Steve Harless "Your Las Vegas Real Estate Connection"

Homebuyers Relief Excluded from Bailout Bill

Friday, October 3, 2008 - Today, President Bush signed the Emergency Economic Stabilization Act of 2008 after the House passed the financial bailout bill. Unfortunately, a provision that included language similar to H.R. 6694 which provides for the reform of privately-funded downpayment assistance (DPA) programs was not included in this legislation.

Despite this news, Nehemiah continues to fight to have privately-funded DPA restored. We believe that DPA programs are a necessary component to the recovery of our economy and a vital option for working-class families across America to achieve homeownership. In fact, the phone calls and emails we have received in the last few days are filled with stories of how communities nationwide are already beginning to feel the economic sting of the $150 billion in annual home sales lost due to the elimination of DPA.

Nehemiah is grateful to have played a role in the effort to save DPA along with more than 150,000 housing professionals and consumer advocates who became the backbone of the grassroots campaign by making phone calls, writing letters and making personal visits to their elected officials to voice support for DPA and H.R 6694.

Nehemiah is especially proud that over the last eleven years The Nehemiah Program has provided the needed downpayment gifts that have helped more than 320,000 minority and low to moderate income families successfully realize the American dream of homeownership. In the process we have gifted over $1.5 billion in downpayment assistance! Those are accomplishments we share with all those who have supported us over the years; homebuyers, consumer advocates, community groups, housing professionals and trade organizations.

We are currently reevaluating our strategy to gain passage of H.R. 6694 as soon as possible. We will be prepared to resume the battle when Congress reconvenes. Watch for an upcoming announcement on the second phase of our grassroots campaign, DPAGroundSwell 2!

There are lots of opportunities in the Las Vegas Condo Market. Consumers need to be able to find what they are looking for with ease and in the privacy of their own home. Try this search - Las Vegas High Rise Condos

Should you need more information, feel free to call Steve Harless - Realty World - 702.217.1680

It started out as a normal, sunny great day in Las Vegas.....Sky was blue, traffic was normal, the neighborhood I was going to show looked great! This is an exremely high end area of Henderson, Nevada and the homes all showed nice here at Horizon Ridge/Eastern.

Then the REAL fun started.

First I could'nt find the right code to open the combination to the door, as the listing agent, who works with me, listed the wrong code. no problem....call him and find out what it is.....

I called the agent, he was'nt answering his phone. What next?

I then proceeded to call my Broker, Realty World Luxury Homes Owner: Michele Sullivan. As usual, being the dependable Broker she is, she provided me with the right code to open the door. After thanking her for her support, I hung up the phone and proceeded to open the door.

My preferred lender, Brian Hammond of Prospect Mortgage has decided to sit this open house with me in case we had some traffic to the home to help pre-qualify potential buyers.

Then All Hell Broke Loose.....

5 minutes after we both had placed the signs pointing to the property, we both hear a knock at the door.

I open the door, and a lady screams: " What Are You Doing In My House?"

Don't you know I just signed docs and this is now MY HOME?

OOOOHHHHH my gawd....I was panicking to myself, never being in this position before.....

I am sorry Miss, but this house was listed in Contingency, and we did'nt know that it was going to be closed today!

The buyer, God bless her heart, softly mentioned, I know it is awkward and you did'nt know....But I just signed docs an hour ago.....My lender and I started slowly heading toward the door.....not knowing what to expect.

Make a long story short....she was cool and understood what we were doing there on the property and said everything was ok. she proceeded to tell us about how hard it was to get the bank to take care of all the pool problems in the back yard.

But WOW..... you never know what is going to happen at these open houses.....HAVE YOU EVER HEARD OF SUCH STORIES????? LET ME KNOW! STEVE HARLESS - REALTY WORLD LUXURY HOMES

The pooling of home loans into securities has been practiced for decades and helped propel real estate prices in recent years as investors sought the higher yields that such mortgage trusts could provide.

A federal judge in Ohio has ruled against a longstanding foreclosure practice, potentially creating an obstacle for lenders trying to reclaim properties from troubled borrowers and raising questions about the legal standing of investors in mortgage securities pools. If the bank cannot produce the actual Promissory Note, the bank has to prove they are the 'Holder-In-Due-Course'. In other words, the bank has to PROVE they own the house.

If this is the case, you may see a loophole where people who face foreclosure ask the courts to prove bank ownership. has anyone else heard of this?

Multiple offers...offers over list price....REO Listing Agents not returning your calls on your offers. It certainly is busy lately. But the question still exists:

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Steve Harless is committed to providing
you with any information you may need on buying or selling a home,
current interest rates, neighborhood news and more. Feel free to call 702.216.1680 to discuss your buying or selling plans.