Wednesday, March 27, 2013
The Las Vegas Short Sale Experts!: When can I buy after a Foreclosure? Bankruptcy? Sh...
The Las Vegas Short Sale Experts!: When can I buy after a Foreclosure? Bankruptcy? Sh...: When can I buy again? I had a short sale. I had a foreclosure. I had a bankruptcy. This is a question I get almost weekly. Well I have th...
When can I buy after a Foreclosure? Bankruptcy? Short Sale?
When can I buy again? I had a short sale. I had a foreclosure. I had a bankruptcy.
This is a question I get almost weekly.
Well I have the answers for you. Sean Uyehara from Prospect Mortgage explains when you can buyer again. Watch this video to find out.
When Can I buy again?
This valuable information was brought to by The Amanda Brown Team at Nevada Realty Solutions
Short Sale Experts
This is a question I get almost weekly.
Well I have the answers for you. Sean Uyehara from Prospect Mortgage explains when you can buyer again. Watch this video to find out.
When Can I buy again?
This valuable information was brought to by The Amanda Brown Team at Nevada Realty Solutions
Short Sale Experts
The Amanda Brown Team
Nevada Realty Solutions
Amanda Brown
702-496-7416
brownnvrs@gmail.com
Like us on Facebook
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lasvegasshortsalesnow.com
Nevada Realty Solutions
Amanda Brown
702-496-7416
brownnvrs@gmail.com
Like us on Facebook
Follow us on Twitter
lasvegasshortsalesnow.com
Tuesday, March 26, 2013
The Las Vegas Short Sale Experts!: FHA MI Changes quickly coming!
The Las Vegas Short Sale Experts!: FHA MI Changes quickly coming!: Just a friendly reminder of the FHA Mortgage Insurance Changes that are coming up: For FHA case #s assigned after 3/31/13: ( basicall...
Economic Update - March 25, 2013
| The combined construction of new single-family homes and apartments in February rose 0.8% to a seasonally adjusted annual rate of 917,000 units. Single-family starts increased 0.5%. Volatile multifamily starts rose 1.4%. Compared to the previous year, housing starts were up 27.7% in February. Applications for new building permits, seen as an indicator of future activity, rose 4.6% to an annual rate of 946,000 units. The National Association of Home Builders/Wells Fargo monthly housing market index fell two points in March to 44. An index reading below 50 indicates negative sentiment about the housing market. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 15 fell 7.1%. Purchase volume fell 4%. Refinancing applications decreased 8%. Existing home sales rose 0.8% in February to a seasonally adjusted annual rate of 4.98 million units from 4.94 million units in January. Compared to a year ago, existing home sales were up 10.2% in February. The inventory of unsold homes on the market rose 9.6% to 1.94 million in February, a 4.7-month supply at the current sales pace, up from a 4.3-month supply in January. The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.5% in February, following an upwardly revised 0.5% increase in January. Initial claims for unemployment benefits for the week ending March 16 rose by 2,000 to 336,000. Continuing claims for the week ending March 9 rose by 5,000 to 3.053 million. The less volatile four-week average of claims for unemployment benefits was 339,750, the lowest level since February 2008. Upcoming on the economic calendar are reports on the housing price index and new home sales on March 26, and pending home sales on March 27. Share:    |
| Click here to visit my website and apply online: http://www.myprospectmortgage. |
| Rev. 3.22.13 (0313-2531) |
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Monday, March 25, 2013
FHA MI Changes quickly coming!
Just a friendly reminder of the FHA Mortgage Insurance Changes that are coming up:
For FHA case #s assigned after 3/31/13: (basically Friday 3/29 is the cut off)
The monthly mortgage insurance premium is going from 1.25 to 1.35 for 30yr loans
The monthly mortgage insurance premium is going from .60 to .70 for 15yr loans
For FHA case #s assigned after 6/2/2013 (Basically Friday 5/31 is the cut off)
If over 90% financing, the monthly mortgage insurance is for the life of the loan.
This is for 15 yr. or 30yr loans.
