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Home Selling in Las Vegas : Real Estate Advice

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  • Local Info69
  • Home Buying305
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Activity 35
Wed Sep 20, 2017
Leenieroa answered:
I'm an assistant for a real estate agent. The HOA package is all the information about the property's HOA and the demand is what dues the buyer would owe upon settlement (this is my understanding!). These are required -that the seller buy & provide them to the buyer - do after the contract is ratified and after the appraisal goes through! ... more
0 votes 31 answers Share Flag
Sat Jan 30, 2016
winston3338 asked:
The NRED ruled three years ago, Not Enough Evidence/ I signed a FSBO. I said OK, I paid him for services , you win, he made simple paperwork 101 mistakes our sale was rejected and he took…
0 votes 0 Answers Share Flag
Tue Mar 3, 2015
Dale Snyder answered:
What is the home worth?

Are there any unpaid fees or debt that have caused any liens to be put on the property?

Can we visit the property at different times in the day? Morning, afternoon, evening, night!

Do you work solo or as part of a team? Full time?

Do you have a web presence?

What designations do you hold?

How will you keep me informed about the progress of my transaction? How frequently?

Why should I hire you over your competition?

Can you explain the buying/selling process to me start to finish?

May I see the documents I will have to sign?

What haven't I asked that I need to know?
... more
0 votes 11 answers Share Flag
Mon Mar 3, 2014
John Repoza answered:
You should contact an attorney who is familiar with the short sale process it is very complicate.
Who can sell you but make sure you do your homework
0 votes 17 answers Share Flag
Mon Aug 19, 2013
Dorene Slavitz answered:
Dear Sjash01,
I normally sign a 4-6 month listing agreement with my clients, only because it usually takes that long to complete the process. At the moment, property in Los Angeles is selling faster then normal so a shorter agreement might be beneficial. When you interview the various Realtors, let them know your concerns and what you would like to do. I'm sure you will be able to come to some agreement with one of them. The listing agreement has a start and end date, so make sure they are what you want.
When it comes to purchase agreements and the other documents, they are 'pr-printed' with the dates, but some of the time frames can be changed.Just read them carefully and make sure they say what you want them to say.
... more
0 votes 23 answers Share Flag
Mon Jul 29, 2013
answered:
Jeffrey Sklar hit it on the head. You need to take immediate action with your agent to be compliant and know your options.

http://thenationalrealestatepost.com/find-a-professional/mortgage-professional/nevada/las-vegas/nathan-kessler/

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
... more
0 votes 11 answers Share Flag
Sat Jul 13, 2013
Christopher Newton answered:
Hello Cameron,
If you had a contract that a transaction would close on a specific date and it didn't, then it seems to me that the transaction is void. The contract should spell out what happens to deposit.
You say that the bank added $3,000 to the purchase price, that is a change to the terms of the contract. If the buyer is not ok with these last minute changes (and did not agree in writing) then you have no contract and everybody walks away. If buyer doesn't want to get their money back then it is their problem but you should view that date (the cancellation date) as your opportunity to re-market the property (now with the added knowledge of liens and what the bank will accept as a bottom line).

I have looked at your previous questions in the past ( it seems some are as a seller and some as a buyer) and I believe that you are only giving members of this forum parts of the information that will generate the answers you are looking for.
See the bright side of things: now that you know what the bank wants as a bottom line, you can work out a winning transaction with the next prospective buyer.
Good luck! Sounds like you need it...
... more
0 votes 9 answers Share Flag
Sun Mar 17, 2013
Margaret To answered:
Adjust the basis of the property for the depreciation taken when calculating the capital gain. Speak to a tax consultant to make sure it is accounted for properly.

Margaret
RealEstate.LasVegas@aol.com
702.280.8859
... more
0 votes 9 answers Share Flag
Wed Feb 6, 2013
Robert Adams answered:
Angela Adams from our team (The Adams Team at Rothwell Gornt Companies) received your inquiry about listing your property and should be contacting you shortly. Please let me know if you have any further concerns.


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
1 vote 3 answers Share Flag
Fri Dec 28, 2012
Valley Property Inspections answered:
Nadia's description of what we inspect is good. Choose your inspector carefully. There is a page on my website that provides the general items described below. An inspection does not slow the process, and will educate you about the property that can possibly be negotiated with the seller via your agent. If you have any questions you may send an email.

