Don't focus on the list price it is irrelevant. The price you want to base your offer on is the comp value. Properties are selling for as high as 10% above appraisal value right now due to low inventory and high demand. If a property is comping at $100k it could be listed at $90k or it could be listed at $110k. This is why we don't want to focus on the list price.
Please let me know if I can be of any further assistance.
Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com... more
Hi,
As a quick disclaimer, I am a real estate agent and not an attorney, so I always recommend consulting an attorney regarding these matters. That stated, based on my understanding, it sounds like your name is still on the mortgage and title for the property you purchased with your boyfriend. If that is the case and he stops making the mortgage payments, you may see your credit score drop due to late payments. Eventually, the property will be foreclosed upon unless your boyfriend tries to short sell the house and he can not short sell the proporty without your cooperation.
If the property is foreclosed upon, you may end up with a foreclosure on your credit report. It is also possible the bank may try to get a deficiency judgment for the difference between what you owed and what they bank was able to sell the house for as a bank owned property. I do not know the the laws regarding deficiency judgments in New York, so you should consult an attorney regarding this issue.
You primary home, if it is in your name only, should not be directly affected by your boyfriend's bankruptcy. The primary concern you should explore with an attorney is the potential issue of the deficiency judgment.
Again, I am not an attorney, but I have extensive experience working with people trying to short sale their homes in Nevada.
Hope this helps.
Brett... more
It is very unlikly that the bank will persue any dificiencies on the personal property and the parks dont chase rent since they are bound to a max of collection up to 2800.00 by nrs 489. Most parks in Las Vegas are turning into ghost towns with the amount of repos that were sold in the last 5 years to buyers that moved them out, so now the park owners are buying them direct from the banks and renting them to avoid any more empty spaces.
Gerald Schulte
Dream Homes of Pahrump
775-751-5566
geraldschulte@yahoo.com... more
P.S. the previous post:
In a post forclosure sale, the previous owner (Borrower) lost everything in the property when it was forclosed upon. Have the Borrower contact the bank that did the forclosure to get his stuff back. There are laws in every state providing different amounts of protection to the Borrower to get their stuff out of the property after a forclosure.
What ever you purchased is what you got. Congratulations. You know nothing about a previous owner's stuff after their forclosure. For all you know, the person you purchased the property from purchased the items and sold the property with those items in it.
New Web Sites:
www.SHORTSELL4FREE.INFO
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
www.teamgoldman.info... more
Most users on this site are either re agents or consumers like yourself.
Your best bet to get accurate info regarding your question is to contact attorneys in your area.
Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com... more
Good day Bob,
You should have never, ever spent any money before the Approval Letter(s) has been received from all lien holders and the Seller has signed off that he is in agreement to the terms of the sale.
The sales of HOA's are legal. You, as a potential Buyer do not care about the existing loans. They do not concern you.
If in Nevada, the state law is that the Seller must pay and provide the HOA resale package to a Buyer. I am not sure how you got stuck with that bill. If the Seller or their agent made you pay for it, that is a violation of Nevada State Law. Period. End.
The appraisal would not have been ordered until the property could be transferred. You should not have that bill.
A home inspection is done after the approval letter(s) is/are received. If the HOA did not grant an approval letter for the sale, these should not have been completed.
Hay, wait one moment !!!!!!!
If the Seller completed a BK, there is no HOA bill owed. The BK attorney should have wiped out the HOA bill during the BK. Why did the HOA foreclose?
The real issue is that the bank now can go after the Seller (Borrower) for the total amount due. They have 6 years as they are not the foreclosing entity to file a lawsuit. The seller also gets no deficiency forgiveness due to the no sale. The seller may want to check with their CPA.
The other option of the Borrower is to file a BK if the bank goes after them and if they are eligible for a BK. A BK will not help with IRS tax issues.
As you can tell, there is a lot more to this story, although the answer is simple. You are out of luck getting the property. Go get another property and learn from the past errors. Locate Realtors that are familiar with short sales and allow them to guide you through the process.
Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
GRI, ABR, SRES, CNHS, PM, CCI
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
www.teamgoldman.info... more
As a home owner, short sales will enable you to get financing to purchase another home quicker.
Here is what my latest research has revealed:
The latest Fannie Mae guidelines state that after a short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV.
FHA requires borrowers who weren't paying their mortgage when they sold their house to wait three years before they can qualify for a home loan. That time penalty may be waived in certain cases, including long-term job loss. There is no FHA time penalty for homeowners who made their house payments in the 12 months before their short sale. The size of a down payment can also shorten the waiting period.
