Summerlin & Las Vegas Best Real Estate Deals

Best Summerlin & Las Vegas Real Estate Deals

Week of July 23, 2008

This week I have chosen 4 Best Summerlin Real Estate Valued Homes instead of the usual 3 Best Summerlin Real Estate Valued Homes. All four of the best valued homes I have found on the market this week are in the Vistas located in the Master Planned Community of Summerlin,which is on the west side of Las Vegas in zip code 89138 .

These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

If you have been following these posts of the Top Picks of the Week you will find as I have that the price per square foot is going up. This could be an early indication that even the foreclosure market has flattened (at least in the Vista’s of Summerlin) and may be rising as well. Keep an eye out on these blog posts and we will see if the Summerlin Real Estate Market is changing together.

Best Las Vegas Real Estate Deal #1

 

11572 Costa Linda Ave.  Las Vegas, Nevada 89138   MLS #808501

3 Bedrooms, 2- Full & 1-1/2 Bathrooms, 2 Car Garage, 2530 Square Feet and built in 2003. Asking price is $330,000 or $130 per Square Foot. It is located in the Sonesta Subdivision in the Vista’s Community of Summerlin.

This is a bank owned property. It has been listed and available since March 13, 2008. It went into escrow on June 11, 2008 and fell out of escrow and became available again on July 16, 2008.

Best Las Vegas Real Estate Deal #2 

11724 Royal Derwent Dr.

11724 Royal Derwent Dr.  Las Vegas, Nevada 89138   MLS #816532

4 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1723 Square Feet and built in 2004. Asking Price is $224,900 or $131 per Square Foot. It is located in the Somerset Subdivision in the Vista’s Community in Summerlin.

This is a bank owned property. The bank purchased the property for $201,750 on April 1, 2008. The previous owners purchased the home in January 1 of 2005 for $379,500. It was listed by the bank for sale on April 10, 2008 for $224,900; it went into escrow on April 24, 2008 and fell out of escrow on May 16, 2008. It went back into escrow on June 23, 2008 and fell out again on July 1, 2008. The asking price has remained the same the entire time the bank has had it for sale.

Best Las Vegas Real Estate Deal #3

616 Doletto St.

616 Doleto St.  Las Vegas Nevada 89134    MLS #840967

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2053 Square Feet, Built in 2003. The asking price is $234,900 or $114 per Square Foot. The property is located in the Portofino Community of the Vista’s in Summerlin.

This is a bank owned property. The bank has had the property listed for sale since July 2, 2008. Went into escrow on July 11, 2008; fell out of escrow and became available again on July 16, 2008

Best Las Vegas Real Estate Deal #4 

11200 Salentino Ave.

11200 Salantino Ave.  Las Vegas Nevada 89134 MLS #843284

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1723 Square Feet, Built in 2002. The asking price is $219,900 or $128 per Square Foot. The property is located in the Portofino Community of the Vista’s in Summerlin.

This is a bank owned property. The bank purchased the property back on March 1, 2008 for $230,000.  The bank has only had the property listed for sale since July 10, 2008 and have had no price changes.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com .

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information

www.JoeLaliberte.com

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Las Vegas & Summerlin Best Real Estate Deals

Joe’s Top 3 Best Real Estate Deals in Las Vegas

Week of July 7, 2008

This week I have chosen 3 of the Best Valued Summerlin Real Estate  Homes I can find. Two of the best valued homes I have found on the market this week are in the Vistas and one is located in the Paseo’s both are in the Master Planned Community of Summerlin, which is on the west side of Las Vegas in zip code 89138 . These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

This past week while showing clients some of the new home deals I found two subdivisions that the builder has actually raised the price of the homes.  It looks to me like the Las Vegas and Summerlin real estate markets are continuing to change for the positive.

Best Las Vegas Real Estate Deal #1 

601 Wandering Violet

601 Wandering Violet Way  Las Vegas, Nevada 89138   MLS #840536

3 Bedrooms plus a Loft, 2- Full & 1-1/2 Bathrooms, 2 Car Garage, 2480 Square Feet and built in 2004. Asking price is $279,900 or $113 per Square Foot. It is located in the Mariposa Subdivision in the Paseo’s Community of Summerlin.

