Author Archive
New FHFA Changes for Las Vegas Short Sale Homes
Posted by: | CommentsEffective June 15th 2012,……….
Fannie Mae and Freddie Mac Services will be required to give homeowners a short sale decision within the 60 to 90 day timeframe. This is great news as the typical short sale in Las Vegas takes anywhere from 3 months to a year to get a decision.
Further guidelines are as follows:
*Requires Servicers to make a decision within 30 days of receiving an offer.
*If more than 30 days is required (PMI or BPO’S) the banks must provide the borrower with weekly updates and must decide within 60 days.
*If the bank decides to counteroffer, the seller and seller’s agent is expected to respond within 5 business days.
*The Bank will respond within 10 business days from receiving the sellers response to accept, reject, or counter.
With the Las Vegas Real Estate market at one of the lowest points for available inventory (Under 5,000 single family homes) that we have seen in many years, with an available inventory supply of only a few weeks, this means that short sale sellers will receive quick offers on their market priced homes! There has never been a better time than now if you are considering a short sale, and don’t forget that the One Time Tax Credit on the debt forgiveness expires on December 20, 2012.
Kathryn Bovard is experienced with the often lengthy and sometimes 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.
Considering a Las Vegas Home purchase? Search all Las Vegas Homes for Sale using our free, interactive map-based search.
Understanding a Las Vegas Short Sale
Posted by: | Comments
Although with the estimate of 75% of our Las Vegas Homes under water, I still have clients calling me daily with questions about the basics of a short sale. How long does it take, how much will the bank pay, what is a hardship and how much will it cost me are the most common questions.
I’ll try to address each of these questions in order.
Of course it depends on the the individual situation and the bank, but with all of the new procedures in place with the banks, the process has been greatly streamlined. If the owner has been pre-approved with HAFA, I have seen close of escrow within 45 of acceptance of offer. If the property is a second home or the owner is not occupying, it can take anywhere from 60 to 180 days from acceptance of offer to purchase.
How much will the bank pay is dependent on the owners assets, mainly what cash is on hand. If there is no cash, then it is unusual for the bank to request the seller to contribute any funds. They do not go into retirement accounts and I have not seen any requests for liquidation of assets in my four years of short sale experience.
If you are not able to afford to pay your mortgage, that is a hardship, if you have been transferred or there are any changes to your circumstances, that could constitute a hardship. A good Las Vegas short sale specialist can help you define your particular situation.
And lastly, how much will it cost? As an experienced short sale negotiator, it is our top priority to make the short sale process as affordable as possible, many homeowners have little or no cash on hand to pay for any expenses and we will ask the bank to pay for all expenses associated with the sale of the home, including the sales commission.
Navigating the short sale process can be a relatively simple process with the right agent in charge, it might be easier than you think. Call us today with any questions, we’re available!
Kathryn Bovard is experienced with the often lengthy and sometimes 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.
Kathryn Bovard Joins Realty ONE Group – Nevada’s Most Productive Real Estate Brokerage
Posted by: | Comments
Kathryn joined forces with Nevada’s #1 Real Estate Brokerage in September 2011. She is currently the Managing Broker for the new Green Valley branch of Realty ONE Group in Henderson, NV with over 400 real estate licensees. Kathryn is responsible for the leadership, training, coaching and recruiting of real estate professionals for this 11,500 sqft, state-of-the-art real estate office.
Kathryn Bovard is experienced with the often lengthy and sometimes 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.
Realty ONE Group is a full service residential real estate brokerage that has embraced technology in order to make real estate transactions smoother for REALTORS® and their clients. With REALTOR® support at our core, our Team of Professionals® has grown to over 3,300 agents working from 14 locations in Arizona, California and Nevada.
- Realty ONE Group is ranked #1 in Nevada by Vegas INC for number of closed transactions, #4 in Arizona by IMS Real Estate Trends for number of closed transactions, and #4 in Orange County (in less than two years) for number of closed transactions.
