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Southern Highlands - Las Vegas NV - mortgage recipients have new foreclosure defense weapon

11-07-09
Esko Kiuru - Las Vegas NV Mortgage Consultant
Esko Kiuru - Las Vegas NV Mortgage Consultant: Loan Officer in Las Vegas, NV
  • view my blog
  • Office: (702) 499-1006
  • Mobile: (702) 499-1006

Southern Nevada - with communities of Henderson, Anthem, Summerlin, Green Valley, Silverado Ranch and Mountains Edge - is in the very eye of the tornado when it comes to real estate markets sucked into its furious spin. Home loan foreclosures here are now as commonly talked about as the weather. Many homeowners have given up on trying to hang on to their properties while some are tenaciously seeking solutions to stay on. The latter have several avenues to explore, either directly through their mortgage lenders or then with assistance from a legal counsel.

Now they have a new weapon to deploy. It's called the retro appraisal.

It simply is an appraisal that is based on a past date. It could be three years ago, or five years ago. Normally appraisals are done for the present to be part of a mortgage application, vouching for the collateral's value.

Lawyers representing Las Vegas homeowners in mortgage foreclosure cases, foreclosure mediations and home loan modifications can now rely on these retro appraisals. The basic argument is that lenders were approving loans back in the day using inflated appraisals, largely ignoring any risk management protocols they may have had in place. As the infamous bubble was gathering steam the goal generally was to close mortgage loans as soon as possible for maximum profit and then sell them off to investors. The housing market was piping hot and everybody wanted to make the most of it.

A rather high number, put at 70%, of appraisals for mortgages were plenty overstated between 2005 and 2007, says Retro Appraisals, a firm that has created the back-looking valuation method. "The historical revised real estate appraisal is extremely helpful to a borrower or his or her counsel when seeking to modify a mortgage, defend against a foreclosure or take part in a court-ordered mediation," explains the company's co-founder.

This instrument can be truly effective in the more severely affected housing markets like Las Vegas and much of Arizona, California and Florida. The bubble really galloped out of control in them, artificially pushing up prices that then in many cases became the official appraisals for mortgages. If employed properly, it can be a useful bargaining tool.

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The only difference between me and a drug dealer...

11-07-09
Aaron Auxier
Aaron Auxier: Real Estate Agent in Las Vegas, NV
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  • Mobile: (702) 205-1818

The only difference between me and a drug dealer...

“The only difference between me and a drug dealer is that my product is luxury real estate and helping high-profile figures hide their identity when partying in Vegas. Sin City and I are just another fix.”

– Aaron Auxier - "Hollywood's Connection to Vegas".

Celebrity Real Estate Agent Aaron Auxier

Aaron Auxier - Celebrity Real Estate Agent

Aaron Auxier is responsible for selling many of Las Vegas' most incredible custom homes and high-rise condo penthouse properties (including setting the highest price-per-foot record in the history of Nevada). Aaron has been featured on CNBC, ABC, CBS, FOX, NBC, EXTRA, and more.

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Just another day as a Las Vegas real estate agent (pic).

11-07-09
Aaron Auxier
Aaron Auxier: Real Estate Agent in Las Vegas, NV
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  • Mobile: (702) 205-1818

Just another day as a Las Vegas real estate agent (pic).

I mean, being a real estate agent in Las Vegas is a tad different than other cities. Below is just another day in the office.

Celebrity real estate agent Aaron Auxier spends another day in the office

Aaron Auxier

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Welcome Home to SW Las Vegas Communities: Chateau Nouveau Condominiums!

11-07-09
Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR
Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR: Real Estate Agent in Las Vegas, NV
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  • Office: (702) 966-2494 x0
  • Mobile: (702) 580-1783
  • Secondary: (702) 966-2494

Chateau Nouveau Condominiums

Welcome Home to SW Las Vegas Communities:  Chateau Nouveau Condominiums

Chateau Nouveau Condominiums is a gated condo community in Southwest Las Vegas near the corner of Peace & Grand Canyon.  Amenities include a BBQ area, swimming pool, spa, exercise facilities (gym) and a clubhouse.

Chateau Nouveau is close (and walking distance) to many amenities - Restaurants, Shopping, Las Vegas Athletic Club (popular acronym LVAC here).  It is also close to the 215 freeway entrance at Flamingo or Tropicana ~ which provides excellent proximity to either the Summerlin Area or the south "Las Vegas Strip" employment and entertainment centers + UNLV and McCarran airport.

There are exactly 564 condominium homes in Chateau Nouveau Condos ranging from 770-1482 square feet (most have garages too!). Chateau Nouveau Condos were built in 2003.


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Take Your Las Vegas Foreclosure Tour, Then Call a Professional

11-07-09
Yonas Woldu Greater Las Vegas Real Estate
Yonas Woldu Greater Las Vegas Real Estate: Real Estate Agent in Las Vegas, NV
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  • Office: (702) 458-8888
  • Mobile: (702) 236-8997

bus, tour

In today's real estate market, with around 2 million foreclosures expected in 2009, it is not uncommon to see a foreclosure tour bus loaded up with prospective homebuyers who are all hoping to find the best deal on a bank owned home in the Las Vegas Valley. If you are interested in purchasing a foreclosure, here are a few things to keep in mind to make the best of your foreclosure tour.

  • Sign up for tours run by buyers' agents, who approach the properties with the buyer's needs in mind, not the sellers'. Be sure to find an agent who is professional, knowledgeable, and honest about the homes you'll be viewing. Most of the homes you'll see are distressed properties, and you'll need an agent who is willing to talk with you about all the repairs the home will need and how much that will allow you to knock off the asking price.
  • Choose a free tour that is easy to sign up for, and tours in the right area of town (if you're interested in buying in Henderson, be sure the tour shows homes in that area; otherwise it will be a waste of your time). Also, avoid tours that require a lengthy interview or application asking for your financial information, or those that don't provide drinks or snacks - you'll be on the bus for several hours.
  • Don't consider purchasing any of the homes you see on the tour. You'll only be seeing a small sampling of the available homes in any given area, and in a wide price range. Use the homes you see as a guide, choosing only one or two in your price range to give you an idea of what's out there. Your agent can then show you several other properties like those you are interested in to decide which is best for you.
  • Be prepared for the terrible shape many of the homes you'll see are in and consider repairs part of the deal, not a liability. Needed repairs enhances your bargaining power, and you need to be equipped to use it. Also, don't be discouraged by high asking prices. If your agent is good, he or she will tell you if the listing is overvalued, and by how much. Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property. Feel free to ask their opinions and gain from the knowledge they've already acquired.
  • Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property. Feel free to ask their opinions and gain from the knowledge they've already acquired.Don't feel obligated to use the lender on the bus, but do ask any questions you have about the mortgage process. You'll still want to shop around to get the best rate possible.

Whether you're an investor or looking to get a great deal on a home you'll live in, I am here to help. With a background in finance and lots of experience selling bank-owned homes, I am prepared to give you the help you need in finding a foreclosed property that would be a good match for you.

Have foreclosure questions? Give me, Yonas Woldu a call - I'm your real estate expert in the Las Vegas Valley! Also visit my Vegas Real Property website and the new AskYonas website

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