GREAT TIME TO INVEST IN LAS VEGAS REAL ESTATE

FAST FACTS FOR REAL ESTATE IN LAS VEGAS OF MARCH 2011

2011-05-01T23:30:00.000-07:00

FAST FACTS FOR MARCH 2011:

While Las Vegas’ March 13.3% unemployment is not something to get excited over, it is, however, the lowest mark since December 2009. The state reported a year over year employment increase for the first time in over 30 months.

Unfortunately, first quarter residential housing statistics for the Las Vegas market contained little additional news that would suggest a recovery is imminent. Virtually every number that suggested change could be on the way was offset by a corresponding negative number.

For example, the number of existing home sales did jump (5.6%) to 5,114 in March, even as prices slid to their lowest totals in nearly two decades. But, significantly, more than seven out of ten of those sales were distressed properties. The 2,131 foreclosures sold at $106,500 represent 41.7% of the existing home sales. The 533 auction sales at $93,500 represent 10.4% of the sales. And, 929 short sales at $120,000 account for 18.2%. In short, existing home sales improvement was the product of distressed property. More than half were cash sales. Almost four out of five were vacant.

The 1,521 “non-distressed” sales amounted to just 29.7% with an average price of $108,500. That’s a slightly better percentage than last month.
New homes sales continued to lag behind last year. First quarter new home sales lagged last year by 41% at 781 total. The March tally of 279 sales was just 10 units above February and prices for new homes rose slightly to $195,950. (February was their lowest price point since 2002.)

While prices and sales are always major measures of a market’s potential, inventory is the most telling component. There were 2,099 bank repossessions in March – the highest total since last April. Yet, the number of REO’s held by financial institutions continued its very slow decline, reaching its lowest point since last May (11,684).

MLS inventory remained stable at 14,269 with roughly half of those homes listed as short sales. The number of new home subdivisions was also stable at 239, and the number of closings per subdivision averaged just over one per month.

This article is a courtesy of Steve Bottfeld, Marketing Solutions & Larry Murphy, SalesTraq™

2011-04-28T18:23:00.000-07:00

Gorgeous condo- town home with granite counter tops, wood flooring, 2-car garage!Move-in ready Energy Star home; 3BD/2.5BA condo with attached 2-car garage. Warm, neutral colors throughout, dark laminate woodfrooring in living and dining rooms, carpet throughout upstairs. Kitchen features oak cabinets and dark granite counter tops with breakfast bar. Large master bedroom with windows looking out to mountains. Master bath has a separate throne room. Easy-maintenance landscaping.Gated community with pool/spa and clubhouse.

To view all the condo-townhomes for sale in Tripoly, please visit: www.Tripoly.LVRealDeal.com

2-story home for sale in Las Vegas NV in Nevada Trails with 4 bedrooms pool-sized yard near Rhodes Ranch golf course, St Rose hospital, Beltway i-215

2011-03-23T17:24:00.000-07:00

www.LVRealDeal.com
Email: theRussianRealtor@gmail.com
Cell: 702-498-2664
Marina Gulakova

2-story home for sale in Las Vegas NV in Nevada Trails with 4 bedrooms (one huge bedroom downstairs) pool-sized yard near Rhodes Ranch golf course, St Rose hospital, close to Beltway i-215 and Sierra Highschool. Large lot, granite counter tops with fancy back splash and breakfast bar, woodfloors on the first floor, master suite features separate bathtub and a shower. Open and airy floor plan and vaulted ceilings.

Offered for $199,900
FHA loan
Purchase price $199,900
Down payment (3.5%) $6,997
Loan Amount $192,903
Interest rate * 5%
Principal & interest payment $1,089.75
Taxes & insurance (approx) $479
Total payment (P.I.T.I) $1,568.75

Conventional loan
Purchase price $199,900
Down payment (20%) $39,980
Down payment (10%) $19,990
Taxes & haz insurance (approx) $276
Interest rate * 4.875%
Loan Amount @ 80% $159,920
Loan Amount @ 90% $179,910
Total payment @ 80% $1,122.31
Total payment @ 90% $1,372.10

*Rates may vary based on specific borrower qualifications* *No Prepayment penalty* *Rates are subject to change due to market fluctuations and borrower's eligibility* *Rates are based on an approved credit*

Luxury tri-level home for sale in Las Vegas NV guard-gated community in The Lakes:5 bedrooms,4 car garage, large lot, pool and spa, granite counter to

2011-03-18T13:19:00.000-07:00

Offered at $525,000

Conventional loan 30 year fixed rate
Purchase price $525,000
Down payment (20%) $105,000
Taxes & insurance $758
Interest rate * APR * 5% * APR 5.185%
Loan Amount @ 80% $420,000
Total payment @ 80% $3,013

*Rates may vary based on specific borrower qualifications* *No Prepayment penalty* *Rates are subject to change due to market fluctuations and borrower's eligibility* *Rates are based on an approved credit*

How long do you have to wait?

2011-03-15T10:52:00.001-07:00

How long do you have to wait before you can buy again after a short sale, foreclosure or a bankruptcy? Well, that depends...

