Marc Rasmussen

Sarasota MLS

Many sellers who are stuck underwater usually end up feeling powerless after fighting within the system, and eventually give up. Sellers need to know that there are still options open to them that involve little or no cost which may save them from a foreclosure or even bankruptcy. Your REALTOR assumes the burden of dealing with your bank on your behalf, but the results can offer a buyer a much quicker return to normalcy.

A short sale is when a homeowner sells a property for less than is owed on the current mortgage. Permission must be obtained from the seller’s lien holders to do so, but if successful, foreclose is avoided. The process is complex, but the results are far more favorable to a seller than foreclosure. Under short sale, the debt is usually settled in contrast to a foreclosure where the bank gets the home back, but the issue of the debt is not settled and the bank may have strong recourse available to them to pursue the unpaid debt depending on State law. You will have to consult with an attorney on these issues.

People who know they have to alter their loans to maintain their ownership engage in an activity known as a “workout” of their loan. Most major workout options consist of the following:

1. Repayment of past due payments
2. Forbearance (temporary suspension of payments)
3. Loan modification
4. Short sale
5. Deed-in-Lieu of foreclosure. Investment homes are not eligible. Borrowers voluntarily give the property back to the bank. This is however, still a foreclosure.

With over 4 million foreclosure filings expected in 2010, alternatives to foreclosures are being encouraged by the Federal Government. In a market like Las Vegas, where plummeting property values have excluded many homes owners from curative programs such as Hope For Home Owners, the short sale is a viable option for many homeowners who know they cannot maintain the mortgage.

Sellers, go seek counseling on all the potential options up front. You want to move from one option to the next rather than try only one, stop to learn the next, and on an on. The problem with this strategy is you will run out of time to really mount a successful short sale effort. Don’t wait until two weeks before your home is due to be foreclosed and then try to take a stab at a short sale.

Going back to the original statistic that over three quarters of people who lose their home did not try to sell it demonstrates that the public is unaware or at the least uninformed that they can work with their bank to sell it, rather than have the bank simply come and take it!

Please contact Sena and Associates at 702.376.0088  for a free consultation on short sales and whether it may be a good option for you.

The latest version would offer a slightly lower credit of 10% of the purchase price with a maximum payout of $7,290. As long as the home you are purchasing has a price of $72,900 or higher, you will receive the full credit. That is still a nice credit for buyers to enjoy. The median home price here in the Las Vegas real estate market is around $140,000, so most buyers will qualify for the full credit. The tax credit is limited to individual buyers earning $75,000 or less and married couples who earn less than $150,000 per year. Buyers would have to be in contract to purchase a home no later than April 30th, 2010 and must close on their home no later than June 20th, 2010.

The credit is also being expanded to include current homeowners looking to purchase a new home may also qualify for a credit. They must have been living in their current residence for a minimum of five years. Individuals earning over $125,000 and couples earning over $250,000 per year would not be eligible.

According to REALTOR magazine, homeowners can expect to recoup an average of 67.3 percent of their investment, nationally. Although this number is down about 20 percent from the peak of the housing expansion several years ago, it still reflects that it almost always pays off to remodel your home.

And there are a number of home improvements that almost always enable homeowners to recoup nearly 100 percent (or more!) of their investment. These include:

• Decks
• Midrange kitchen remodels
• Vinyl siding
• Window replacement

Many exterior home remodeling projects enjoy a nice payback because they increase a home’s curb appeal. With that said, it appears that the only interior remodeling project that pays back close to exterior remodeling projects is a mid-range kitchen remodel.

REALTOR magazine recently highlighted the national average that homeowners can expect to get back on popular, exterior and interior remodels:

1. Upscale fiber cement siding (86.7%)

2. Midrange wood deck (81.8%)

3. Midrange vinyl siding (80.7%)

4. Upscale foam-backed vinyl (80.4%)

5. Midrange minor kitchen remodel (79.5%)

6. Upscale vinyl window replacement (79.2%)

7. Midrange wood window replacement (77.7%)

8. Midrange vinyl window replacement (77.2%)

9. Upscale wood window replacement (76.5%

10. Midrange major kitchen remodel (76.0%)

The amount that you can expect to recoup for your Las Vegas remodel will depend on many factors, including your neighborhood, the cost and age of your home and, of course, the market at any given time.

A good rule of thumb is to find out more information about surrounding homes in your neighborhood before embarking upon a remodel project so that you can be sure you are still in line and competitive with neighboring homes.

Author Bio:

Richard is VIP’s San Antonio real estate broker. View all San Antonio real estate news on our blog.

1) Make sure you really want to sell.

Yes, the market is improving. In many areas of the country it has become easier to sell a home. However, most cities still have too many homes on the market. If you are not really motivated to sell it might be best not to waste your time. Aside from a few exceptions it seems like only the motivated sellers are successful.

2) Research your market

You need to become an expert on the real estate market. Take an objective look at your home and your competing homes. Put your buyer hat on. Would you buy your home or the better home at a lower price? When you get an offer your market knowledge will help you respond wisely.

3) Clean and de-clutter your house

Many buyers have a hard time with vision. Don’t make them envision a clean and de-cluttered home. It is much easier to sell a home that is in model shape. Take down some of your personal belongings. You might need to remove some furniture if you have too much. Go visit some model homes and get an idea of staging. It does help sell real estate.

