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Foreclosure in 89012 : Real Estate Advice

  • All18
  • Local Info0
  • Home Buying10
  • Home Selling2
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Activity 45
Sat Sep 15, 2012
Aaron Sims answered:
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
888-995-HOPE (4673)

I just looked up HAFA and got that phone number from the above website. You are represented by a Realtor so it would be unethical of me or anyone else here to give you advice. If you believe your Realtor has been less than honest and not represented you as you believe she should have then you should try and speak to her, her office manager, or broker. HAFA seems to be something run by the Government so not sure your Realtor can do anything about it, I could be wrong though.
I wish you the best!
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Sat Aug 18, 2012
Scott Miller answered:
Hi Moon. This is not the best place to be getting legal advice and that's what you need right now...an attorney.

In the past couple of years, many states have given HOAs very strong powers within communities to foreclose on owners that owe the HOA back payments. Although they are not in 'first place', they still have a strong lien on your property and can move to get you out quickly, legally.

My best professional advice to you is to get an lawyer to represent you quickly. You may or may not have any recourse at this point, but an attorney will tell you what you need to do asap.

Real estate agents by law cannot give legal advice, nor should they try. Find someone local in Vegas that specializes in litigating against HOAs.

GOOD LUCK, I hope this works out for you.

Scott Miller
Realty Associates
Boca Raton, FL
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Mon Aug 6, 2012
Tim Moore answered:
I am not sure what you mean by, "I did get foreclosure". Do you mean it was foreclosed and went to the auction? If so there is a new owner and that owner could kick you out.
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Fri Dec 2, 2011
Joani Pemberton answered:
David, I searched the MLS and found 2 foreclosure condos in Seven Hills, both of which are at the address 950 Seven Hills Drive, however, no specificity as to unit 2024. I need more information from you in order to accurately answer your question. Please reply with not only the information as to the referenced condo, but your specific criteria, as to price, area, square footage, bedroom and bath requirements, I can help you from there. Joan Pemberton ... more
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Fri Dec 2, 2011
June Stark answered:
Hi David - Seven Hills is a masterpalnned community and has a couple of condo complexes. One ia called Avalon and it is located on Seven Hills Drive. Is that what you are asking about? I do not see a unit # 2024 in the MLS. There is another called Horizons. We would need an exact address to see if the property is still available.

You can e-mail me directly at junestark@msn.com and I can see if I can help you - Please send buying parameters. Thank you.

June Stark
702 376-5220
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Tue Nov 29, 2011
Bill Eckler answered:
Zz,

There's nothing wrong with trying to get the best deal possible but the banks have a responsibility to protect the interests of their share holders as much as possible and are bound by procedures. It isn't as simple as picking a number that you feel works for you.

Banks have to work with the current market information that are accurate indicators of value. This is accomplished rhrough the use of current appraisals and BOP's. This information should justify their position.

On the other hand, you can justify the necessary work required to bring the home back to livable standards as well as doing you own value investigation. Ask your agent to provide you with all of the recent area comps for sold homes in your area. Reviewing this information may provide you with proof of a value that supports your cause. Providing this information along with your repair evaluation may give the lender reason to reconsider their position.

Without information to support your cause you are likely fighting a losing cause...so invest some time and make your best offer and then........move on to explore other opportunities. Things simply happen for a reason!

Hope this is helpful.

Good luck,

Bill
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Thu Sep 15, 2011
Anna M Brocco answered:
Keep in mind that RealtyTrac's information may not always be accurate and oftentimes can be misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information... ... more
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Wed Apr 10, 2013
Alison Hillman answered:
Hi there-

You can get in touch with local brokers here: http://www.trulia.com/voices/directory/Lake_Las_Vegas-mortgage_broker_or_lender--85011

Ali, Community manager
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Fri Feb 18, 2011
Michael Emery answered:
If you have the financial resources to buy another home, it's unlikely that the bank will offer you a short sale as hardship has to be proved to obtain a short sale. If you falsify your hardship with the bank, you may open yourself up for civil litigation.

If you allow your current property to go into foreclosure, your lender has the option to go after a deficiency judgment for up to three months after the foreclosure sale. Essentially they will want the money back they lost on the sale.