If you are planning on obtaining a conventional loan:
- Chapter 7 BK - 4-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 2-year waiting period from the discharge date or 4 years from the dismissal date
- Multiple Bankruptcies - If there are multiple bankruptcies within a 7-year period, the waiting period is 5 years from the most recent discharge/dismissal date
- Foreclosure - 7-year waiting period from the completion date
- Deed-In-Lieu/Pre-Foreclosure Sale (Short Sale) - minimum 2-year waiting period

If you are planning on obtaining an FHA/VA Loan:
- Chapter 7 BK - 2-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 1 year of the payout must have elapsed and the borrower's performance must have been paid as agreed. Document that the borrower's current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction
- Foreclosure/Pre-Foreclosure Sale (Short Sale) - 3-year waiting period from the completion date
- VA Loans ONLY - 2-year waiting period for Foreclosures

PLEASE REMEMBER THESE GUIDELINES ARE ESTIMATES AND EACH SITUATION IS UNIQUE. PLEASE TALK TO A LENDER TO VIEW YOUR OPTIONS REGARDING OBTAINING A MORTGAGE.

To mediate or not to mediate...What is a foreclosure mediation? How does it help in foreclosure prevention?

2010-10-21T16:49:00.000-07:00

What is Foreclosure Mediation?
During the 2009 session Nevada Legislature passed and Governor Jim Gibbons signed the Assembly Bill 149 the purpose of which was to address the foreclosure prevention in state of Nevada and to help Nevadans with foreclosure prevention and to keep Nevada families in their homes. This law established a Nevada Foreclosure Mediation Program for owner-occupied properties that are subject to foreclosure notices – formally known as a Notice of Default and Election to Sell – filed on or after July 1, 2009.

Nevada Foreclosure Mediation is an alternative method to stop foreclosure sale by helping borrowers and lenders come together to resolve disputes by agreement with the help of trained mediators. Mediating has its advantages. It is fast, inexpensive, and offers more flexibility than more formal processes do not.

Why should you opt-in to mediate?
With a help of a trained mediator you and the lender are the principles in deciding the outcome of your individual situation. Foreclosure mediation is a process of give and take where both parties work to reach a mutually acceptable settlement to the problem. Resolutions reached via Nevada foreclosure mediation programs are alternatives that offer advantages to lenders as well as homeowners.

Sometimes the parties will not be able to reach an agreement and the home will be lost to foreclosure - a reality in today's economy. However, if the foreclosure mediation is successful, the homeowner can avoid foreclosure; receive a loan modification or an approval for a short sale.

Mediation is quicker and more efficient
Proposed Supreme Court rules Foreclosure Mediation is limited to four hours and requires that it is conducted within 135 days of a foreclosure notice being filed. All parties must be present to mediate. The cost of mediation is $400, split 50/50 by the homeowner and the lender. Each party must pay their portion prior to the mediation.

In conclusion
Within 10 days of the foreclosure mediation, the necessary Statement of Agreement or Non-agreement will be prepared. The original will be filed with the Foreclosure Mediation Program Administrator and the case will be closed. If there is an agreement, the parties will execute the appropriate documents. If there is no agreement, the parties will be free to pursue other legal remedies.

The intent of this post is to inform delinquent homeowners on one of the options of how to resolve their foreclosure issues and to stop home foreclosure. All efforts have been made to provide factual, up to date and accurate information, as of the time the blog was written. The information contained in this post is in no uncertain terms to be considered legal counsel. Always seek advice from an attorney, certified public accountant or other professional regarding the credit, legal and/or tax consequences of any actions taken with regards to foreclosure.

Red Rock Country Club

2010-09-30T09:34:00.000-07:00

Red Rock Country Club
This guard-gated community located in the Southwest part of the town features two Arnold Palmer Signature golf courses. Rolling fairways, dramatic water features and multi-tiered greens characterize the 7001-yard, par-72 Private Mountain Course and the 6883-yard, par-72 Public Arroyo Course at Red Rock Country Club. With a minimum of five tee placements per hole, players of all levels enjoy a challenging and exhilarating world-class golfing experience.
The Red Rock Country Club is located within the Summerlin master-planned community in southwest Las Vegas. The community has a 44,000-square-foot main clubhouse which offers fine dining, elegant and comfortable lounges and locker facilities.
Red Rock Country Club also has a 10,000-square-foot sports clubhouse that features an aquatic center and nine lighted tennis courts. Other excellent features of the community are members- only intranet site, sports clubhouse, cabana grille, tennis complex (including stadium court) and a golf pro shop. Masonry perimeter walls, video-monitored private entrances, roving security patrol and 24-hour manned gatehouses ensure that all residents feel safe and secure within their exclusive master-planned community.
The golf courses feature palm trees, cascading waterfalls and lush fairways set amid a rolling terrain. The nearby Red Rock National Conservation Area offers a dramatic scenic backdrop to both the golf courses and the Red Rock Country Club homes that surround them.
Two major builders: Sunrise Colony and Toll Brothers. Newer developments by the Toll Brothers builders are the The Retreat and The Reserve This sprawling 738-acre private gated country club community has roughly 1,116 home sites, three-quarters of which have golf course views. There are 18 individual home designs to choose from, ranging in size from 2,155 to more than 5,300 square feet. Custom options including casitas, outdoor covered patios, golf cart garages, additional media rooms and swimming pools with 1 or 2-story designs.
While many clubs have opened their courses to public play, Red Rock Country Club maintains an exclusively private Mountain Golf Course which is restricted to members and their accompanied guests to ensure availability, quality conditioning and pace of play.

