Bryan Knight

This was some good information passed along by my trustee title rep: Valerie Grijalva with First American Title

".........please note the new Good Funds Law that took effect today! In a nutshell, wiring funds is the fastest way to avoid delays. See below for further details.

NEW PROCEDURES FOR NEVADA:

1. Funds must be "deposited" (in the bank), by law, before disbursements are made. If funds are deposited, then disbursements can be made as follows:

a. PERSONAL CHECKS, drawn on a Foreign Bank (including Canada), for any purpose including earnest money, will not be accepted, regardless of the closing date. Request a WIRE. Clearance of Foreign Checks (even cashier's checks) can take 45-60 days. Any exceptions to this must be authorized by the accounting department.

b. PERSONAL CHECKS, drawn on a U.S. Bank, may be accepted and deposited; HOWEVER, it is difficult to determine that a personal check has "cleared", due to privacy laws. It is our policy to wait 30 days before disbursing these funds (for a closing, cancelation, or other purpose).

c. WIRES create immediately available funds, and you may disburse funds upon receipt (assuming recordation has occurred, if applicable).

d. CASH should not be accepted. Refer to accounting guidelines.

e. CASHIER'S CHECKS:

i. If drawn on a Foreign Bank, including Canada, DO NOT ACCEPT. Refer to (a) above. Request a Wire.
ii. If drawn on a Nevada Bank: If the parties are willing to wait, deposit the check in the bank, then you must wait until the following business day to record/disburse.
iii. Drawn on an Out of State Bank. If the parties are willing to wait, deposit the check in the bank, then you must wait until THREE business days to record/disburse.

Again, to avoid delays in closings, we are strongly urging all customers, including Lenders, to WIRE funds."

Bryan Knight, REO broker in Las Vegas, NV 702-845-8435

Well it's happend. On Friday August 14th 2009 the FDIC officially shut down Community Bank of Nevada. At the time of the forced closing there was no other local bank that would assume Community Bank of Nevada's deposits so they decieded to re-open on the following Monday as Deposit Insurance National Bank of Las Vegas, which will operate for about 30 days, allowing depositors to move their insured deposits to other institutions. The FDIC estimated that there were $4.2 million in uninsured deposits.

This was the bank that I used for both my personal and business accounts, as well as the bank that my office used to run it's funds through as well. Rumor has it that Nevada State Bank is going to step in and take over the deposits, but nothing official has hit the presses as of yet.

No worries by me as all of my deposits are covered, but I did like banking with them. They were very much so small business friendly and I had good relationships with a good number of the employees there. And they did the little things that I liked, like not placing any kind of funky hold on any checks that I ever deposited or cashed with them, and on days when there was a bunch of debits and credits that were hitting the account, the would run the CREDITS first and the DEBITS after. Every other bank you find will run the DEBITS first and CREDITS after because they are trying to hit you with an overdrawn fee of NSF fee, because they are fee driven institutions by nature.

Say goodbye to another fallen giant.

Bryan Knight REO Broker in Las Vegas, NV

I just picked up some good information on Las Vegas Real Estate statistics! Check it out!

"During the first week of April 2009, the number of units in a contracted status jumped beyond 10,000 for the first time in years and was double the number reported one year ago. Contracted units represent homes that have been negotiated but are waiting to close. They consist of contingent units (6,295 homes) that are contingent on some action taking place (e.g., a lender approval on a short sale) as well as pending units (3,795) which are transactions waiting for customary closing procedures to complete. Sales closing activity in the resale market has been on the rise and the latest contracting activity suggests this trend will continue over the next 30 to 60 days (typical closing timeframe).

The number of resale homes on the market (those listed with Realtors and posted in the Multiple Listing Services (MLS)) fell by 618 units during the past week causing total inventory to reach 19,270 homes. Compared to the same week of the prior year, inventory levels are down 17.7 percent, or 4,138 units, and they are at their lowest level since April 2006.

Vacant properties listed for sale remained consistent with the level reported one year ago, while owner-occupied properties were down 3,115 homes, or 34.7 percent. Currently, vacant properties represent approximately 59.6 percent of all listings, while owner-occupied units represent 30.4 percent of total inventory. Properties owned by banks represent 29.8 percent of all listings."

Bryan Knight, REO agent in Las Vegas, NV

Follow me at www.twitter.com/KnightREO

Looking at the current day prices here for Las Vegas real estate, one begins to see that you can purchase a property in the greater Las Vegas valley and actually have a mortgage that is less than what you can rent that same property for. This is especially true in the case of some condos. With many two bedroom condos for under fifty thousand dollars, you can purchase one of these condos and get into it with a mortgage and HOA payments that are under six to seven hundred dollars per month. To rent that same unit you would be paying at least nine hundred to twelve hundred dollars per month. back in 2003 to 2006, in many cases it did make more sense to rent a home in most cases than to buy that same home. Now however the tables have turned and it's better to buy than to rent in Las Vegas!!!

Bryan Knight, Las Vegas real estate agent specializing in REO properties.

Follow me at www.twitter.com/KnightREO

I had to write this. In the past week, three of my girlfriend's friends have called me frantically stating that "I just got a 48 hour vacate notice!!!! What do I do???". Turns out that all three people had been working on loan modifications!!! I asked them all, how did you go from doing a loan mod to getting a vacate notice? One told me that she was making payments, but the bank said that they wouldn't talk to anybody about a loan mod unless they were missing payments, so she said "Fine, I'll just stop paying my mortgage to work on the loan mod!!" WHAT ARE YOU THINKING!!!!???? They weren't making payments either because they thought that shouldn't be or wasn't able to make the payments, but they had no plans on possibly having to move out if it didn't work!!

Listen.......If you're not paying your mortgage, you should be saving that money that were paying on your mortgage and have a security deposit, pet deposit, cleaning deposit, first and last month rent in place just in case whatever it is that you think you're working on doesn't go through. Sure enough your deal will go on and on and on for months and then one day out of the blue, the bank will say, "Nope we can't work out your modification and being that you haven't made a payment in 6 months, you have a sale date of "Insert date here" Have a nice day". It amazes me to this day that you can knock on someones door that hasn't made a mortgage payment in at least 6 months and they've been working the whole time and they haven't saved a dime towards moving!!! How can you possibly do that. One of the people was actually talking about painting their child's room!!!! In a house that they hadn't paid on in over 6 months!!!

Stop the denile............if you haven't paid your mortgage, but ready move out. Remember PLAN FOR THE WORST AND HOPE FOR THE BEST. At least you'll be ready in the worst case senario.

Bryan Knight, Las Vegas REO specialist

Follow me at www.twitter.com/KnightREO