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The short answer? Well in a recent Las Vegas Sun article economist and director of the Lied Institute for Real Estate Studies, Nasser Daneshvary, says he hopes so. Asked in an interview with Buck Wargo if banks were turning to short sales, Daneshvary responded, “There was good news until the end of November because short sales were increasing and foreclosure sales were declining. But December’s numbers showed foreclosures were higher. I think 2011 will be the year that short sales surpass foreclosures, but that’s optimistic.” Daneshvary recently finished a study on the effects of foreclosures and found that they have a devastating effect on neighborhoods to the tune of a 33% drop in value on homes.

But it’s not all bad news. When asked where Daneshvary sees home prices going in the future, he replies that he believes the price has bottomed out. So have we returned to 2004? Not exactly. The era that Daneshvary deems as “crazy price appreciation” is over. But buying a home is still a financially responsible move. Daneshvary goes on to state, “I think the whole attitude of households in the United States has changed. More and more people are accepting that having a house is not a quick investment. Having a house used to be called a long-term investment but even that’s gone. Having a house is a long-term savings.” And while saving may not sound as exciting as investing, it’s much less risky. In fact, with careful planning, it’s almost risk-less. It’s no secret that foreclosing on a home is bad news for the homebuyer, but Daneshvary’s recent study makes clear that when one of our neighbors goes under, we all take a hit.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options, including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

How common are housing bubbles? In a recent article from The New York Times, Robert J. Shiller, professor of economics and finance at Yale, explores the question of how common housing bubbles are, and what’s more, if we should expect another one soon.

Schiller argues that the most recent housing bubble and burst is unlike any other housing cycle in history, nationally or internationally. Prior to our current market, housing bubbles had been smaller and more regional. But by examining past booms and busts in the market, Shiller hopes to give us insight into our present situation as well as guidance for the next decade.

The 1970′s sets itself apart as the only decade in the early 20th century to have a bubble of national significance. The cause? An increasingly growing belief that the earth would not be able to sustain the growing population and in turn land would be in greater demand, thus raising its value. Then the Federal Reserve came down hard on credit in the U.S., bursting the bubble and leading to the recessions of the early 1980′s. Although there were scattered housing bubbles prior to this, they were infrequent, usually decades apart.  The larger bubbles, such as the farmland bubble that Schiller mentions, were also either infrequent or unprecedented, and many of these occurred in times of less regulation aimed at stopping bubbles.  This all  suggests that the current housing bubble will also be rare.

Ultimately Shiller maintains that given the history of land bubbles combined with the new policy restraints, a new housing bubble looks unlikely to happen again anytime soon.  Though it will take some time for the housing market to recover, the ultimate source of bubbles is the way the public thinks about a market.  With bubbles, the culprit is unfounded enthusiasm.  And since most people, Schiller says, view housing as an investment, we won’t likely hear any “pops” in the future.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Did you know that according to the National Association of Realtors single women account for 21% of all home purchases? Did you also know that single men only account for 10%? Because female homebuyers share certain concerns when buying a home, Marilyn Kennedy Melia at Bankrate.com points out the following four tips for them to keep in mind:

1. Plan For Your Retirement.

Mariko Chang, a consultant who recently completed a report on the wealth gap for women for the Insight Center for Community Economic Development in Oakland, Calif. says that several factors, like a greater likelihood of working at jobs that offer paltry retirement and other benefits, keep single women from achieving their financial goals. He also claims that although the nation has witnessed a housing bust, homes should still climb in value over the long haul, leaving longtime owners with a valuable asset. This means that owning a home can help women enter a more secure retirement if they pay down their loan balance over time. Chicago-based certified financial planner Leisa Aiken says it is a mistake to expect a quick run-up in property values, especially since there’s still an abundant supply. “You shouldn’t think of a home as an investment that will make you rich,” Aiken says. “But if you buy a home that you can afford to pay off, maintain and live in over a long period of time, you’ll have a low-cost place to live in retirement.”

2. Don’t Borrow Too Much.

Experts caution against borrowing as big a home loan as a lender will approve. Mortgage lenders may approve borrowers with good credit and other favorable factors for a home mortgage that, combined with their other regularly occurring debts, takes up one-third or more of the borrower’s gross pay. Instead, decide what percentage of your gross pay works with your budget and will not be a financial strain.

3.  Aggressively Research Financing.

Don’t select a lender based solely on a friend’s recommendation. Rather, check rates with several mortgage lenders. Zhenguo Lin, assistant professor of real estate at Mississippi State University, co-authored a recent study that found women head of households pay 40 basis points — nearly 0.5 percent — more on home mortgages than other borrowers. When controlled for income, credit score and other factors, that difference dropped to 8 basis points. “But that’s still significant,” says Lin, who believes the cost variance is due to the fact that 41% of women say they relied on a recommendation, while only 25% of men did.

4. Try to Get Seller Concessions.

How much money is actually needed to maintain a home is one of the most misunderstood aspects of ownership. But buyers who know better are able to get concessions from sellers upfront to fix any imminent problem an inspection may turn up.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

Jan
11

Las Vegas Short Sale Time Frame

Posted by: Kathryn Bovard | Comments (1)

One of the most often asked question that I get asked from Las Vegas homeowners who are thinking of short selling their home is “How long does it take?”

There are many variables such as condition of the home, pricing and location but once the seller has accepted an offer and that offer has been submitted to the bank for approval, the short sale time frame really depends on two things for the banks response time. Is it a delegated or non-delegated loan?

What this means is if it is a delegated file/loan the the bank has the ability to make a decision on the investor’s behalf without sending the investor a complete package for review. If it is a non-delegated file/loan then the bank cannot make the decision without a complete document review by the investor. The investor makes the decision in a non-delegated arrangement.

So basically the time frame for a short sale usually falls within the following:

INITIAL REVIEW AND SUBMISSION:

Delegated loans:                                                      5 weeks

Non-delegated loans                                            12 weeks

Valuation stage                                                       1-3 weeks

Held stage or negotiations                                   4 weeks

AFTER FILE HAS BEEN REVIEWED

Approval for delegated                                          2 weeks

Approval for Non-delegated                                4 weeks

Your Realtor or short sale negotiator will be able to determine from the bank asset manager what type of loan you have once a file has been opened.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   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.

Catherine Cortez Masto, the attorney general of Nevada filed a lawsuit against  Bank of America accusing it of engaging in “widespread fraud” by misleading customers with “false promises“.  “Bank of America’s callous disregard for providing timely, correct information to people in ther time of need is truly egregious” stated Ms. Masto.

Former employees said that Bank of America’s modification staff was “chaotic, understaffed and not oriented to customers”, according to a news release. One former employee said, “The main pupose of the training is to teach us how to get customers off the phone in less than 10 minutes”. Another employee said, “When checking on a borrower’s status, I often found that the modification request had not been dealt with or was so old that the request had become inactive. Yet, I was instructed to inform borrowers that they were  ”active and in status”. One time I complained to a supervisor that I felt I was always lying to borrowers”

Will this debacle with their loan modifications allow more short sale approvals from Bank of America-one can only surmise that the continued build up of customers who cannot make their payments will only bring more pressure on a already overtaxed system.

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.

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