If you have a client that is in contract for a short sale that will close AFTER 3/29, make sure that your lender has pulled an FHA Case# for that client and property. If your client doesn’t have a lender, have them call me right away and I will make sure to get them taken care of.
*** Just as a side note, please remember that I offer a 3% down Conventional loan. If your client qualifies, the Monthly Mortgage Insurance is less than FHA and once the property has 20% Equity, it goes away.
Thank you and have a great day!
Amanda Brown
702-496-7416
Sunday, March 24, 2013
How Does Bank of America calculate their relocation money?
Bank of America has two programs they offer that can put money in a seller's pocket upon a successful close of escrow with a short sale. The two programs are HAFA and CO OP. So a question I get a lot, as a short sale specialist is how does Bank of America calculate how much they pay. I have found a site that is Bank of America's that describes the steps they use to calculate the amount you get:
click here to see website: Bank of America
The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. With a Home Affordable Foreclosure Alternatives (HAFA) Short Sale the total amount will be no less than $3,000, but no more than $30,000. With a Cooperative Short Sale, the total amount will be no less than $2,500, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid to you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.
Amanda Brown
Nevada Realty Solutions
702-496-7416
Don't need a lawyer for a short sale
Don't need a lawyer for a short sale
Q: Do you have to hire a lawyer to do a short sale? Does the law require you to have a lawyer involved? Can’t a Realtor just handle a short sale?
— Tuta P., Las Vegas
A: Those are great questions. The short answer is that you don’t have to hire an attorney to handle a short sale in Nevada.
You can certainly hire an attorney to handle a short sale if you’d like, but I don’t think it’s necessary or worth the additional expense. In fact, Realtors can and do handle short sales here in Nevada on a daily basis. And unlike many of the local lawyers who are aggressively marketing their services in this area, we don’t charge thousands of dollars up front for our expertise.
As you may know, nearly half of all local home sales are now short sales, which occur when a lender agrees to sell a property for less than what the borrower owes on the mortgage.
With the recent rise in short sales, many Realtors have taken the time in recent years to get additional education on these more complex and time-consuming real estate transactions.
Hundreds of our Greater Las Vegas Association of Realtors members have now earned professional certifications to let potential clients know we are specialists in this area.
As Realtors, we believe attorneys can play a key role in advising property owners on legal aspects of real estate transactions.
However, we see many law firms pushing their clients into a loan modification or bankruptcy when, in reality, a short sale would have been the best and less costly choice.
I know some of our friends in the legal industry are spending a considerable amount of money trying to convince distressed homeowners that they are the only ones qualified to handle short sales.
Ever since short sales began to outpace foreclosures in our local housing market last year, I’ve seen an increasing number of advertisements from local law firms trying to tap into this trend.
I expect these ad campaigns to continue at least through Dec. 31, when the Mortgage Forgiveness Debt Relief Act is set to expire.
Starting Jan. 1, and barring any further extensions by the federal government, any amount of money a bank writes off in agreeing to sell a home as part of a short sale may become taxable when sellers file their income taxes.
So, I agree with these aggressively advertising law firms on one key point: Homeowners who have been considering a short sale would be wise to act quickly this year before that act expires.
Thanks again for your questions. As a Realtor, I think it’s important for homeowners to know that they don’t have to hire an attorney to help them complete a short sale.
Keep those questions coming. Email me at ask@glvar.org.
Dave Tina is the 2013 president of the Greater Las Vegas Association of Realtors, and has worked in the real estate industry for more than 35 years. GLVAR has more than 11,000 members. Email questions toask@glvar.org. For more information, visit www.lasvegasrealtor.com.
For more information on how you can get help with your short sale call the short sale experts at Nevada Realty Solutions, 702-496-7416.
Amanda Brown
Nevada Realty Solutions
Saturday, March 23, 2013
Nevada still leads nation in underwater mortgages
Nevada had the highest percentage of mortgaged properties with negative equity in the fourth quarter at 52.4 percent and an average loan-to-value ratio of 103.7 percent, analytic firm CoreLogic reported Tuesday.
