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las vegas foreclosure: Las Vegas Load Modifications Turn into Las Vegas Foreclosures Beware and Be Smart!! - 02/01/09 02:20 AM
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 … (1 comments)
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las vegas foreclosure: Foreclosure prevention programs ineffective??? - 01/18/09 06:58 PM
According to RealtyTrac "
Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released today.
The steep annual increase came despite a quarterly decrease in the fourth quarter after nine consecutive quarterly increases. And the fourth quarter decrease came despite a surge in foreclosure activity in December. The conflicting trends come largely as a result of artificial pressures on the foreclosure market, according to RealtyTrac CEO James J. Saccacio.
"Clearly the foreclosure prevention programs implemented to-date have not had … (0 comments)
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las vegas foreclosure: Foreclosures up 81%.....Las Vegas, Nevada leads the Nation!!!!! - 01/18/09 04:38 PM
According to RealtyTrac, foreclosures filings were up 81% year over year nation wide with Las Vegas leading the nation for foreclosure filings. There was 3,157,806 foreclosure filings nationwide last year meaning that 1 in every 54 homes had a foreclosure filing of some sort. Wraping up the top 5 are Arizona, Florida, California and Colorado.
Looks like a great time to be selling REO properties in Las Vegas, Nevada!!!
Bryan Knight, REO specialist in Las Vegas, Nevada702-845-8435
Follow me at www.twitter.com/KnightREO
… (0 comments)
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las vegas foreclosure: Tales of a Las Vegas REO Agent Part 5!!!!! - 12/28/08 04:01 PM
Since the last post I finally got it with IndyMac Federal Bank. This was after paying the 900 plus dollars for the default school training for them. They hit me to two properties, so we're off and running with them. Not sure what going to happen to them with the whole FDIC deal however so I wouldn't be surprised if that relationship doesn't last long. One of my clients haven't issued out any new listings in the past 3 months. I called them and they haven't been getting any new properties from their clients, so they don't have anything to issue out … (3 comments)
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las vegas foreclosure: LAS VEGAS MARKET STATISTICS AS OF DECEMBER 28TH, 2008 - 12/28/08 02:36 PM
Vacancy rate is still climbing. 6 out of every ten houses for sale in Las Vegas are vacant!! We've been hovering around the 7 months of inventory level for the last few months.
Bryan Knight, REO Specialist in Las Vegas, NV
Follow me at www.twitter.com/KnightREO
… (1 comments)
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las vegas foreclosure: Las Vegas Real Estate Market Statistics for November 13th 2008 - 11/14/08 01:22 AM
Still shocked at the vacancy rate being above 60%. There are so many opportunities to buy some great pieces of real estate in Las Vegas right now. If you aren't buying, you're missing out on the greatest opportunity to invest in real estate that we'll see in the next 50 plus years!!!
Bryan Knight, REO Specialist in Las Vegas, NV 702-845-8435
Follow me at www.twitter.com/KnightREO
… (1 comments)
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las vegas foreclosure: Bad buyer's agents strike again!!! - 11/10/08 11:37 PM
I'm in the middle of a couple of deals right now that are not going as desired. Lately I can't pay anyone to actually get a deal closed on time! I had two that were due to close today. One is waiting on the sellers deed to be signed which is understandable, but the on the other I've got a case of disappearing buyer's agent and disappearing lender!!! This always happens when something fishy is going on with the buyer side. About a week before closing, the buyer's agent becomes difficult to get hold of, and the lender stops answering the … (11 comments)
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las vegas foreclosure: Financial prepardness when selling REO / Bank Owned Properties - 11/10/08 11:22 PM
Ok, so you've been working your butt off blowing out those BPO's for month after month after month, long after some of the other agents that started with you have given up and you finally get hit with your first wave of REOs!!!!! Now you get a 24 hour crash course in servicing REO properties!!! Check occupancy, order a re-key, trash-out, sales clean, initial yard services, get the power, water, and gas turned on in your name, track down the HOA and pay back six months of past due HOA dues and then keep it current throughout the listing period, schedule … (4 comments)
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las vegas foreclosure: Looking for 4-6 REO agents from across the country to Network / Mastermind with!!! - 11/01/08 10:07 PM
I'm looking for 4 to 6 other REO agents in different markets to share ideas, mastermind, and help each other to grow their business buy sharing contact and helping each other "get in" with clients that they are not currently in with.
