CHANGE THE COURSE! And Navigate Away from an Unmanageable Mortgage

Nearly one-fourth of all U.S. homeowners are “underwater” on their mortgage–meaning they owe more on their home than they could net from selling it in today’s market. What this means for the financially strapped homeowner: selling their home is longer the obvious , short-term solution to raise cash and cut expenses.

Talk about a dilemma: Can’t afford to stay in your home and can’t afford to sell it.

Far to often, homeowners in this situation become frozen in action, and that’s understandable. On the surface, it can seem that the only option is to let their home slip into foreclosure.  It’s happened so many times over the past few years that banks now have more properties on their books than they can expect to sell in an entire year.  Banks aren’t in the real estate business. They don’t want to own homes and if there’s one word that describes how banks feel about foreclosures  now it’s:

ENOUGH!

As a result, banks are now offering significant financial incentives to pursue short sales and they’ve tightened their process to make sure efficient turnaround of short sale applications. Loan modification options have also been expanded, and are among a host of alternatives to avoid foreclosure.

What to do NOW

Begin by aligning yourself with a trusted professional who has the knowledge and integrity to decide the best solution for you and is committed to seeing you through every step of the way.  As anyone with an unaffordable, underwater mortgage knows, the situation is complicated and the stakes are high.

Real estate agents who have achieved the Certified Distressed Property Expert (CDPE) designation have proactively sought the best expertise and insights within the distressed properties arena.

They are required to complete an intensive training curriculum, and stay on top of constantly evolving developments. CDPE agents close four times as many transactions every year as the average agent, and as such, can be counted on to negotiate the best foreclosure-avoidance options for their clients with unsurpassed expertise, efficiency and ethics.

What Are You Waiting For?

If your undecided and sitting on the proverbial Buyer Fence, GET OFF! here is a confidence booster for you. There is no Crystal Ball for the real estate market, however  that the so-called experts take a 6 month trending average of prices and sales moving upward to find the point the market turned from negative to positive. So the old rule is 6 months of positive numbers indicates the market has made a SHIFT. unfortunately for you the consumer after hearing this report in the Media about the real estate market positive numbers  you are too late.

Buy real estate now while the market is down, and interest rates are low, and you have less competition from other buyers. Warren Buffet says when the Stock market is down he buys, ya think he knows something you don’t.

New Buyer Incentive–Up to 3.5% In Closing Cost From Fannie Mae

Fannie Mae wants to help more buyers afford to purchase their new homes.  Thats why they are offering up to 3.5% in closing cost assistance for HomePath  properties begining June 14 through October 31, 2011

Eligibillty Details

1. intial offers must be submitted on/after June 14
2. Buyers must be owner occupants
3. Buyers are required to sign and Owner Occupant Certification Rider to the purchase addendum with all intial offer submissions
4. Sale Must close on/before October 31, 2011

For more detail information please e-mail or call me.

Life After Foreclosure, Bankruptcy, Short Sales

I am sure most of us personally know someone who has recently experienced difficult financial situations in this crazy market. If you know someone in this situation please let them know their is hope. Hope in the form of… when can someone expect to be able to BUY A HOME again. According to a Great Mortgage  Company named IMORTGAGE here in Vegas there current underwriting guidelines to qualify for a LOAN are as follows.

A. Conventional Loans

BANKRUPTCY

• Ch 7 BK – 4 years from either the discharge or dismissal date.
• Ch 13 BK – 2 years from discharge date or 4 years from dismissal date.
• If multiple BK’s within 7 year period, it is 5 years from the most recent dismissal date.
• Foreclosure is 5 years from completion date.
• Deed-in-Lieu of Foreclosure is 4 years

Pre-Foreclosure (Short Sale)  is 2 years from date house closed. if house was a short sale and borrower was not in pre-foreclosure (60, 90,120, or 150 day lates in tn last 12 months), they can sell this loan to Fannie Mae. the lender/servicers that completed the short sale must NOT have entered into any agreements the obligate the borrower to repay any amounts resulting from the short sale, including a deficiency judgment.

B. FHA/VA

Bankruptcy

• CH 7 BK – 2 years
• CH 13 BK – 12 months after release
• foreclosure or Deed in Lieu of is 4 years from completion date.

Pre – foreclosure is 2 years . Same exception as conventional (above) if not delinquent.

Please contact imortgage (Sultana Fox)  for more details at 702 561-7262

Market Statistics From Las Vegas MLS

Numbers for the week of 9/16/2010

Active Listings… 14,059/Active REO Listings… 2754/Active Short Sale Listings… 6865

Contingent & Pending Sale…13,509/Contingent & Pending REO…2665/Contingent & Pending Short Sales…7793

Closed Sales…3189/Closed REO…1381/Closed Short Sales…945

Todays Real Estate Trends For Las Vegas

CLICK HERE: Get It Quick Market Report For Las Vegas

Multiple Listing Sales Stats week of 9/9/2010

Active Listings…14,074…Active REO…2840…Active Short Sale…6733

Contingent and Pending …13,412…REO…2555…Short Sale…7839

Closed…3215…REO…1413…Short Sale…968

Another Reason To Buy Now!

1. Great Interest Rates
2. Price Point Per Square Foot.

” HAVE YOU EVER SAID TO YOURSELF  I SHOULD HAVE BOUGHT THEN”

WELL NOW IS THAT SAME TIME, WHAT ARE YOU WAITING FOR!