Rounding out the top five states with negative equity were Florida (40.2 percent), Arizona (34.9 percent), Georgia (33.8 percent) and Michigan (31.9 percent).
The quarterly analysis showed 10.4 million homes, or 21.5 percent of all residential properties with a mortgage, were still in negative equity at the end of 2012. Rising home prices helped about 200,000 properties return to positive equity, CoreLogic noted.
Negative equity, often referred to as “underwater,” means that borrowers owe more on their mortgages than their homes are worth. The aggregate value of negative equity decreased to $628 billion at the end of the fourth quarter, from $670 billion at the end of the previous quarter.
This decrease was driven largely by improvement in home prices, said Mark Fleming, chief economist for Irvine, Calif.-based CoreLogic.
“In the fourth quarter we again saw an improvement in the equity position of households,” Fleming said in a statement. “Housing market improvements, particularly in the hardest-hit states, are the catalyst for households to regain equity and become participants in 2013’s housing market.”
The average mortgage balance for homeowners who are underwater on their first liens — without home equity loans — is $213,000, leaving the borrower with an average of $45,000 in negative equity.
Local real estate agent Mark Rowley said he’s not completely sold on the CoreLogic report.
“It shows us as a state getting better, but I am not sure if I can personally buy into that yet because of our artificially constrained inventory here in Clark County that has bumped up our prices year over year,” he said. “We need a normalized supply of houses to be able to assess what one should think of the local market health. It comes back to the key question: How many people are not paying their mortgages, but still living in their houses?”
If you are still underwater on your home, Call The Amanda Brown Team, Short Sale Experts at 702-496-7416 to see how we can help you.
This valuable information was brought to you by The Amanda Brown Team at Nevada Realty Solutions.
Article was from the Las Vegas Review-Journal, 3-20-13
Amanda Brown
brownnvrs@gmail.com
702-496-7416
Thursday, March 21, 2013
The Las Vegas Short Sale Experts!: Short Sale Expert Amanda Brown talks on local morn...
The Las Vegas Short Sale Experts!: Short Sale Expert Amanda Brown talks on local morn...: Click below to see what short sale expert Amanda Brown and Las Vegas Attorney has to say about Short Sales in Las Vegas. http://www.vegas...
Short Sale Expert Amanda Brown talks on local morning show!
Click below to see what short sale expert Amanda Brown and Las Vegas Attorney has to say about Short Sales in Las Vegas.
http://www.vegasmorningblend.com/videos/198827431.html
Amanda Brown
brownnvrs@gmail.com
Lasvegasshortsalesnow.com
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http://www.vegasmorningblend.com/videos/198827431.html
Amanda Brown
brownnvrs@gmail.com
Lasvegasshortsalesnow.com
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Banks press for changes to 2011 foreclosure law
Banks press for changes to 2011 foreclosure law
U.S. Housing and Urban Development Secretary Shaun Donovan, left, and Nevada Attorney General Catherine Cortez Masto speak to an editorial board at the Las Vegas Sun offices in Henderson on Monday, September 24, 2012.
Sunday, Dec. 9, 2012 | 2 a.m.
Foreclosures in Nevada could spike next year if lawmakers and banks roll back a bill passed in 2011 that played a large role in stymieing banks’ attempts to retake homes from Nevadans, according to the state’s banking association president and housing analysts.
But more foreclosures aren’t necessarily a bad thing for Nevada’s housing market, at least in the long term, according to housing analysts.
Banks are in talks with Attorney General Catherine Cortez Masto and lawmakers about how to amend the state law that slowed foreclosures to a trickle in fall 2011.
Although foreclosures since have risen, they’re still about a quarter of where they were before the law went into effect.
At issue is Assembly Bill 284, a measure passed by the Nevada Legislature in 2011 and signed by Gov. Brian Sandoval that forces banks to prove they have the legal right to foreclose on a particular home before they take action. Most important, the law requires bank workers to sign an affidavit that they have personal knowledge of a property’s document history, or they will face criminal or civil penalties.