Before going forward with a short sale, it's best to talk to an attorney.
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Mon Dec 13, 2010
James Gordon ABR SFR SRS answered:
Angie a three day notice would put you on the 12th -- 10,11,12. I would do the prudent thing and get out today and not push your luck.
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Wed Feb 18, 2015
John Brassner answered:
I have a solution for you. Why don't we try to "short-sale" it for you? This is when the lender agrees to take a loss so that you can sell your home. See www.NevadaRealEstateCenter.com and click on "Short Sales Explained" Near the bottom.

-John
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Thu Nov 1, 2012
Michael Unger answered:
The selller's agent may have received several "over list price" offers on the property. As a result, they have chosen to raise the price. The issue is whether or not the new price will appraise. If the property does not appraise at the higher price, the buyer may not be able to get funding from their lender. ... more
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Mon Sep 13, 2010
Robert Little Group answered:
Mark,

Usually the move out date of the cash for key's agreement is what counts. The banks will take the neccesary evicition steps, in case you don't live up to your end of the bargain, so they can evict right away. I would certainly ask the agent who handled the cash for keys about this, or an attorney who specializes in these matters. ... more
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Mon May 10, 2010
Doug Bradford answered:
Coco...You're in for a long wait, then. Especially since there are 3 loans on the house. Each one of those loans has to be negotiated to the satisfaction of the lender. That could take many more months. Also, the problem with short sales, too, is that there's no gurantee you'll get the house even though you've submitted your offer. The bank could change it's mind and sell the home for more than your offer. Until you get the signed approval letter in your hands, anything could happen. Your realtor should hve informed you of this and all the pitfalls associated with a short sale.

Good luck.
Doug Bradford
Realty One Group
702-219-0645
RealtyInfoman@cox.net
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Mon May 10, 2010
John Brassner answered:
Something fishy there. We short-sale homes all the time without notice of default. Are you super-in-love with that one house?
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Fri Jan 15, 2010
Kathy Weber answered:
Andrewshane1,

The best way to start your search is to go to the County Recorder's office. The records are available for the public to view.

Only problem, at times, the county doesn't update their records but a few times a year.

I would contact a Realtor in your area & see if they could help you.

Good luck!
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Sun Aug 23, 2009
Terrie Haynes answered:
My question to you would be, who advised you? If this was your tax attorney, then I would say that he/she is correct. If not, this person does not know your personal situation and cannot advise you properly. Bottom line, seek that advise from your tax attorney or tax consultant......no one else! ... more
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Fri Dec 25, 2009
Ron Johnson answered:
Hello,

I understand your concern. Lake Las Vegas has been hit extremely hard by the slowdown in the market. There were stories that there could be a problem with the pipes that run under the lake and that could lead to the lake loosing all it's water. That issue has thankfully been resolved and the repairs needed are being done. The two most recent issues are that two of the three golf courses have been closed down. The courses are still being watered and maintained, but the current owner is looking to sell the courses.
The Ritz Carlton and one other hotel there have recently declared bankrutcy.

The community itself is undeniable beautiful, but the home owners association fee's are very high. Many homes there have three different dues that need to be paid. I personally feel that this community will be fine eventually, but it will be a while before things out there do recover. I do not think you have to worry about the community vanishing or drying up. There has been millions or dollars spent out there and there is still plenty of land left. There are also several celebrities that call Lake Las Vegas home. This community will eventually recover and be built out, it will just take the right developer with some vision and a new much lower cost basis to make this happen.

Let me know if I can be of any further assistance.

Ron Johnson
Elite Realty
702-595-9743
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Wed Nov 13, 2013
Voices Member answered:
Absolutely! Overseas investors are able to purchase property in the USA with little difficulty. Many properties in Las Vegas, Henderson, and Lake Las Vegas, are foreign owned. With many properties to choose from, I'm sure we could find one for you.

Please note that many of the properties you see here are part of master planned communities, condominium communities, or both. In any case, monthly fees for homeowners associations and amenities can total in the hundreds of dollars. In the event that you purchase a property in cash, there will likely be maintenance fees that need to be paid regularly. This is certainly not meant to discourage anyone; just educate.