The USDA loan program is a popular option for people who have had a short sale or foreclosure in their past because it is one of the mortgage programs with the shortest waiting periods and most flexible underwriting guidelines. The waiting period for a USDA loan after a short sale can be as little as 2 months in the right situation.
With a foreclosure, the waiting period is 5 years up to 7 years. If you have extenuating circumstances-- typically situations beyond someone's control, like a job loss -- it can be cut down to 3 years.
Fannie Mae has just upped the length of time it takes from the completion of a foreclosure sale until the borrower can get a new mortgage from four years to five years.
Perhaps the best option for obtaining a mortgage after foreclosure is with a federally insured FHA loan. The minimum time between the completion of foreclosure until when you can be approved for an FHA loan is three years -- whether or not there are extenuating circumstances. Still, FHA borrowers will have to show that they've been practicing good bill-paying habits since the foreclosure.
Simon Campbell - http://www.bankforeclosuressale.com... more
It is always recommended that home owners (HO) pay their HOA's, sewer, trash otherwise they risk having liens placed on the property which makes it much harder to close on a short sale. Because of the new AB284 law (in NV) it is difficult for the lien holder to foreclose. Since the HOA's are now operating with a serious delinquency rate regarding their HOA fees and no end in sight, they are forced to pursue the foreclosure avenue. Often times these properties are being purchased by cash investors who then rent out the property to make their money back and then some. They also simultaneously start negotiating a cash offer, with the lien holder, to remove the debt from the property. You as the home owner has the right to pay your delinquent amount and avoid an HOA from foreclosing on your property but if you don’t pay it, the new norm in the industry is to foreclose on the home.
A foreclosure is worse than a short sale with regards to your credit. When you can buy is determined by your income, job security, your reason for the foreclosure, and your new lender. There are a few lenders out there that will, with private money, provide the loan for you to purchase a new home. Typically they require 20% down as well as 5points but even with that, your mortgage would still, more often than not, be lower than rent of a similar home and you get to take the mortgage interest tax deduction that renters do not get to take.
If the HOA forecloses on you prior to negotiating a short sale, you still have the debt regarding the 1st as well as any 2nd lien.
Valerie Edwards
Premier Real Estate
(702) 371-5533
INFO@AgentValerie.com
Las Vegas, NV... more
Your mother is responsible for property taxes until the home is sold at auction. At that time, usually the unpaid taxes become part of the new owner's closing costs. If the taxes are not paid when the new owner closes, they don't get a clear title and there would be a lien placed against the new property owner for the taxes. Sorry you couldn't sell the home. Why didn't you try a short sale many months ago before it got to this auction deadline?... more
AB284 was not changed in Oct 2012. It is however, up for reconsideration right now (Feb 2013).
http://www.lasvegassun.com/news/2012/dec/09/banks-press-changes-strict-2011-foreclosure-law/
We are experiencing low inventory here in Las Vegas. The decrease is a direct result from AB284 that has caused banks to stop foreclosing. Since it was passed in Oct. of 2011, REO inventory has decreased dramatically. The bill is up for reconsideration (possibly adding some amendments to allow some types of foreclosures to resume) when the Legislature meets again in Feb. 2013. It will be interesting to see the new affects on the market once additional inventory is reintroduced. I for one think the market will soften slightly but not free fall like it was before. Right now, with inventory being as low as it is, buyers are in bidding wars often times competing with more than a dozen offers. With that being said people are paying above appraisal value and homes are appreciating again at a temporary rate that is way higher than it should be. A new wave of inventory would return the Vegas market back to healthy growth with perhaps 2 or 3 offers on each property, not a dozen.
Best Regards,
Robert Adams
Broker/Salesman
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Founder of The Adams Team at Rothwell Gornt Companies and LVrealestateHELP.com... more
You should absolutely hire your own attorney. The other party will respond to an attorney much quicker than they will respond to you. All legal matters should be handled by an attorney.
Yes you need to pay your HOA. Even if you are paying your mortgage they can foreclose if you are not paying your HOA dues.
Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com... more
Legally, within the United States, you can sue anyone for any reason at any time. It does not mean she'll win and it does not mean you cannot counter sue her for damages, such as undo stress, loss of wages from missing work, general time, and court costs, to name a few common damages. My advice to you is to not go cheap, research heavily, find a good attorney, and don't get married again. Good luck.