WHAT IS A MAXIMUM FOR AN FHA LOAN?

2010-09-28T11:28:00.000-07:00

FHA Limits by FHA.com

IT IS NOT THE BUYERS' MARKET!

2010-04-25T23:47:00.000-07:00

Although the media screams that it is the buyers' market, I have to convince every one of my new clients that IT IS INDEED NOT true. On the opposite, it is very closely controlled by the large banks-sellers that were "saved" by the Government, aka "We the People", from being illiquid and not able to lend. They control the inventory and the prices. Yes, oh yes, it is, unfortunately, the truth about Real Estate nowadays. Banks control buyers AND sellers through short sales. So, here you have it- full control of the marketplace. Don't take me wrong- you still get a low price and a great deal but you DO NOT get to negotiate your terms or conditions; on the opposite, if you do not play by banks' rules, you don't get to buy a bank-owned home or a short sale, which are the majority of the inventory.

Clients often ask me why banks do this and don't do that. The scream in despair: "It is unfair!" Who said anything about business was fair? The law protects a buyer or a seller to some extent but the rest is being set by the marketplace. At this particular moment, the banks are the monopoly in the market and they control prices, terms and who buys and who doesn't. Whether you agree with it or not.

It is not surprising whatsoever. As a matter of fact, the market is ALWAYS controlled by someone. It is not a free commerce like the Government tries to fool us into thinking. It was set up like that and remains till now. It is controlled by powerful group of people that make money manipulating the unaware general public. I have nothing against them and I am not preaching they are bad, I am just trying to portray the situation as it is.

There's a great quote that was said by James Garfield, the 20th President of USA, back in 1881:

"Whoever controls the volume of money in our country is absolute master of all industry and commerce...when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."

I think it just explains it all.

10 foreclosures for every home saved. Are loan modification programs working? Statisctis show- not really.

2010-04-14T11:31:00.000-07:00

NEW YORK (CNNMoney.com) -- The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.

Only 168,708 homeowners have received long-term mortgage modifications under the president's plan, as of February, a small fraction of the 6 million borrowers who are more than 60 days behind on their loans, according to the Congressional Oversight Panel's latest report, released Wednesday.

Read more here

Great Investment opportunity

2010-03-25T09:14:00.000-07:00

My property taxes are outrageous!!! What to do?

2010-02-13T22:18:00.000-08:00

You buy your very first Las Vegas home and notice that your property taxes are really high. What should you do? It's been an issue for many buyers.

The Assessor will be using all sales up to July 1 of the year before the tax year. For example, for the 2009/2010 year, the Assessor used sales up until July 2008. You can call County Treasurer's Office (702) 455-4323 to find out when the next re-assessment is going to take place and what the assessed value is going to be.

If, in your opinion, the taxable value of your property exceeds the value indicated in the real estate market, please call (702) 455-4997 or come in to the Assessor's Office and discuss your appraisal with an appraiser. The Assessor welcomes the opportunity to review any evidence you can provide that will show the valuation exceeds market value. If, after discussing the matter with the Assessor's staff, a difference of opinion still exists, you may appeal your assessment to the County Board of Equalization. You may obtain the appeal forms from the Assessor's Office during the month of December until the deadline for filing, which is January 15 unless it falls on a holiday or weekend, which then would make the deadline the next business day. Completed forms must be returned to the Assessor's Office by the appeal filing deadline date. Please call 702-455-3891 to have an appeal form mailed to you. The forms are relatively easy so you may represent yourself rather than incur legal expenses.

The Nevada Legislature provides for property tax exemptions to assist individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, and blind persons. Nevada also offers a Senior Citizen Tax Assistance/Rental Rebate program to persons 62 years of age or older.

You can read more at: http://www.accessclarkcounty.com/depts/assessor/pages/valuenotice.aspx

Hope that helps!

INDY MAC- THE SLAP IN EVERYONE'S FACE

2010-02-10T00:28:00.000-08:00

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

FLIPPING PROPERTIES IN THIS MARKET??? IT IS INDEED POSSIBLE...

2009-12-12T01:54:00.001-08:00

It is possible, however, the transaction must be in cash. How much could you make? We usually seek out properties that are 30-40% (the more, the better!) below the market value. There are certain costs involved and there are certainly some risks as well. We go case by case in determining the feasibility of any given property.

It is not as easy as it might seem- there is a lot of research and market knowledge involved. With recent changes in foreclosure procedures in Nevada, the rate at which lenders are foreclosing will significantly slow down, so this opportunity most likely won't last long. Additionally, the first-time and repeat buyers credits definitely stimulate more purchases, but once again,there's a time limit- the credits will only apply through purchases that are in escrow by April 30th. Please contact me with further questions.