Foreign investors are subject to FIRPTA, or Foreign Investment in Real Property Tax Act. More detail is available by search or request.

Please let me know if there is anything I can do to help in your property search.

Kind regards,

Sonny Minx
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Sun Jun 21, 2009
Linne DePasquale answered:
Karma,

It depends upon the type of wholesaling you would like to do. If you are looking to buy recent foreclosures directly from a bank before those homes are offered for sale by a broker, then it will be very difficult to set up that type of relationship in the current market. The vast majority (if not all) banks are overwhelmed in their loss mitigation/REO departments, & the virtual "assembly line" of NOD > Foreclosure > Listing of a property is running at full capacity. The employees operating within those departments are trained to not stray from current protocol to maintain maximum efficiency. Your only realistic option is to purchase homes at trustee's deed sale (see below).

On the other hand, if you are looking to purchase from a private seller (builder, developer, group of investors, etc.), your most viable option is to establish local connections. These are the transactions that are most often negotiated within the confines of professional or personal relationships (it's about "who" you know).

Either way, you should consult with an agent located in the area in which you're looking to purchase. You may be able to work with an agent who is willing to consult rather than charge a variable commission. This will help you estimate your costs much more accurately. It is very easy to see that a property is well priced, compared to former sales prices or loan amounts. But, if you are looking to flip a property, there are many factors affecting your profit potential:

1) You need to know about the neighborhood. Are the properties you're looking to acquire located in a "declining market," as determined by a licensed appraiser? If so, it will be difficult to anticipate the appraised values for future buyers. And, you may not think that appraised value will matter to cash buyers, but I have a many cash clients right now who know that they can use a conservative appraisal to their advantage. So, your margins are variable on a property located in a declining market.

There are countless examples of "great deals" in the marketplace right now, but that does NOT make them all conducive to flipping. A house sold at $1M in '04 my be priced at $500,000 now. Even if you could buy the property for $400,000, you need to know that you can re-sell that property for a minimum of appx. $435,000, depending upon property condition, just to break even. Wholesaling boils down to the numbers on every property individually. It's imperative that you know each & every factor affecting your purchase decisions.

2) There are a variety of tax- & financing-related implications that need consideration before purchasing. For example, Nevada charges a transfer tax (RPTT) for every property purchase that occurs of appx. .51% of the purchase price. So, if you were to purchase a property at $200,000, your RPTT would be appx. $1,020. It's possible, but not likely, that a seller would split this fee 50/50. If you were to re-sell the property for $300,000, the fee would be appx. $1,530. It's possible, but not likely, that a buyer would pay 51-100% of this fee. Also, FHA requires 90 days' seasoning before a new FHA-backed loan can be funded for a property, & heightened restrictions for up to 1 year from the former sale date. Fannie May just implemented a new policy for REOs: purchasers of REOs may not sell the property for more than 120% of the purchase price within 180 days. So, if you were to purchase an REO for $200,000, you could not re-sell the property to a buyer with Fannie-backed financing for more than $240,000 unless you hold the property for 180+ days (longer restrictions may apply). After expenses, it would be very difficult to retain a profit in this case.

3) To have bargaining power, you need cash in-hand. Financing, especially for investment purchases, is very tricky today. Any seller willing to give you an incredible price will most likely require cash for the full purchase price, not just the 20-30% you would need if financing. This is not to say that you can't finance. You could obtain a line of credit to use as cash, but you will likely need secured assets to qualify for this type of financing right now.

4) Purchasing at a trustee's deed sale is an option, but you will need to fully research the title report for each property of interest. This is highly labor-intensive since many properties listed for a sale will not fit within profitable parameters for various reasons: (a) many properties do not actually make it to TD sale since the owner works out a deal with the foreclosing creditor, (b) nearly universally, there are multiple liens on a property by the time it goes to TD. As the purchaser, you acquire the liability for all underlying liens.

Sincerely,

Linne Karstensson
Owner, OwnLakeLasVegas.com
Direct: (702) 525-9492
Email: Linne@OwnLakeLasVegas.com
Web: http://www.OwnLakeLasVegas.com

Lake Las Vegas' most comprehensive real estate & community web site: http://www.OwnLakeLasVegas.com
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