There will be no competition due to all agents being from different marketplaces. You need to actually be doing REO's and have clients / contacts to contribute to the group. It's a give and take situation, not just a "take", so have something to contribute. If you've been working with a client and don't know how to get another broker … (7 comments)
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las vegas foreclosure: Offer writing tips for REO / Bank Owned Properties!!!! - 11/01/08 09:40 PM
Through all of the networking and masterminding that I've participated in, one thing always comes to light as a problem that REO listing agents run into..........poorly written offers from buyer's agents!!! I've been working on an offer on property for over two weeks now and my assistant or myself has had to go back to the buyer's agent over 10 different times in two weeks to have them fix errors in their buyer's offer. Everything from missing check boxes that were pertinent to the transaction to leaving blanks in the contract to having two buyers on the contract and having only … (18 comments)
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las vegas foreclosure: Tales of a Las Vegas REO Agent Part 4!!!!!! - 11/01/08 08:34 PM
Well since the last post, there have been some great things going on. First I wasn't able to make it to either of the big REO conferences (5 Star & REOMAC), and I was really bummed about that. However During the time that 5 star was going on, I picked up two new clients!!!! Guess how I got them both................yeah that's right.......BPO's!!!! One called me and gave me a re-assign on a property that I had did the BPO on over six months ago. I'm the third REO agent on the property. Not only did I get the reassign, but the … (3 comments)
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las vegas foreclosure: Frustrated with agents looking to list REO properties but don't want to pay thier dues!!!! - 10/23/08 02:10 AM
I just had the conversation with one of my REO buddies today about people looking to get into the REO listing side, but not being willing to pay dues!! To date, I have done THOUSANDS......I repeat THOUSANDS of BPO's in the last year. No I don't have a BPO team or someone else doing them for me, I've done THOUSANDS MYSELF. That means driving all over town to take photos, pulling the comps, doing the research and commenting thoroughly prior to submitting. EVERY REO CLIENT THAT I'VE GOTTEN HAS BEEN FROM DOING BPO's! I haven't been to any conferences, had any … (50 comments)
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las vegas foreclosure: Woah!! Wells Fargo aka PAS made huge agent cuts yesterday!!!! Was it you??? - 10/18/08 02:28 AM
Wow, yesterday Premier Asset Services (Wells Fargo) cut a large number of agents in the Greater Las Vegas area. Some good friends of mine got clipped. One of my buddies had about 30 properties with them which represented about half his inventory and he got cut! I spoke with my Well Fargo lender yesterday and he stated that back when Wells signed on with default school and opened up their site to new agents that they were overwhelmed with agents taking the training and getting approved. However just because they had paid their money, took the course, passed the test, and … (17 comments)
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las vegas foreclosure: Las Vegas Real Estate Market Statistice for June 24th 2008 - 06/25/08 01:17 AM
What's really interesting is the months of inventory. Around 5 months of inventory is the balance between a buyer's and a seller's market. You can see this in the REO side of the market in Las Vegas. We're back to having houses selling for over list price on the bank owned properties.
It's amazing, after you track the numbers through the ups and downs of the local market, you can actually feel what the numbers are telling you.
Bryan Knight REO specialist in Las Vegas, NV
Follow me at www.twitter.com/KnightREO
… (0 comments)
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las vegas foreclosure: Tales of a Las Vegas REO agent!!!! Part 2 - 06/24/08 08:58 PM
Now, let's move on to the REO listing tale. After I really started doing a high number of BPO's, I signed up for a company that charges you to sign up. They used RES.net for a portal and I had to pay to sign up for that site as well. I was really skeptical about spending the money, but within 6 weeks, I had my first listing from them after doing only a handful of BPO's for them. (I learned afterward however that they also use a 3rd party valuation company that I had been working with for months, so they … (8 comments)
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las vegas foreclosure: Tales of a Las Vegas REO agent!!! Part 1 - 06/24/08 08:56 PM
I wanted to do something that I wish I had found when I was looking for information about getting into the REO business. I'm going to chronicle my journey of becoming a Las Vegas REO agent.
Ok to begin with about a year ago, I got started really looking hard at how to get my foot in the door of the Las Vegas REO world. About a year and a half ago myself and one of my business associates were introduced to a website that was a pay site that had some REO training, certification program and most importantly, a list … (9 comments)
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las vegas foreclosure: Short Sale Your Las Vegas Property!!!! - 04/07/08 01:28 AM
As more and more Las Vegas homes fall prey to the big, bad foreclosure monster, lenders have become more and more apt to working with homeowners and real estate professionals to successfully negotiate a short sale. I have been doing short sales for the past years and half and have had the opportunity to watch lenders loosen their short sale criteria and began to accept more and more short sales. This is great news for Las Vegas homeowners and gives them another real alternative to just walking away from their homes and letting it go to foreclosure. Even better are the … (0 comments)
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Bryan Knight
Las Vegas,
NV
More about me…
Keller Williams Realty Las Vegas
Address: 3100 S. Durango Dr., Suite 106, Las Vegas, NV, 89117
Office Phone: (702) 212-2287
Cell Phone: (702) 845-8435
Email Me
Blog on both local (Las Vegas) and national real estate news and trends. Concentrated in REO.
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