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Leave a comment » Nevada Notice of Default Letter- NOW WHAT?What to do if you just got a notice of default on your property in Nevada. Don't burry your head in the sand, learn what you can do to save your home. It is time sensitive though, so pay close attention to the information below!
Ok, you get a notice of default either by having the letter taped to your front door, or by certified letter. NOW WHAT?! First of all, please understand that these are extraordinary times and many people are hurting and struggling to stay in their homes. 71% of all of the home owners in Las Vegas are currently underwater, and with 14-15% unemployment many people are unable to pay their mortgages. With Loan Modifications not producing great results for home owners, some are getting frustrated and sticking their head in the sand. You have options. Did you know that Nevada has a mandatory mediation program to deal with these pain in the butt banks? YES. You can force the bank to send a representative who can make a decision on the banks behalf in order to get something accomplished. Here's the catch, and I'm going to make this very clear: In order to participate in the manditory mediation program in Nevada, you MUST file your mediation paperwork with in 30 days of the first notice of default. 30 days. Please, please, please open your mail and read it. This is an opportunity for you to stay in your home! If you have decided not to keep the home, this process can facilitate a short sale. The bank can not foreclose on your property until this mediation has taken place. The average mediation is taking 90-120 to set up. There are legal documents required to file for mediation, so I would recommend speaking to an attorney to help you with the mediation process. I have a few lawyers I send my clients to, and if you need a recommendation please contact me directly at 1-866-589-1646. So, what happens after the notice of default? The notice of default letter is the first step of the foreclosure process in Nevada. Here are the step of Foreclosure in Nevada:
If you are looking to avoid foreclosure on your record, you can also do a short sale. In a short sale, you basically ask the bank to take a loss on the property for the amount you owe. This process can be very quick with certain banks and slow as molasses. My team has had great success in closing our short sales. In fact we just closed and EMC short sale and got an approval in 5 weeks! The bank released the seller completely from the debt owed to him, and he was able to move on with his life and start rebuilding his credit. A short sale is not for everyone, and it's absolutely essential that you understand the tax and legal ramifications of a short sale. I ALWAYS tell my clients to consult with an attorney and an accountant to get their professional advice. If you would like a free confidential short sale consultation, please call Felipe Crook directly at 1-866-589-1646 with Prudential Americana Group Realtors. Felipe Crook Prudential Americana Group Realtors Las Vegas NV 89117
http://www.lasvegasluxurypropertieslink.com/00B792 
Posted on February 25, 2011 13:17:21 by Felipe Crook
Posted in Las Vegas Short Sale, Las Vegas Foreclosures
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Leave a comment » Two Government programs designed to help home ownersIf you would like to stay in your home but are having trouble paying your mortgage, consider the HAMP program as an alternative to foreclosure. Contact Felipe Crook for more information at 1-866-589-1646
If you want to stay in your home, I highly recommend you apply for the HAMP program created by the Obama administration. What is the program about? You can visit: Making Home Affordable. Here's an exerpt from their website: "The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels. Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure:
If your loan is NOT a Fannie Mae or Freddie Mac, then HAFA is the program you would use. What is HAFA? HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks. HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:
For the full HAFA Guidlines click here. For frequently asked questions regarding the HAFA Program click here. The part about these programs which are hugely beneficial to clients considering doing a short sale is that the banks are required to release their right for defficiency judgement. That is the number one reasons short sales don't move forward. If we can eliminate that threat, we will be able to keep so many foreclosures from hitting the market which will greatly affect our prices and neighborhoods. If you'd like to condifentially discuss your scenario, please contact Felipe Crook at 1-866-589-1646. Prudential Americana Group Realtors Felipe Crook 7475 W. Sahara Ave Ste 100 Las Vegas, NV 89117
http://www.lasvegasluxurypropertieslink.com/00A733
Posted on February 09, 2010 19:37:20 by Felipe Crook
