My Personal Mission As your professional real estate advisor, I focus on client satisfaction. My business is about service and I am not happy until you are happy. My years in the business have provided me the experience to assist you with nearly every real estate need. Whether it's finding you a home, finding the best loan, or helping you getting the most out of selling your home I am here to guide you. If there is anything you need, please let me know. About My Services I will listen to your needs and want to establish our goals and objectives. We work as a team to meet the goals and you will continually be in the loop during the entire process. In this fast paced market, I believe communication is key in meeting our goals and building our relationship. Knowing that you are reading this right now, tells me that you are comfortable with the Internet and email and that means you will be able to take advantage of my 24 hour electronic assistant right here on my Website. Please use my Website to provide you powerful features such as the access to the MLS through my MLS Wizard to help you narrow down the ideal home. Selling your home takes special care and attention in order to get the highest possible price and you can feel free to use my Value Wizard to get an instant comparable sales report. My links section is designed to point you important information on home shopping, owning and selling. And if you find what you are looking for, then contact me and I will do my best to get you an answer or point you to a resource. Satisfied clients are the key to my success My satisfied clients are my best resource for new business. In this very competitive business of real estate, service makes the difference. My service is second to none and has earned me a valuable source of referrals. If you are considering a real estate professional, please give me an opportunity to earn your business too. I am confident you will be very happy! Buying a new home? Find your next home from my site by clicking the button that says, "Property Search". You will be instantly connected with every listing updated daily, 24 hours a day, 7 days a week. Sign up to be a VIP member and be the first to know about the newest listings on the market, schedule viewings, and request additional information on any available listing. Thinking of selling? Check out my "For Sellers" section for important information regarding your selling process. Don’t forget – you could be sitting on a goldmine! Click the button above to get a comparable analysis report on your home's value. Relocating? Everything you need to know about buying or selling a home can be found here on my Web site! Finding the right home in any new city is a tedious, time consuming job. My website is designed to provide you with up-to-date information on school districts, community information and more! Rocky sells Vegas is a complete resource for Las Vegas Real Estate. Use our new state of the art Las Vegas Real Estate map search to view thousands of Las Vegas Homes listed thru the Greater Las Vegas Association of REALTORS MLS. Setup an account and receive nightly updates of new Las Vegas Homes as they hit the market. If you are interested in digging into extreme detail on some of Las Vegas finest real estate offerings, please visit our Featured Homes section. This section features floor plans, lots of detail, pictures, virtual tours and school information on some of the finest Las Vegas Real Estate has to offer, if you can’t find it here, please let us know, we are constantly looking for new ideas for fresh content in this section. If you are interested in looking for Las Vegass Homes in a traditional text based search we offer that as well. Once you find that ideal home, make sure to use our aerial map view to check out the neighborhood, you can drill right down to the street level, this is a great tool if location is a priority. If you’re interested in buying Las Vegas Real Estate, our Buying section can serve as a great resource, this section discusses not only the process of buying Las Vegas Real Estate but examines some of the pitfalls we learned to navigate after hundreds of transactions as Las Vegas Buyer’s Agents. Our Sellers section takes a comprehensive look at our Las Vegas Home selling process as well as our Las Vegas Real Estate marketing program. We certainly put our money where our mouth is by not only showing a history of all of the Las Vegas Real Estate we have sold but we even post our past client testimonials, check it out you might know some of our clients! If you’re new to the area take a look at our areas section, this gives a good overview of not only Las Vegas but the entire Clark County region. This section features descriptions, photos, maps and statistics of the major neighborhoods in our region, a great place to start if you’ve never been here. If you love numbers or even if you are just curious about the financial aspects of buying or selling Las Vegas Real Estate, make sure to take a look at our "Calculators Section", we are constantly adding new calculators to this section so check back. Our resources section is a collection of information about not only Las Vegas Real Estateand Relocation but real estate alternatives in the unfortunate event you don’t end up moving to this wonderful area. We hope you find this site helpful. Our goal is to provide our current, past and future clients with a valuable resource both for and about Las Vegas Real Estate. If there is something missing or if you have any additional questions feel free to send us an e-mail, we are constantly looking for new Las Vegas Real Estate content Glossary of Terms Abandonment The voluntary surrender of property, owned or leased, without naming a successor as owner or tenant. The property will gentrally revert to one holding a prior intrest or in cases where no owner is apparent, to the state. Abandonment does not relieve obligations associated with lease or ownership unless the abandonment is accepted by the entity to which the obligation is owed. Absolute Auction A auction in which the subject property is sold to the highest bidder regardless of the amount of the winning bid. There is no reserve price. Absorption Rate An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied during a specific time frame. Adjustable Rate Mortgage-(ARM ) A loan in which the interest rate periodically adjusts, the rate can move higher or lower based on a pre-selected index, such as Treasury bill rates. ARM loans can include interest rate caps for a given time period or over the life of the loan, additionally, these loans may include limits on the frequency of interest rate adjustments. ARM loans generally offer initial rates below market interest rates as a trade off for the borrower sharing the risk that interest rates may rise during the life of the loan. Adverse Possession The principle of real estate law whereby somebody who possesses the land of another for an extended period of time may be able to claim legal title to that land. ASHI The American Society of Home Inspectors, founded in 1976, is North America’s oldest and most respected professional society of home inspectors. ASHI’s goals have always been to build customer awareness of the importance of a quality home inspection and enhance the professionalism of home inspectors. CMA Comparative or Competitive Market Analysis. A document or collection of documents that provides a pricing opinion and the supporting evidence for the recommended price. This is generally in relation to a residential property valuation. Not to be confused with an appraisal. Comparable (Comps) The most recent property sales of similar properties in the area or nearby areas. This sales data is used by Realtors in property valuation for marketing purposes and Appraisers for verification of valuation during the appraisal process. Declaration of Condominium Ownership A legal document that allows a Condominium to be built or sold under relevant state law. Pre-Approval A commitment from a Mortgage Lender to make a loan prior to actually identifying a particular property. The purpose is to make it easierto shop for a house. Different from a pre-qualification because the lender actually checks the applicant's credit. Previewing This is the an old school practice. A Realtor that previews actually looks at houses without a buyer. The Realtor looks at everything in a particular area and price range. The idea is the Realtor can build an internal database of houses and the prominate features of those homes. Ultimatley, this practice saves homebuyers a lot of time by eliminating homes that don't suit a particular buyers needs. Tandem Garage A tandem garage is an alternative garage configuration adds depth to a garage not width. This configuration allows the builder to stay within a narrow building envelope by moving deeper not wider. Cars in this type of garage park bumper to bumper as opposed to side by side. We keep referring to last week’s chaotic stock market; let’s just call it a month! The month’s activity and fears of overseas debt default are really influencing the mortgage market. Two trends are emerging: a decline in the average interest rate and a decline in applications for mortgages. Conventional wisdom is that the two work opposite one another. Mortgage rates tend to follow the Treasuries and rates continued to fall. Freddie Mac’s weekly survey of mortgage lenders found that the weekly average rate for a thirty (30) year fixed rate mortgage dropped (again) to 4.84%. The fifteen year fixed rate showed slight decrease at 4.3%. To obtain the rates, an average of 0.7 point down was required to get the rate. As recently as February, everyone was expecting mortgage rates to increase to 6%. That hasn’t happened. As fears about European debt and a second collapse have mounted recently, investors around the world are moving cash into U.S. bonds. The cascading result bears a decrease in mortgage rates. This could be great for the housing market because... Add a comment Read more... Weekly Wrap-Up - May 14, 2010 - A drop in foreclosures and an increase in household size...
In the mid 1950s Howard Robard Hughes, Jr. purchased 25,000 acres (10,000 ha) in Southern Nevada near Las Vegas. After Hughes died in 1976, Summa Corporation was organized to oversee Hughes’ vast business empire and land holdings, including the large parcel of Southern Nevada desert that is today known as Summerlin.
