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Good Things to Know About the REO or Bank Sale Closing ProcessGood things to know about the REO-Bank Sale Closing Process: •1. The Seller- In an REO transaction the Seller is an out of state bank. The bank contracts a 3rd party asset management company which represents them in the transaction and approves the final escrow closing. All correspondence is done by email, below are a few items performed by Escrow to help you understand the closing process. •2. Title Commitment (prelim) - There may be unforeseen vesting and/or lien issues on the title report that will require Escrow and/or Bank Seller to correct before closing. •3. HOA Demands (payoffs)- Processing time to obtain HOA/Lien demands is between 5-10 days from the date ordered from the HOA management company. (There may be a possible 5-10 additional processing days to obtain lien demand if lien is not of record.) •4. Loan Docs - Once loan docs are received, Escrow can set an appointment for the buyer the following day. •5. Home Warranty - If Seller is paying for the buyer's HW, the demand is required before Seller will approve the HUD. •6. HUD-1 Approval - After the buyer signs the loan documents, the REO Seller and their 3rd party Asset Company may require 24 to 72 hours to approve the HUD after ALL demands received. •7. FUNDING - Escrow will coordinate with buyer's lender on the Bank's HUD approval before funding can occur. (Changes to the Seller's side of the HUD require additional Seller approval.) * As in any transaction, the more communication you have with your professional Real Estate Team during the REO closing process the better the transaction will be for all parties. This Information was given to me by my title rep from First American Title Insurance Company yesterday. If you would like any more information about buying REO (Real Estate Owned or Bank Owned) properties in Las Vegas or Henderson, NV, give my team a call. Dana Whittaker, 702.300.7653 Important Information Regarding REO Closings in Las Vegas, NV and Henderson, NVIMPORTANT INFORMATION REGARDING REO CLOSINGS IN LAS VEGAS, NV
My title representative, Valerie Grijalva, from First American Title Insurance Company, gave us this information at our real estate sales meeting yesterday in Las Vegas regarding Real Estate Owned (REO) properties. I'm sure that if First American is experiencing this issue, the other companies are too. As an agent, I recommend using this knowledge to prepare your buyer clients and to help control their expectations. This information is very relevant and helpful for what is going on in our industry right now: We are experiencing increasing delays in obtaining HOA lien demands from almost all the trustee companies servicing liens for the homeowner associations here in Las Vegas. The average waiting time to obtain an HOA demand from the date of the original faxed and/or emailed request is 10 to 20 days. This can cause delays to closing and may negatively impact the buyer in the transaction. Some buyers have lost their loan lock and have had to pay an extension fee or at least lost their interest rate all together and had to lock in at a higher rate. The sellers on Bank Owned files are often unable to close/record and "hold funds" in escrow for the delinquent HOA. It is extremely difficult to estimate an appropriate hold amount due to the extra fees that are added in these payoffs such as interest, late fees, attorney fees, etc. First American is taking proactive steps to avoid closing delays. Feel free to ask your escrow officer about the status of HOA lien demands, prior to scheduling closings. Las Vegas Market Condition CommentaryCan you believe February is over already? Things have really been moving along this month in Las Vegas and Henderson for Real Estate. We're noticing the inventory that's been overwhelming for over a year is finally starting to diminish. In fact just in the past week there were 1% fewer homes on the market than usual. This is primarily due to the bank owned properties coming onto the market at really low prices and quickly responding to offers so they go under contract much faster than in the past few months. Even though there will be a steady stream of new foreclosures coming on the market all this year, the pace of sales is definitely picking up. In fact, my prediction for us returning to a "normal" market is July 9, 2008. What I mean by normal market is approximately 18,000 listings. The general rule of thumb for normal real estate activity is one percent of the city's population. That puts us around 18,000-19,000 homes on the market. The only difference between us and some markets like Houston, TX is that we have a larger than average number of speculators and vacant properties, so 18,000 might need to be more like 14,000 (because there are about 4,000 vacant homes on the market). Things are getting better in Las Vegas, Nevada and in Henderson. We're still not out of the woods by any means, but most of the homes I'm writing offers on have 3-5 offers on them. The price of a single family home in Summerlin with 1700 sq.ft is now under $275,000. Can you believe that? We're seeing prices coming down to what they were in mid-2003. Remember, Las Vegas is a city unlike any other (except maybe Dubai). We have lots of job creation, major construction spending, no state income tax, and a climate that attracts lots of retirees. This won't change and will continue attracting people like it always has. If you have any questions about this market or real estate in general that's what I'm here for. If you're in a tough place financially and want to bounce some ideas off of me, feel free. Tough markets create stressful situations at home and at work. We can get through this together. Dana and Chris Whittaker How to Get Your Sellers to Price Their Homes Properly In Today's MarketHow to Get Your Sellers to Price Their Homes Properly In Today's Market - A Free Class in Las Vegas, NV - Even if You're with Another Broker