Democratic lawmakers and Cortez Masto, a Democrat, who helped pass the bill, said the law was intended to uphold the integrity of the legal process and protect homeowners from banks wrongfully foreclosing on homeowners without having necessary paperwork.
Cortez Masto has said it was never intended to prevent legitimate foreclosures.
But after the law took effect in late 2011, foreclosures in Nevada — which previously led the nation in foreclosures — ground to a halt.
In August 2011, banks issued 5,350 foreclosure notices in the state, according to the Nevada Foreclosure Mediation Program. In September, there were 4,684 “notices of default.”
In October 2011, when the law went into effect, the number dropped to 80.
Since then, the foreclosure filings per month have crept upward, reaching 1,417 in November.
That is proof, according to some consumer advocates, that banks are figuring out the paperwork behind home loans that had been sliced and diced into various investment instruments at the height of the housing boom. That slicing and dicing is what made it so difficult to determine which entity could legally foreclose on a home.
Many housing analysts believe the law is stalling legitimate foreclosures and creating an artificial, short-term boost in housing prices.
Cortez Masto has created a working group involving the state’s largest banks to discuss possible changes to the law in the next legislative session.
That group includes bankers, servicers, title and other real estate interests, as well as consumer representatives and lawmakers.
“We do not anticipate recommending repeal of any of the current provisions of the law,” she said in the statement. “The working group is attempting to clarify some of the terms in the law.”
She said it’s still unclear what recommendations the group will make to lawmakers.
Bill Uffelman, president and CEO of the Nevada Bankers Association, which lobbies the Legislature, said banks were not looking to repeal the entire law.
“The Attorney General’s Office and affected parties are working to change the affidavits so it’s workable, without fear of criminal or civil liability,” Uffelman said.
“Just amend it,” he said. “The notion behind AB284 wasn’t bad. The policy’s fine. Let’s fix the application.”
Some housing analysts say the law has allowed some Nevadans to live in their homes without paying a mortgage. Banks, confounded by their own shoddy paperwork and the state law, aren’t able to foreclose for months or years. Economics analyst Jeremy Aguero this fall labeled them “strategic squatters.”
This shadow inventory — of homes headed for almost certain foreclosure — has loomed over the seemingly positive news of slightly increasing home values and the rise of new housing construction.
John Restrepo, principal of RCG Economics in Las Vegas, called it “a bit of an artificial spike not likely to be sustained as it is today, depending on how the law is changed.”
The politics of easing restrictions for banks are dicey and likely to face opposition.
Sen. Tick Segerblom, D-Las Vegas, chairman of the Senate Judiciary Committee, said he’d listen to Cortez Masto, a fellow Democrat.
But, he said, “I’m extremely reluctant to change anything that everyone agrees has raised property values in the state of Nevada.”
He said if banks can’t foreclose, it’s their own fault for losing track of the paperwork.
“If it comes down to a homeowner who had a mortgage, or a bank — who has the right to be there? I’ll go with the homeowner,” he said. “I’m not worried about the banks. They made their beds. They can sleep in it.”
Uffelman, the banking association president, said banks have been focused on meeting the terms of the National Mortgage Settlement — the $26 billion settlement that requires banks to take such actions as principal reductions, short sales and forgiveness of second loans. But soon, their focus is going to turn back to foreclosures.
“The reality is foreclosures are going to start again, probably sooner rather than later,” he said.
This valuable information from the Las Vegas Sun was brought to you by: The Amanda Brown Team at Nevada Realty Solutions.
for more information on how we can help call 702-496-7416 now!
This value
Monday, March 4, 2013
How Does Bank of America calculate their relocation money?
Bank of America has two programs they offer that can put money in a seller's pocket upon a successful close of escrow with a short sale. The two programs are HAFA and CO OP. So a question I get a lot, as a short sale specialist is how does Bank of America calculate how much they pay. I have found a site that is Bank of America's that describes the steps they use to calculate the amount you get:
click here to see website: Bank of America
The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. With a Home Affordable Foreclosure Alternatives (HAFA) Short Sale the total amount will be no less than $3,000, but no more than $30,000. With a Cooperative Short Sale, the total amount will be no less than $2,500, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid to you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.