In 1988, Summa Corporation exchanged more than 5,000 acres (2,000 ha) of land adjoining Red Rock Canyon National Conservation Area for 3,000 acres (1,200 ha) of land located south of Summerlin. This landmark land exchange was facilitated by The Nature Conservancy and critically acclaimed by the environmental community.[citation needed] It created a buffer zone to protect Red Rock Canyon National Conservation Area from future development.[citation needed]
Summa Corporation began construction of Summerlin in 1990 but initiated planning and infrastructure construction – including Summerlin Parkway – in the late 1980s.[citation needed]
In 2002, Summa, known by now as The Howard Hughes Corporation, enacted a second exchange with the Bureau of Land Management, giving more than 1,000 acres (400 ha) of environmentally sensitive land adjacent to Red Rock Canyon National Conservation Area for 900 acres (360 ha) more suitable for development south of Summerlin.
Summerlin is currently home to more than 100 neighborhood and village parks, more than 150 completed miles of the Summerlin Trail System, nine golf courses – including Nevada’s only two Tournament Players Club courses, the TPC at Summerlin and the TPC Las Vegas, more than a dozen houses of worship, shopping centers, medical and cultural facilities, business parks and 25 public and private schools.[citation needed]
The community is unfolding in villages and today, 19 of 30 total villages are complete or are under development.[citation needed]
Summerlin offers homes in a variety of styles and prices to create a true multi-generational community. As of January 2009, Summerlin has approximately 9,000 of its 25,000 acres yet to develop.[citation needed]
Summerlin is recognized as a standard-setting master-planned community and has a long list of national and local awards to its credit. These include the American Trails Developer Award, 2008; Best Master-Planned Community Award, Best of Nevada Real Estate Awards, 2007; New Community of the Year, Awards for Excellence, Urban Land Institute, 2002; National Landmark for Outstanding Landscape Architecture, American Society of Landscape Architects, 1999; and Best New Town Land Plan Award, Pacific Coast Builders Conference, 1993.[citation needed]
Summerlin lies within both an incorporated municipality and unincorporated area. The area north of Charleston Boulevard is within the city of Las Vegas, while property south of Charleston Boulevard is located within unincorporated Clark County. As a planned community, Summerlin is managed by three major master associations (Summerlin North, Summerlin South and Summerlin West). The county portion is generally a part of Summerlin South. The northern portion, east of the 215 beltway, is mostly Summerlin North. The area west of the 215 beltway is Summerlin West. Many individual neighborhoods also have their own subdivision homeowners associations.
Summerlin is developed in villages. Each village features different amenities and residential offerings.[citation needed] Summerlin Centre is the community’s most dynamic village under development as Summerlin’s urban core.[citation needed]
Summerlin has two age-restricted communities, including Sun City Summerlin and Siena. Both have their own associations and are not part of the master association.
Bicycle lanes are provided on most major roads in Summerlin. As the gateway into Red Rock Canyon National Conservation Area, Summerlin is frequented daily by scores of cyclists making their way to the Conservation Area and using the community’s extensive trail system.
Most Summerlin neighborhoods have small pocket parks that are maintained by one of the Summerlin associations.[citation needed] Large community parks, which are available for use to all Summerlin residents, are located throughout Summerlin. As of 2008[update] there are nearly two dozen community parks that feature a variety of recreational amenities.[citation needed] These include league play soccer fields, baseball and t-ball fields, football fields, basketball courts, swimming pools, playgrounds, tennis courts, community centers, sand volleyball courts, horseshoes, bocce ball and shuffleboard courts, a tricycle course, interactive water spray features, motorized toy areas and barbecue areas.[citation needed]
The following parks are maintained and operated by The Summerlin Council.
Rocky Dickerson would like to present one of the most financially compelling residential real estate opportunities in the entire country. The market for Las Vegas homes offers savvy buyers the chance to secure a highly attractive long term investment at prices that have dropped to fire-sale levels. Money seeks opportunity and the Las Vegas real estate market is literally drowning in cash buyers. Data compiled by the Greater Las Vegas Association of Realtors documents the astounding percentage of monthly "cash closings" relative to overall sales activity. Believe it or not, cash purchases of Las Vegas foreclosures and Las Vegas short sales average 40-50% of total completed transactions, month after month after month. The Las Vegas Real Estate Market is undergoing a MAJOR shift that you will want to understand. Las Vegas Short Sales Las Vegas Short Sales are the FUTURE of our market and the logistical structures and processes of our industry are rapidly shifting in that direction. The federal government (through the US Treasury) has now aligned itself with the short sale process as a preferred alternative to bank repossession and provides significant financial stimulants to emphasize the strategy and encourage the participants. The Home Affordable Foreclosure Alternatives Program (HAFA) provides options that help to avoid repossession by offering incentives to both borrowers and banks who utilize the short sale process to avoid foreclosure on a Las Vegas home. HAFA is also designed to assist in the streamlining of the short sale process by providing a framework for standardization that will positively effect documentation, process flow and response times from both lenders and sellers. Time frames for completion of a Las Vegas Short Sale Purchase are shrinking rapidly in many cases. The major banks are finally jumping on board the short sale train as a superior alternative to foreclosure in terms of fees and costs, in addition to avoiding the significant issues of extended vacancy and property rehabilitation. As experienced Las Vegas short sale agents, our opportunity to negotiate a successful transaction on your behalf within 60-90 days has gone up dramatically. Under the old system, a Las Vegas short sale negotiation could easily have taken 4-6 months (or more). Making offers on Las Vegas short sales put you, the buyer, in a much stronger competitive position to take advantage of pricing on par with Las Vegas REO's while avoiding much of the cutthroat cash-based competition that exists in the Las Vegas foreclosure market. Las Vegas Foreclosures Las Vegas foreclosures may not be the buying opportunity you would expect unless you are a serious student of current market conditions and a determined cash buyer. The media has trumpeted Las Vegas, Nevada as the foreclosure capital of the nation for quite some time, so it would only be natural to expect bank-owned properties for sale in abundance. In actual fact, the inventory of available foreclosures for sale In Las Vegas is absolutely anorexic. Unfortunately, there is only a small pool of Las Vegas REO's on the market and they are unevenly matched against corresponding demand of tsunami-like proportions. Newly listed bank foreclosures in the Las Vegas MLS are hammered with multiple offers in the double digits (15+ in most cases) within days, many of them aggressive cash bids. This is the surprising truth of the matter and easily verified from numerous sources in the Las Vegas real estate industry. How can this be? How could things have turned out this way? The roots of the current situation go back to an earlier time in the national housing crises when the broader economy began to implode as well. It is actually a very compelling story and can be found in our Las Vegas real estate blog. A well-researched post from July of 2009 paints a detailed picture of the events that brought us to where we are today, and can be read by clicking here. If Las Vegas foreclosures are so scarce, how best to move forward? Answer - Las Vegas Short Sales Our Las Vegas MLS Search is at Your Disposal Our recently redesigned Las Vegas MLS search tool is free, immediately accessible with just one click and easier than ever to use. This comprehensive database of all available residential properties for sale in Southern Nevada forms the foundation for every targeted research tool on the Michelle Sterling Team website. Our Las Vegas MLS search presentation features a user-friendly interface that allows you to take a wide view of properties all across the valley, or to adopt a more targeted approach that designates such factors as location, specific price points and detailed residential features. Additional options for drill-down purposes include specific street addresses, individual mls numbers and zip code areas. The Attraction of Las Vegas Homes US News & World Report recently completed a comprehensive survey entitled America's 10 Best Undervalued Places to Live. The goal of the analysis was to identify residential markets that were not only drastically discounted on a pure pricing basis, but also represented locations that offered a high quality of life and promising long-term prospects. Number one on the US News Top 10 list of America's 10 Best Undervalued Places is Las Vegas, Nevada. There is nothing surprising about this. Everything from our taxes (second lowest in the country after Wyoming) to the weather to the entertainment to our geographic location make Las Vegas a truly one-of-a-kind city. Team Leader Michelle Sterling has been a resident of Southern Nevada for 28 years and a licensed Las Vegas real estate agent for over 14 years. Depth of experience within the Las Vegas real estate community has no substitute. The professional services of every agent on the Michelle Sterling Team are at your disposal. It's our pleasure to be of service to you. * Summerlin Real Estate * Summerlin Centre Real Estate * Summerlin The Arbors Homes * Summerlin The Paseos Homes * Summerlin The Pueblo Homes * Summerlin The Trails Homes * Summerlin The Vistas Homes * Summerlin The Gardens Homes * Summerlin The Mesa Homes * Summerlin The Willows Homes * West Summerlin Real Estate * Red Rock Country Club * TPC Summerlin Real Estate * Summerlin The Canyons Homes * Summerlin The Hills Real Estate * The Ridges Real Estate * Green Valley Real Estate * Green Valley Ranch Real Estate * Anthem Real Estate * Anthem Country Club * Inspirada Real Estate * Madeira Canyon Real Estate * Seven Hills Real Estate * Tuscany Real Estate * Lake Las Vegas Real Estate * Bella Fiore Lake Las Vegas * V at Lake Las Vegas * Vita Bella at Lake Las Vegas * North Las Vegas Real Estate * Aliante Real Estate * Eldorado Real Estate * Iron Mountain Ranch Homes * Los Prados Real Estate * Centennial Hills Real Estate * Desert Shores Real Estate * Painted Desert Real Estate * Providence Real Estate * Southshore Real Estate * Silverstone Ranch Real Estate * Mountains Edge Real Estate * Rhodes Ranch Real Estate * Southern Highlands Real Estate * Spanish Trails Real Estate * Canyon Gate Real Estate * Peccole Ranch Real Estate * Queensridge Real Estate * The Lakes Real Estate * Sun City Real Estate * Sun City Aliante Real Estate * Sun City Anthem Real Estate * Sun City MacDonald Ranch * Sun City Summerlin Homes * Ardiente Real Estate * Solera at Anthem Real Estate * Siena Real Estate * MacDonald Highlands Homes * MacDonald Ranch Real Estate * Lone Mountain Real Estate * Calico Ridge Real Estate * Henderson Real Estate * Whitney Ranch Real Estate * Silverado Ranch Real Estate * Las Vegas Country Club Homes * Rancho Bel Air Real Estate * Scotch 80's Real Estate * Spanish Oaks Real Estate
29 Essential Tips That Get Las Vegas Homes Sold Fast
(And For Top Dollar)
contact Rocky Dickerson
For most people, selling their home means cashing in their biggest asset. In other words, it must be handled with great care if you hope to protect—and capitalize on—your investment. This guide was written with one goal in mind: to give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the Las Vegas home-selling process.