- 3,300 agents (up from 2,500 in 2010) in the tri-state area
- $2.7 billion in sales volume (up 25% from $2.1 billion in 2010); over $600 million in Arizona, over $450 million in California, and over $1.6 billion in Greater Las Vegas
- 16,040 closed transactions (up 23% from 13,051 in 2010)
- Awarded by Inc. 500 as one of the Fastest Growing Companies in America (three straight years)
- Ranked as #1 Brokerage in residential real estate by “In Business LV” magazine
From cutting-edge technology such as our proprietary paperless transaction system, to real estate education and training, Realty ONE Group offers an unprecedented level of service to our agents, empowering them to embrace their entrepreneurial spirit. The company continues to thrive as the fastest-growing, debt-free real estate company in the tri-state area.
Can I short sell my home with a tenant?
Posted by: | Comments
I get asked this question by many clients, particularly from those who live out of state. The simple answer is yes, banks will accept a short sale with a tenant in place paying the owner rent. The key here is what hardship does the owner have with receiving rent. For example, is there a negative cash flow once you calculate the entire costs such as taxes, insurance, maintenance and repairs, sewer, vacancy factor, etc. Or is there an over-riding reason to sell the home.
Usually the biggest obstacle is availability to show the home with the tenant. Ideally there should be a lockbox so that agents can show the home after making an appointment, I have found that not having a lockbox will seriously curtail the marketability of the home. Most agents will call the “day of” or the night before, and if the home is not available, then they will just move on to the next home. There are several incentives that you might offer the tenant to allow for this. A reduction in rent or a set amount taken off the rent for each showing provides an incentive for showing.
In fact in some cases having a tenant in place will be attractive to a potential investors as long as the rental amount pencils out for them. The lease will continue with the home, even though ownership has changed hands, so if you have a long term lease with a below market rent, that will also minimize the marketability. A lease will also prevent a lot of buyers who intend to occupy the property from looking at the home as their loan will be for owner occupant only.
Pricing the home to over come these challenges will be important in getting your home sold. Kathryn Bovard is experienced with the often lengthy and sometimes 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.
Benefits for Veterans in the Las Vegas Real Estate Market
Posted by: | Comments
What do veterans and Las Vegas short sales have to do with each other? You’re about to find out. This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri.
“Las Vegas, world renowned for its wildness, is actually a home to a growing population of families and retirees looking to enjoy the amenities of the “Entertainment Capital of the World.” In fact, many veterans and active-duty service members are finding out that it’s worthwhile to shop for a home in the Las Vegas area. As an option designed expressly for military homebuyers, the VA Home Loan program couples financial benefits with other services to make for a great way to finance that home. Combined with a short sale, a Nevada VA loan can help get military homebuyers the house they always wanted at a great price.
A VA loan in Nevada can finance 100 percent of a home’s value. The VA loan limit in Nevada is $417,000, and qualified borrowers will pay 0 percent down even when earning this maximum loan. This no-money-down possibility separates the VA loan program from traditional home financing options, which often come with down payments as high as 20 percent.
For all Las Vegas homebuyers, it’s never a bad idea to look for short sales on homes. Properties that are sold short are different than those that are foreclosed, but will likely be below market value since a bank or lender agreed to take a moderate loss in the sale. Using a Nevada VA loan for a short-sale home means the homebuyer will save even more money.
An additional perk of living in Las Vegas is the close proximity to Nellis Air Force Base. Active-duty personnel can also use a Nevada VA loan to buy a home on the base; veterans who want to be close to military life can use their benefits on a home just down the road.
The down payment feature is one of many upsides to VA loans, which come with negotiable interest rates and no private mortgage insurance. These two features work together to lower monthly payments so military homebuyers can more easily pay for their home. If VA loan borrowers decide to make prepayments on the loan, they will not be penalized for doing so.
To take advantage of a Nevada VA loan’s benefits, complete a Certificate of Eligibility (COE). A COE is a simple form that confirms that you meet the initial requirements for the VA loan program. The COE is available from the VA website or from a VA-approved lender, like VA Mortgage Center or another national lending leader. Despite helping more than 19 million service members buy a home, the program is not available to all veterans and service members. Military members who may qualify tend to be in one of three groups:
-Service members who served for 90 days during wartime or 181 days during peacetime while on active duty.
-Members of the National Guard or Reserves who served for at least six years.
-Spouses of service members who died while serving or due to a service-connected injury.”
If you would like to contact James, go to james@vabenefitblog.com.
Kathryn Bovard is experienced with the often lengthy and sometimes 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.
Considering a Las Vegas Home purchase? Search all Las Vegas Homes for Sale using our free, interactive map-based search.
