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Foreclosure in 89113 : Real Estate Advice

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  • Home Buying10
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Activity 6
Mon Jan 31, 2011
Deluxe Realty answered:
Hello Dale,

I just answered your last question about a specific community, and I am assuming you are referring to that community because it does have a lot of properties for sale.


This question is best answered on a per case basis, and would require the financials of the HOA. Most all of the condo communities here in Vegas recently went through the big boom and then the horrible crash...

I have been seeing trends of a community having a lot of sales at once, and I think a major factor is that during the boom, a condo community would go up for sale, and would sell out quickly... today, you are seeing the after-affects, where one community at a time shows many foreclosures, and it looks as though something is extremely wrong, and then a year later there are very few units available... I think that many people purchasing in the same community around the same time resulted in many people defaulting on their loans around the same time.

Of course, that is just one of many reasons why there may be so many sales... another reason is that the community does not allow investors (that’s why I personally called and checked for the community you were inquiring about); example: there is a great combination of communities between Washington and Vegas and Durango and Buffalo, which would make excellent rentals… but the recently don’t allow investors! New owners are not allowed to lease out… so, it’s extremely hard for someone to get a loan, and cash buyers for condos are generally not purchasing to live in the unit… and BAM, there are too many properties for sale.

Another effect it can have is the HOA going bankrupt! Seriously, it happens. It happened at the Meadows. The properties don’t get taken care of, rent goes down, prices go down, and the community becomes more like a slum, and HOA costs go through the roof for the owners. This doesn’t happen often, and hopefully new regulations that require the banks to make HOA current (there are stipulations) will prevent the HOA from going down anymore.

I am not sure what the current finances look like for the Virana condo’s, but if you’d like, you can contact me and I’d be more than happy to help you conduct some research.

--

Sincerely,

Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186
E. mfleysher@gmail.com
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Sat Dec 11, 2010
Cameron Novak answered:
It's probably a terrific idea to post this on a UK site, or contact an expert in your area. Make sure they have successfully negotiated short sales before... require proof.

Cameron
Corona Short Sale Agent
Corona, Ca.
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Thu Jun 17, 2010
Joanna Morris answered:
Hi Jill,

I would say the first line negotiator has guidelines they have to follow and typically the counter is due to the fact that the offer was too low for it to be acceptable by the bank. This number should work throughout the process.

Each Realtor has their own way of handling short sales some are more effictive than others. Make a list of questions you have not received answers to yet and or would like to ask. Another of list of suggestions you would like your agent to discuss with the listing agent. Just remember you may not get all the answers but maybe you can gain more information and feel a little more settled. It sounds like normal short sale issues and low and behold you will have a surprise phone call one day.
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Tue Jun 30, 2009
Ruth M answered:
Thank you Nichole, Penny and The Balen group. I really appreciates your quick response. Can you please tell me who to talk or negotiates with? God bless you all.
0 votes 4 answers Share Flag
Mon Jun 22, 2009
Damon Botticelli answered:
If you want to stay in your home, don't give up yet. A loan modification might still be possible.
Take a look at these sites for help, and don't pay anyone else any money upfront.
Check out these links for information:
http://www.freddiemac.com/avoidforeclosure/
http://makinghomeaffordable.gov/

I think NACA will help without any fee to you.
https://www.naca.com/index_main.jsp
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Fri Nov 14, 2008
Marilyn Orcutt answered:
6 months is excessive even in the short sale process. It isn't unusual for you to receive an initial verbal response, however, until it is in writing it really means very little. Even then, a good agent will carefully watch what transpires, as the bank may throw some curves even at closing. I would hope that you have also looked at other properties and made offers. Get your earnest money back now and move on would be my advice. For future reference, do not put any earnest money down until 24 hrs. after an executed contract is received from the bank. This verbiage can be written right into the contract. Good luck! ... more
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