Tip No. 1 Know why you are selling your Las Vegass home.
The reason you look closely at why you want to sell is that your motivations play an important role inthe process. They affect everything from setting a price to deciding how much time and money you'll invest to getting your home ready for selling.
For example, what's more important to you: the money you walk away with, or the length of time your property is on the market? If your goal is a quick sale, that can dictate one kind of approach. If you want to maximize your profit, the sales process will almost certainly take longer.
Tip No. 2 Once you know, keep it to yourself.
Your reasons will affect how you negotiate the sale of your home, but they shouldn't be given as ammunition to the person who wants to buy it. For example, a prospective buyer who knows you must move quickly has you at their mercy in the negotiation process. When asked, simply say that your housing
needs have changed. Your reasons are nobody's business but your own.
Tip No. 3 Do your homework before setting a price on your Las Vegas Home
Settling on an offering price shouldn't be done lightly. Once you've set your price, you've told buyers the absolute maximum they have to pay for your home. The trick for the seller is to get a selling price as close to the offering price as possible. If you start out by pricing too high, you might not be taken seriously by prospective buyers and their agents. A price too low can result in selling for much less than you had hoped for.
Setting your home's sale price can be a fairly easy process. If you live in a Las Vegas subdivision comprised of homes with similar or identical floor plans, built in the same time period, then all you have to do is look at recent sales in the neighborhood to give you a good ballpark figure.
But many people live in older Las Vegas neighborhoods that have changed quite a bit over the years. Every home in your Las Vegas neighborhood may be different in minor or substantial ways-the house next door may have added another bedroom, for example, or the one across the street might have been built recently to fill a vacant lot. As a neighborhood evolves over the years, you may find that there aren't any homes that are truly comparable to your own in Las Vegas.
If you decide to sell your Las Vegas home on your own, the most common way to set a value is to look at homes that have sold in your neighborhood within the past six to 12 months, as well as those now on the market. That's certainly how prospective buyers will assess the worth of your home in Las Vegas.
You can usually learn what homes have sold for in your Las Vegas neighborhood by making a quick trip to City Hall; home sale information is in the public records in most communities (but not all).
If this sounds like a lot of work, you may decide to hire a Las Vegas Realtor.® Your Las Vegas Realtor® will do all the market research and provide you with comps showing where your home should be priced to best meet your goals-a fast sell, maximum profit, etc.
Tip No. 4 Go Las Vegas home shopping yourself.
The best way to get to know your competition, identify features that are popular and learn what turns buyers off is to check out other open houses. Plan on spending a few weekends touring other homes on the market to learn what other sellers are asking. Be sure to make note of the floor plan, condition, appearance, size of lot, location and other features.
If you visit enough homes and pay close attention to the details (and what other "buyers" are saying), you'll develop a good understanding of how different features affect pricing. And then you can apply what you've learned to the task of setting your price. But don't forget to include in the equation what homes are actually selling for, not just simply what people are asking. And remember, if you're serious about getting your home sold quickly, don't be more expensive than your neighbor.
Tip No. 5 Know when to get an appraisal.
Sometimes you can use a good appraisal to your benefit in marketing your home. And if you get a VA or FHA appraisal, you can use it to let prospective buyers know that your home can be financed. However, an appraisal costs money. It also has a limited life. And you may not like the figure you hear.
Tip No. 6 Your Tax assessment means almost nothing.
Some people look to tax assessments to assign a value. The problem here is that assessments are based on a number of criteria unrelated to property values, so they often don't necessarily reflect the true value of your home. Have you ever heard of two identical homes in the same neighborhood with dramatically different assessed values because one was purchased more recently than the other? Well, it happens quite often.
Tip No. 7 Find a good Realtor.
Nearly two-thirds of the people who sell their own home say they wouldn't do it themselves again, according to research by the National Association of Realtors®. Sellers surveyed point to difficulties in setting a price, marketing handicaps and liability concerns among the primary reasons they would turn to a Realtor® next time. And selling a home yourself usually eats up more time and effort than you might initially expect.
Once you understand how much work it will be to sell it yourself, talk to a Realtor® you trust even if you decide to strike out on your own. Many top professionals are more than willing to help do-it-yourself sellers with the paperwork, contracts, etc. Plus you'll have a relationship with an agent if problems do arise that require professional help.
If you decide to work with a Realtor,® contact four or five-you probably met a few that you liked during your open house tour. Explain to each that you're thinking about putting your home on the market and you'd like to meet to talk about pricing and marketing. By having this group "evaluation" done, you should end up with a fairly tight price range to help guide your decision. Any Realtor® who is substantially higher or lower than the group should be able to justify their estimate. Just as you should be concerned with too low of a price, beware of an agent who gives you the highest price-they may be trying to buy your listing.
A good Realtor® knows the market and your neighborhood in particular. They will supply you with information on past sales, current listings, a marketing plan, something on their own background, and references from past clients. Take the time to carefully evaluate candidates on the basis of their experience, qualifications, enthusiasm, and personality. Most importantly, make sure you choose someone who is going to put in a lot of hard work on your behalf.
Tip No. 8 Give yourself room to negotiate.
Make sure you leave yourself enough room in which to bargain. If what you ask for is unacceptable to the buyer, and their first offer is unacceptable to you, then you better make sure you have someplace to go that is acceptable to you.
Start with the absolute minimum price you would accept, then pick the price you'd get if the world were perfect. This gives you your range to keep in mind when working with your Realtor® to negotiate the sale.
In setting your asking price, review your priorities. Do you want to maximize your profit or sell quickly? You'll price high for the former and closer to market value if the latter is the case.
Tip No.9 Maximize your home's sales potential
Each year, corporate North America spends billions of dollars on product and packaging design. The lesson here is that appearance is critical-and it would be foolish to ignore this when selling your home.
You may not be able to change your home's location or its floor plan, but you can do a lot to improve its appearance. And you should. The look and "feel" of your home generates a greater emotional response than any other factor. You may price your home to sell, but a prospective buyer reacts to what they see, hear, feel and smell.
Tip No. 10 Rely on other people's judgment.