WHAT IS SID/LID? WHY SOME COMMUNITIES IN LAS VEGAS HAVE THEM?

2009-12-07T21:57:00.000-08:00

Special assessment for improvement (SID for short and LID is Land Improvement District and applies to Henderson) is a charge financed by the County in the form of bonds to the developer or (homeowners) of the community for the formation of the streets, curbs, lighting, gutters and driveways. It is pretty much a very convenient way for developers to pass on the cost of development to the County and this allows the County to collect interest from financing charges from the future home owner.

The classic example of this use is in Summerlin. Summerlin is a massive Master-planned community, currently the largest in Southern Nevada. When the developers came up with the plan and where the roads, parks, etc. were going to come in instead of paying for the roads and improvements themselves, they acquired bonds from the county and put a rate on each new home that would be built in the community. Basically, without getting too complicated and technical, the County fronted the money to the developers and the developers passed this charge on to the future homeowner. The new homeowner is assessed an amount with interest and pays this charge semi-annually.

In Development, these charges are called "hard costs". If a community is going to be built, then there are requirements such as building streets to the properties. Generally, the developer pays for this and passes on the charge to the new homeowner.

In a Special Improvement District, the charge is financed by the County and then passed on to the homeowner plus interest.

Regardless, whether the charge is added on to the home when the New Summerlin Home Owner buys it or if it is added in the form of a SID afterwards, the charge will be passed on to the New Home owner regardless.

However, there are some major benefits to the way the SID is set up. You'll notice a big difference in the quality of roads and maintenance within a Special Improvement District. Our opinion on this is that the roads and improvements are done by private companies hired by the developers and not overlooked by government agencies. Instead of taking six months to work on a road, it is done in 2 weeks. Very rarely within the community of Summerlin will you see road work being done that takes a year to do; unlike other areas of Las Vegas that do not fall within a Special Improvement District.

It’s set up originally at that amount, but the payoff is less than that. Here’s the link to it: http://amgnv.com/parcelsearch_results_detail_non_pop1.asp?searches=&menu=7&Dist_ID=7051&PARCEL=13726314002

Top Reasons You Shouldn’t Wait to BUY A HOME!

2009-11-11T11:46:00.001-08:00

1. NEW FEDERAL TAX CREDIT
First-time home buyers may qualify for up to $8,000.00 and repeat buyers up to $6,500.00; plus income limits have been raised. Don’t wait — homes must have a signed contract by April 30, 2010.

Lean more: www.FederalHousingTaxCredit.com

2. LOW INTEREST RATE
Rates remain at near-record lows; you can lock in a payment that fits your budget.
See here how much you could qualify for.

3. UNBEATABLE INVESTMENT
Even in down markets, over the long term home prices still appreciate more than the stock
market.

4. AVAILABLE LOANS
Lenders are still eager to make loans to borrowers with good credit.

5. GREAT SELECTION
With so many homes on the market, you can get the features you want.

6. ENERGY EFFICIENCY
Newer homes have advanced technology and environmentally- friendly features that can
help you save money.

UNREALISTIC SELLERS????

2009-10-20T10:43:00.000-07:00

So, I received a phone call recently from a lady asking me to do CMA (comparative market analysis) because she wanted to find out the value of her home. As any Realtor would do, I've looked up the comps of what has sold in the neighborhood in the last 90 days. Surely, there were few foreclosures that went for $230,000 -$250,000 for the same floorplan. Once I called the lady back and told her that he home was worth about $230,000-$250,000 in today's market she practically told me that I was out of my mind.

NOW the question is: where is the logic??????? Her reaction: "We bought this house in 2003 for $355,000! We were selling it in 2007 for $615,000! That's impossible!"

So what? Did it sell in 2007 for $615k? NO, it did not....you know why??? In case you missed the recent news, the housing market was ballooned and recently crashed. In case you missed that part and are not aware of the current situation - the foreclosed properties (and some short sales) drive the market values.

A market value is NOT what you paid in .... year, it is NOT what you are wishing to obtain, it is NOT what your neighbor/relative/mom/dad is assuming it to be, it IS what a willing buyer would pay in a competitive market. Therefore, a market value fluctuates depending on the amount of sellers & buyers, current inventory and its pricing. OF course, there are many more factors involved but ultimately this is what drives any market.

Summer is over...

2009-09-03T00:46:00.000-07:00

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HOME MAINTENANCE TIP

2009-08-19T09:17:00.000-07:00

Conserve Water and Reduce Pocketbook Pressure!

You may love the forceful flow of water at your faucets, showerheads and toilets, but did you know that installing low-flow aerators could cut your annual water consumption by more than half? You can also conserve water and save money on your water bill just by adopting a few new habits:

* While waiting for water to warm up, catch excess water in a bowl or bucket and use for houseplants or pets
* Only run the dishwasher when it is fully loaded
* Instead of using the in-sink garbage disposal, compost your food scraps
* Simply cutting your shower by 2 minutes will save 1,000 gallons a year!
* Turn off the water while you brush your teeth, shave, and while you lather up when washing your hands.

For Sale: 2BR/2BA Condo in Las Vegas, NV, $69,900

2009-08-08T23:39:00.001-07:00

For Sale: 2BR/2BA Condo in Las Vegas, NV, $69,900

Shared via AddThis

Not a bank-owned or a short sale!