Lee Taylor
Valley Property Inspections, LLC
702-616-6775
LVInspector@yahoo.com
www.lasvegasinspector.com
... more
1 vote 5 answers Share Flag
Mon Dec 24, 2012
Steven Goldman, CRS, Realtor answered:
Happy holiday season Krassy,

Closing costs are negotiable. There is no right and wrong or what is usual. Make the deal your own. If you want the property, sweeten the deal for the Seller. There are a few types of loans that require one party to pay for specific items. Your Realtor will know what they are and guide you on this topic.

If it is fair for the Buyer to pay their closing costs and the Seller to pay their closing costs, then just do it. Make the deal your own. (2nd time I said that). Don't do what everybody else is doing. Everybody else is whining that they don't get the property that they make an offer on. Why does a Buyer feel that they have a right to demand that the Seller pay for the Buyer to purchase the property? Those days are gone. They may return, but are gone with the low inventory available.

Closing costs are typically less than a thousand dollars on a$100,000 property (not including agent commissions). If you want the property, stop whining and offer to pay the Seller closing costs. Buyers need to get over the head games. If you say "I cannot afford the seller closing costs", you may want to consider renting. If less than $1000 is going to make or break the deal for you, you need to be renting a while longer.

My Buyers typically have been offering to pay the Seller closing costs and they typically get their offers accepted. My Buyers do not ask for the Seller to pay apprisal or home warranty. They are in their dream home while the Buyer that tries to squeeze the Seller is still complaining that their offers are not accepted.

My Buyers are enjoying their back yard bar-b-q and pool area while the other possible Buyers are proud that they would not pay the Sellers costs, while they are paying another month's rent. Do you want to be a proud Buyer or a home owner?

When your offer is not accepted, think that "I could have offered to pay the Seller $500 in closing costs and be moving into my home instead of paying another months rent".

Purchasing a property is a dance between the Buyer and Seller. Sellers like to be sweet talked and courted. The Seller has the property and the Buyer wants it. Buyer's and their agents need to learn to schmooze the Seller with a sweet offer. Buyer's agents that know how to court a Seller are doing very well in this market. Find a Buyer's Agent that knows how to dance and you will soon be in your own home.

I wish you a wonderful holiday season and a great new year.
Good luck house hunting.

New Web Site:

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
1 vote 7 answers Share Flag
Thu Nov 15, 2012
De Vonte Williamson answered:
You should ask your loan officer for a good faith estimate. That would be your best option. However you should factor in closing costs, because they are often an expense overlooked.


Your typical closing expenses will include the following;

1.) Attorney fees, surveys,
2.) Broker Fee's
3.) Transfer Tax

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,


De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
... more
1 vote 9 answers Share Flag
Tue Sep 11, 2012
Wendi Williams answered:
Hi, Deployedbride.

This article should answer most of your questions regarding Short Sales:

Las Vegas Short Sale Types And Tips

Short Sales are probably the most dynamic component of the Las Vegas real estate market. First of all, there is nothing “short” about them and it’s a bit of mystery of how or why that term came about. There are real benefits to these types of distressed property sales.

What are they?

In summary, a short sale means that the bank is taking a loss on a mortgage to get rid of an asset. For example if Johnny owes $100k on a house and finds a buyer willing to purchase it for $70k, Johnny is asking the lender to take a $30k haircut. This is where you step in and can make money, if you do it right.

The Two Kinds

An unapproved Short Sale means that the bank is aware that the owner is motivated to do a sale but the bank hasn’t formally agreed to take a haircut. The process for getting an approved “short” is hugely complex, involves a considerable amount of luck and is driven by the skill of an experienced short sale agent. An inexperienced agent will slowly bleed everyone to death a year later. It takes an experienced buyer’s agent to recognize one. Unapproved short sales often take between 2 months and 2 years to close!!!

An approved Short Sale means the bank has formally agreed to take a haircut. This also means that a buyer has made an offer and the bank accepted it. When these buyers do not execute on their offer you can jump on it. Unfortunately, this means that if you want to purchase an approved one, you have very little time to act (usually less than 48 hours) and you won’t have time to fly here to kick and smell the property. You will need an experienced agent to get a deal like this.