4) Hire a good Realtor

This one is important too. Some Realtors can mess up a transaction. Get a referral from someone or go online and research Realtors. Have they done any business lately? Have they sold any homes in your area? What is their marketing plan? Don’t let them buy your listing. Ask them to justify any asking price they give you with recently sold homes.

5) Think about where you will move to

Don’t get caught off guard by not know where you will move to. Let’s say a buyer comes along with an offer to close in 30 days. Do you know where you will go? Don’t mess up a transaction by needing 60-90 days because you don’t know where to go.

Marc Rasmussen

Sarasota Realtor

The Las Vegas Rental Market currently has almost 5,000 available homes, town homes and condos.  This number doesn’t even reflect the amount of properties currently for rent by landlords.  To get homes rented, many landlords are forced to lower the rent or offer move-in incentives.  Potential tenants are aware of the excessive amount of properties for rent and are requesting incentives in order to sign a lease.

If you are a landlord or real estate investor looking to rent your home, town home or condo, contact Tony Sena with North American Realty of Nevada for all your property management needs.  See why our marketing program and tenant screening process is the best in the business.  We can be reached at 702.376.7379 or visit us on our website at http://www.LasVegasPropertyManagements.com or visit us on Facebook!

1) Educate yourself on the market

This really goes for just buying in general. It is important to be knowledgeable about the market, neighborhoods, recent sales etc. Find yourself a good Realtor who knows the market. They can help you by sending information on sold properties and other market statistics. Just because a property is owned by a bank doesn’t mean you should buy it. If you buy in an area that’s losing jobs and is riddled with crime, home values are likely to take a lot longer to recover.

2) Get financing first

This is crucial. Lending guidelines have changed over the years. It is harder to get money to buy a home. It may even be harder to finance a bank owned property depending on the neighborhood, condition of home and current market conditions. Make sure you are pre-approved for a mortgage so you are not wasting your time.

3) Finding a foreclosure

You can sign up on various foreclosure websites like Realtytrac.com or Foreclosure.com. There is a charge to be a member of those sites. Most bank owned properties are listed on the MLS so if you are working with a Realtor they can help you find foreclosures as well. It is good to have a Realtor so you can also look at homes being sold by private sellers as well. Sometimes those are the best deals.

4) Get Inspections

When people have trouble paying their bills often times they don’t maintain there home like they should. Don’t assume the bank knows much about the condition of the home. If you are under contract on a foreclosure make sure you get inspections done. It is best to know what is wrong with the home before you buy it. It may seem like a lot of money to hire inspectors but that money could be a drop in the bucket compared to the money you have to spend to fix something.

5) Hire an attorney

When you are under contract on a foreclosure make sure you hire an attorney to represent you in the closing. It is just good to have someone on your side reviewing the closing documents. Don’t assume the bank is going to always do the right thing. The expense could be well worth the money.

Marc Rasmussen

Sarasota Foreclosures

In reality, if the seller’s bank approves a short sale, they will allow for the majority of these costs to be taken right out of the sales proceeds, including the REALTOR’s commission! In some cases, the seller may never have to contribute any money at all.

Now that being said, there is no guarantee that a seller will never have to contribute something to the closing. If you’re interviewing prospective real estate agents to list your property, and they tell you this, run! No REALTOR can make such a guarantee. You don’t even have an offer yet; you don’t have an appraisal; the bank has not evaluated the seller’s financial profile; and lastly, you certainly don’t yet have an offer from the seller’s bank with the terms of the short sale they are willing to accept.

Example:

Seller has a home on the market as a short sale for $200,000. The bank usually allow for many of these costs to come directly out of the $200,000.

• Escrow and Title fees
• Title Insurance
• REALTOR Commissions
• Taxes (both property and transfer taxes)
• Home Owner Association fees
• Legal Fees (if applicable)

I always try to minimize any potential costs my sellers will have to incur, and present in a straightforward manner, exactly what the benefits and negatives of the seller covering a certain cost, so that the seller can make an informed decision.

In the current Las Vegas real estate market, we are literally trying to settle hundreds of thousands of dollars of debt per property, so in some cases, the sellers may have to contribute something and should not automatically expect that they will not have to contribute in some fashion. When you look at what is often asked from sellers as compared to how much debt is being settled, the amounts are often staggeringly meager.

If you’re an investor, you’ll love the fact that this property is a 3 bedroom, which are pretty hard to come by, and will appeal to renters who require more space than the average condominium has to offer. The condo has 1344 square feet, and also has a fireplace.

This property is in very nice condition, and is a terrific alternative to the heavy bidding going on in the current foreclosure market.

For information on this desirable property, please contact Paul Rowe or Tony Sena with Sena and Associates at 702-376-0088.

This 4 bedroom home is located in Spring Valley in a small gated community. Forget long commutes on the Interstate 15, you’re only about 10 minutes from the famous Las Vegas Strip and most employment centers here in the valley. The home has a downstairs bedroom and the dining room has a fireplace. You’ll really enjoy the mature landscaping in front of the home and within the community.

Call Paul Rowe with North American Realty of Nevada for details at 702-497-9142.