Please RSVP as soon as possible. Seating is limited to the first 30 guests per session. Date: RSVP with Dana Whittaker at : (702) 804-7703 or Email to DWhittaker@OkeefeCasto.com Is Vegas Finding Its Bottom?Last week, I heard one of my top agents call to tell his well-qualified, first time home buyer that another offer was accepted on the home he wanted. This is the second time he's had to make that call. They are looking for a newer 3 bedroom home with a 2 car garage in Summerlin. They had offered more money than the asking price. I am hearing of this happening more and more. Many homes in Las Vegas that sellers could no longer make full payments on, or that couldn't be sold in a Short Sale, have been foreclosed on and are now being sold as REO homes, or Real Estate Owned-owned by a bank. The banks are very smart. In some cases they are pricing homes well below market value to generate a lot of interest. It's getting to be like a feeding frenzy in some areas of the valley like Summerlin, Green Valley, and Southern Highlands. Yesterday, an agent called me to ask what to do if the property her clients wanted to write an offer on was priced incorrectly on the Multiple Listing Service. Should she write the offer, or call the agent to verify the price? I told her to check the tax records, and sure enough, the home was owned by a bank. I told her to expect to see 20 other buyers looking at the same house when she took her clients there, on its second day on the market. The banks are doing what savvy agents recommend to their sellers: price the property well below market value to create an auction style environment. A seller could generate a ton of interest and is more likely to get potential buyers into a bidding war and drive the price up. I am hearing over and over that the homes my agents are writing offers on are up against at least 7 other offers. This tells me that in some cases, the banks are helping us to find the bottom of market value in some neighborhoods. I don't think that this is over, however. We still have many mortgages adjusting on the horizon and sellers not generating the income they thought they would at this time to cover their new payment amounts. Many people in our community are being forced into foreclosure and bankruptcy. It's a double edged sword: bad for those that bought between 2004 and 2006, and good for the current investors and buyers with strong FICO scores and some money to put down. Buyers right now are getting rock-bottom pricing and great rates-which will not last forever. Many experts are predicting another housing boom in Las Vegas in late 2009 to 2010. I keep seeing article after article that Las Vegas is the place to buy right now, due to major Strip projects opening in the next few years creating many employment opportunities. We still have a wonderful tax shelter; pay no state tax, and we have a mild climate that residents love, with every kind of entertainment one could imagine. A lot of our friends thought we were crazy to do what we're doing, but it is exactly because of what is going on that I co-founded a new residential Real Estate brokerage with owners Billy O'Keefe and Rich Casto last year. Rich, a national Real Estate trainer, predicted this market three years ago and leveraged his knowledge in opening a company here in Las Vegas. With so many other Real Estate companies down-sizing or declaring bankruptcy, agents are flocking to us, a leadership team with a solid business model that truly puts our clients--buyers and sellers--first. We are the only company in town to offer a money back guarantee. There are many reasons that real estate agents are one of the least respected professions and we are committed to changing that. We are coaching and training many local real estate agents, for free, no matter who they work for. We are working to create a win-win for agents and their customers. If you are a seller or buyer with questions, or an agent looking for something different, contact Dana Whittaker, Manager, at O'KeefeCasto Residential Brokerage, at (702)804-7703. O'KeefeCasto Residential Brokerage Opens Its Doors in Las Vegas!Hello Out There! I'm happy to report that after taking some time off from the Blogging World, we are back! We are thrilled to announce that the reason for our lapse in blogging is because we opened a new Real Estate Company in Las Vegas. We are completely different than any other company in town. We are totally focused on client satisfaction. Our business model is much different than a lot of the large companies in town, which seem to be closing their doors at a rapid pace. I have taken the position as manager, and my husband, Chris, is handling our real estate business. The following is a letter from Billy O'Keefe, our Broker/Owner, about why he wanted to open this company. In future blogs, I will tell you more about us and our experience, how different we really are, and I'll give you some great strategies and tactics that will greatly increase your level of competency and increase your productivity. There will never be any manipulative dialogue and you'll train your SOI to just think of you for their real estate needs. Please contact me if you would like more information about joining our team of skillful, truthful, and competent agents. I am proud and excited to announce that I have decided to branch out and open up my own real