The key to effective marketing is knowing your product's good and bad points. In the case of your home, accentuating the good can mean a faster sale for more money; failing to deal with the bad can mean months on the market and a lower-than-desired sales price.
The biggest mistake you can make at this point is to rely solely on your own judgment. Remember this is your home, a place of fond memories. There are bound to be emotional issues that can impair your ability to make an honest assessment of your home's strengths and weaknesses.
In evaluating what improvements you can make, don't be shy about asking others for their opinions. But make sure you're getting an honest answer; some may try to spare your feelings, just what you don't need. Fortunately, your Realtor® won't be shy in discussing what should be done to make a home more marketable.
Tip No. 11 Clean like you've never cleaned before
Pick up, straighten, unclutter, scrub, scour, dust...well, you get the idea. If your living room feels crowded, take out every piece of furniture you can get away with. If your home still isn't ready to appear in House Beautiful, then clean some more. Remember, you're not just competing with other people's homes-you're going up against brand-new homes as well.
Tip No. 12 Fix everything.
The step that squeaks, the light switch that doesn't work, the hairline crack in the bathroom mirror- they might be minor annoyances to you, but they can also be deal-killers. The problem is that you never know what will turn a buyer off. And even something minor that's gone unattended can suggest that perhaps there are bigger, less visible problems present as well.
Tip No.13 Remove all traces of you from your home.
When you toured other people's homes, you may have felt some discomfort. This probably occurred because you saw, heard or otherwise sensed something that made you feel as if you were intruding into someone's life.
The last thing you want others to feel in visiting your home is that same sense of discomfort. Avoid this by making your home as neutral as possible. Anything that interferes with a prospective buyers' ability to see themselves living in your home must be eliminated. A few carefully chosen knickknacks and family portraits may add warmth and character to the home, too many are a distraction. Avoid unique or trendy color schemes-paint and carpet in neutral shades of white or beige.
Tip No.14 The little touches can make the difference
While personal items can detract, other small touches can help make your house a home to buyers. A well-placed vase of flowers, accent pieces of sculpture, potpourri in the bathroom-all can enhance the attractiveness of your home in a subtle, soft-spoken way. Try perusing any of the home magazines for tips.
Tip No. 15 Don't let a smell be your downfall.
Odd smells kill deals quickly. All traces of food, pet and smoking odors must be eliminated. Even when you're sure they're gone, don't encourage prospective buyers to imagine things. If they know that you're a smoker or that you have a dog, they'll start smelling odors and seeing stains that may not even exist. Be safe-don't leave any clues.
Tip No.16 Disclose everything.
Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers-in writing. If the buyer knows about a problem, he can't come back with a lawsuit later on.
Tip No. 17 The more prospects, the better.
By maximizing your home's marketability, you'll increase your chances of attracting more than one prospective buyer. Why is this better? Because several buyers compete with each other; a single buyer ends up competing with you.
TipNo. 18 Don't get emotional during negotiations.
The extent of most people's experience in the art of negotiation begins and ends at their local auto dealership. And few of us have pleasant memories of haggling with car salesmen. But if you can just let go of the emotion you've invested in your home and approach negotiations in a detached, businesslike manner, you'll find the process to be a lot less painful. In fact, you might even enjoy it-and you'll definitely have an advantage over prospective buyers who get caught up in the emotion of the situation.
Tip No. 19 Know your buyer.
In the negotiation process, your objective is to control the pace and set the duration. And the better you know your buyer, the more easily you can maintain control.
As a rule, buyers want the best property they can afford for the least amount of money. But knowing specifically what motivates your buyer enables you to negotiate more effectively. Maybe your buyer needs to move quickly. Or the maximum amount he can spend is just a little below your asking price. Knowing this information puts you in a better bargaining position.
Tip No. 20 Find out when the buyer can pay.
As soon as possible, try to find out the mortgage amount the buyer is qualified to carry and the size of his down payment. If he makes a low offer, question his Realtor® about his client's ability to really pay what your home is worth.
Tip No.21 Find out when the buyer would like to close.
When a buyer would "like" to close is often when they need to close. Knowing this gives you his deadline for completing negotiations-again, an advantage in negotiations.
Tip No.22 Don't sign a deal on your next home until you close the deal on this one.
If circumstances conspire to force you into closing on your new home while you're still making mortgage payments on the old one, you might end up turning yourself into a seller who is eager (or desperate) for the first deal that comes along.
Tip No. 23 Don't move out before you sell.
Tip No. 24 Don't give yourself a dead line.
Forcing yourself to sell by a certain date adds unnecessary pressure and puts you at a serious disadvantage in negotiations.
Tip No. 25 Don't take a low offer personally.
The first offer is invariably well below what you both know the buyer will end up paying for your property. Don't get angry or feel insulted; evaluate the offer objectively. Make sure it spells out the offering price, adequate earnest money, amount of down payment, mortgage amount, a closing date and any special requests. Now you have a point from which you can negotiate
Tip No. 26 A really low offer may mean the buyer is not qualified.
If you feel an offer is inadequate, now would be a good time to make sure the buyer has been qualified to carry a mortgage of the size this deal would require (if you haven't learned this already). Ask how they arrived at their figure, then suggest their agent use comparables to establish what homes are going for in your neighborhood.
Tip No. 27 Don't take a lowball offer seriously.
An unacceptably low offer should not be taken personally or seriously. Rather, it should be countered, even with the slightest of reductions in your asking price. This lets a buyer know that their first offer isn't seen as a very serious one.
Tip No. 28 Make sure the contract is complete.
The best way to avoid problems is to make sure that all terms, costs and responsibilities are spelled out in the contract of sale. A contract should include the date it was made, the names of the parties involved in the transaction, the address of the property being sold, the purchase price, where deposit monies will be held, the date for loan approval, the date and place of closing, type of deed, any contingencies that remain to be settled, and whether there's any personal property included (or not) in thesale, among other things.
Tip No. 29 Don't deviate from the contract.
Resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.
If this all sounds like a lot of work, it is. But it's to be expected
when you're selling anything of such great value.
And you'll thank yourself for all the expense and hard work
when the outcome works to your satisfaction.
Please feel free to contact me if you would like further explanation on any of these topics, or if you have any real estate questions at all. I hope this special report provided you with the information you need.
Sellers TIPS
Advantages of Using a Las Vegas REALTOR® to Sell Your Home As the Las Vegas real estate industry evolves it seemingly becomes easier to market your house without the use of a professional. Knowing whether to use a Las Vegas REALTOR® or sell privately (FSBO) can be difficult to determine. It is important to understand what a good agent will bring to the table. Some of the main advantages of using a professional include: emotional objectivity, knowledge and marketing reach...MORE
Choosing a Las Vegas REALTOR® to Sell Your Home
You've decided to enlist the help of a professional to help you sell your Las Vegas home. Here are some tips to help you find a Las Vegas real estate agent that will serve your needs best...MORE
Setting the Price
When pricing your Las Vegas home to sell, you may consider the price you originally paid, add a substantial markup and presume you're done. This would be a grave mistake; one that could wind up costing you thousands or end in no sale at all. In order to price your home to sell there are many things that should be considered...MORE
Creating an Effective Home Marketing Plan
While some agents may put an ad of your Las Vegas home in the local paper and list it in the Multiple Listing Service (MLS), there are many additional steps that should be taken to effectively market your home enabling a quick sale at the best price. A devoted REALTOR® will actively market your house using at least a few of the following methods...MORE
Aliante
Anthem
Desert Shores
Green Valley
Lake Las Vegas
MacDonald Ridge
Mountains Edge
Painted Desert
Peccole Ranch
Queensridge
Red Rock Country Club
Rhodes Ranch
Seven Hills
Siena
Silverado
Summerlin
Sun Cities
The Lakes
Centennial Hills
Silverstone
Southern Highlands
The Ridges
Turnberry Towers
Tax Credit Extended for Some Military Personal
Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Exemption From Tax Credit Recapture Rules
Extension of Tax Credit Deadlines
Definitions
Monday, April 5, 2010 at 10:35AM
By Deanne M. Rymarowicz, Esq.
Legal Counsel
Just days before the official start of the Home Affordable Foreclosure Alternative (HAFA) program, the Treasury Department announced several changes to the program, including increased incentives for sellers and second mortgage holders.