2009-08-08T23:33:00.000-07:00

$8,000TAX CREDIT IN MORE DETAILS

2009-08-05T10:06:00.000-07:00

WOW...WHERE DID THE TAXPAYERS' MONEY GO???

2009-07-14T14:03:00.000-07:00

Stay Tuned in June!

2009-06-04T00:24:00.000-07:00

If you are having hard time reading the text on this post, please click on it and it'll take you to a separate page and then click again and that will increase the size of the text! Thank you for visiting my blog and please leave your comments!

AMAZING CONDO WITH 2 MASTERS FOR ONLY $420/M

2009-05-13T08:42:00.000-07:00

BEWARE OF LOAN MODIFICATION SCAMS! DO NOT PAY ANY FEES UPFRONT

2009-03-20T23:52:00.000-07:00

The following organizations offer assistance and resources for those hoping to renegotiate mortgage rates and avoid foreclosure:
U.S. Government Program to Refinance or Modify Loans:
To find out if you qualify, and how much your loan might be reduced, Click Here.

HUD-Approved Foreclosure Counseling Agencies:
Click Here to find a HUD-approved counselor or call 877-HUD-1515.

Neighborhood Housing Services of New York City (NHS):
Click Here to reach NHS, a HUD-approved counselor.

Here's some useful information from Freddie Mac on how to avoid foreclosure:
Click here

IF YOU ARE NOT ABLE OR DISSATISFIED WITH THE MODIFIED LOAN, YOUR NEXT BEST BET IS THE SHORT SALE. CONTACT ME TO FIND OUT HOW IT COULD BE DONE, FORECLOSURE IS NOT AN OPTION.

BEWARE OF LOAN MODIFICATION SCAMS!

Foreclosure Scams Up as 'Piranhas' Circle
FBI Adds Resources to Battle Mortgage Fraud Amid Exponential Rise in Complaints

By MATT GUTMAN
MIAMI, Feb. 27, 2009

It was $3,500 Nickie Struthers couldn't afford -- but desperate to stave off foreclosure, the 45-year-old and her fiance, Dr. Dan Howard, a surgeon, scribbled their signatures on the check they thought would yield salvation.

She handed the check to someone she'd done business with in the past, a mortgage broker-turned-foreclosure rescuer. But months went by, and the broker seemed to disappear. He had promised to modify her loan, she said, "but he wouldn't take our phone calls, e-mails, nothing. I never thought this would happen."

Struthers, of Bradenton, Fla., a Tampa exurb that, like many Sun Belt communities has seen home prices soar, then sink, may be among an estimated tens of thousands of Americans apparently duped into either signing checks or signing over their homes to potential foreclosure fraudsters -- though in Struthers' and Howard's case, the man they dealt with insisted to ABC News that he is not a scammer.

ABC News has obtained documents from the state of Florida attorney general's office indicating an exponential rise in complaints, from nine in November 2008 to 227 this month alone. New data from the California attorney general's office show a 26-fold increase in complaints from this time last year.

"Anytime the federal government puts federal relief funds available, we find there's a percentage of that money that will succumb to fraud activity," said Sharon Ormsby, the FBI's chief financial investigator, in a telephone interview.

The FBI has set up 35 task forces in its regional offices around the country to battle mortgage fraud.

Foreclosure Scammers: 'Piranha Circling the Kill'

But the number of Americans defrauded is soon likely to be too overwhelming for any agency to process, said Angie Moreschi of the Consumer Warning Network, a consumer watchdog group.

"You've got that $75 billion out there in housing aid, and that's going to bring the scam artists out of the woodwork," she said. "They are going to be like piranha circling the kill."

And the pool of potential prey -- families facing foreclosure -- could swell to 3 million, and those underwater could be double that, according to RealtyTrac.

In some cases, said Moreschi, the shady mortgage brokers who hawked those unaffordable mortgages are the same people offering to help them modify their loans and stay afloat.

Homeowner: 'I Trusted Him'

Struthers said she felt she was in good hands: Her broker helped her with a loan a few years ago. And Struthers, a former mortgage broker herself, felt comfortable with him.

"He wasn't some guy off the yellow pages," she said. "I trusted him."

She admitted that the Bradenton McMansion she and her fiance purchased at the peak of the market in the summer of 2005 was overpriced, and that they were underfunded.

Shuffling through her papers, Struthers said her neighbor's home recently sold for half the purchase price of their home, $817,000. Her home is now worth $465,000, she estimated, and she and Howard owe more than $800,000 on it.

She was desperate and now believes she's been had, partly because the bank that holds her mortgage, Wachovia, told her it never heard of the man to whom she gave her money -- despite what she described as bank letters he gave her indicating he was working with the bank to modify her mortgage.

She reported her experience to a private group that documents complaints about potential foreclosure swindles, which alerted ABC News of her case.

But the man who admits he accepted Struthers' check, Chris Campbell of the company Lionstar LLP, insisted he is not a scammer. Rather, he said he believes he may have been scammed by a subcontractor to which he passed along the money, which in turn was supposed to deal with Wachovia.