estate brokerage, called O'KeefeCasto Residential Brokerage, after 9 years in the business. Some of you already know this and some of you are thinking ‘why would you do this during this challenging time in the real estate market'? It is a great question and one that actually inspired me to take the leap. As a full-time professional that has been involved in a lot of real estate transactions over the years, I have become ambivalent about how the real estate industry is run and understand why, according to one of the latest Harris Polls, 93% of the people sampled do not trust Realtors. It is not only the low barrier to entry into the business, but the complete lack of accountability and skill on the part of the agents. You see, I believe that when you hire an agent, you deserve a result. You are not paying thousands of dollars for a sign and a lockbox, but for an agent to get you the most money for your home in a reasonable amount of time. I hear stories all the time from frustrated people about their agents keeping them stuck in contracts while not delivering results. Also, agents hang their value on their ‘marketing' or their company's ‘relocation department' or their so called ‘big brand'. The truth of the matter is, marketing does not sell homes (because of the Multiple Listing Service) and is used purely for lead generation, relocation leads are given to agents who show them every home by every broker that fits their criteria (not just their own brokerage as some think), and statistically the big brand name companies have average performance records. I can go on and on with more details about the dysfunction of the industry, but I want to get to the good news, which is the unique approach I have taken with my company. OCRB is the only real estate company that we know of at this time, that offers sellers 2 very important guarantees. 1) We will never make you stay in a contract if you are unhappy. In fact, we will unconditionally release you without penalty or obligation for any reason whatsoever. 2) 100% Money Back Guarantee. If at closing you do not think we earned our fee by delivering an acceptable result, we will not charge you. We are confident to offer these guarantees because we understand that getting a seller the most money for their home has nothing to do with marketing, but in our ability to negotiate the best deal and manage the buyer's experience when they walk into your home. Our agents are trained in the most advanced negotiation techniques, and we have a professional stager on staff that consults with all of our sellers to maximize the buyer's experience when they come to see your home. We know this works because of our results. In 2007, we sold our homes at an average of 99% of list price (while the Valley average was 96.5%), with only 10% of our homes failing to sell (while the Valley average failure rate was 75%). These results are what you are paying your agent for, not a color flier and a $100 add in a magazine. Please call me if you have any questions or would like to discuss any of this in detail. We are all about serving our clients and being held accountable to telling the truth and delivering results. Sincerely, Billy O'Keefe Real Estate Is Still a Wise Choice Part 2Here are some Rules of Thumb for Investing in Real Estate, even in Las Vegas, Nevada: Buy Low (like right now), Sell High. That means hang onto your property until the market bounces back, and it will bounce back. I'm reading anywhere from 18 months to 3 years in the Las Vegas market. We wouldn't have projects in the works in the billions all over town if Las Vegas, Henderson, or Clark County were a bad market. I believe that developers do their homework when they decide to spend billions of dollars. Great investors do the OPPOSITE of everyone else. If everyone is panic selling, start BUYING. The market may continue to fall for another year or two, but if you can stick it out for around 5 years, you will most likely see very positive growth. Markets are cyclical. The number of people moving into Las Vegas has not gone down. This is a Buy and Hold strategy. It's usually less risky than Flipping. Buy on the RUMOR, Sell when it's NEWS. The tragedy of our market here in Las Vegas, Nevada is that too many inexperienced investors bought at the height of the market when they heard from the media that Las Vegas was the hot place to buy. Many investors bought with Adjustable Rate Mortgages that were to adjust in less than 5 years. That's extremely risky if you don't know what rates will be doing. Unfortunately for many new investors the market turned, rates are adjusting up and they can no longer afford their mortgage. By the height of the market in 2004, when the media began reporting our appreciation results, the true investors were selling their properties and taking their money to other parts of the country. Don't be a Pig! Pigs get slaughtered. If you try to squeeze every nickel out of a deal, you'll lose out. You'll constantly be chasing the very top of markets and the very lows of markets and never pull the trigger and never make a profit. Don't Lie About Your Income. I've heard of card dealers here in town owning multiple properties worth millions. I wonder, how did they ever qualify for all those loans? Most likely, the banks didn't know about the other properties because all the loans were obtained separately to close on the same day so that they couldn't find out about each other. There can be a bit of a delay on your credit reports. This is loan fraud. Get Good Advice. Trust your gut instinct. Does who you're getting advice from have experience and references? Are they recommending paying your mortgage payment with a Home