Las Vegas Dawn Barrier Las Vegas Short Sale Real Estate Consult

This is some more information on the new law that is now affect with regards to CIC Resale package.

I wrote about this previously Did you read the new MLS notice on NRS 116.4109 ? NEVADA LAW UPDATE: New Law changes for CIC (HOA) Resale Package..

but here it is directly from the Legal Byte go there to read more.

Below is an exerpt.

CIC Update and Refresher
By Deanne M. Rymarowicz, Esq.
GLVAR Legal Counsel

Effective immediately, when selling a home that is part of a common interest community (CIC), furnishing the resale package is "at the expense of the unit's owner." (See SB 253, Section 8.)

In other words, the seller is expressly and solely responsible for paying for the resale package.

There is absolutely no exception or exemption based on the identity of the seller (such as an asset manager) or the nature of the transaction (such as a short sale).

The clarification as to who pays for the resale package comes in SB 253 as put into effect on June 9, 2009 by virtue of a provision in AB 350. Each of these bills also added to the list of documents and information to be included in the resale package.

Finally, as a reminder, the foreclosure exemption in NRS 116.4101(2) does not apply to an REO transaction. That exemption deals only with the disposition from the borrower/homeowner back to the bank pursuant to foreclosure under NRS 107. Once the foreclosure takes place, the bank or asset manager is the unit's owner with all the same responsibilities as any other seller in a resale transaction.

All agents should stand firm with their clients and require that Nevada law is complied with in all transactions.

Do you know if Fannie Mae owns your loan?

You can go to this link Fannie Mae loan lookup to find out 1-800-7FANNIE.

Also, here is a link to Making Home Affordable program information to find out if you are eligible for a possible loan modification or refinance.

The Fannie Mae Loan Lookup is provided as a convenience for borrowers. Fannie Mae makes no representation, warranty, or guarantee regarding the accuracy or completeness of the results. A search that results in a "Match Found" status does not guarantee or imply that you will qualify for a Making Home Affordable refinance or modification. Information that does not match our records exactly may return inaccurate results. You should contact your mortgage lender to verify these results.

If you have already missed one or more mortgage payments - contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor.

HUD-approved housing counselors can help you evaluate your income and expenses and understand your options - and - this counseling is FREE

If you can't qualify for a refinance or loan modification and are considering selling your Las Vegas Home, please give me a call.

Here is an intereting article from the Nevada Business Magazine written by Bruce N. Willoughby

Here is the link on... How To Avoid Having A Mechanic's Lien Filed Against Your Property by Bruce N. Willoughby (Should open in a new window)

Whenever you have work done on your home, landscaping, putting a pool in etc.. get a lien waiver for the contractor. Read the above article for some great information on the subject.

UPDATE:: Of course to avoid a lien being placed you should of course pay the bill and once done make sure you have the proof you paid and get the lien waiver from the general contractor and any subcontractors who worked on the job. See comments below of examples of what can happen.

BREAKING LAS VEGAS NEWS: Homes inventory is dropping, Multiple offers on homes, Vegas is heating up again...

Vegas is heating up again...it is that time of year both in the housing market and the temperatures (although you wouldn't know it by looking out the window this morning looks like a storm is coming and the past few days have been cooler than normal).

The amount of Single Family homes for sale on the MLS has dropped and the amount of homes in Pending or Contingent status (this means they have contracts on them) has increased to more than the amount of homes for sale. This may be in part due to Short Sales taking longer to actually close than a typical sale, although I have been seeing some short sales close in 60 days from list to close, but I don't believe that is the norm.

This information was obtained from our local MLS this am and covers the Las Vegas valley, North Las Vegas, Summerlin and Henderson area for resale single family homes, not new homes.

Homes for sale in Las Vegas are comprising primarily of REO (Bank Owned) and Short Sales. Short Sales may soon be the leader in types of homes for sale in Las Vegas.

Buyers need to understand that this is typically the "Hot" season for buyers in Las Vegas. Add to that the fact that prices are so low on homes, investors are back and the first time home buyers tax credit and you have a feeding frenzy of multiple offers above asking price on a majority of the homes.

Cash buyers are back as well and in all price ranges. This may be due to the great prices and due to the fact that their money won't get much of a return right now in CD's and money markets.

This is a time for buyers to have patience and perseverance when buying a home in Las Vegas. Work with one agent and be prepared to that you may have to put in many offers on a several homes before you get an accepted contract.

You also should prepare yourself to wait and hear about your offer for approx 7 days now if you put in offers on bank owned. Why? There can be more than one reason for this, but the banks may want that time to receive as many offers as they can get and will usually pick the highest and best priced offer and they may have to submit all offers to a group of investors to approve the offer.

Some buyers may prefer to put in offers on short sales and skip the bank owned homes, but buyers need to be aware that these too are getting multiple offers as well and short sales will take longer to close. Plan on about 3-4 months from offer accepted to move in.

Do you know someone who is upside down on their mortgage and they need to sell their home?

Do you know someone who may want to buy a home in the Las Vegas area?

Then, pass on my information to them and I will be happy to help them out.

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If you are in the market to sell your Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of selling your home.

If you are in the market for a Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of buying a home.

Dawn Barrier
Century 21 Aadvantage Gold
Las Vegas, Nv

(702) 812-4550

http://www.lasvegashothomes.com/

First Time Home Buyer Credit IRS INFO

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