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I recently met with a client who owns a home in Las Vegas and they asked me if they should short sell their home or just go ahead and let the bank foreclose. The husband had just recently lost his job and they could not afford to pay their monthly bills on top of the mortgage payment.

Deciding on doing a short sale or just throwing up your hands and letting the  bank foreclose should be  based on you deciding on what is in your best interest.

A few of the advantages of a short sale are:

1. Shorter time frame usually 2 to 6 months to close that allows you to get on with your life.

2. You are in control in determining who the buyer is and what the sale price will be.

3. Avoiding the stigma of “foreclosure”.

4. Usually less negative credit impact than a foreclosure.

An experienced short sell real estate agent can fully explain each step of the process and familiarize you with all of the required forms before you make your decision. At the end of your first meeting, you should know exactly what are the advantages and disadvantages of a short sale vs a foreclosure. In the Las Vegas short sale market, we are seeing more accepted short sale from banks than ever before and a greatly reduced time frame, anywhere from 30 to 4 months.  

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.

Single family residential closings declined by 207 units from September sales but were down 936 units or -26.5% from October 2009. The median sales price dipped to $133,000 with available REO properties nearly reaching 3,500 units. Cash was certainly “king” in October as 46% of all closings were cash. Las Vegas short sales accounted for 29.5% of all sales in October, and REO coming in at 39.7%  The market appears to be soft, but stable as we close out the fourth quarter of 2010.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

This week, Catherine Cortez Masto, the Nevada Attorney General, spoke to Las Vegas real estate agents regarding an issue that the Attorney Generals office has been inundated with: Mortgage Fraud.

“…,In 2007, when the economy started going down, we saw loan foreclosures and fraud go up. The legislature passed a law in 2007 that allowed our office to criminally prosecute those people committing loan fraud. At that time, there were 40 companies engaging in these types of activities, in 2008 that number increased to 100, then 150 and now there are over 200 companies engaging in mortgage scam. In addition to mortgage fraud, we now have loan modification companies that are illegally taking your money up front, not performing the work and then skipping town.”

If you think you have had any experience with loan modification or mortgage fraud, please contact the Attorney Generals’ office, they need your information and help put a stop to illegal practices.

You can get free advice and consultation for your refinance, loan modification and foreclosure needs through several government agencies:

MakingHomeAffordable.gov

FinancialStability.gov

HopeNow.com

FHA Homeownership portal

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.

Kathryn Bovard is 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.

Closing dates and rate locksWant a lower mortgage rate on your upcoming Las Vegas home buy?  Think about moving up the closing date.

The reason is rooted in “rate locks”, a bank’s guarantee to honor a specific mortgage rate for a specific, finite period of time. Rate locks allow home buyers to reserve mortgage rates today even though their respective closings may be scheduled as far as a year into the future.

A rate lock is a contract. No matter what the “current market rate” is at the time of closing, the bank will honor the terms of the original rate lock.

It would be like making an agreement to buy Microsoft stock at a specific price 60 days from now. No matter what the price, you already know what you’re paying for it.

In this sense, rate locks are predictions about the future and, meanwhile, as we all know, the future can be a challenge to forecast. Lenders know this, too, of course, so it’s easy to understand why longer rate locks tend to be more expensive than shorter ones.

The longer the rate lock, the more risk to the bank.

To compensate for this “time risk”, therefore, lenders typically step-up pricing for rate lock guarantees as lock period lengthen.

  • 15-day rate lock : The best of all pricing
  • 30-day rate lock : 1/8 percent extra cost versus the 15-day rate lock
  • 45-day rate lock : 1/4 percent extra cost versus the 15-day rate lock
  • 60-day rate lock : 3/8 percent extra cost versus the 15-day rate lock

One percent of “extra cost” is defined as one percent of the borrowed amount.

Now, this incremental price chart is just a rough guideline; exact spreads vary from lender-to-lender. Overall, however, it’s fairly close.

That’s why it’s important to manage your closing date vis-a-vis your mortgage rate. Closing in 30 days versus 31 can save you an eighth-percent in closing costs. Assuming a loan size of $200,000, that’s $2,500 saved.

So, when negotiating a closing date on a contract, keep in mind the math of mortgage rate locks. The shorter its length, the more money you might save.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Search all Las Vegas Foreclosures, including Henderson, Green Valley and North Las Vegas.

Categories : Las Vegas Mortgages
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Retail Sales (September 2008 - August 2010)The recent rise in mortgage rates was slowed this week after the government released its Retail Sales report for August.

Prior to Tuesday, mortgage rates had been spiking across Short Sales on the resurgent hope for U.S. economic recovery. The sentiment shift was rooted in reports including the Pending Home Sales Index and Initial Jobless Claims, both of which showed surprising strength last week.

August’s Retail Sales, though, after removing motor vehicles, auto parts and gasoline sales, failed to maintain the momentum. Its figures were actually in-line with expectations — it’s just that expectations weren’t all that high.

Wall Street now wonders whether the weak Back-to-School shopping season will trend forward into the holidays.

The doubt spells good news for mortgage rates and home affordability.

Because Retail Sales is tied to consumer spending and consumer spending accounts for two-thirds of the economy, a weak reading tends to drag down stock markets and pump up bonds, and when bonds are in demand, mortgage rates fall.

This is exactly what happened Tuesday. The soft Retail Sales data eased stock markets down, and generated new demand for mortgage bonds. This demand caused bond prices to rise, which, in turn, caused mortgage rates to fall.

Mortgage rates did not cut new lows this week, but they’re very, very close.

With mortgage rates at historical lows, it’s an excellent time to look at a refinance, or gauge what financing a new home would cost. Low rates like this can’t last forever.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Search all Las Vegas Foreclosures, including Henderson, Green Valley and North Las Vegas.

Categories : Las Vegas Mortgages
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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.

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