There are tons of REO properties in the Las Vegas market and more each day. Wanted to address some of the things I've experienced.
Seller's Pricing Strategy
List price is an "invitation" to make an offer
Make sure to do buyer CMA on solds only
Example if the home is worth $200k seller is putting property on the market for $185k
This generates a "buzz" and in most cases a multiple offer situation
Therefore the property sells at $220k
However there have been numerous cases of appraisal issues, so watch out
Resale Package
Some REO sellers are requiring the buyer pay for the resale package.
This is totally legal.
Law states that seller must provide where to get these documents only.
Therefore, prepare buyer for this cost depending how badly they want the property
Waiting on Fully Executed Contract to Open Escrow
When there is an accepted offer, open escrow right away
All the signatures may take a while with the seller's being multiple organizations
Preliminary Title Reports can take time and can be ordered without all the signatures
For example if you wait for all signatures on contract to open escrow, it may not give title sufficient time to get prelim, payoffs, etc that is necessary to close within the timeframe approved by seller.
On a side note: Advise the listing agent of a green pool or dead grass. Listing agents are paying contracted workers good money to maintain these properties. They would appreciate the feedback and in-turn buyers get a nicer house.
**Interesting fact......40% chance an REO comes back on the market in multiple offer situations**
Isn't this FUN!!!! Hope you find this info helpful, I took a class today from one of the top REO listing agents in Las Vegas. The more we educate ourselves on what is happening in the market the more of a professional we can be for our clients. Love, Christin
I attended an extremely valuable class today and took extensive notes that I wanted to share. I will also speak about the local Las Vegas market, as that is the market that I am familiar with. I know that it has been challenging getting an offer accepted on the REO listings here in Las Vegas. They are priced on the MLS lower than what the bank will accept to generate a buzz and then we are ending up in a multiple offer situation nearly every time. Great news is there are buyers and banks that want to sell. However the challenge has been for me and many other agents that I know, how to set my offer apart from the other 10 offers coming in on a property.
First, this is not a traditional market as we have seen in the past 7ish years or so. For instance, the listing agent is working for a organization or multiple organizations that make up the "seller". A traditional escrow file is touched by 82 different people by the coe. Imagine how many people touch the files when there are multiple organizations acting as sellers........Now is the time that communication is vital in successful closings.
REO listing agents are swamped her in Viva Las Vegas. Email is the best communication for faster response and having a record for your file. I prefer emails in all my files for that exact reason. So here are some tips from a top REO specialist locally on submitting offers:
Include Property Address in Subject line
Include name, address, phone, email fax for all parties (lender, escrow, me, etc)
Make offers legible
Write closing costs in one place only. If there is a spot on the contract that explains closing costs or lender fees write a dollar amount in there only. Do not repeat it in additional terms. Seller sees that as two separate costs
If FHA write in who pays $750 fee
Completely fill in the entire contract. Don't leave blanks, write n/a or line through.
The only fee the seller should be paying should be title policy. All other fees should be buyer, prorate or 50/50.
Costs should be specific dollar amounts not percentages
Remember when using Nehemiah or AmeriDream down payment assistance programs by law Freddie Mac can not participate in this program.
I found this info valuable and a great reminder of the basics. The more we know and grow with the market the more we will all ensure continued success! Love, Christin
I am part of a team organizing our August community service project for 700 children at a Las Vegas low income elementary school. We need to move on this now and I'm asking for your support!
I am bottomlining donations for brand new shoes, socks, and underwear for 700 children. If you have any experience with such projects, suggestions or personal contacts that would support our efforts, please contact me right away.
Our goal is: $40,000 in cash donations or $40k worth of brand new donated shoes, socks and underwear
"Be the change you want to see in the world." Ghandi
MY DREAM IS TO HAVE: children participating in a five day, experiential learning program called Camp Choice in Nevada – A program inspired and directed by another non-profit organization called PSI World. The purpose of Camp Choice is to empower youth to create positive change in themselves and their communities by realizing the power of choice, responsibility and their effectiveness as positive leaders.
Please support my dream. I am currently going to California to volunteer staff Camp Choice July 20-25. I will learn how the program is run and operated. I will bring that information back to Nevada and continute to work with the Department of Criminal Justice, Department of Corrections, Probation, Parole and the Judicial system to implement this dream here in Nevada. I am looking for your support to make that happen. Currently I must raise $1,000.00 dollars before I leave my personal goal is to raise $5,000.00 dollars. Please support me in anyway that you can. Checks should be made out ot to PSI World. Thanks for making this dream come true. Email me at ChristinGriffin@gmail.com for address.
About CAMP CHOICE: Every summer for the last 10 years kids from different housing communities have set out on a 3-hour bus ride from the Hunter's Point area to the city of Clearlake Oaks in Lake County, California. There they are met by a group of volunteer counselors (coaches) at a multi-million dollar facility called High Valley Ranch. The Ranch is nestled between rolling hills furrowed with vineyards and sprawling, grassy meadows where wild deer, rabbits, coyotes and other wildlife share common ground with the domestic farm animals that are raised nearby. Many of the children have never been outside of the city in their short lives and are subtly shocked by the vast open space of nature at its best. The Ranch is maintained by a trained staff and is specifically designed to facilitate positive change in individuals of all ages and backgrounds; it provides a haven for the kid's safety and peace of mind. For a few days, The Ranch and the volunteers there make it possible for the kids to let down their guards and just be kids.
