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Home Selling in 89130 : Real Estate Advice

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  • Home Buying12
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Activity 148
Thu Mar 5, 2015
Dianne Turney answered:
You have a lot of company when it comes to trying to make sense out of online sites regarding "true value". My experience is that the online sites can be quite inaccurate. They serve us well at promoting our properties, but you really need an experienced, local real estate professional to determine current market value. Don't just call anybody--hold out for someone who has lived in the area quite awhile, and also has been selling real estate for some time.
Also, try for a "genuine" Realtor (not just an agent). They are held to a higher ethical standard. Happy hunting!
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Wed Nov 25, 2009
Diane Varney answered:
Hi Gno,

Have you asked your agent about this? Your agent should be reviewing your HUD to make sure it is correct. Since I do not represent you, and I cannot see the HUD, the best I can do is tell you ....there are allowables and non allowables in a closing. What I can tell you, is there is a 100% loan product for VA buyers. The 4500.00 could have been an earnest deposit that is being refunded, because the money is being rolled into the loan.

Good luck, and contact your professional and title company that are being paid to facilitate this transaction!

Thanks, Diane 702.401.0307
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0 votes 6 answers Share Flag
Tue Nov 3, 2009
Heather Peck answered:
John - There is no one answer. It is not only dependent on the mortgage company involved, it also depends on your assets, or lack of. Despite the fact that you're upside down as most property owners here are, if the bank believes you have assets with which to pay, they are less likely to release the deficiency.

Lawyers may or may not be able to help you. You may spend money on an attorney, only to have them also not be successful in negotiating away your deficiency.

I'd talk to the person who does my financial planning as well as consulting (but not necessarily retaining) an attorney to see what your options are.

If you own several investment properties, and are upside down on all of them but not upside down on your personal property, you may have more options than if the only property you're upside down on is one investment property. But beware of signing up with loss mitigation companies that aren't currently licensed and bonded by the Nevada Mortgage Lending Division ( a new state law requirement) as you may not be protected about getting your money back if they're unsuccessful -- and this includes attorneys.
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Sun Nov 1, 2009
Nichole LaVigne answered:
According to the MLS, 6313 OBannon Dr. 89146, closed 8/14/09 for $210k. The listing agent was John McNamara of Coldwell Banker.

On a separate note, I have buyers looking for properties in the Canyon Gate. If you know anyone looking to sell or in financial distress that needs to sell, I would great appreciate you passing along their names/address to me!

Please let me know if you need any additional information about Obannon or Mr. McNamara.

All the best,
Nichole LaVigne
Prudential Americana Group Realtors
702-544-4022
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Fri Oct 30, 2009
The Hagley Group answered:
Is this your principal residence? Do you have a 1st and a second? is it the original financning? If you have second, ws this purchase money or did you pull $$$ out?
0 votes 4 answers Share Flag
Thu Apr 21, 2016
Diane Varney answered:
Hello Jen,
Yes!, I have successfully entered into escrow for my short sale seller in MGM Signature. The unit was sold within two weeks, for list price. The bank has already received the complete short sale package and a negotiator has been assigned. We are moving forward smoothly. Short sales are not as difficult as they have been made out to be. You need a short sale expert, like myself, and the key to a succesful short sale is providing your agent with requested information, communicating well, and having confidence in your agents ability to follow up, negotiate, and use a polite professional manner with your bank. MGM Signature is red hot right now, there is a lot of action in the pendings and closings. I market to CASH only buyers for this product. The distinguishing features of your unit would be the floor level, view, postition of your unit, and lobby decor, as each lobby is a little different. A vertical high rise specialist is also helpful, and I am a member of the Las Vegas Hi-Rise Society, I can help!
Please feel free to contact me for more info, Diane 702.401.0307
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Tue Oct 27, 2009
Zachry Feuer answered:
John,

I would not mind reviewing the scenario in a more complete manner to help determine an appropriate course of action. Based on the information you have provided it is tough to determine hardship or not. That is far more easily determined by the full financial picture of what comes in and what goes out in reference to work income, rental income and all outgoing payments down to your living expense. If you cannot maintain the payments on the homes than their is certainly a hardship. Are the properties occupied or vacant? What type of loan do you have fixed, interest only? There are many things to consider. We have legal, tax and credit council here at our disposal to help provide answers to your questions so you can take an appropriate action for your specific situation.