Part 2 Of How to Avoid 12 Common Mistakes Made by Novice Investors

Ensure High Rates Of Return

• 8. Get a Bill of Sale for All Property Involved – Many types of persona property (appliances, furniture, fixtures,etc.) can be involved in an investment sale. Be very detailed…know who owns what!
• 9. Charge Fair Rents – Vacancies, turnovers, and least terminators are your biggest cost. Charge fair rents, treat your tenants with respect and respond as quickly as possible to their needs.  It’s a lot less costly in the long run to take care of the little problems before they become big problems. vacant property is your Achilles heel.
• 10. Select Qualified, Good Tennant’s From The Start – take the time to check references. Previous Landlords, employers, financial references, credit , judgments are all vitally important. If there are any questions do a thorough investigation. Drive by their previous residence. A little work up front can save tremendous problems on down the line.
• 11. Make Sure You Get Estoppel Letters – Get letters from tenants confirming the status of tenancy. make sure their version of the rental or lease agreement corresponds with the sellers interpretation.
• 12. Don’t Spend Positive Cash Flow - Most successful investors have free and clear properties. Be sure to re-invest your cash flow back into the property payment and speed up the amortization schedule. This decreases your debt and increases your equity…which builds your net worth.

Investment property can be one of the most rewarding aspects of your financial portfolio. Be certain to have all your ducks in a row before you invest. Do your homework! Consult with a real estate professional and relieve yourself of the hidden troubles that can plague first time investors. I hope this brief report has been of value to you. It is My greatest wish to help you make your real estate investment goals and give you the professional, efficient and effective service possible.

How to Eliminate Risk in Real Estate Investment !

Avoid 12 Common Mistakes Made by Novice Investors and Ensure High Rates of Return

A TWO PART SERIES

Real Estate investment has provided many investors with positive cash flow, tax benefits and satisfaction of making an impact in others lives. However, like any investment real estate has intricate nuances and market trends that when ignored can cause an investor tremendous heartache.

Unbelievably many first time investors are willing to part with their hard-earned cash without taking the time to study their investment.  They rely on traditional trends and gut feelings. Before you risk your investment take the time to learn all you can about your market. by aligning yourself with the right professional you can avoid these 12 common mistakes and you’ll ensure an excellent return on your investment.

1. Failure to Determine your Time Needs Cash flow, capital appreciation, tax benefits, loss of management, equity pay down and pride of ownership are just some of the things that need to be addressed before you make that investment. A service minded real estate professional can be a tremendous asset by taking the time to evaluate your needs and making sure you’ve got all your bases covered.
2. Not Checking out the Seller or Sellers Agents Numbers Claims of extremely high rates of return run rampant in real estate investment. Don’t get caught up in the excitement. – check everything: rents, payment history, taxes, expenses, deposits, future modifications…everything. Make sure yu have the right agent… it’s like having a good insurance policy against overlooking all the seemingly insignificant but very important details.
3. Forgetting You’re Buying A Business – owing investment property caries with it great potential for creating wealth and…some potentially difficult decisions. Evictions, re-investment in the property, and time management all need careful consideration.  this is not a “hands-off” business.
4. Avoid Negative Cash Flow – Property that eats cash every month can drain your working capital. This can create stress, frustration and become quite painful. Predicting constant appreciation is extremely difficult if not impossible for the unseasoned investor. A strain on your cash flow may cause you to sell the investment before the benefits of ownership are ever realized.
5. Failing to Have Adequate Insurance – Investment property brings liability. Tenants, cars, parking lots, cleaning facilities, property liability – the list is quite extensive. Adequate insurance coverage is an absolute must!  Be sure to consult with an insurance professional and protect your hard-earned assets.
6. Inspect, Approve, and Confirm All Documents – The list of documents that need to pe proofed and be overwhelming to the first time investor. Building permits, zoning laws, rental and lease applications, health licenses, laundry leases, underlying loan documents, CC&R’s, by – laws, title policies, mineral leases, inspection reports, purchase contracts, insurance… don’t attempt to do it alone. The right professional can remove most of the stress and bring the transaction to a conclusion smoothly.

THE SECOND SERIES WILL FOLLOW IN LESS THAN A WEEK FROM TODAY.

In the meantime if you have any questions or concerns please email me or call.

Multiple Listing Sales Statistics Week Of(07/15/2010)

Total Active Listings- 11,703…Active REO Listings 2538…Active Short Sale Listings 5259

Total Contingent & Pending Sales- 14,578

Contingent & Pending REO- 2639…Contingent & Pending Short Sales- 10,445

Total Closed Transactions- 3834…Closed REO- 1525…Closed Short Sales- 1319

ACTIVE LISTINGS UNDER $200,000…8480/CLOSED UNDER $200,000…3157

Take a good look at these numbers! How about Total Closed vs  Closed under $200,000

Great Opportunity Now!

Once in a lifetime, have you ever heard that before?. Well here we are again at the crossroads to make the decision to buy now or wait. Here is a tidbit of  information to help you make a decision. There are over 1700 homes on the market for $200.000 or less, and FHA has rates as low as 4%.  If you’re renting contact me now to take advantage of a once in a lifetime opportunity.