Sincerely,
James Bellile... more
Hey Michael,
I would check out the Clark County Recorders site. Which will tell you what notices and liens have been filed and recorded against the property. This way you can see if the notices were filed correctly. Which may be able to give you some leverage if they weren't filed.
Just an FYI: there is no redemption period in Clark County, Nevada.
Unless we are talking about a Judicial Foreclosure or Tax Liens.
Buying the HOA lien does not wipe out the mortgages. The investors are looking to get CASH from renting out the property, or getting paid off once the property sells. HOA liens in the State of Nevada are a super priority lien.
Either call the investor yourself on the clients behalf, or have her lawyer call to negotiate or work something out with the investor.
I have heard that some investors are getting burned by buying these HOA liens. That when they try to get financing on the property there not able to. Don't know how accurate this is.
Best of Luck,
Chris Harrison
Barrett & Co., Inc.
702.592.9510 ph
Chris.Harrison@msn.com... more
I would highly recommend you speaking to the attorney my team uses as he is well versed in the law side of this and owns and runs a mortgage company and has years of experience at both. In a case like yours we would insist you getting the right legal advice from him and we may need his help as well and then you would need to consult your tax professional as well but we would certainly give our best to get you done!
Contact me today so I can get you on the right track!
Robin Fraser
702-622-0601
REALTOR®. Broker-Sales
Epro, SFR, CDPE, CIAS, CDAT
Keller Williams Realty, The Market Place 1
1333 N. Buffalo Dr. #270
Las Vegas, NV 89128
Email FraserProperties@aol.com
http://FraserPropertiesLV.com
www.RFTeamHomes.com... more
Hi Shannon,
The first thing I would recommend is not to move out of the property. I repeat do not move out of the property! I also suggest you start making plans of where you are going to move to in case the property does sell at the Trustee Sale.
First thing that could happen is that the sale could get postponed. Which means the sale of your property has been pushed back to a later date and you can continue to live in the property.
Second, is that an investor could purchase the property at the Trustee Sale. This will all depend on the starting bid price and whether the investor can purchase the property below market value to make it profitable for them. To either resale it or hold on to it and rent it out to make positive cash flow on the property. Now if investor purchases the property it will depend on the investors what they want to do with it and whether or not they would like to keep you as a tenant.
Third, is if no investor purchases the property it will revert back to the bank aka lienholder. If this happens typically they will hire a Realtor to start the procedures of getting the property up for sale. This benefits you. Because the agent will do an occupancy check on the property to see if anyone still lives there. If you still live at the property the Realtor on behalf of the bank in most cases will offer the occupant (Owner or Tenant) what is called Cash for Keys. Which means the Bank is offering you money to vacate the property in a neat and orderly fashion usually within 30 days or sooner without creating damage to property and/or stripping the property of its fixtures or appliances. You will not get the money to vacate the property until you have moved out of the property and the Realtor verifies the condition of the property.
As far as going down to the Trustee Sale trying to find a Buyer that is going to be pretty difficult and might even deter some investors from purchasing the property and mostly likely cause you more stress than what your going through already. We are talking about shrewd Real Estate investors that sometimes could care less about who lives at the property. Its like walking into the lions den asking the lions if there hungry.
I have tools that I use to be able track properties that are going to sale at trustee sale. I will be able to tell you whether the property is going to sale that day, getting postponed, and what the starting bid price will be, and if it sold that day.
I hope this information helps you. If there is anything that I can do to help you in this situation. I will be glad to do so. You may contact me with any other questions or concerns you may have. I'm here to be of service.
Best regards,
Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
Chris.Harrison@msn.com... more
Hi Nala,
If you have over a 620 credit score and have not defaulted on any credit cards or other bills in the last one year, you will probably qualify for a 3.5% down payment, 30 year fixed, FHA loan at around a 4%-4.25% interest rate. Please call me with questions 702- 222-0815.
My website www.LasVegasRealEstateConnection.com has lot's of useful information for you as well.
Sincerely,
James Bellile
iProperties International... more
My wife and I have dealt with this in the past and we would like to speak with you and review your HOA docs. At that point we can make recommendations of the direction to take. You would qualify for “hardship” and “special circumstances”. We have an attorney on retainer we can consult with as well. If we have to short sale we can take care of all the details for that if need be. Please call or email us asap so we can start with the review of your HOA docs. If you want to see what's listed in your area, please use our web site to do search. Thanks, Kim and Matt
Matthew and Kim D’Ercole
One Source Realty and Management
Listing and Short Sale Specialists
Residents since 1976
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com... more