Equity Line of Credit? That's horrible advice! Make sure your agent and lender also own properties and practice what they preach. Ask them specifically about their experiences. Most will be happy to share their successes and lessons with you. Come from Abundance. There is always plenty to go around for everyone. And be patient. Loan Applications Are Down but Real Estate is still a Wise Choice Part 1Just heard on the news this morning that loan applications are down for the second straight week in a row nationally. This is the lowest it's been in four months, while interest rates seem to be on the rise. Times are tough out there, but I think it's important to remember that real estate is still a very wise investment. Throughout history, it's the most reliable. In my market, the Las Vegas, Nevada area, including Henderson and the rest of Clark County, we are taking a beating in the media. Let's re-cap for the past Las Vegas market: 2004 = record breaking appreciation, up 40% in some areas. 2005 = still a bit of appreciation. 2006 = leveling off. 2007 to date = market corrections, 3% depreciation in some areas. This is not a good time to sell. I hear consumers constantly commenting on what a horrible deal they're in because they can't sell the home they purchased in the last 2 years or less. Let's be frank, that's called Flipping. When you own a property for less than two years you will have to pay capital gains (check with your CPA), not to mention all your other closing costs including transfer taxes, title and escrow fees, re-conveyance, and possibly a commission to an agent. That's asking for a lot of appreciation in any market to be able to sell in such a short amount of time, about 7.5 to 8.5% on average, just to close. All the experts I've heard , like Suze Orman, recommend holding onto a property for at least 5 years. My clients that bought homes in Las Vegas or Henderson even in early '03 have plenty of equity to be able to sell today. Plus, they'll get a great deal on the buying side now. The problem we're seeing also is the homeowners that re-financed to take all their equity to make other purchases, or worse pay another mortgage, and didn't invest the money wisely. Homeowners are using their home as a bank account. That is not a good idea. Now I've got sellers that got bad advice from someone else about buying their current properties that are upside down, meaning they owe more than what they can sell the home for, also known as a Short Sale (must have bank approval). That equity could have been their retirement money. Now they are having to start over. They may not be able to get a tenant to cover their entire mortgage if it's not their primary residence. Earlier I said that Real Estate is still a wise investment choice--even in Las Vegas. In Part 2, I will discuss some rules of thumb to remember when investing in Real Estate. Stay tuned. TREO vs BlackBerry Cell PhoneI hate to admit it, as I was a die-hard Treo user for the last couple of years, but I just converted to the new BlackBerry Pearl cell phone. Is it ever cool with the little scrolling, back-lit pearl! The BlackBerry Pearl applications are very useful and easy to figure out. The email platform is fast, clear, and simple to set up. As a Las Vegas Real Estate agent that handles a lot of Internet leads, utilizing email on my phone insures that we don't lose a client to someone else. We can respond to questions and comments about the Las Vegas real estate market immediately. The coolest feature is the voice dial that is programmed to read your address book entries. It will pull up anything out of the phone book. You just press a button and say a name. No programming it at all. It's amazing. It can be a GPS (for a monthly fee) too!! I've tested the driving directions on the mapping application for some newer streets, and it worked! I stayed with the Treo for so long because of the camera and the date-book feature. The Blackberry Pearl has a camera and the date-book is similar to what I was used to on the Treo. I bought a memory card that holds a Gig that's as big as my pinky nail! That's like 250 songs, a movie and a lot of photos! The graphics on the BlackBerry are vivid and it loads very quickly. Technology is so cool. The Greater Las Vegas Association of Realtors has free wireless access to our Multiple Listing Service and I can do searches and even see photos of listings right on my phone. That's extremely convenient. I hardly need my laptop anymore, except to work on my website and blog. : ) The Pearl, which is the smaller of the new BlackBerries, has a smaller keyboard than I was used to for texting with more than one letter per button. It literally took me 20 minutes to get used to it. I'm definitely texting as fast as I ever was, plus now I can email instantly. Some of the guys I know got the bigger BlackBerry, I think the 8800 is the new one, that has the bigger keyboard to accomodate for their larger hands. Lastly, I got tired of the touch screen on the Treo. As a woman living in a desert, my phone would get just too hot and I felt like I was always wiping make-up off it if someone else wanted to it. Embarrassing! I know it was meant to be used with a wireless earpiece, but I was never satisfied with any I found. I think BlackBerry will beat out the iPhones because of the issues with the touch-screen. The BlackBerry Pearl is AWESOME. I highly recommend it as a must-have tool for real estate agents that are serious about their career. |
Dana Anderson Whittaker Las Vegas, NV More about me… O'KeefeCasto Residential Brokerage Office Phone: (702) 804-7700 Cell Phone: (702) 300-7653 Email Me
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