las Vegas Market
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This is part 5 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.

The previous posts covered the eligibility, participating servicers/lenders, and the procedures and time-frames for HAFA for a borrower who has already started the HAMP process.

This post will answer the question Can I Request a HAFA Short Sale without first applying for HAMP (the loan modification program)?

The short Answer – Maybe Yes… with the Alternative Request for Approval of Short Sale (Alternative RASS)

Here is the scenario:

You are a homeowner who did not know about the HAMP program or possibly can not or do not want to pursue a loan modification.    The property is your primary residence and you have a hardship that can be documented and are considering a short sale as an option.  To qualify for HAFA, you will have to meet all the basic eligibility requirements outlined in this previous post.

Your next step is to contact a licensed real estate agent (we can help!) and review all of your options including the Alternative Request for Short Sale Approval through the HAFA program.  If your decision is to do the short sale, we list the property and help you negotiate an offer to purchase from a qualified borrower.

Here are the highlights of the Alternative RASS directly from the Supplemental Directive:

If the borrower has an executed sales contract and requests the servicer to approve a short sale under HAFA before an Short Sale Agreement (SSA) has been executed, then the borrower must submit the request to the servicer in the form of the Alternative Request for Approval of Short Sale (Alternative RASS), Exhibit B.  To download and review an example of the documents got to the HAMP Admin site and scroll down to Borrower Documents.

Upon receipt of the Alternative RASS, the servicer must determine the basic eligibility of the borrower as described in the HAFA Consideration section of the Supplemental Directive…..HAFAsd0909r_Mar26_2010.

If the borrower appears to be eligible and was not previously considered for a Trial Period Plan, the servicer must notify the borrower verbally or in writing of the availability of a HAMP modification and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written communication and request consideration for a HAMP modification.

In addition, the servicer must verify the borrower’s financial information through documentation and obtain a signed Hardship Affidavit from the borrower prior to approving the short sale.

If the borrower does not wish to be considered for a modification, the servicer may consider the Alternative RASS in accordance with this Supplemental Directive without first having to enter into an SSA with the borrower. If the servicer approves the short sale, then the loan will qualify for the HAFA program.

A borrower may not participate in a HAMP Trial Period Plan and agree to a HAFA SSA simultaneously.

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 (1)

The Las Vegas Real Estate Market Condition Report for FEBRUARY 2010-MARCH 2010 , courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.

Supply declined 666 units from last month’s count while demand declined 111 units. Failures dipped also posting a 443 unit decline. In Escrow properties (pending-contingent) jumped by 883 units—a significant increase. Due to changes in demand/supply and the decline in failures, Percent Selling moved up 4 points to 56%. Percent Selling varies considerably according to sales type. Observe Percent Selling for REO has moved to 90%. Short and Standard selling probabilities are also increasing, but at a slow pace. Note from the Historical Performance Table that overall median price has stabilized in the mid $130’s. Large shifts in the price schedule are no longer apparent, however, no consistent positive trend is evident either. The tight demand/supply situation should place upward pressure on the price schedule. However, the fragile local economy and weak labor markets, which drive foreclosures and very tight appraisal policies, appear to be dampening market forces.

Short Sale supply declined from last month but demand moved up 30 units. Months Supply tightened by 1 month. Market Speed is slow (but increasing). Percent Selling remains depressed but continues to increase slowly. Escrow inventory remains at high levels and is increasing. CDOM(Combined Days on the Market)  is elevated when compared to REO/Standard.  Prices are weak with that trend likely to continue.

Categories : Las Vegas Market
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