Tom Clemmer

There not going to go for it... - Fri Jun 13 2008, 16:32

Those in the 750-1M range are not selling so the comps are not there to find out...But just let a few try to sell that 750K home and we'll see what the price goes for now...I've seen huge drops on people who had to sell in NLV...750K went for about 419K at last auction. I'd expect another 19% drop by December.

The people who bought these home are riding out the storm. Remember you don't have a loss if you don't sell.

check out this article for more on the market in Nevada:

http://www.cnbc.com/id/25135697 - Fri Jun 13 2008, 16:27

This is a prime example of falling prices in Clark County for the Solera Subdivision.

Jan 07 - 265
Dec07 - 211
Jun08 - 204

You didn't list the options for your home but I'll assume it is a basic model. By end of 08 it should be in the 180K range. Most purchased the home in 2003 between 150 and 175K. on Celestial and Peaceful Moon Evening Twilight and Galilean Moon have a little better floor plan and size and should fetch another 10K.

So, I would price your home between the 180 and 200K range thus giving you a good chance at a sell given the current market.

The upside - a single story homes which will sell better in the current market. - Fri Jun 13 2008, 08:56

Well, depends on who picks it up...in general a company that handles HOAs for the developer will take over.

If a very small developer takes over or the city in certain cases the HOA can be dropped but this is usually not the case and is rare. - Fri Jun 13 2008, 08:02

I've never had to short sale, but I've have bought a few in my day...and you can get a GREAT deal...much better than you think is possible...just have to have the RIGHT real estate pro working in your corner.

Most of all you have to wait...when trying to buy a short sale from the bank.


Most real estate agents have never even seen a down cycle and picking a good one will give you a big advantage. If your not behind in your payments and still want out I would suggest having someone assume the mortgage. Maybe you will have to kick in a little money to have them assume...but your credit will be protected. If more than a few months behind in payments or the home value has more than 20% negative equity then just turn in the keys and walk away before it gets worse.

From what I've been told... Call the bank everyday and bug them...keep reminding them the prices are now going down and the interest rates are going up...a double barrel for the seller. A lot of the ease will be determined with which bank holds the mortgage. All banks have different policies as to their guidelines for conducting a Short Sale.

I don't think your in that bad of shape as you paid $255k and it is $249 right now as of May 08. But let's take Dec 08 where most predict your condo will be in the 200K range. Let's pretend you bought at the peak and bought it at 255K with a 40K down payment. You owe about 200-215K depending on how many payments you have made. Selling the place for 210K and paying 6% nets you about 197K. This leave you with about 60K in the hole and can be applied to a new loan on a cheaper home say 160K + 60K second gives you a loans of about 220K. Somewhere in the $1000-1200 a month range...and if you can't manage that then I would take bankruptcy and just let the bank go through with the foreclosure. - Tue Jun 10 2008, 13:56