This is a bank owned property. It has been listed and available since July 1, 2008. 

Best Las Vegas Real Estate Deal #2 

752 La Tosca St.

752 La Tosca St.  Las Vegas, Nevada 89138   MLS #795993

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2314 Square Feet and built in 2003. Asking Price is $249,900 or $108 per Square Foot. It is located in the Capri Subdivision in the Vista’s Community in Summerlin. 

This is a bank owned property. The bank purchased the property for $358,199 on January 1, 2008. The previous owners purchased the home in July 1 of 2005 for $455,000. 

Best Las Vegas Real Estate Deal #3 

606 Doletto St.

616 Doleto St.  Las Vegas Nevada 89134    MLS #840967

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2053 Square Feet, Built in 2003. The asking price is $234,900 or $114 per Square Foot. 

This is a bank owned property. The bank has had the property listed for sale since July 2, 2008. 

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com . 

Joe Laliberte Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com 

Las Vegas Real Estate Information www.JoeLaliberte.com 

Summerlin Real Estate Information www.OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information www.TheVistasHomes.com 

Home Buyers Scouting Report – Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Summerlin & Las Vegas Real Estate Best Values

Best Real Estate Deals in Summerlin and Las Vegas

Week of June 19, 2008

The three the best valued homes I have found on the market this week are in the Master Planned Community of Summerlin,located on the west side of Las Vegas in zip codes 89138, 89134. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

To sign up for the most advanced home search system to find the best available homes yourself just click here for a demo.

Do you know your homes value? Click here to receive a FREE Fully, interactive report on your homes value in minutes. It’s free with no obligations. Try it.

Best Las Vegas Real Estate Deal #1

721 La Tosca St.  Las Vegas, Nevada 89138   MLS #834004

4 Bedrooms, 2- Full & 1-1/2 Bathrooms, 2 Car Garage, 2532 Square Feet and built in 2004. Asking price is $299,900 or $118 per Square Foot. It is located in the Capri Subdivision in the Vista’s Community of Summerlin.

This is a bank owned property. It has been listed and available since June 10, 2008 with no price changes. 

Best Las Vegas Real Estate Deal #2

 

617 Apricot Rose Place. Las Vegas, Nevada 89138   MLS #835799

3 Bedrooms, 1 loft, 2.5 Bathrooms, 2 Car Garage, 2440 Square Feet and built in 2006. Asking Price is $279,900 or $113 per Square Foot. It is located in the Mariposa Subdivision in the Paseos Community in Summerlin.

This is a bank owned property. The bank purchased the property back on January 25, 2008. The previous owners purchased the home in September of 2006 for $472,442. The owner was asking $365,000 on January 15, 2008. 

Best Las Vegas Real Estate Deal #3

 

2412 Twin Flower Cr.  Las Vegas Nevada 89134    MLS #798301

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1881 Square Feet, Built in 1991. The asking price is $218,400 or $116 per Square Foot.

This is a bank owned property. The bank has had the property listed for sale since February 7, 2008. The original asking price was $284,050. On April 4 they dropped the price by $27,700; on May 21 they dropped the price by $26,450 and on June 9 they dropped the price by $11,500. 

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com . 

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com 

Las Vegas Real Estate Information

www.JoeLaliberte.com 

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com 

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Federal Housing Reform and Stimulus Bill, H.R. 3221

This is a response from our Nevada Senator John Ensign updating us on the Federal Housing Reform and Stimulus Bill, H.R. 3221. I thought you might find this helpful, interesting and hopefully informative. You can also visit Senator Ensign’s web site at http://ensign.senate.gov. for additional information and updates. As you can see, not only are the Las Vegas and Summerlin real estate foreclosure concerns being addressed but our representatives are assessable and responsive to your comments.

June 11, 2008

Mr. Joe Laliberte

Prudential Americana Grp

Dear Mr. Laliberte:

Thank you for contacting me about subprime loans, predatory lending practices, and the current housing crisis.  I value the opinions of every Nevadan and am always grateful for those who take the time to inform me of their views.