He said he went into a deep depression after believing he'd lost his clients' money, and that's why he did not answer their calls.

But he claimed he is working to find a way to refund Struthers' and Howard's money.

"I think they deserve their money back and I will try to make it up to them," Campbell said. "I'm not a con artist. I'm just a former mortgage guy. I tried to find an alternative for them. It backfired on me."

Three Basic Scams

The FBI has identified three basic scams.

In "phantom help," supposed mortgage rescuers make off with cash meant to rework a mortgage.

The "bailout scam" entails homeowners surrendering a house title to a con artist on the promise that they can stay on as renters and, once the mortgage fees are "fixed," repurchase their home.

In the "bait and switch," scammers dupe homeowners into signing what they think is a new loan but, in truth, are forged documents ceding their house to the crooks.

"It's pandemic" said Steve Dibert, president of MFI-Miami, a firm that conducts forensic mortgage audits and fraud investigations.

Dibert estimated that up to 250,000 people have been scammed. The FBI did not confirm those numbers but noted that the numbers of scams and scam artists is booming.

According to the attorney general's offices in states like California and Florida, the fraudsters operate all over the country. At least one firm being sued by California, First Gov, is based in Mexico, according to court papers.

To avoid being scammed, the Consumer Warning Network advises consumers to avoid paying for services up front.

The FBI's Orsmby warns "an attorney or someone from the banking community who is willing to look over the material must be present, because the amount of money at stake, should this turn into a scam, is huge for the potential victim."

Though hopelessly in debt, Struthers believes she's hit a lucky streak. Wachovia, which owns her mortgage, issued a letter of default more than six months ago. Foreclosure loomed. But then, in a hearing, the bank said it had misplaced the original promissory note. And then the bank went strangely silent and the letters stopped.

"We're hoping to stay in this house a little bit longer," said Struthers, who, herself, is now applying for jobs in loan modification.3

Source: ABC news

New Housing Benefit for Culinary and Bartender Workers!

2009-03-11T00:54:00.000-07:00

New Housing Benefit for Culinary and Bartender Workers!

If you are a worker covered by the Culinary and Bartenders’ union contract, then you are eligible for a new housing benefit that helps gaming workers obtain the dream of homeownership. Established as a result of the 2007 collective bargaining agreement, the new Culinary and Bartenders Housing Partnership provides the following benefits:

Homebuyer education and counseling

Workshops on foreclosure prevention

First-time homebuyer down payment loans

The State of Nevada Housing Division has joined with the Culinary and Bartenders Housing Partnership to provide up to $20,000 in loans for a down payment on a home. Key elements of the program include:

• The loan has a zero-percent interest rate and is repayable when you sell or refinance your home.

• You must live in the house you buy (no second homes or vacation homes).

• You must contribute 1% of the purchase price of the home.

• Your household income cannot exceed $76,680 for a 1-2 person household, or $89,460 for a household with three or more persons.

• You must complete an 8 hour homebuyer education course.

• You must qualify for a home mortgage from a lender.

• Funds for this down payment assistance program are limited. Down payment loans will be approved for qualified buyers on a first-come, first-serve basis.

TO GET MORE DETAILS,

PLEASE CALL ME WITH MORE QUESTIONS

What's In the Foreclosure Prevention Plan

2009-03-02T19:00:00.000-08:00

The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:

1.) Help for home owners making their payments but at risk of default and foreclosure.

Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.

2.) Help for home owners already in default and in need of loan modification.

For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.

Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.

3.) Doubled resources to Fannie Mae and Freddie Mac.

To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.

The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.

"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.

Source: REALTOR® Magazine Online

WHAT IS A SHORT SALE?

2009-02-21T19:16:00.000-08:00

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

A short sale typically is executed to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency.

Short sale is not the guarantee that the bank will accept the offering price on the property and can take anywhere from 90-120 days to receive an answer from the lender whether they are or are not accepting the deal.

If you have any further questions, please don't hesitate to contact me directly.

STIMULUS BILL - $8,000 FOR HOMEBUYERS

2009-02-20T00:39:00.000-08:00

Final score: $8,000 for homebuyers

First-time purchasers get a tax credit windfall if they buy before December.