Funds payable to a short seller for relocation assistance under the program have doubled, from $1,500 to $3,000. The funds are payable at close of escrow and are intended to be used for moving expenses and/or a security deposit on a rental.
Incentives to second mortgage holders have also doubled, up from an aggregate of $3,000 to $6,000. The new guidelines allow a second mortgage holder to receive a portion of the gross proceeds of the sale, "no more than six percent (6%) of the unpaid principal balance of their loan, until the $6,000 aggregate cap is reached." In addition, the changes clarify that the loan servicer must obtain a written commitment from subordinate lienholder(s) that they are releasing the seller from all claims and liability relating to the subordinate lien in exchange for the payoff amount.
Another clarification to the program involves those homeowners who have not previously applied for a loan modification under the HAMP program. Those homeowners must complete a Request for Modification and Affidavit (RMA) and provide sufficient evidence of income to show that their mortgage payment is more than 31 percent of their gross monthly income and they have a hardship.
(Source: Greater Las Vegas Association of REALTORS Official Member Blog Site)
Not all short sales are HAFA eligible. Please e-mail me If you would like to recieve a copy of the Treasury Department's Supplemental Directive on HAFA.
Monday, April 5, 2010 at 10:35AM
By Deanne M. Rymarowicz, Esq.
Legal Counsel
Just days before the official start of the Home Affordable Foreclosure Alternative (HAFA) program, the Treasury Department announced several changes to the program, including increased incentives for sellers and second mortgage holders.
Funds payable to a short seller for relocation assistance under the program have doubled, from $1,500 to $3,000. The funds are payable at close of escrow and are intended to be used for moving expenses and/or a security deposit on a rental.
Incentives to second mortgage holders have also doubled, up from an aggregate of $3,000 to $6,000. The new guidelines allow a second mortgage holder to receive a portion of the gross proceeds of the sale, "no more than six percent (6%) of the unpaid principal balance of their loan, until the $6,000 aggregate cap is reached." In addition, the changes clarify that the loan servicer must obtain a written commitment from subordinate lienholder(s) that they are releasing the seller from all claims and liability relating to the subordinate lien in exchange for the payoff amount.
Another clarification to the program involves those homeowners who have not previously applied for a loan modification under the HAMP program. Those homeowners must complete a Request for Modification and Affidavit (RMA) and provide sufficient evidence of income to show that their mortgage payment is more than 31 percent of their gross monthly income and they have a hardship.
(Source: Greater Las Vegas Association of REALTORS Official Member Blog Site)
Not all short sales are HAFA eligible. Please e-mail me If you would like to recieve a copy of the Treasury Department's Supplemental Directive on HAFA.
Sweep up the dust and make your home sparkle!
It’s that time of year again: Spring. Which means warm weather, green gardens
and summer vacations are right around the corner. It’s also the time of year
that homeowners – new and old – brush off their brooms, dig out their dusters
and begin barreling through the clutter that piled up during the winter months.
While some people find it fun to organize the mounds of chaos, the rest of us
need a little help putting the “merry” in our maids. Here are several tips to make
the most of this year’s spring cleaning.
Slow and steady wins the race.
The chaos of clutter in your home can make anyone feel frazzled. Keep your nerves in check. Schedule
your de-clutter days in advance. Go out and buy any and all necessary cleaning items beforehand so that
everything’s readily available. (The last thing you want is to be in the grocery store – yellow gloves and all –
looking for toilet bowl cleaner) Then map out your plan of attack. Start with the hard stuff first while your
energy is high then little by little inch away at each room.
To keep or not to keep?
That certainly is the question. To make it easier, find (or buy) three boxes. Label the boxes “Put Away,” “Give
Away/Sell” and “Storage.” Then grab your trash can. Now you’re ready. As you peruse through each pile of
paper or stacks of stuff, ask yourself which box the item belongs to. Hint: If you don’t throw anything away,
you may need to reevaluate how you’re organizing your clutter.
All hands on deck.
Now that you’ve removed all unnecessary clutter from your home and have packed away any “Put Away” or
“Storage” items you’re ready to yank on your yellow gloves. It’s easy to remember to clean the obvious
places – here are some not so obvious places that may also need some TLC: Windows and Skylights,
Baseboards and Walls, Tile as well as Closets, Cabinets and Computer Areas.
Having a clutter-free home isn’t easy – but it is achievable. Make your spring cleaning a family affair. Assign
chores and reward yourselves with a fun night out. And if all this sounds like too much work – hire someone
to do it for you. I know of several services that come highly recommend. Give me a call – I’d be happy to give
you’re their information!
Tax season is once again upon us and the filing
frenzy is soon to begin. If you made any energy
efficient home improvements this year such as
installing insulation or replacing doors and windows in
your primary residence, you may be eligible for
important tax benefits. Here’s a breakdown of the
benefits you can get back from Uncle Sam.
The new home energy credit allows you to claim
a tax credit equal to 30% of the cost of making
energy-efficient home improvements, up to a
maximum of $1,500. The cap applies to one’s
combined credit for 2009 and 2010 meaning if
you claim $1,000 in 2009, up to $500 may be
claimed in 2010. If you claim the full $1,500 in
2009 you are not eligible to claim any additional
credit in 2010.
The tax credit (which reduces the amount of
taxes you owe is better than a tax deduction
which simply reduces the amount of income
taxed) applies to super efficient heating and
cooling systems, including heat pumps, central
air conditioning units (CACs), furnaces and
water heaters. It also applies to windows, doors,
skylights and insulation.
Homeowners who installed renewable-energy
devices qualify for an even bigger tax break:
30% of the total cost, with no maximum. These
include: solar photovoltaic and hot water
systems, small wind systems, and geothermal
heat pumps.
For more information visit:
http://www.energytaxincentives.org/ or energystar.gov.
The heat is on!
Whether you’re North, South, East or West, summer in the United States
means things are heating up and families and friends are getting their grillgroove
on. Try a recipe like the one below and be ready to ‘wow’ your hungry
crowd. Always remember: safety first! Take a look at the 9 things you should
remember when firing up the grill.
Check the tubes that lead into the burner for any blockage from
insects, spiders, or food grease. Use a pipe cleaner or wire to clear
blockage and push it through to the main part of the burner.
Check grill hoses for cracking, brittleness, holes, and leaks. Make sure
there are no sharp bends in the hose or tubing.
Move gas hoses as far away as possible from hot surfaces and
dripping hot grease. If you can't move the hoses, install a heat shield
to protect them.
Replace scratched or nicked
connectors, which can eventually leak
gas.
When you reconnect the grill to the
liquid propane gas container or if you
smell gas at any time, check for gas
leaks. Follow the manufacturer's
instructions.. If you detect a leak,
immediately turn off the gas and don't
attempt to light the grill until the leak is
fixed.
Keep lighted cigarettes, matches, or
open flames away from a leaking grill.
Never use a grill indoors. Use the grill
at least 10 feet away from your house
or any building. Do not use the grill in
a garage, breezeway, carport, porch,
or under a surface that can catch fire.
Do not attempt to repair the tank valve
or the appliance yourself. See an
liquid propane gas dealer or a
qualified appliance repair person.
Always follow the manufacturer's
instructions that accompany the grill.
Source:
http://www.cpsc.gov/cpscpub/prerel/prhtml97/97128.html
Las Vegas Market Watch Report May 10, 2010
Number of Contracted Units Reaches All-Time High
Not only has the number of properties under contract escalated, the distribution of property types has also shifted according to data obtained from the Greater Las Vegas Association of Realtors (GLVAR). During the past week, the count of properties with a contract in place that require certain contingencies to be cleared (“contingent”) reached 13,406 homes, the highest in southern Nevada’s history. The number of contingent units reflects a 70.6-percent increase from the same period of the prior year, while the majority (81.1 percent) of these units is subject to bank approval on a short sale.
In addition to contingent units, the number of homes “pending” customary closing procedures (contracted homes whereby the contingencies have been cleared) reached 3,116, combining for a total of 16,522 properties that are contingent or pending. During the past week, the number of “available” properties jumped by 216 to reach a total of 10,309 (yet remain down 35.9 percent from one year ago).
