Best Las Vegas Real Estate Deals of the Week

Best Real Estate Deals Week of 2/23/08

 The three the best valued homes  I found on the market this week are in Green Valley at zip code 89074. It has been a while since I have been able to say this but with a 10% down payment these homes can be rented at a break even or better cash flow with an after tax rate of return over 9% and a holding period of 5 years.  This is an indication to me that we are nearing the bottom of the residential Real Estate Market. Investors are beginning to find value in the available homes and are not afraid to buy when the price is right and the investment meets their criteria. It is only a matter of time before the exploded rental market comes to the same conclusion and starts buying up these valued homes.  I can provide you with an extensive, 5 page, investment analysis on any one of these properties for your review. Call me if you have any questions or would like to discuss this in greater detail.

2858 Misty Ct. Henderson, Nevada 89074   MLS #8004823 Bedrooms, 3 Bathrooms, 2 Car Garage, 1833 Square Feet Asking price is $223,900 or $122 per Square Foot. It has only been on the market since February 14, 2008. It was purchased in August of 2002 for $188,000.

142 Carriage Way Henderson, Nevada 89074   MLS #7909724 Bedrooms, 3 Bathrooms, 2 Car Garage, 1918 Square Feet. Asking Price is $245,000 or $128 per Square Foot. Price dropped $15,000 on February 4, 2008. The property has been listed since July 18, 2007 with a price of $290,000. It was purchased in April of 1998 for $130,000. 

 

342 Hutchings Lane Henderson 89074 MLS #7893523 Bedrooms + Den, 1 ¾ Bathrooms, 2 Car Garage 1862 Square Feet. Asking price is $249,000 or $134 per square foot. It has been available since January 8, 2008 when the asking price was $293,000.The price has dropped $30,000 to $263,000 on January 25, 2008 then another $14,000 on February 14, 2008.The owner paid $103,450 for the home in January of 1990. 

To find properties like these yourself or to keep up with the changes I the Las Vegas Real Estate Market look at this site Home Buyers Scouting Report. To keep up with the current Las Vegas Market activity on your specific home look at the Market Snapshot Report.  If you would like any additional information or would like to see any of these properties just call or email me. 

Cellular 702-499-1747

Office 702-463-0593

Joe@JoeLaliberte.com 

Las Vegas Information www.JoeLaliberte.com 

Summerlin Information www.OurLasVegasRealEstateAgent.com

The Vista’s Community Information www.TheVistasHomes.com

Recovery Rebates & Economic Stimulus

This is a response from Senator Harry Reid updating us on the Recovery Rebates and Economic Stimulus for the American People Act. I thought you might find this interesting and hopefully informative. You can also visit Senator Reid’s web site at www.reid.senate.gov for additional information and updates. As you can see, not only are the real estate and lending concerns being addressed but our representatives are assessable and responsive to your comments.

 

Dear Mr. Laliberte:

Thank you for contacting me regarding the mortgage provisions in the Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140). I appreciate hearing from you. Recent turmoil in the global financial markets offers fresh evidence that our nation’s economy is struggling.   Faced with surging energy and food costs, rising home foreclosures, falling home values and a slumping job market, Americans’ confidence in our economy has been shaken.  In addition, millions of Americans are finding it more and more difficult to make ends meet, particularly those living on fixed incomes.  As the troubling economic news mounted, a growing number of economists came to believe that Congress needed to take urgent action to provide some relief.  In a much needed instance of bipartisan cooperation, Congress and the President were able to come together to enact an economic stimulus plan that provides timely measures to boost the economy.    

As you know, the Recovery Rebates and Economic Stimulus for the American People Act (H.R. 5140) was recently passed by Senate and signed into law by the President. Recognizing that the credit markets were experiencing a liquidity freeze, I made it a priority to include increases in loan limits for mortgages backed by the Federal Housing Administration (FHA) and those purchased by Fannie Mae and Freddie Mac. You might be interested to learn that H.R. 5140 will raise the single-family loan limit to 125 percent of the median value for homes in a given area. This could mean an increase from $362,790 to $729,750. In less expensive markets, H.R. 5140 will raise these limits from 48 percent to 65 percent of median value, which could mean an increase from $200,160 to $271,050. Additionally, FHA will have the discretion of raising loan limits up to an additional $100,000 if market conditions warrant such increases. Finally, you should also know that the stimulus package would raise loan limits for single family homes purchased by Fannie Mae and Freddie Mac from $417,000 to as high as $729,000. Congress has created these temporary loan limits in FHA, Fannie Mae, and Freddie Mac in order to improve credit availability in the mortgage markets.

As Nevada’s senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation’s economy and make Nevada an even better place to live. I very much appreciate your input regarding this matter, and assure you that I understand the important role that this bill will play for the financial security of all Americans. As Congress moves forward with housing legislation, you can be certain that I will keep all your thoughts in mind.

Again, thank you for taking the time to share your thoughts with me. I look forward to hearing from you in the near future. 

My best wishes to you.

Sincerely,

HARRY REID

United States Senator

Nevada 

 

Las Vegas Real Estate Foreclosure Alternatives and Resources

This blog is a compilation of information related to foreclosure options in an effort to help people facing the possibility of foreclosure on their home. Many people do not know or understand what their options are when it comes to the possibility of loosing their home. I hope to help anyone who would like to learn more about how to stop their home from going into foreclosure and the options they may have to avoid it. This is not written to be a complete and comprehensive document on the subject only a starting point and guide to head in the right direction. I hope you find it helpful.