 The housing market in Nevada has experienced significant turmoil in recent months. Housing sales are sluggish, home prices have fallen, and new home construction has slowed. The increasing rate of foreclosures occurring in our state is also of great concern. Indeed, in the first quarter, Nevada posted the worst foreclosure rate in the nation at nearly four times the national rate. These foreclosures are a result of the real estate bubble bursting after years of skyrocketing home values. Contributing factors to the unusual spike in foreclosures include lax lending practices; aggressive real estate speculation; the increasing use of exotic loans; unwarranted faith that home prices would continue to rise; and, in some cases, financial misrepresentation and fraud among borrowers and lenders. My colleagues and I have considered several different measures to address the depressed housing market.

 You will be pleased to know that I have been successful in working with the leaders of both parties to help the Senate pass a bipartisan housing reform and stimulus bill, H.R. 3221. Among the many provisions aimed at bolstering the ailing housing market, this bill includes a $7000 tax credit for buyers who purchase homes in foreclosure. The high number of recent foreclosures has created a glut of homes available on the housing market, dragging down all home prices. The tax credit should encourage potential homebuyers to purchase this excess housing inventory which will help stabilize falling home values.

 H.R. 3221 also includes consumer counseling assistance which will help distressed homeowners who are currently struggling to meet their financial commitments. Consumer counseling will enable borrowers to work with their lenders in hopes of finding positive solutions that will keep them in their homes. Another provision in the bill will simplify mortgage disclosure forms so that future buyers have a better understanding of the mortgage terms they are agreeing to when purchasing a home. Because the housing crisis affects each community differently, this bill also provides additional financial resources to states and municipalities so they can take further steps to stabilize their local markets.

 You should know that the bipartisan Senate housing bill has been sent to the House of Representatives, where it awaits action. It is my hope that the House can act as quickly as the Senate and pass this bill without delay. Partisan politics and special interests should not stand in the way of providing struggling Americans with the housing relief they need.

 The Administration has assembled a private-sector group called HOPE NOW, which has developed a plan that could assist over one million subprime borrowers feeling financial stress under adjustable rate loans.  The HOPE NOW program is designed to help homeowners who can afford the current starter rate on a subprime loan but not the higher payments once their interest rate goes up.  This effort, which involves no government funds, will freeze interest rates for eligible borrowers and create a streamlined process by which struggling homeowners can work with their mortgage holders to avoid foreclosure.  This program has successfully assisted over 500,000 homeowners to stay in their homes.

 Thank you again for sharing your thoughts with me. Please know that as the Senate continues to deal with the housing crisis, I will be sure to keep your thoughts in mind as we examine whether or not further legislative action is required. Feel free to contact me in the future on matters of importance to you. Should you have any other questions or comments or would like to sign up for my newsletter, please do not hesitate to either write or e-mail me via my website at http://ensign.senate.gov.

Sincerely,

 

JOHN ENSIGN

United States Senator

 

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If you have any questions or wish any additional information just call or email me.

Joe Laliberte

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate

Summerlin Real Estate

The Vista’s Homes Information

Best Real Estate Values Homes Search

Your Homes Value

Find the Best Available Real Estate Deals in Las Vegas & Summerlin-Including Bank Owned Foreclosures

June 9, 2008

I want to provide you with a great new free tool ( Home Buyers Scouting Report ) for identifying what neighborhood best suits you and your family and provides you with all the best available homes in that neighborhood at the best available prices. Yes, this system includes all the homes that are available to Las Vegas Realtors including bank owned foreclosures. It is the most dynamic, user friendly home search site that I have found and once again it is free. Use this site to set your home search criteria, view the schools with information about them, view the shopping, hospitals, restaurants and their proximaty to the available homes. Get update emails when the price of a home you have saved in your notebook changes price or sales. Get the directions to go see any of the homes or see a map view of its location. 

View the system, try it out, experiment with it and become an expert on the Las Vegas and/or Summerlin Real Estate Markets. I know you will love this system.

Call me if you have any questions or need any additional information.