Is a distressed property the right deal for you?
For many buyers, the term "foreclosure" brings up images of run-down homes with no
heat and
rotting wood. While this is still the case for some homes, it’s no longer the standard. In
fact, buyers are snatching up distressed deals in decent condition for great prices.
By definition, a distressed property is one that was purchased with a loan and the
homeowner is no longer able to make their mortgage payment resulting in foreclosure –
or if they’re lucky, a short sale – meaning they owe more on the home than it’s currently
worth. With a 20% increase in foreclosures from 2009, distressed properties still remain
a large portion of home sales and are going to continue well into 2010 as homeowners
continue to feel the effects of an economy on the mend.
If you’re in the market for a home and are prepared for a unique transaction,
a distressed property could be a great option. As always, due diligence is key.
Here are a few things to remember before you decide to buy distressed:
1. Get pre-approved. Whether you’re buying a distressed property or a traditional home, knowing how much
house you can afford is the first step. In the case of a distressed property there could be multiple offers on the
table. Remember, banks want to get these properties off their hands quickly and typically don’t take buyer
contingencies – such as needing to sell your home before you buy – into account. The buyer who can act fast
will usually get the home.
2. Stay focused. If you’re prepared to buy a distressed property it's critical you understand that the process of
purchasing the home could be very fast or very slow. There are many aspects of the transaction that are in the
hands of banks and lenders. There is always a lot of paperwork, and there aren’t always definitive answers.
While a professional will do everything they can to simplify the process, know that it can get complicated.
3. Be decisive. If you are specifically in the market for a great deal then distressed properties are your best bet.
However, if the right property hits the market at the right price it's critical to act fast and decisively. Buyers who
gamble by waiting for another price drop or take too long to make a decision could miss a good buy.
4. Be prepared. For anything. Not all distressed properties are falling apart. But some are. And as a serious
buyer, you must be prepared to see the worst.
5. Due Diligence. It doesn’t hurt to say it again, and again: protect your investment. Have an inspector look at the
property before you buy so that you know how much money you may have to put into fixing the home.
Remember, because banks are already losing money, they don’t include allowances for costly repairs when
selling the home. Also have an appraiser determine the home's worth in case you decide to sell the home
down the road.
Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your
side to help you make informed decisions.
Location, location, location.
Buying a home involves many nuances: kitchen size, bedroom
count, backyard space, etc … One factor that can trump even
the perfect home is the neighborhood.
Finding the right combination of home and neighborhood
hospitality that fits your unique needs can be difficult if you’re
not entirely sure what you want, or if you’re new to town. It’s
critical to do your research before deciding to buy, and often
your REALTOR® can help you find the neighborhood that’s
right for your lifestyle and that fits your budget. Here are a few
ways to get started:
1. Jot down a list of your daily activities. For example,
you might write down work, church, coffee, grocery
stores or the dry cleaners. How far would you have to
travel to each destination from your home? Do you mind
the commute?As you begin to look at neighborhoods,
keep the location of these frequent errands in mind.
2. Research the school district. The school or the city’s
education department should be able to provide you
with class size, test scores, special enrichment
programs, extracurricular activities and the percentage
of students that go on to college. No kids yet? It’s still a
good idea to consider school districts. When the time
comes to sell your home, schools could be an important
to factor to potential buyers.
3. Economic Stability. Is the neighborhood new or old?
Are home prices rising, falling or are they stable? Check
for vacant homes and apartment complexes as these
could potentially affect the value of homes in your area.
Remember, your REALTOR® is a good source for this
kind of information.
4. Check crime. You’ll want to be sure crime levels aren’t
high in your new neighborhood. Check with the local
police department for crime rates. Be sure to ask about
regular criminal activity. If burglaries are high on the list
– you might consider looking elsewhere.
5. Take a tour. The best way to get to know a potential
neighborhood is to walk or drive around. Talk with
people at local businesses or ask folks in the
neighborhood. Test out local restaurants and get to
know the environment.
The art and science of PRICE (How does your home size up?)
One of the first and most important steps a seller must take before putting your home on the market is setting the listing price –
or how much your home is worth. Price too high and you might scare away eager buyers. Price too low and you might have
trouble negotiating a reasonable offer down the road – especially in a market where buyers feel they have the upper-hand and
more sellers are bringing additional concessions to the table.
Many times your REALTOR® will walk you through this process with a Comparable Market Analysis (CMA). A CMA is the report
real estate agents use when they conduct an in-depth analysis of a home's worth in today's market. In nearly all cases your
REALTOR® is a trustworthy source to lean on when determining your homes’ value. At the same time, smart homeowners
should know just how REALTORS® come to their conclusions. Here’s a glance at what you should be looking at when setting
your initial listing price.
Comparable Listings and Sales
Look at homes that were or are listed over the past six months and are within a ¼
mile to a ½ mile of your neighborhood.
Compare square footage, number of rooms, size of the lot, and age of the home if
possible.
Watch for neighborhood divides. For instance, don’t pull homes from areas that
might be considered the ‘wrong side of the track.’ That could drastically and
incorrectly reduce the value of your home.
Sold Comps
Compare original list price to final sales price to determine if any price reductions
were applied.
Compare final sales price to actual sold price to determine ratios.
Withdrawn & Expired Listings
Pay attention to why these homes were taken off the market and learn from the seller’s mistakes. Take action to prevent
your home from falling into this category.
Check out the brokerage that listed the home. Do they normally sell everything and are having trouble with this one? Or is
the brokerage skimping on marketing for the home?
Pending Sales
Pay close attention to any price reductions and make note of how often they happen.
Days on market could have a direct effect on your homes’ listing-to-sold time. This ratio will also allow you to set
reasonable goals and expectations for your home with your REALTOR®.
Active Listings
Many of these homes are your competition and it’s important to keep an eye on what they are doing.
Tour these homes. What makes them appealing? What doesn’t? Try to recreate the feeling or learn from their mistakes in
your home.
Depending on the market’s current conditions you may need to price differently. For instance, in a buyers market you might set
your listing price near comparable value with the knowledge that you might have to settle for less.
The reality is, your REALTOR® is the expert on pricing homes in your neighborhood. After all, it is their job. Talk to your
REALTOR® and ask for a free CMA on your home.
The Nevada Supreme Court has made significant changes to the mediation rules concerning mediation time frames, lender document requirements, and loan modifications.
The amended rules require that a mediation must now take place within 135 days of the mediation program Administrator’s receipt of the trustee’s one-half of the mediation fee which is $200. The former rule required that mediation take place within 90 days of the filing of the notice of default.
Because the borrower must elect mediation within 30 days of the service of the notice of default the practical effect of this change could mean that a mediation will be scheduled more than 165 days from the notice of default date. Of course whatever time period the trustee takes to process and send a check to the Administrator only extends the scheduling of the mediation date.
The court has also amended the former rule requiring that the lender provide an appraisal made within 60 days of the mediation date. The amended rule states that “The mediator may, in his or her discretion, accept a broker’s price opinion letter (BPO) in addition to or in lieu of the appraisal described in this rule.”
Providing a BPO rather than an appraisal will save a lender a significant expense. In short sales the BPO is a standard requirement by a lender and obtained at their expense.
Although discretionary with the mediator it appears likely that a BPO will be accepted in lieu of an appraisal except in extraordinary circumstances.
A borrower seeking a loan modification is generally offered a 90-day trial period at the expiration of which the lender offers a permanent modification. For a variety of reasons the transition from trial to permanent can result in the borrower being denied a permanent modification. The mediation rules did not allow for a mediation to be continued pending the successful completion of the trial modification. This meant that a borrower denied a permanent modification after the trial had no recourse under the mediation program.
A new rules provides that when there is a trial modification a borrower may file a petition for judicial review in the event a permanent loan modification is denied by the lender. The petition must be filed within 15 days of the expiration date of the trial modification.
The Nevada Foreclosure Mediation program has been evolving since July 1, 2009, the date the law creating the program went into effect. These new amendments will most likely not be the last. However, they do show that the Supreme Court continues to monitor the effectiveness of the program to determine what steps can be taken to furthur enhance it.