These are the basic options available with a brief description:  

A. Do Nothing– Let the mortgage rate adjust and the payment increase. Read your note (the lenders documentation you signed when you purchased the home) to find out if your mortgage interest rate adjusts, what the interest rate will adjust to, when it will adjust and how it will affect your payment. If you cannot afford to make the monthly payments the home will ultimately be lost to foreclosure at auction. Future creditors will ask if you have ever been foreclosed on. Credit reports will disclose this information.

B. Payoff/Refinance– Obtain a new loan or refinance the property. Identify if the current loan has a prepayment penalty for paying off the loan within the current time frame or within the time frame since the loan was first originated.

C. Reinstatement– Paying off all the amounts owed to the lender to make the loan current. This may include not only back payments but also interest, late fees, taxes, attorneys fees and possibly more.

D. Loan Modification-Renegotiate your loan before or after the rate adjusts with the current lender. Negotiate the interest rate down from where it is or where it is going. Negotiate a fixed rate loan and or the term of the loan over a longer period like 35 or 40 years vs. 30 year. Call your mortgage company and ask for the note modification or home retention department and will most likely work with you. It is possible they will put you in a new mortgage with no fees. If you would like we can help you with this process and there are references contact information below,  just call.

E. Forbearance– Call your lender. They may consider allowing a temporary payment reduction.

F. Short Refinance – Although rare, in this case the lender agrees to forgive the difference between what you owe on the property and what the home is currenly worth. A more complete blog on this can be found at Bankrate. 

G. Partial Claim – Lender may loan borrower a second loan on the property for the amount that settles the back payments, costs and fees associated with the borrower being behind in the loan payments.

H. Deed in Lieu of Foreclosure – This option gives the property back to the lender instead of forcing the lender to foreclose on the property. The lender may require that the home be in good condition and current on mortgage payments and taxes. Most new loan applications will inquire if this has ever happened to the borrower.

I. Sell the property for maximum value. Have the property in the best possible condition and price it to sell. Pay off the debt and retain any equity derived from the sale.

J. Sell the property Short (better than foreclosure or bankruptcy). This occurs when the property value is less than the amount owed on the property when combining the first mortgage, second and potentially the third mortgage on the property. A good real estate agent who knows how to handle short sales will help his client through the process by helping with the following for his clients.

    1. Guide the homeowner through compiling all the related documents needed. Identify exact loan balances, delinquent mortgage payments, Home Owner Association payments, possible judgements and/or liens and prepayment penalties.

    2. Coordinate a written authorization for the Realtor and title company  to speak to the lender(s) on their behalf.

    3. Contact the title company to request copies of liens/judgements, Deeds of Trust and Notices of Default if applicable against the property. Carefully read the documents identifying the type of loan and any possible additional charges connected to the loan.

    4. Contact the lenders (first, second and third mortgage holders if applicable) loss mitigation or short sale department. Ask them for approval to sell the property as a short sale. Identify what documents they will require to review the loan for a short sale. Identify what their turn around time is and request those documents be faxed as soon as possible. Identify the maximum amount of closing costs that the lender can be charged. Take extremely good notes.

    5. Compile and forward the documentation that is required by the lender(s) back to the lender(s).

    6. Compile the documents for the title company.

    7. Negotiate with the buyers and the lender(s).

    8. Continuous contact and communication with all the parties involved in the transaction. Terms of the sale can be changed by the lender(s) during the escrow period.

K. Foreclosure – Notice of default filed. Because this is a matter of public record people will be calling, letters will be received and people will be knocking on the door to discuss the sale of the property. The lender will get more insistent about receiving payment on the outstanding loans. The process will take 3-4 months before the homeowner is evicted from the property. The homeowner will loose the house.

L. Bankruptcy – This option can liquidate debt and/or allow more time.

  1. Chapter 7 – Completely liquidates and settles personal debt.

  2. Chapter 13 – Coordinates a plan for payments to be made toward paying off debts within a specific period of time (generally 3-5 years).

For additional information about bankruptcy I suggest going to the blog of Darren Welsh our General Council at Prudential Americana Group, Realtors at http://ameglegal.wordpress.com/ . He offers more a more detailed explanation and resources.

We want to help anyone who is in this situation that needs help and advice. This is a difficult process to go through and we want to help make it as smooth as possible for those who need and/or want it.

Additional resources referred to me by Aaron Gordon (who also has a great blog) are:

Homeownership Preservation Foundation hot-line at 888-995-HOPE.

Home Retention Departments by Lender

Web site designed to help people stay in their homes by Moe Bedard .

These are some very knowledgeable local contacts that can be very helpful.

Anita Krikes – First Horizon Home Loans Akrikes@firsthorizon.com or 702-795-0774.

Mickie Salgado – Equity Title Company MSalgado@EquityNv.com or 702-835-0777

Joe Laliberte – Prudential Americana Group, Realtors Joe@JoeLaliberte.com or 702-499-1747

JoeLaliberte or OurLasVegasRealEstateAgent or TheVistasHomes

I am continuing to research this topic and will continue to update this posting as I get additional information.