Joe Laliberte

702-499-1747

Joe@JoeLaliberte.com

Best Las Vegas Real Estate Deals

Best Summerlin Real Estate Deals

Best Priced Las Vegas & Summerlin Homes including Bank Owned Foreclosures

Best Las Vegas & Summerlin Real Estate Deals -Bank Owned Foreclosures

This weeks best real estate deals are bank owned properties and were found in zip codes 89138, 89144 and 89134 which are on the west side of Las Vegas in the Master Planned Community of Summerlin. Included in this blog is a brief description of each property. If you would like more detailed information about any of these or other great real estate deals in Summerlin or Las Vegas, just call (702-499-1747) or email me (Joe@JoeLaliberte.com) and I will provide it to you. You can also search for great deals like these on your own by going to a great property search system called Home Buyers Scouting Report.

For the past several weeks the banks have been taking a more aggressive approach to listing and selling Las Vegas Real Estate and Summerlin Real Estate and the properties they have in their inventory. The most common approach for them at this time is to list the property at an extremely good value ( For Summerlin Real Estate that would be less than $125 per square foot), generate a lot of traffic through the property and solicit as many offers as possible within the first week or two that it is on the market.

In these cases the buyer of the property will be competing with several other offers and can expect to pay over the asking price to purchase the property. Most buyers are having difficulty understanding that they are going to have to pay over the asking price in this current market. Or that when they close on the property they are still getting a great deal. In some cases my clients have had the appraisal come in at significantly higher ($25,000 or more) than the negotiated sale price. For an appraiser to commit to an appraisal over the negotiated price in this Las Vegas and Summerlin Real Estate market is very unusual.

My suggestion, before you make an offer, is to know the area you are you are looking in. Know the inventory and the market activity. Know what the properties that have most recently closed sold for. Know what the asking price of the properties that are in escrow. Know the asking price of the available homes of the same type and neighborhood. Know how much the bank paid for the property and when. Know the price history of the property. Have a pre-approval letter ready to submit with your offer and expect to get pre-appoved with a representative from the bank that owns the property. Make a clean offer that is a fast close and not asking for anything unusual. In most cases the banks will not pay for certain items. Know what those items are and don’t even ask the bank to pay for those items. Work with a good agent who knows the process and can provide you with all of this information and more. Do not hesitate to offer significantly over the asking price if you have done your homework. You will still be getting a great deal.

Best Las Vegas & Summerlin Real Estate Deals #1

   

10708 Sprucedale Ave.  Las Vegas, Nevada 89144   MLS #819931

5 Bedrooms, 2- Full & 2-3/4 Bathrooms, 3 Car Garage, 3754 Square Feet

Built in 1999.

Asking price is $441,355 or $118 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $405,000. The bank put the home on the market at this price on April 23, 2008. The previous owner paid $630,000 for it in July of 2006.

Best Las Vegas & Summerlin Real Estate Deals #2

 

1029 Bonitos Suenos St.  Las Vegas, Nevada 89138   MLS #829388

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2440 Square Feet. Built in 2006. Asking Price is $289,900 or $119 per Square Foot.

This is a bank owned property. The previous owners purchased the home in August of 2006 for $523,990.

Best Las Vegas & Summerlin Real Estate Deals #3

 

10342 Catclaw Ct.  Las Vegas Nevada 89135    MLS #825187

4 Bedrooms, 3 Bathrooms, Loft, 2 Car Garage, 2113 Square Feet,

Built in 1999.

Asking price is $244,900 or $116 per Square Foot.

This is a bank owned property. The owners paid $232,500 for the property in May of 2008.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me.

Do you know YOUR HOMES VALUE?

CLICK HERE to keep up with the Real Estate Market Trends of Your Home or Your Investment Properties.

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information

www.JoeLaliberte.com 

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com 

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com 

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Market Snapshot Report – Keep track of your homes value and the market activity in your area with this monthly report specific to your home.

Best Real Estate Deals in Las Vegas & Summerlin

Joe’s Top 3 Best Real Estate Deals in Las Vegas

Week of May 19, 2008

These homes are updated weekly at www.SummerlinRealEstate.Wordpress.com . If you would like to see the previous best valued homes or if you don’t want to wait for the monthly email, just visit the site.

The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89138 and 89135, 89134, 89144. Two of the properties are new never lived in homes that are being sold by the builder. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.

Best Las Vegas Real Estate Deal #1

616 Sistine St. Las Vegas, Nevada 89144   MLS #826058

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1705 Square Feet

Built in 2000.

Asking price is $210,000 or $123 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $256,000.