Please feel free to contact us for more specialized information,

LV Property Search
Info@LVPropertySearch.com
... more
0 votes 17 answers Share Flag
Tue Sep 11, 2012
Wendi Williams answered:
Hello, Chris.

This article should answer most of your questions regarding Short Sales:

Las Vegas Short Sale Types And Tips

Short Sales are probably the most dynamic component of the Las Vegas real estate market. First of all, there is nothing “short” about them and it’s a bit of mystery of how or why that term came about. There are real benefits to these types of distressed property sales.

What are they?

In summary, a short sale means that the bank is taking a loss on a mortgage to get rid of an asset. For example if Johnny owes $100k on a house and finds a buyer willing to purchase it for $70k, Johnny is asking the lender to take a $30k haircut. This is where you step in and can make money, if you do it right.

The Two Kinds

An unapproved Short Sale means that the bank is aware that the owner is motivated to do a sale but the bank hasn’t formally agreed to take a haircut. The process for getting an approved “short” is hugely complex, involves a considerable amount of luck and is driven by the skill of an experienced short sale agent. An inexperienced agent will slowly bleed everyone to death a year later. It takes an experienced buyer’s agent to recognize one. Unapproved short sales often take between 2 months and 2 years to close!!!

An approved Short Sale means the bank has formally agreed to take a haircut. This also means that a buyer has made an offer and the bank accepted it. When these buyers do not execute on their offer you can jump on it. Unfortunately, this means that if you want to purchase an approved one, you have very little time to act (usually less than 48 hours) and you won’t have time to fly here to kick and smell the property. You will need an experienced agent to get a deal like this.

Please feel free to contact us for more specialized information,

LV Property Search
Info@LVPropertySearch.com
... more
0 votes 18 answers Share Flag
Wed Aug 22, 2012
Kirby J. Scofield answered:
Mon Jul 16, 2012
David Cooper answered:
Most experienced short sale agents get the banks approval for price and deficiency before placing the home for sale. If your agent hasn't done the preliminary invetigation to get the deficiency waived, find an agent that knows how to do it.


DAVID COOPER. Professional Real Estate Investor! CALL "Since 1917 Realty" +1-702-739-8820 .....35 Years Experience!........ FOR a Free List of Low Priced Bargain Homes in Good Areas GO TO http://www.lasvegaswinner.org
... more
0 votes 14 answers Share Flag
Mon Jul 16, 2012
Luke Joseph answered:
Well, I am an Accountant and I can answer this for you. Where you live is your primary residence, not where the mortgage is. You can contact me for a total free advice on this matter at 702-684-7000 ... more
1 vote 9 answers Share Flag
Fri Feb 10, 2012
Dawn Barrier answered:
Saw your update that this is Not a VA loan and looks like you say you are "in another state now",,, so I would suggest you first call your lender. Don't be afraid to call your lender and run your situation by them.

1 Loan or 2? Any other liens? These all come into play in the short sale process.

The bank of course is mainly looking to know why you can't make your mortgage paymenst, if you can, then maybe you should consider renting it out if you are not already doing that.

It also has a lot to do with who owns the loan on what sort of short sale program they may allow you to do.

Good Luck!
... more
0 votes 12 answers Share Flag
Mon Jan 30, 2012
Jeffery Sklar answered:
Claudia,

I am sorry you find yourself in this situation. Did you use a property management company when you rented your home previously. I ask because a good property manager will thoroughly screen your prospective tenant and this can mitigate many of the pitfalls associated with being a landlord. Call me sometime as I would love to discuss your situation and find a solution that works for you.

Jeffrey Sklar
Broker
Property Manager
2012 Vice Chair GLVAR Property Management Committee
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
Phone 702-522-6764
Fax 888-203-2779
www.WeRentVegas.com
www.VegasLeaseOption.com
http://jeffreysklar.las.mlxchange.com
... more
0 votes 16 answers Share Flag
Mon Jan 30, 2012
Jeffery Sklar answered:
It is possible if you like breaking the law. Also, if your bank finds out, which they will, you will be sued and it will cost far more than the 130k+ that you would save.

Jeffrey Sklar
Broker
Property Manager
2012 Vice Chair GLVAR Property Management Committee
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
Phone 702-522-6764
Fax 888-203-2779
www.WeRentVegas.com
www.VegasLeaseOption.com
http://jeffreysklar.las.mlxchange.com
... more
0 votes 4 answers Share Flag
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