Feel free to contact me direct so we can discuss in more detail your situation.
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Tue Oct 27, 2009
Dave Grant answered:
To call your self a expert is a loose term when it comes to short sales because it is never a guarantee the transaction will be approved, however a agent or brokerage that does a large amount of these transactions will have more knowledge on how to get them done, what the banks will and will not do . The key in a short sale is to price the home so you have a contract within the first 30 days. The listing agent should send all of your seller documents to the bank at the time of listing so you are putting the bank on notice so to speak that you are looking at doing a short sale. Once you have a contract from a buyer then that along with a settlement statement is sent to the bank for approval. It is impprotant that the financial package and contract paper work is complete, you do not want to send incomplete paper work this will only delay the process. As for the bank waiving their right to a deficiency judgement is a decision only the bank/investor can approve. The key is to try to get them to put that in the approval letter , it varies from bank to bank and loan to loan. I have completed 12 verifiable short sales in the last year, I mainly sale foreclosures but do handle short sales as well. I just closed a short sale 10/16/2009 with wells fargo and they released my client from a 260k deficiency and it was stated clearly in the letter. The companies you listed above are all very good and do work short sales, I have worked with some of them myself. Good luck on your search and please feel free to contact me in regards to assisting you in this big decision.

Thank you,
Dave Grant
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Fri Oct 9, 2009
Tamra Trainer answered:
Hi Elaine,
I have been specializing in short sale negotiations for over 14years and have a very good track record. It is important that you find someone that has enough experience in dealing with the banks as they have gotten very difficult to work with. Please give me a call so we can discuss your situation 702-513-8338.
Tamra Trainer
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0 votes 3 answers Share Flag
Tue Oct 27, 2009
Len McGuirk answered:
A.V.

Feel free to contact me t your convenience. I would be happy to do some research and let you know the current market value of your condo. To be brutally honest, it is definitely not the time to sell unless you truly have to. You would be competing with many foreclosure properties in the area and price would need to reflect that.

My contact info is below if you would like to discuss your options.

Len McGuirk
Prudential Americana Group, Realtors
Cell: (702) 203-6688
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Wed Aug 19, 2009
Heather Peck answered:
Unfortunately, you are in the same situation as anyone who either bought in Las Vegas between 2004 and 2008, or took out equity when the market was higher.

You have three options. The first is, I would try and get a loan modification with my lender. Depending on who the lender is, they may or may not help you since you are not behind in your mortgage and can afford to make the payment. Unfortunately, just being upside down is not a good enough reason for a loan mod, but I would certainly explore this option. Don't pay someone to do this, as you can easily do it yourself for free.

Second is you can short sale your home. Your lender will want some type of financial hardship to exist, and they use one of five criteria to determine if they'll grant it. You will take some hit on your credit, but not as big as if you let it go to foreclosure.

Third is, you can ride it out. If you're planning on living here for awhile, someday your house may be worth what you owe, but it will probably be quite a long time.

Let me know if I can help you with any of these options.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
www.HeatherSellsVegas.com
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Thu Aug 13, 2009
Dallas Texas answered:
If it is uncashed 12 years old I would doubt you could do anything about it. Have you considered contacting person who wrote the check ?

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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Sun Aug 16, 2009
Patrick Thies answered:
Yes it's very difficult to get financing when a condo building is 50% or less occupied. Many lenders won't do them. They also won't do them if you put less than 20% down. Some won't do FHA loans when they are 50% or less as well. ... more
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Thu Aug 6, 2009
Damon Botticelli answered:
It all depends on how your contract is worded.