7 Mistakes Buyers Make and How to Avoid Them!
The rules of real estate have changed over the past five years. On the one hand, affordability is hovering at
all-time high levels, interest rates remain low and there is a large number of homes to choose from. The bad
news? Lending practices are tighter and creative financing is, well, a little less creative due to strict
regulations. Still, buyer power for those looking to purchase a home is incredible, and there are some great
opportunities in this market. If you’re looking to get into a home soon, be sure you know the mistakes buyers
make and how to avoid them. Here are the top seven.
Holding onto your home. Before you begin the home search process, sell the one your in.
Chances are its going to take longer than you expect to find a buyer because of stricter lending
practices and current market conditions. The last thing you want is the added financial
responsibility of carrying a second mortgage while you try to sell your home.
Not addressing your credit score. Stand around the real estate water cooler and you’ll hear
one thing: Credit markets and lending practices are tighter than ever. This means you must have
an excellent credit score to secure financing at a low interest rate. You’re allowed to pull your
credit score at no cost to you. Request yours, and then take the necessary steps to fix any
lingering issues that could affect your ability to secure financing.
Skipping the pre qualification and pre approval processes. One of the biggest mistakes
buyers make is not knowing how much they can afford. By getting pre qualified AND pre
approved you walk into the home search process knowing the exact amount of money you can
spend. This narrows your search, lessening the time it takes to find a home that fits your
individual needs. That also gives you more time to spend in the homes that could potentially be
yours down the road. Pre approval also gives you big buying power during the negotiating process since
sellers can’t reject your offer based on unavailable financing. The bottom line: Once you have your credit in
check talk to your trusted lender to get pre qualified AND pre approved.
Not knowing when to stay and when to walk away. It’s worth repeating: buyers have more
power than ever during the negotiating process. Don’t be afraid to make a low offer on the home.
But don’t make the mistake of walking away because of a few thousand dollars. Think about it
this way: a few thousand dollars could translate to less than $100 a month on your mortgage .
7 Mistakes Buyers Make (continued) Luck of the Irish
Not knowing the total costs involved.
Some buyers, especially first-timers,
aren't entirely aware of the costs
associated with buying a home. These
include: closing costs, title insurance and
lawyer fees as well as ongoing costs such as property
taxes, homeowners association dues, utilities and
yard maintenance. When you first begin shopping for
a home, always ask your real estate agent and
mortgage representative to provide you with an
average amount of additional closing costs so that
you can work them into your budget.
Signing contracts with contingencies.
This is a critical mistake that could end up
costing you big bucks. For example, avoid
signing any contracts that allow the seller
to stay in the home for an extended
period of time. Why? Depending on how long they
stay, you run the risk of losing your interest rate. Or
worse, the deal falls through the cracks and you’re
back at square one: more listings. Bottom line: have
your real estate agent review the contract and explain
any and all contingencies so that you understand
what you’re getting into.
Not purchasing a home protection
plan. You never what problems will arise
once you purchase the home. Not
protecting is a mistake and extremely
costly when the problems are big. Be sure
to purchase a home protection plan. This is
essentially a mini insurance policy that usually lasts
one year from the date of sale. It typically covers
basic repairs you may encounter and can be
purchased for a nominal fee. Talk to your agent to
help you find the protection plan you need.
The best way to avoid any and all of these big
buyer mistakes, is to work with a professional real
estate agent. If you’re looking to buy in the near
future, give me a call. I’ll walk you through every
step of the home buying process so you have the
most positive buying experience possible.
Las Vegas Real Estate Market Report: 02/24/10
This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of February 24, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Available – 8,402 (-87 , Last Week 8,489)
Under Contract – 11,641 (+259 , Last Week 11,382)
Days of Supply – 22 (+0 , Last Week 22)
Short Sales – 11,712 (+181 , Last Week 11,531)
Condominiums and Town Homes (CONDO/TH)
Available – 1,863 (-5 , Last Week 1,868)
Under Contract – 2,843 (+44 , Last Week 2,799)
Days of Supply – 20 (+0 , Last Week 20)
Short Sales – 2,956 (+29 , Last Week 2,927)
Combined SFR + CONDO/TH
Available – 10,265 (-92 , Last Week 10,357)
Under Contract – 14,484 (+303 , Last Week 14,181)
Days of Supply - 21 (-1 , Last Week 22)
Short Sales – 14,668 (+210 , Last Week 14,458)
Foolproofing the sale of your home
The scenario is all-too-real for many home sellers today.
They put their home on the market. They're positive
about the prospect of selling and settle on a price that
meets their financial needs.
Six months later, however, they're left wondering, “Why
hasn’t my home sold?” If you’re about to embark on
the home-selling journey or you’re in it for the long haul
– take note of these selling pitfalls and ways you can
avoid them.
Buyer’s Remorse
Purchasing a home is one of the biggest decisions one can make, which is why some
people have trouble committing to a home they may love. In fact, some will look for
reasons to pull out of the buying process. Savvy sellers and their agents remind the
buyer why they were attracted to the home in the first place. This might include
pointing out the homes comparable value, the homes’ features that match the buyers’
needs or any additional features that help the home stand out.
Low Appraisals
Today, appraisers and the banks they represent are much more conservative when
establishing fair market value. This may cause appraisers to issue a low appraisal of the home in question.
Sellers can combat the low appraisal, however, by doing several things. First, defend the price of the home
by providing a list of the homes that were used to establish the home’s comparable value. Also, be sure to
meet the appraiser at the home to point out any amenities or structural details that
might not be obvious to the appraiser.
Conditions and Contingencies
Before the successful close of a transaction and during the escrow process, buyers
and sellers must resolve certain conditions and contingencies. According to
Trulia.com, a common condition of sale is the acceptance of an inspection report or
the review of a preliminary title report. These issues can be problematic during escrow
because they may be poorly written or do not include specific deadlines. One of the
easiest ways to keep the sale from falling through the cracks is to ensure both parties
are aware of the deadlines and conditions surrounding the contingencies. (continued)
Foolproofing the sale of your home (continued)
Inspection Reports
Buyers don’t like surprises, and one of the fastest ways to send a buyer running is if the
inspection report reveals big problems after they make an offer on a home or if the report
shows the house is in unfavorable condition. To avoid these problems, many sellers will
hold a preliminary inspection prior to marketing their home. This way, they can address
any unresolved problems that might arise in the home before buyers begin looking. Just be
sure to disclose the preliminary report to any potential buyer and specifically any issues
that were not fixed.
Communication
Set aside the inspection reports, contingencies,
appraisals or skittish buyers and one of the biggest
deal breakers is
communication, or the
lack of it. Parties on the
same page have a
better chance of making
it through escrow easily
and without any
hiccups. Keep
communication flowing
by establishing a
schedule. Make
Tuesday the official conference call between all
parties involved and always watch dates and
deadlines so that you can extend any that may not be
met on time. Source: www.trulia.com
Extensions and Expansions.
On November 9, 2009 President Obama approved
the extension of the first-time homebuyer tax credit
that was slated to expire on November 30, 2009. As
part of the a $24 billion economic stimulus bill the
program will now also offer a credit to homeowners
who have lived in their current home for at least five
years and are seeking to relocate. The new
expansion also called to attention several special
rules that apply to members of the military, the foreign
service and the intelligence community.
These incentives couldn't come at a better time. If
you're in the market for a home, and think you are
among those who could benefit, be sure you
understand the details of this great opportunity.
Sources:
1. http://www.federalhousingtaxcredit.com/home.html
2. http://rismedia.com/2009-11-08/obama-signs-homebuyer-tax-credit-extension/
Some of the most notable highlights in 2009 by the government and legislatures to curb the foreclosure crisis were the implementation of the MHA - Making Homes Affordable Plan. Under the Obama plan, new guidelines would incentivise lenders to work out foreclosure options with homeowners through loan modification or short sale. Both are work out options with full government support while foreclosure ramifications continue to be stiffened and become more severe.
In addition new Nevada state laws went into effect preventing lenders from foreclosing on homeowners served with a Notice of Default after July 2009 without first giving borrowers the opportunity to modify their loan. Lenders are now required to give borrowers the opportunity to meet with their lender and a mediator to work out a loan modification first. Upon Notice of Default, the borrower has 30 days to respond in writing with a loan modification request and the lender in turn, has 90 days to schedule mediation with the borrower. If a loan modification cannot be worked out, the lender is required to allow the borrower time to pursue a short sale.
