I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.

So much for improvements and getting them closed sooner.

Phase 2 still up to 30 days.

I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..

My recent negotiators for my Las Vegas Short Sale recent Short Sale negotiators were great at responding in a timely fashion,,,wish I could get them on all my files!

RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

More about me...

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs:

Summerlin Short Sale *Bank of America Short Sale Closed* Las Vegas Condo Short Sale

Las Vegas Foreclosure filings, Notice of Defaults, are the numbers really leading to foreclosures?

Pending home sales rose again according to the National Association of Realtors®-Las Vegas area Pending and Contingent sales..

Las Vegas Pumpkins...What do I do with them? Donate them in North Las Vegas, Nv

Facing Foreclosure? 'Short Sale' May Help -

Las Vegas Listing- Condo - Just Sold - Summerlin area Short Sale Sold

This condo closed recently for $64,900.

This was a Bank of America Short Sale. (Yes, we can close Bank of America Short Sales!)

If you are looking to list your home on the in the Las Vegas area give me a call.

Dawn Barrier

Century 21 Aadvantage Gold

2 offices to serve your needs (North and South)

Las Vegas, Nv

Dawn Barrier | Century 21 | (702) 812-4550 8324 Charleston Blvd #1031, Las Vegas, NV Las Vegas Condo, Summerlin Area, Beat the Bank, Short Sale Listing 1BR/1BA Condo offered at $59,900 Year Built 2006 Sq Footage 862 Bedrooms 1 Bathrooms 1 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified DESCRIPTION As you walk into this Pulte built condo with direct access garage you will notice that this condo has been well taken care of and is almost like new. The kitchen has Corian counters beautiful Oak cabinets, dishwasher, refrigerator, stove and microwave. A breakfast bar ready for a couple of barstools. Custom diagonal set Tile floors in kitchen, dining area, entry, main living area, laundry room. This is a spacious condo not far from shopping, like Boca Park and the Summerlin area. Easy trip to Red Rock, golf, recreation. There is a dining area/nook that has sliding glass doors that go out to the covered patio. Large laundry area with washer and dryer shelving, extra storage space. There is also huge walk in storage area for bikes,etc. Located in a Gated Community that includes a nice pool to take a dip in or just lounge around. Nice well kept mature landscaping with trees and grassy area. This would be Great for a First Time Home Buyer, a nice Vacation-2nd home or even an Investment property as well. Modern Ceiling Fans & Lighting. see additional photos below PROPERTY FEATURES Central A/C Walk-in closet Tile floor Living room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Washer Dryer Laundry area - inside Balcony, Deck, or Patio COMMUNITY FEATURES Swimming pool(s) Gated property OTHER SPECIAL FEATURES COMMUNITY INCLUDES POOL ADDITIONAL PHOTOS Photo 1 Photo 1 Photo 2 Photo 1 Photo 1 Contact info: Dawn Barrier Century 21 (702) 812-4550 For sale by agent/broker Equal Opportunity Housing

http://www.LasVegasDawn.com

Las Vegas Short Sale Agent

Last night the Senate voted cloture on a bill that includes the extension of the first time home buyer tax credit.

While this is not the final vote, it effectively seals the deal on the plan to extend the $8000 first time buyer credit through April 30th and expand said credit to move-up buyers on a smaller ($6500) scale.

Check out Diana Olick article ...
CNBC Real Estate Reporter
Home Buyer Tax Credit Done: Does it Matter?

The extension is also an expansion, giving some move up buyers $6500 more in purchasing power, but that's only up to the income cap of $150,000 for single filers and $225,000 for joint filers.

While Las Vegas is always the top in the nation for this title of foreclosure filings, this does not mean all those will become foreclosures.

The amount of Las Vegas Short Sales in the MLS that are in Pending or Contingent status is as of today, is at 8,719 per our local MLS stats for resale homes/condos,etc in the Las Vegas area.

The amount of Las Vegas Loan Modifications in process is also huge.

Because of just these 2 factors (there are more), many of the foreclosures will get delayed, we hope permanently, but if nothing else, we could see 3-6 months delays, just based on current activity.

What this means is that for every Notice of Default that is filed on one of our Las Vegas Short Sales, we fight like HECK to get them closed as soon as we can to beat the sale date or we fight like HECK to get the foreclosure sale date postponed until we can get it the deal sold and closed.

Sometimes you can be 3 months into a Bank of America Short Sale and may have already put off a foreclosure sale date or two and may still fight to do it once or twice more before the home closes escrow.

There are still many that will foreclose as unfortunately from what I'm seeing is many homeowners who don't qualify for a loan modification they may be unaware that they could do a Las Vegas Short Sale to avoid the foreclosure.

The banks are always saying "we don't want to foreclose" , so if that is the case,, it may indicate they will be more willing to do the short sales and postpone the foreclosure sale date. Although some banks can move a short sale thru their system in 60 days, many of them can't , we can hope the process will become quicker but don't hold your breath. So again, this makes the numbers a bit skewed as it adds more delays.

So on one hand I'm optimistic that a lot of Las Vegas Short Sales will close and avoid foreclosure, the other hand feels we may be just delaying the possible recovery in our market and many foreclosures will still go thru.