Archive for June, 2010
Search all Las Vegas Homes for Sale Using Our New Map-Based Search
Posted by: | CommentsTry our free, interactive, map-based Las Vegas Home Search to design your own custom Las Vegas area home search.
With the Cirrus map search, you can view properties overlaid onto a Satellite Map. You may use this to zoom into homes you are interested in and can even draw boundaries around areas where you would like to live. You can customize your Las Vegas Home search further by selecting specific:
- Zip codes
- School zones
- City
- Neighborhoods
With your FREE VIP membership, you will be able to:
- Save property searches
- Receive email alerts of new properties
- Save favorite properties
- Add notes to your favorite properties
- Email the property details to a friend
- Request a showing
- View the Walk-Score of the neighborhood
- See a list of nearby amenities, businesses, restaurants, grocery stores, parks, libraries, etc
- And much more…
Once you’re logged in, you can also view the following maps and features for all Las Vegas properties:
- Street View
- Bird’s Eye View
- Aerial View
- Street Address
- Additional photos of the property
- Virtual tour if available
Contact Us to Schedule Your Las Vegas Home tour:
Kathryn Bovard
Cell: 702 348-7191
Stephanie Serra
Cell: 702 497-7705
Summerlin Foreclosure Homes for Sale
Posted by: | CommentsCurrent 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’s New Rules Could Impact Las Vegas Short Sales
Posted by: | CommentsFannie 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.
What Every Las Vegas Short Sale Seller Should Know about Costs
Posted by: | Comments
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.
Are Your Considering a Short Sale with Bank of America?
Posted by: | CommentsBank 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.
- Visit BofA’s Home Affordable Foreclosure Alternatives web page for more info, FAQs, and the process
- DSNEWS.com reported on June 2, 2010: BofA Opens Homeowner Outreach Center in Nevada – here is an excerpt:
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
Las Vegas Short Sales Now Possible for Fannie Mae & Freddie Mac Mortgages
Posted by: | CommentsHAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury that became effective on April 5, 2010 designed to streamline and standardize the short sale process for qualified homeowners. Read our 5 part series to learn more about the HAFA program.
HAFA excluded all Fannie Mae and Freddie Mac loans with the understanding that these GSEs (Government Sponsored Enterprises) would publish their own guidelines at a later date. Well that date has arrived… on June 1, 2010 both GSEs announced their guidelines for HAFA short sales. These programs will allow homeowners with GSE loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the government’s foreclosure prevention program.
Do you have a Fannie or Freddie mortgage? Find out by looking your loan up at this site: Fannie or Freddie Loan Lookup
Both programs are almost identical to the Treasury’s HAFA program for non-GSE mortgages. The borrower must first be evaluated and denied for a Making Home Affordable Program (HAMP) workout plan. The GSE HAFA programs take effect Aug. 1, 2010, but servicers are allowed to use HAFA immediately.
Here are some minor differences from the Treasury HAFA program:
- Servicers are eligible for a $2,200 cash incentive for each completed short sale (it is $1,500 for non-GSE HAFA) and $1,500 for each completed deed-in-lieu.
- Freddie Mac Eligibility: 60 days late and have cash reserves less or $5,000 or 3 times their monthly mortgage. Borrowers may be in foreclosure, in pending litigation involving the mortgage, or in active bankruptcy.
- In addition, Freddie said it does not require or accept cash contributions or promissory notes from the borrower.
All the details of the programs can be found at the respective websites:
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a Las Vegas short sale?
The Serra Group is here for your confidential, no obligation consultation regarding your options – there are solutions and we are here to help you navigate the distressed property process.
Call Kathryn at 702-348-7191.
Las Vegas Short Sale and Real Estate Market Report for May 2010
Posted by: | CommentsResidential Short Sale blog presents the Las Vegas Real Estate Market Condition Report for April 2010-May 2010 , courtesy of Nevada Title Company with chart breakdowns of all Las Vegas Home closings by type and Las Vegas short sale statistics.
Note from the Las Vegas Real Estate Market History table above that May 2010 demand is significantly less than May 2009 demand. Median price, which had been holding in the mid $130’s, has now begun to increase with three positive outcomes in a row. When the last four months are averaged (Feb-May), the outcome is a very strong +$2,437. The decline in supply (listed) has come to halt and increased 546 units over last month, while demand (closed month) moved up 195 units.
In Escrow properties (pending/contingent) fell for the first time in several months signaling increased movement of Las Vegas Short Sales out of escrow. The overall tight supply/demand situation should continue to place upward pressure on the price schedule. However, Standard prices (31% of demand) are weak at closing. The upper price ranges, while showing some activity, continue to suffer from lack of demand, especially those above $1 million.
Las Vegas Short Sale supply declined slightly from last month but demand moved up a significant (222 units). Market Speed is moderate but increasing. Percent Selling remains somewhat depressed but is moving up. Escrow inventory remains at high levels but appears to have peaked. In May of 2009, the percentage of Las Vegas Short Sale closings was 8%. In May of 2010, it climbed to 30%. The closing process remains inefficient and challenging, but improving. Prices are stable.
The final Las Vegas Real Estate market chart for this month depicts the sharp declining trend in median Las Vegas home prices since January 2008.
Do you have a trusted adviser and Las Vegas Short Sale Realtor to handle your short sale transaction? Contact us today for a confidential, no obligation foreclosure alternatives consultation to discuss your options. Call Kathryn, at 702-348-7191.
Looking to buy property in the Las Vegas Area? Start your free Las Vegas Homes search now.