By Les Christie, CNNMoney.com staff writer
February 16, 2009: 5:38 PM ET

NEW YORK (CNNMoney.com) -- There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:
"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
Not exactly. Billings won't get $8,000 on top of his current refund, but he would turn that small refund into a much larger one. If his total tax liability came to $6,000, but he had $7,000 withheld from his payroll, he would normally receive a $1,000 refund. With this credit, his refund would total $8,000. If the credit were non-refundable, as was originally proposed in the Senate version of the stimulus package, he would have only received $6,000, or the total amount he paid in.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
Lukewarm reception
The housing industry is somewhat pleased with the result because the stimulus plan improves on the current $7,500 tax credit, which was passed in July and was more of a low-interest loan than an actual credit. But the industry was also disappointed that Congress did not go even further and adopt the Senate's proposal of a $15,000 non-refundable credit for all homebuyers.
"[The Senate version] would have done a lot more to turn around the housing market," said Bernard Markstein, an economist and director of forecasting for the National Association of Homebuilders (NAHB). "We have a lot of reports of people who would be coming off the fence because of it."
Even so, the $8,000 credit will bring an additional 300,000 new homebuyers into the market, according to estimates by Lawrence Yun, chief economist for the National Association of Realtors.
The credit could also create a domino effect, he said, because each first-time homebuyer sale will lead to two more trade-up transactions down the line. "I think there are many homeowners who would be trading-up but they have had no buyers for their own homes," Yun said.
Who won't benefit, according to Mark Goldman, a real estate lecturer at San Diego State University, are those first-time homebuyers struggling to come up with down payments. The credit does not help get them over that hurdle - they still have to close the sale before claiming the bonus.
Instead, many may look at the tax credit as a discount on the home price, according to Yun. A $100,000 purchase effectively becomes a $92,000 one. That can reassure buyers apprehensive about purchasing and then watching prices continue falling, he added.
And it provides a nice nest egg for the often-difficult early years of homeownership, when unexpected repairs and expenses often crop up. Recipients could also use the money to buy new stuff for their home - a lawnmower, a rug, a sofa - and, in that way, help stimulate the economy.

February Newsletter

2009-02-07T14:08:00.000-08:00

WHAT IS BANK-OWNED/ REO/ FORECLOSED PROPERTY?

2009-02-06T19:54:00.000-08:00

What is an REO? REO means "real estate owned" and is a term used by the financial industry to describe properties (assets) that a financial institution has possessed by foreclosure, a deed-in-lieu of foreclosure, or other means. REO properties are also called "bank owned" or "corporate owned" because the owner of record is an institution instead of a natural person.

Is an REO property a "better" deal that other properties on the market? Only a willing buyer and seller determine the purchase price of a property. Just like other resale homes, REO properties have different amenities and are in various stages of age and repair. All of these factors influence the price that a buyer and seller are willing to agree on.

What kind of financing is available for an REO property? It is a sad truth that some properties have been vandalized. Certain loan products (for example, FHA loans) are not available for properties that do not have certain appliances, floor coverings and utilities. Check with your loan provider for complete and up-to-date details about your loan requirements.

How will you know if you are competing against other potential buyers? Listing agents may or may not have authority from the seller to disclose multiple offers. The REALTOR Code of Ethics requires a listing agent to have the seller's approval before disclosing the existence of other unaccepted offers on the property. A seller may respond to numerous offers with a "multiple counteroffer." This document alerts two or more buyers that they are in a competitive situation.

Can you choose the title company? Typically, the banks and lenders who have foreclosed on these homes have established business relationships with title companies, who often act as the escrow holder. Even before a home is put on the market, the title company may have opened a file and started its research on the title. Under federal law, a seller cannot require a buyer to purchase title insurance from a particular company, but if the seller is paying for the buyer's title policy then the seller may choose the title company. For a consumer's guide to title insurance, go to

What kind of disclosures will you receive from the seller? Federal and state laws require a seller to make certain disclosures to a prospective purchaser. The "Residential Disclosure Guide" provided by the Real Estate agent outlines these disclosures. Some disclosures, such as the Seller's Real Property Disclosure, can be waived according to state law. Others, such as the Common Interest Community resale package, cannot.If you close escrow without receiving a required disclosure, your right to sue for such a failure may be affected. If you have any concerns, consult with legal counsel prior to closing escrow.

Will the seller pay for repairs? A typical REO is sold "as is," meaning that the seller will not do repairs on the property or provide funds at closing for repairs. However, buyer's agents may still ask for repairs and attempt to negotiate that point. As the adage goes, "you won't know unless you ask." You may not receive multiple keys or garage openers.

Should you have home inspection? Although an REO seller may not provide a property disclosure or make repairs, the buyer is still entitled to have an inspector review the home. Buyers should consult whatever qualified professionals (such as home inspectors, mold inspectors, pest/termite inspectors) they desire to determine the state of the property and whether the property meets their needs.

This is general information and is not intended to provide information or advice on any specific transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

LOAN MODIFICATIONS ARE NOT WORKING!

2008-12-10T11:14:00.000-08:00

According to the Thrift Supervision National Housing Forum that was held on December 8, the re-default rate of modified loans (which represent about 60% of all the loans), loans modified in the first quarter of this year after 3 months only nearly 36% of them defaulted again by being past 30 days late; after 6 months the re-default rate is 53% and after 8 months, it’s 58%. For the second quarter, the re-default rates are about the same. More than half of the modified loans are defaulting again, I believe it is an indication that loan modification is not working. Whether it’s due to the lack of principle reduction or simply economy in crisis, we wouldn’t be able to determine. Most likely, all of the above.

Source: CNBC.com
http://www.cnbc.com/id/15840232?video=955168734

HOW TO BUY A HOUSE WITH NO DOWNPAYMENT

2008-11-19T02:02:00.000-08:00

How To Buy A Home With Zero Down

Las Vegas: A new home ownership program allows qualified buyers to buy a home with absolutely no down payment.

You may have owned a home before and are presently renting, or maybe you are a first time homebuyer and need a way to break into the housing market but are holding back because you think you require $10.000, $20.000 or even more for a down payment.