On October 1st, another Nevada law went into effect that would prevent lenders from pursuing deficiency judgments on home purchases after October 1, 2009, should the home decline in value.
In 2010 short sale guidelines will be implemented as an extension to the MHA- Making Homes Affordable plan. The Treasury Department released its plan on November 30, 2009. The highlights of the plan call for a streamlined process of the short sale with incentives to both lenders and borrowers who successfully complete a short sale.
As an incentive, borrowers of a primary residence may receive $1,500 in relocation money, primary lien holders will be required to forgive the remaining debt with no further liability to the borrower and it must be reported to credit bureaus as a settled debt. Jr. lien holders may receive up to $3,000 as a pay off to release the lien of which can be paid by the primary lien holder.
As common sense would dictate, it is never wise to walk away and foreclose and bankruptcy does not safeguard against foreclosure. It is wise to seek advice from a qualified Real Estate professional, Real Estate Attorney and Tax Advisor as to the ramifications of foreclosure before you walk away. Other options are available with better long term solutions!
Make a resolution to redeem your home-buying potential
If you’re looking to buy a house within the next 12 months, why not make your resolution one
that will improve your financial situation and position you as an ideal home buyer? That’ right –
we’re talking about your credit score.
The lending world has changed considerably since the boom days and so has the credit score
required to qualify for a loan, not to mention a low interest rate. "About two years ago, you could
have had a score of about 620 or so to get a lender's best rate on something. Now, lenders are
really looking at a rate of 760 at the least,” said Kelli Grant with SmartMoney.com. First-time
homebuyers fare much better, needing a credit score of at least 660 unless they try for an FHA
loan. The truth is, to be a “good” buyer in the eyes of lenders you need to keep a close watch
on the state of your credit score. Here are several tips to maintain and improve upon your
current number.
Get copies of your credit report--then make sure the information is correct. Go to
www.annualcreditreport.com. This is the only authorized online source for a free credit report.
Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months.
Pay your bills on time. One of the most important and easiest things you can do to improve your credit score is pay your bills by
the due date. You can set up automatic payments from your bank account to help you pay on time, but be sure you have enough
money in your account to avoid overdraft fees.
Understand how your credit score is determined. Do you pay your bills on time? The answer to this question is very
important. If you have paid bills late, have had an account referred to a collection agency, or have ever declared bankruptcy, this
history will show up in your credit report. What is your outstanding debt? Many scoring models compare the amount of debt you
have and your credit limits. If the amount you owe is close to your credit limit, it is likely to have a negative effect on your score.
How long is your credit history? A short credit history may have a negative effect on your score, but a short history can be offset
by other factors, such as timely payments and low balances. Have you applied for new credit recently? If you have applied for
too many new accounts recently that may negatively affect your score. However, if you request a copy of your own credit report, or
if creditors are monitoring your account or looking at credit reports to make prescreened credit offers, these inquiries about your
credit history are not counted as applications for credit.
How many and what types of credit accounts do you have? Many credit-scoring models consider the number and type of
credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance
company accounts or credit cards might hurt your score. To learn more about credit scoring, see the Federal Trade Commission’s
website, Facts for Consumers.
Beware of credit-repair scams. Sometimes doing it yourself is the best way to repair your credit. The Federal Trade
Commission’s “Credit Repair: How to Help Yourself” explains how you can improve your creditworthiness and lists legitimate
resources for low-cost or no-cost help.
Source: http://www.federalreserve.gov/pubs/creditscore/default.htm
You’ve moved! Now what? --- How to tackle the daunting task of unpacking
As you gaze upon your empty, just-purchased home, endless possibilities abound. Of course, the sofa, the fridge and the washer
and dryer all have their place. But that new guest room in the back could be perfect for two twin beds.
*POP* That’s the sound of your perfect dream bubble being burst as the moving van drives up with all of your STUFF. It’s
inevitable. Throughout the years and two houses later we all gather a random assortment of furniture, lamps, wall-décor, wires,
old computer monitors … the list goes on depending on your degree of hoarding. While we could all be envious of those families
who easily rid themselves of the extras – the task of sifting through all of our STUFF and separating cherished memories from the
old junk can be difficult. With a little effort and some dedicated time, however, unpacking and organizing can be a cinch. Follow
these tips for making sense of your stuff.
Where to start
It’s tempting to get frazzled as you look around the large stacks of boxes invading your new home. The best place to start is with
your families’ basic needs. Think of it like Maslow’s Hierarchy of Needs: Air, water, food, shelter and sleep come first. Then you
can move into more complicated wants and desires. Be sure to tackle one room at a time.
Unpacking the Kitchen
The kitchen is a great place to begin the unpacking process. Start with the basics and the must-need items only. Resist the urge
to unpack everything as it will only clutter up your box-free space. Move those boxes to another area until they are ready to be
unloaded. Once you’ve unpacked the kitchen with the necessities, make it your families’ break room, fully stocked with food and
water.
Unpacking the Bathroom
The bathrooms are the second areas to unpack once you’ve unloaded the necessities into the kitchen. Make sure that all systems
are functioning correctly while bringing in the toiletries. Now, take a breather … you’ve unpacked the most important boxes for
basic needs. The rest of the rooms can be unpacked at a slower pace.
Unpacking the Living Room
Before you begin all the heavy-lifting usually involved with unpacking a living room, draw a sketch of the room and organize your
furniture in pencil. It’s always easier to erase a couch if you decide it doesn’t look good in your original vision for the room. Keep
electrical outlets in mind as you make decisions about the placement of the T.V., lamps or any other items that might need
electricity.
Unpacking Bedrooms
Bravo if you’re able to get this far in one day! But don’t feel bad if you can’t. Drag out the mattresses and make it a move-in
slumber party – you’ll probably be so worn out at this point that you won’t even notice. When you are ready to unpack the
bedrooms, share the task of putting together furniture and then let each bedroom dweller unpack personal items.
If the idea of unpacking an entire house seems too daunting, many moving companies offer services to make all those
boxes disappear. If that’s the direction you’d like to take, let me know! I’d be happy to put you in touch with several
companies. I can also recommend several credible movers.
Source: http://www.moving.com/articles/unpacking.asp
"Fannie Mae is committed to providing financial opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery and Fannie Mae's continued support for investor borrowers is consistent with its mission to provide stability, liquidity, and affordability to the nation's housing system."
With that, Fannie Mae just announced the reversal of its recent restriction that had prevented investors from financing more than 4 properties. Reopening the door to sidelined investment capital that could help soak up the excess foreclosure inventory, Fannie chose to increase down payment, credit score, and reserve requirements rather than blindly locking investors out of the market. Kudos for that. It's never to late to admit a mistake.
So now, investors can finance up to 10 properties, provided they have a 720 mid Fico score and 25% down (30% for 2-4 units). Also, BK's and foreclosure in the last 7 years or mortgage lates in the last 12 months are a no no, and the investor must have 6 months reserves for each property owned included the subject property. The are stiff requirements, but better that than not at all.
With April 15th fast approaching, home buyers are curious about how the new stimulus package will impact the recently enacted $7500 First-Time Home Buyer tax credit. That credit-essentially an interest free 15 year loan-gets an important revision in the House version and an upgrade in the Senate.
For folks buying homes between January and July of 2009, the House bill would eliminate the repayment previously requirement for the credit, as long as the home is retained and occupied for 3 years. Prior to this change, home buyers taking the credit would start paying it back after year two at the rate of $500 per year-still a good deal, but even sweeter now.
By contrast, the Senate version would pump up the one-time credit to $15,000 on the purchase of a principal residence. To make the credit more valuable to low income taxpayers who might not have a $15k tax bill, the credit could be spread over two tax years. Like the House bill, this credit would not be recaptured provided that the home is owned for at least 24 months. The Senate's credit also expands the eligibility period to one year from the date the bill becomes law.
The differences will be reconciled before any change becomes law, and the final version will surely be some compromise between the two. However, it appears that substantial new incentives will be offered-on top of decade-low home prices and 40-year-low mortgage rates-to get first time home buyers to put their toes in the water. There haven't been this many great reason to buy in a long time!