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Leave a comment » Search Las Vegas Homes for Sale on the MLSSearch all foreclosure properties in Las Vegas, Henderson, North Las Vegas. Bank owned properties for sale in Nevada. Felipe Crook can help you find the right property for you.Do all of your home searching here by Search Homes in Las Vegas For Sale. There are some amazing deals out there, and this is the best place to start. It's not out dated like so many of the listings on Realtor.com. This site is updated hourly and is accurate. Our market is heating up considerably and you need to be notified of new properties as soon as they come on the market, with this website you will be. You are also able to save your search, mark which properties are you favorites, and change your search criteria. Simply click the link above, or start the search below. If you'd like to have specific search terms, please call me toll free at 1-866-589-1646 and I will go over an in depth search list for the property of your dreams. Visit the site often, as it is update with the latest information and statistics on the Las Vegas housing market. Felipe Crook Prudential Americana Group Realtors Las Vegas, NV 89117 1-866-589-1646 http://www.lasvegasluxurypropertieslink.com/00A655
Posted on January 25, 2010 14:53:00 by Felipe Crook
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Leave a comment » Las Vegas Housing Prices Move Up!Although ever so slight, Las Vegas housing prices saw the first increase in 30 months. Any step in the right direction is a good sign!Hubble Smith from the Review Jounral wrote an article last week detailing an increase in home prices. Now, before you run out to the streets and proclaim the housing market is recovered, these number are.....small....very small. But when you consider that Las Vegas has seen declines in home prices for the last 30 months, all kind of good new is music to our ears. Here is a copy of the article. As always, if you are looking for a home in Las Vegas or Henderson, please feel free to start your Las Vegas Home Search here.
The median price for both new and existing homes rose a fraction of a percent in July from the previous month, a hint that the housing market has flattened out in Las Vegas, a local analyst said. New home prices inched up to $210,000, from $209,000 in June, while resales went to $124,900 from 124,000, Las Vegas-based SalesTraq reported Wednesday. That is the first time existing home prices have gone up since February 2007, when they climbed to $288,000 from $$278,700.
The 0.7 percent month-over-month increase in resale price is "statistically insignificant" and could change with monthly revisions to the data, SalesTraq President Larry Murphy said. More importantly, it shows that prices have stopped falling, he said. Steve Bottfeld of Marketing Solutions said the statistic might not seem like much, but to a market that has seen nothing but falling prices for the past 30 months, it's something to celebrate. Prices have been traveling in a narrow $1,000 range for the past three months, suggesting they might be in the process of stabilizing, he said. California and some pockets of the country have reported a slight rise in home prices also. Sales of existing homes stayed strong in July with 4,675 recorded closings, the fourth consecutive month they have topped 4,000, SalesTraq reported. They are up 42.6 percent from the same month a year ago. Nearly 60 percent of resales were bank-owned homes with a median price of $112,000. The remainder had a median of $140,000. Home Builders Research counted 4,371 recorded resales in July, bringing the year-to-date total to 24,635, a 57 percent increase from a year ago. New homes sales are still lagging with 407 in July, leaving them down 58 percent for the year at 2,741. One, two, even three months of data do not constitute a trend, Bottfeld said. "Still, July appears to give some credence to the idea that residential real estate is beginning to recover in Las Vegas," he said. California-based real estate consultant John Burns said any housing recovery will be W-shaped with the first leg up driven by the $8,000 first-time home buyer tax credit and improved affordability from lower home prices. A "false peak" will form in November, he said. Sales and prices will fall again when the tax credit expires Dec. 1. Burns estimates that sales will slow substantially in December and throughout the first quarter of next year because of the demand "pulled forward" by the tax credit. The market will stabilize when job growth turns positive, hopefully by next spring or summer, he said. "While we believe there is another leg down, we don't believe that the decline will be that much further, so smart investments made with a long-term perspective should pay off handsomely," he said. Murphy said he doesn't disagree with Burns' thinking. "In my gut, I get the feeling there's another bobble or two after this stimulus of the tax credit wears down," he said. Murphy said at least half of homes in Las Vegas are going to investors in cash deals for foreclosures. It's tough for owner-occupants with limited financing to compete against guys such as Bob Schulman, chairman of Las Vegas-based Montecito Cos. He started