Well regardless of your present situation, if you want to get into, or re-enter the housing market without having to make a cash down payment, this new program may be just what you're looking for. Why pay your landlord's mortgage when you can be building your own equity.

Industry insiders have prepared a new special report entitled, "How to Buy a Home With Zero Down' which reveals how this new and innovative program can get you into the housing market immediately and with no down payment.

To get your FREE copy today visit

www.LVRealDeal.com

or call 877-583-1181 ID#712

FHA is changing the maximum amount of the loan!

2008-11-19T01:34:00.000-08:00

Starting January 1, 2009 the max FHA loan limit for Clark County is $287,500.00. If you are shopping for a home using FHA financing that will exceed this limit we need to get the offers in place NOW because we need to LOCK the loan by 12/10/2008 and FUND by 12/31/2008 to be able to get you the perfect home. CALL ME!

*FORECLOSURES*********************

2008-11-03T14:02:00.001-08:00

DISTRESS SALE
Bank Foreclosures
FREE list of Bank-owned properties
Receive a FREE computerized daily update
Visit: www.LVRealDeal.com to find out more

November 2008 update

2008-11-02T14:50:00.000-08:00

SALES TRENDS in part of the Summerlin Area - September '08, '07 & '06

2008-10-12T13:17:00.000-07:00

Here I compared the average sales for North Summerlin area (404) for September 2008, 2007 & 2006. As you can see, this year the average price per square foot dropped to $137 compared with September 2007 - $186 (see below) and September 2006 - $208 (see below).

If you'd like to find out what's been happening to the pricing in your neighborhood, please email me with request: MarinaGulakova@gmail.com

NOT FORECLOSURE OR SHORT SALE! Beautiful home in Desert Shores.

2008-10-12T12:29:00.000-07:00

Custom estate with a 3-bedroom guest house & basement!

2008-10-12T11:49:00.000-07:00

A RELIEF FROM COUNTRYWIDE!

2008-10-07T23:19:00.001-07:00

October 2008

2008-10-01T12:28:00.001-07:00

100% financing is back! It’s legitimate, it’s helpful, and it’s back.

2008-09-30T13:33:00.000-07:00

So, we have a 100% financing program back!!! It’s legitimate, it’s helpful, and it’s back.

Since the government decided to “kill” even further the real estate business with the cancellation of Nehemiah program, we thought that a big portion of folks won’t be able to afford homes any longer. Some may argue that if people can’t afford even 3% down payment (the requirement for FHA loans) and require assistance on paying the closing costs as well, then they shouldn’t be buying a home to begin with as they obviously can’t afford it! Well, I think it’s just one of the ways of leveraging available cash: the less cash you put towards the purchase, the more you have left for renovating the place or acquiring more properties.

It works simply as any other FHA program would. This 100% program allows you to borrow additional money to cover your down payment and /or closing costs at 2% above first mortgage rate up to $10,000 max.

Let’s look at the example:

Say, you want to buy a property for $165,000.

Down payment of 3% required : $4,950 (although the new law states that the down payment should be at least 3.5%, some lenders are still lending with 3% down payment only)

Closing costs: $4,950

Inspection and appraisal: $350 + $250 = $600 (we are assuming the appraisal is not reimbursed by the seller)

Total cash required: $10,500 needed to purchase - Down payment and closing costs assistance of up to $9,900 = $600

Financing:

$165,000 – $4,950 down payment = $160,050; this is the amount that needs to be financed under standard FHA program. The other $9,900 (for down payment and/or closing costs) will be financed for 20 years only and at a rate 2% higher than your APR.

****Let’s assume the APR rate is 6.5%, annual property taxes are $2,200 (I know it seems high, but currently it’s one of the problems with properties in LV – the prices have fallen, but the property taxes were assessed based on previous values of the properties which were higher; eventually, the property taxes should come down significantly or you can appeal to have your property taxes reassessed), the loan term is 30 years fixed.

Your payments for loans would be: $1,012 (for 1st loan) + $86 (2nd loan) = $1,098
Plus taxes of $183, your monthly payment is $1,281. We should also add HOA fee to this equation, however, the HOA fees vary greatly. Let’s assume the HOA in this case is $30.

THE TOTAL PAYMENT IS: $1,311.

This is not bad, as the rent for such a home would be about $1,300 - $1,500/m.

This program allows you to have little or no cash upfront.

If you’d like more information on this program, let me know!

****Some restrictions and limitations might apply.

PAYMENT AS LOW AS $1,550 a month!

2008-09-17T21:30:00.000-07:00

Amazing house going for auction! Visit my open house

2008-09-07T00:37:00.000-07:00

FHA Seller-Funded Down Payment Assistance Going Away!

2008-08-16T01:45:00.001-07:00

WHY INVEST IN LAS VEGAS REAL ESTATE?

2008-08-06T20:59:00.001-07:00

BUY LUXURY CONDOS IN LAS VEGAS

2008-07-24T12:44:00.000-07:00

GREAT LAS VEGAS INVESTMENT OPPORTUNITY!!!

2008-07-24T01:35:00.000-07:00