Amanda Brown
Nevada Realty Solutions
702-496-7416
Saturday, March 2, 2013
Short Sales on the Rise
Short sales are defiantly taking over the market. In the past banks would jump to the gun to foreclose on a homeowner, thinking this was the fix to the problem. But all that did was flood our market with vacant home and cause prices to drop. After years of doing this, banks not only realized the down fall to what they were doing but they also realized a foreclosed home starting to cost them on an average of an extra $20,000 compared to a short sale.
According to the Las Vegas Sun, the number of short sales in Nevada has jumped 86 percent in a year, while the number of foreclosures has dropped significantly.
A report released Thursday by RealtyTrac shows there were nearly 35,000 foreclosure sales in 2012, which is down 36 percent from a year before. Foreclosure sales accounted for nearly 38 percent of all home sales in 2012, down from a peak of 60 percent in 2010.
Meanwhile, short sales are gaining steam in Nevada faster than in any other state. They accounted for 33 percent of all Nevada home sales in 2012.
RealtyTrac reports that foreclosures and short sales combined accounted for 43 percent of all home sales in the country last year.
Read more: http://www.lasvegassun.com/news/2013/feb/28/nv-short-sales-nevada/#ixzz2MGDAZBi3If you are ready to short sale or just want to know about the process, call the experts at Nevada Realty Solutions, The Amanda Brown Team. Last year we helped 117 homeowners avoid foreclosure by doing a short sale.
Amanda Brown
702-496-7416
brownnvrs@gmail.com
lasvegasshortsalesnow.com
Nevada Realty Solutions
Friday, March 1, 2013
New community in Henderson
Grading starts for Henderson project phase
BY HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL
LAS VEGAS REVIEW-JOURNAL
Posted: Feb. 24, 2013 | 2:26 a.m.
Grading has begun for the first phase of what eventually will be a 2,200-acre master-planned community called Cadence in Henderson, the developer's chief executive officer said Friday.
A 320-acre first phase will contain about 1,400 residential units, a neighborhood park, shopping center and small office buildings, Landwell Development CEO Mark Paris said.
Much of the preliminary work involves rerouting Mohawk Drive and improving Galleria Parkway, providing better access to U.S. Highway 95 and Galleria at Sunset mall, he said. The land is close to the proposed Union Village medical complex.
"The market is starting to look like it can support new development and our property is situated in a great central location. It's 15 minutes from the airport," Paris said. "There isn't a lot of land out there, and ours is infill."
As the new-home market has picked up locally, homebuilders are aggressively pursuing residential land acquisitions.
D.R. Horton bought 63 acres near Horizon Ridge Parkway and Gibson Road last year with plans for 305 residential lots, and it also closed escrow on 275 lots in Whitney Mesa Estates.
"We are very happy with our new acquisitions and look forward to delivering great homes to the area of Henderson where we have recently made these acquisitions," said Brad Burns, president of D.R. Horton's Nevada operations.
Landwell is developing neighborhood "superpads" that would be sold to homebuilders, probably 10 to 12 acres at a time, Paris said. The pads could provide anywhere from 50 to 100 residential lots.
The overall development is permitted for about 13,000 homes, including an age-restricted neighborhood.
Landwell agreed to sell the land to Centex Homes in 2004, but the deal fell out of escrow when the market crashed and Centex pulled out of Las Vegas, Paris said.
More than $60 million was spent on soil testing and removal of three feet of "dirty soil" on a portion of the land that was used as a waste pond for a magnesium plant during World War II.
Basic Management Inc., which acquired the land from the government in 1952, formed Landwell in 1999 to clean up the contaminated site. Soil remediation has been completed and Landwell is starting development on its own, Paris said
http://www.lvrj.com/business/grading-starts-for-henderson-project-phase-192830601.html
This valuable information is brought to by The Amanda Brown Team at Nevada Realty Solutions. Call us for your real estate help, 702-496-7416
lasvegasshortsalesnow.com
brownnvrs@gmail.com
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