Often the buyer and seller will negotiate an agreement (either lowering the price or the buyer coming in with more cash or both). If an agreement can't be reached the deal is cancelled and the earnest money is refunded to the buyer. ...BUT...It all depends on how your contract is worded. ... more
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Tue Aug 4, 2009
Heather Peck answered:
Unfortunately, you're in the same situation as 1 in 13 homeowners in Las Vegas. In order to keep your credit, you're going to have to continue to pay your mortgage. You may qualify for a loan modification, but lenders have been dragging their feet on these, they usually want you to be in distress, and they want you to stay in your home (not an option if you're planning to move across the country).

One way to assist you may be to rent the property out. If your monthly payment is the same or less than the going rents in the area for your size property, this may be a viable option for you. If not, you may have to supplement the payment each month, but having a renter may take out some of the bite.

Every other option means a hit on your credit, some options with a bigger hit than others, but a hit just the same. You may:
Deed In-Lieu - Give the property back to the lender
Short Sale - The bank agrees to take less than you owe
Foreclosure - Quit making payments

I'm sorry there aren't any other options if you wish to maintain your credit rating.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
www.HeatherSellsVegas.com
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0 votes 4 answers Share Flag
Tue Jul 12, 2016
Nichole LaVigne answered:
Good answer from the Ballen Group (hi!). I will also not talk badly about another Realtor or brokerage. I agrees with the Ballens advice of talking to the managing broker if services were promised and not delivered. My second piece of advice is to always remember - you get what you pay for - in this business. It is a common mistake to think all agents and brokerages are created equal. THEY ARE NOT. Each individual company has their own marketing strategy and each agent has their own marketing plan. When interviewing agents to sell your home be sure to ask where your home will be marketed (online, print ads, etc.). On the internet, make sure you know on which sites (if any) your listing will be syndicated.
Best of luck,
Nichole Lavigne
Prudential Americana Group Realtors
702-544-4022
nichole.lavigne@gmail.com
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0 votes 12 answers Share Flag
Sun Nov 22, 2009
Nichole LaVigne answered:
Hi Alison: I am going to assume you are the listing agent of this property? Price reductions can only be one part of getting an offer on this property. You are dead in the water with the seller's lender until you have any offer. With over 80% of buyers online, EXPOSURE is key to selling the property. Evaluate how many and which websites on which the property is being marketed. Make sure you have as many good quality photos on the listing as possible. Also, grassroots marketing and networking is back. Try door knocking (ask the neighbors if they know anyone interested in moving to the neighborhood), open houses, etc. There are LOTS of buyers out there ready to buy - you need to be sure they are seeing this seller's house. Finally, are you getting lookers, but no offers? Re-evaluate how the property looks in person and in photos. Clean up the clutter, put on a lockbox instead of "appointment only" showings. Don't worry about hurting the seller's feelings. It's time to get really honest with them if something needs to be cleaned up. Follow up with every agent showing the property for really honest feedback from their buyers and let your seller's know their concerns.
The home is not really in short sale status with his lender until you have an offer. You need an offer (even if it's a low one) for the bank to start their review process.
I specialize in short sales in Las Vegas. There is no special program for military families that will bail them out. You simply need an offer for their lender to review. Please let me know if I can be of other assistance.
Best of luck,
Nichole LaVigne
Prudential American Group Realtors
702-544-4022
nichole.lavigne@gmail.com
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0 votes 3 answers Share Flag
Tue May 26, 2009
Bill Eckler answered:
Jim,

As you have pointed out, there are other factors that buyers consider when purchasing property. The location of a home can out weigh many other less desirable factors. We would down play the size of the home as a concern especially if there is land to expand and the home lends itself to an addition to create the space a future buyer would desire.

Good luck
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Sat Apr 18, 2009
George Saab answered:
Try to Find a Real Estate Agent with Expirenece in short Sale. Selling to Your Husband or any Family Member is not Allowed by Most Banks.
0 votes 4 answers Share Flag
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