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Las Vegas Short Sale Help

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Archive for June, 2010

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Kathryn Bovard
Cell: 702 348-7191

Stephanie Serra
Cell: 702 497-7705

Current Summerlin, Las Vegas, Nevada Foreclosures. The list below represents single family residential foreclosure properties currently on the market in the Summerlin Master-Planned Community of Las Vegas, Nevada.

Try our free, interactive, map-based Las Vegas Home Search to design your own custom home search.

With your FREE VIP membership, you will be able to:

* Save property searches
* Receive email alerts of new properties
* Save favorite properties
* Adding notes to your favorite properties
* And much more…

Once you’re logged in, you can view the following maps and features  for all properties:

* Street View
* Bird’s Eye View
* Aerial View
* Street Address
* Additional photos of the property
* Virtual tour if available

Fannie Mae has announced some new rules that will affect our Las Vegas Short Sale market.

The new stipulation is that homeowners who can make their mortgage payments but choose to do a strategic default will have to wait 7 years until they can apply for a new Fannie Mae loan. This is a change from the two year waiting period that was previously in place.

It has been estimated that almost 75% of all Las Vegas homeowners are under water, in other words they owe more on their homes than they are worth. Furthermore, Fannie Mae has also announced that they will pursue all deficiencies allowed by law, and Nevada is a recourse state.  For more information on deficiency judgments and other common questions, read these posts:

Short Sales vs. Foreclosures in Nevada – Answers to Common Questions

Protecting the Short Sale Seller in the Purchase Agreement

If you would like to know what your options are, please contact us, we are Certified Short Sale Professionals with a team of experienced Las Vegas real estate agents, short sale negiotiators and attorneys who can help.

Call Kathryn at 702-348-7191.

In the Las Vegas Short Sale market there are several costs that a seller should be aware that he or she might have to pay in order to successfully close the short sale transaction.

These costs will be above and beyond the “deficiency“  that the bank may want you to pay and any third party negotiating fees.

If you live in a neighborhood with a Homeowner’s Association (HOA), you will want to keep your monthly dues up to date to avoid late fees and fines. You will also want to maintain your landscaping which will include water and electric for the same reason – to avoid costly fines.  Also, there will be a cost of the HOA documents that you are required in the state of Nevada to provide to the Buyer. The fee is mandated not to exceed $160.00 plus copy fees.  And most Real Estate companies will charge a Broker Administrative Fee (BAC) which will range from $350.00 up to $600.00 depending on the company.

You will also want to  make sure that your homeowners insurance is current, this can be done by contacting your insurance company. Be aware that many insurance companies will not insure a vacant home after a certain period of time, usually 30 days. There may be additional fees associated with your short sale, please check with your Certified Short Sale Professional for more details.

Kathryn Bovard is a Certified Short Sale Professional and experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process.

Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Categories : Short Sale Tips
Comments (1)

Bank of America services approximately one-third of Nevada mortgage loans.

  • Are you a Las Vegas Homeowner with a Bank of America loan struggling to make your payments or facing a possible foreclosure?
  • Have you considered all of your options to foreclosure – to include a Las Vegas short sale?
  • Have you tried a loan modification and experienced frustration with the process?
  • Do you qualify for a HAFA short sale with BofA?
  • Are you familiar with the eligibility requirements and the HAFA short sale process?

Here are some options and recommendations to ensure you get the answers to these and other important questions:

1. Start your personal research and gather information.

Bank of America has opened the first of three outreach centers to serve Nevada mortgage customers who are seeking loan modifications or other foreclosure prevention assistance.

With the acquisition of Countrywide in 2008, Bank of America services about one in three mortgage loans in Nevada. The lender says its home retention efforts have resulted in completed mortgage modifications for more than 15,000 Nevada homeowners since January 2008, with another 7,500 currently in active trial modifications as part of the federal government’s Home Affordable Modification Program (HAMP).

2.  Contact us today for a free consultation to discuss your options to foreclosure.

The Serra Group is qualified and experienced with the often lengthy and stressful Las Vegas short sale process.  We will be happy to guide you to other professionals to discuss both the legal and tax ramifications when considering a short sale or any other option to include a foreclosure.  Should a Las Vegas short sale be the best option for you, we are prepared to assist and navigate you through the entire process.

Kathryn Bovard 702-348-7191

Comments (3)

las vegas mls search

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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.

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