During the week, the campers have the opportunity to work together as a team in every exercise and event. With the participants being from different neighborhoods, this is vital to the program's mission and continued success. As the children learn to work together to accomplish goals, they begin to form a bond that lasts even after they leave camp – a bond that can lead to lasting, positive friendships and support back home where it really counts. The exercises and lectures are designed around ropes courses that have been utilized in company training seminars, personal development classes, and leadership workshops and are specifically designed for goal setting in the participant's life. They get a chance to work on focus, trust, and commitment to go beyond what they believe they can do and in turn, create a lasting memory of success in their lives. The week is complete with many physical and mental challenges accompanied by creative outlets such as art projects portraying the goals they have set for themselves and even a talent show where the participants perform skits, songs and dances they have created with their new found friends and fellow campers.
With out a doubt, the campers have learned something new by the end of the week – about themselves, about other individuals, about the police officers who are supporting them every step of the way – they gain a larger vision of what possibilities lay ahead of them and an understanding of what responsible choices and teamwork can do in their lives. Last but not least, they have a really good time doing it! Almost every one of the participants desire to come back again and again. In fact, some of the campers who participated in the very first Camp Choice have now begun to return as volunteer staff, becoming an essential part of the program's success in recent years. Its results like these that make Camp Choice a committed source of community support and positive outreach.
Please support my dream. I am currently going to California to volunteer staff Camp Choice July 20-25. I will learn how the program is run and operated. I will bring that information back to Nevada and continute to work with the Department of Criminal Justice, Department of Corrections, Probation, Parole and the Judicial system to implement this dream here in Nevada. I am looking for your support to make that happen. Currently I must raise $1,000.00 dollars before I leave my personal goal is to raise $5,000.00 dollars. Please support me in anyway that you can. Checks should be made out ot to PSI World. Thanks for making this dream come true.
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In a recent article that I read, Donald Trump suggests "Know as much as we can". He goes on to talk about enhancing your knowledge in a variety of subjects when you are dealing with well educated people. Read literature, history or something outside of your usual interests a few times a week. While we can't know EVERYTHING we should know as much as we can. I find this to be extremely helpful in aiding the gain of respect and trust in business.
Christin Griffin, Your Las Vegas Real Estate Professional, ChristinGriffin@hotmail.com
This is a disclosure I have all my buyers of short sales sign.
Short Sale Disclosure
Property Address:
In a short sale the seller’s lender agrees to accept less than what is owed on the loan for a property. As such, it requires the lender’s approval.
Please note that the property will continue to be on the market until the lender accepts an offer.
The following is a partial list of potential situations that could affect a short sale:
1. After the lender receives the short sale packet, the lender will require at least 30 days to approve the short sale. After approval, the sale must close within 30 days.
2. The seller will receive no cash from this transaction. Any funds usually due to the seller will be paid to the lender.
3. The seller has no additional cash and will be unable to pay for any closing costs, such as the buyer’s appraisal or a home warranty.
4. The seller is unable to pay for maintaining the property. If the buyer would like to turn on the utilities for any inspections, the buyer must pay for those utility costs.
5. The seller’s agent will split the commission 50/50 with the buyer’s agent. Please note that since the lender is taking less than what is owed to them in a short sale, the lender may negotiate a lower commission percentage.
6. The forgiven debt may be taxable income. The seller should discuss this matter with a tax accountant.
By signing this disclosure, you acknowledge that you have read and understand these situations. Any changes to the total commission rate will be announced at the time of the lender’s final approval of this short sale.
Seller’s Signature Date
Seller’s Agent’s Signature Date
Buyer’s Signature Date
Buyer’s Agent’s Signature Date
I attach this to all my listings on the MLS so that no one is confused of the process.
Authorization to Release Information should include:
I hereby fully authorize you to release _______________________________________ any and all information they may require for the purpose of determining or completing a credit transaction, loan balance, inquiry, transfer, payoff, purchase or sale of property, including tax return an bank information. This document may be reproduced in order to acquire said information from additional sources.
Signature:_____________________________ Social Security #:________________ Date:_________________________
Print Name: ___________________________
Signature:_____________________________ Social Security #:________________ Date:_________________________
Print Name: ___________________________
(Notarized Properly by a Notary Republic in your area:)
Hope this helps. Agents, this is the document that allows you to discuss confidential information regarding your client. Consumers, this is a document that your real estate professional must have to proceed with your process. If you should need more information or a short sale specialist in your area, please contact me for more information.
Include the loan number on the header of every page in the proposal checklist.
Title page Executive summary that highlights the financial benefits to the lender for accepting the short sale Table of contents Written authorization from the homeowner for the Realtor to speak on his or her behalf Lender’s short sale application Listing agreement Buyer’s contract Estimated HUD-1 Information about any other liens on the home Short sale disclosure signed by the seller and the buyer Hardship letter. Note: The hardship letter must be written by the homeowner Supporting documentation for the hardship, including financial documentation Recent Comparative Market Analysis (CMA) Documentation of any damage to the home and estimates for repairs Detailed request for the short sale Cost-benefit analysis that details the financial benefits to the lender of accepting the short sale All relevant phone numbers and contact information
Here is the items you will need when submitting the package on a short sale listing. Open communication with the bank as soon as possible that way when you do get an offer, the communication has already been established and the transaction will go much smoother. Consumers, if you need a short sale specialist in your area, contact me to help you find that professional. Choosing the right agent is important.
I you should have any questions about the process please feel free to email me. Christin Griffin@hotmail.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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