 

Best Las Vegas Real Estate Deal #2

11233 Salentino Dr.  Las Vegas, Nevada 89138   MLS #826529

3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1723 Square Feet

Built in 2002

Asking Price is $214,900 or $125 per Square Foot.

This is a bank owned property. The bank bought the property on April 1, 2008 for $279,495.

 

Best Las Vegas Real Estate Deal #3

2013 Cape Cod Landing Dr.  Las Vegas Nevada 89135    MLS #825187

3 Bedrooms, 2.5 Bathrooms, Loft,  2 Car Garage, 2742 Square Feet,

Built in 2007.

Asking price is $308,900 or $113 per Square Foot.

This is a bank owned property. The owners paid 489,240 for the property in April of 2007.The original asking price was $599,900 in January of 2007.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com .

Joe Laliberte

Broker/Salesperson

Prudential Americana Group, Realtors

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information

www.JoeLaliberte.com

Summerlin Real Estate Information

www.OurLasVegasRealEstateAgent.com

The Vistas of Summerlin Real Estate Information

www.TheVistasHomes.com

Home Buyers Scouting Report– Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.

Las Vegas Best Real Estate Deals

Best Las Vegas Real Estate Deals for the week of March 2, 2008

The three the best valued homes I have found on the market this week are in Summerlin, in zip code 89138 & 89144. We have now reached 2003 home prices in some areas on some homes. Some homes are now available at prices less than what was paid for them in 2003. Buyers are starting to come out in larger numbers and are making offers on several homes. The better valued homes are not on the market more than a few days before offers are made (yes I said offers) and the property goes into escrow. In the past 10 days I have had two clients that I showed homes to that were available the night before and were in contract within 1 day.  These properties had just come on the market within two days at a significantly reduced price or the price was reduced significantly within two days.  If this trend continues this could mark the bottom of the Las Vegas real estate market.  

For investors, I can provide you with a extensive, 5 page, investment analysis showing down payment, loan amount, cash flow and return on investment for any one of these properties for your review. Call me if you have any questions or would like to discuss this in greater detail.

Best Las Vegas & Summerlin Real Estate Deal #1

11709 Grotta Azzurra Ave., Las Vegas, Nevada 89138   MLS #771978

4 Bedrooms, 3 Bathrooms, 2 Car Garage, 2532 Square Feet

Built in 2003

Asking price is $320,000 or $126 per Square Foot.

This property is bank owned. The previous owners paid $540,000 for the property in November 2006. The bank bought the property back in October 2007. The bank was originally asking $374,900 and has reduced the price by $40,000 on February 8, 2008.

Best Las Vegas & Summerlin Real Estate Deal #2

11008 Cherrywell Ct., Las Vegas, Nevada 89144   MLS #793189

4 Bedrooms, 3 Bathrooms, 3 Car Garage, 4040 Square Feet

Built in 2001

Asking Price is $515,000 or $127 per Square Foot.

This property is bank owned. The previous owners paid $799,000 for the property in March of 2006. The bank bought the property back in November of 2007 for $610,000. The banks original asking price was $625,000 and dropped the price by $64,000 on February 26, 2008 to $515,000.

Best Las Vegas & Summerlin Real Estate Deal #3

11064 Whooping Crane Lane, Las Vegas, Nevada 89144 MLS # 771959

3 Bedrooms, 3 Bathrooms, 2 Car Garage, 2067 Square Feet,

Built in 2000.

Asking price is $265,000 or $128 per Square Foot.

The property is bank owned and was purchased by the previous owner in December of 2004 for $350,000. The bank just purchased it back on October 1, 2008 for $304,637. The bank started out asking $329,000 for the property and have been recently reducing it by approximately $5,000 every three weeks.

If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me.

Joe Laliberte

702-499-1747

Joe@JoeLaliberte.com

Las Vegas Real Estate Information                                  www.JoeLaliberte.com

Summerlin Real Estate Information www.OurLasVegasRealEstateAgent.com

The Vistas of Summerlin Real Estate Information www.TheVistasHomes.com

Home Buyers Scouting Report – Do your own searching for the best real estate deals in Las Vegas and Summerlin.

Market Snapshot – Keep track of your homes value and the market activity in your area with this montly report.

 

 

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

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.