a fund capitalized by institutional and high- net-worth investors to acquire 100 to 125 foreclosed homes in Las Vegas, targeting the Summerlin and Green Valley master-planned communities. Subsequent funds could acquire up to 500 homes. Schulman said he looked at all potential real estate opportunities -- from new construction to value-added acquisitions of existing apartment, office and industrial properties -- and determined that the best value was to be found in single-family homes. Not only had they overcorrected in price, they were substantially undervalued, he said. "We looked at residential land here with homes on it, and they were 30 percent to 40 percent below the cost to build," Schulman said. "Why would I buy land? I can just buy the house with no risk." Murphy said investors such as Schulman are really driving the entry-level market and taking those homes out of the inventory, which declined in July to 11,905 listings from 20,641 a year ago. "Frankly, that's where the smart money is, and I can't fault them," Murphy said. David Brownell of Keller Williams Realty in Las Vegas said the inventory of real estate-owned, or bank-owned, homes has been steadily shrinking in the past few months. The talk about the backlog of REO homes needs to become reality, he said. "These properties need to begin working their way into the market," he said. "Until then, the options for today's buyer, especially the FHA loan buyer, are becoming significantly limited." Nearly three-fourths of July home sales were bank-owned homes, and the current supply of those homes is about three weeks, he said. "Hmmm. Calling it 'limited' may be an understatement. More like overly restricted," Brownell said. "Did I hear 'seller's market?' Some signs are starting to point us in that direction, even if only small ones." Jeff Canarelli, vice president of sales for Las Vegas-based American West Homes, said he hopes the new home market has leveled off. American West is not building any homes on "speculation," or without a sales contract and deposit, he said. The builder is selling new homes for $205,000, below the market median, with floor plans priced under $100 a square foot. "Our attitude is people want a nice home with amenities," Canarelli said. "Still, (square) footage value is very important." Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
http://www.lasvegasluxurypropertieslink.com/009D52
Posted on September 21, 2009 19:19:18 by Felipe Crook
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Leave a comment » More Las Vegas luxury homes fall into foreclosure or short saleMore and more high end homes are falling into foreclosure or are being listed pre-foreclosure as a short sale. For savvy buyers looking to capitalize on the housing downturn, these homes are prime deals waiting for new owners.
This MASSIVE luxury home is currently on the market as a short sale. This is a growing trend of luxury homes falling into foreclosure as owners struggle to keep their mortgages current. Many people are making a "business decision" to short sell their home rather than keep an investment that is so upside down. There are currently 72 properties over $700,000 in Las Vegas and Henderson that are short sales, and 27 properties that are luxury foreclosures. Many of the properties that were selling for $900,000 have dropped drastically in price to $500,000. If you are considering a second home or an "upgrade" to your current home, deals are a plenty! Let's take the above home for example. It is nearly 9,000 sq ft...no typos there, 2 bedrooms (again no typo there either), 4 total baths, and sits on an acre of land. The adjacent parcel of land must be purchased with this property because there are easements to get to the home on it. That land is listed at $300,000. The appeal in this home is for a car enthusiast with a 27 car garage to store all of your beautiful automotive treasures. It's GIGANTIC!! For a custom home of this caliber, you would expect to spend at least $250-$300 per sq/ft, but this home is priced at $168. It's rare to find such a large home on an acre in Henderson for this price. Take a look at a few more pictures:
Many sellers in an effort to be competitive with these short sales and foreclosures, are offering creative seller financing terms to help sell their homes. All Inclusive Trust Deeds, Seller Carryback's, and lease options are once again gaining momentum as Jumbo loans are harder and harder to obtain. As of Aug. 30th, 2009 there are 159 luxury homes willing to look at creative financing options. There are risks to these financing routes, but sometimes it can create a deal where there wouldn't be one before. If you'd like to see the current value of your home, click here. Below are a list of properties that are currently bank owned and on the market. If you have any question about these, please contact Felipe Crook at 1-866-589-1646. http://www.lasvegasluxurypropertieslink.com/009C0A
Posted on August 30, 2009 16:30:06 by Felipe Crook
Posted in Las Vegas Short Sale, Las Vegas Foreclosures
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