Hope Now - an alliance between counselors, mortgage companies, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible.
Nevada Foreclosure Help - Useful resources and info from Nevada Department of Business & Industry
Nevada Hope at Home collaborative effort betweenNevada Public Radio, local nonprofit organizations and local financial institutions to help provide residents in southern Nevada access to reliable, easy-to-find information on the foreclosure crisis in southern Nevada
The recently revised Residential Purchase Agreement from the Greater Las Vegas Association of Realtors added the CLUE report as a due diligence option for buyers to request. Here is some more information about the CLUE report and how to obtain one.
What is a CLUE report?
The C.L.U.E.® (Comprehensive Loss Underwriting Exchange) Report. CLUE is a report of claims information generated by ChoicePoint, a consumer-reporting agency. Insurance companies report claim information to ChoicePoint, such as the type of claim and how much they paid on a claim. In exchange, insurance companies can access the claims history of a specific consumer or property. A CLUE report generally contains up to five years of personal auto or personal property claims history.
A CLUE report contains:
• Your name
• Date of birth
• Policy number
• Date of loss
• Type of loss
• Amount the insurance company paid
• Description of the covered property
• Property address (for homeowner coverage)
• Specific vehicle information (for auto coverage)
How insurance companies use CLUE reports
An insurance company may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to determine if it will offer you coverage and how much you will pay. They believe past claims indicate that you’re more likely to file a claim in the future.
Who maintains this database?
The major issuer of CLUE reports is ChoicePoint, a Georgia company that is one of the country's biggest compilers and sellers of personal consumer data. A property loss database is also maintained by Insurance Services Office (ISO) which calls its database the Automated Property Loss Underwriting System, or A-PLUS. The Fair Credit Reporting Act entitles you to a copy of your CLUE report.
TO ORDER A CLUE Reports: Visit www.ChoiceTrust.com or call (866) 312-8076 (automated voice line). NOTE: The homeowner must be the person ordering the report. If you are a buyer, check with your insurance company, they may be able to obtain the CLUE report as a service to you.
If you haven't read these classics before (or even if you have, they are worth revisiting), download a PDF version today and be prepared for a motivational-inspirational deluge of information to apply, remember, reinforce in your daily life.
The first key step to becoming an effective short sale listing agent is to know how to properly pre-qualify the seller and determine the likelihood of a successful short sale. Steve Kitnick and I have compiled the following strategies and questions to assist you in that process.
Telephone Strategies (Remember, the purpose of the telephone call is to "get the appointment, not to conduct your presentation!"
When setting the appointment ask a few qualifying questions:
“Is this your primary residence or an investment property?”
“Are you current on your payments?”
“Have you received a Notice of Default?”
“Is your name on the loan?”
Set the expectation for the meeting and ask the seller to gather key documents for the most productive appointment, e.g.
Current mortgage statement(s) with loan information, payoff or current loan balance(s)
Any notices or letters from the lender
Other issues affecting the property
Don’t over sell or over commit on the phone: “I know things are tough. But, it’s hard for me to do an unbiased study until I get there. We’ll talk about the numbers then, OK?”
Know in advance that the seller will likely react negatively
Listing Appointment Strategies
Bring down the walls by building rapport - you do this by asking pertinent questions and "listening"
Use a consultative / educational approach
“Why are you considering a short sale?”
“Tell me about the circumstances leading to your current situation”
Ask questions! Use the list below as your guide
Explain the short sale process
Set expectations and what is required of them and what you will be doing to facilitate a successful sale and closing
Ask this key question after you have built rapport and trust: “Are you willing to do what is necessary to get this short-sale accomplished?”
Questions to Ask The Seller to Determine the Likelihood of Successful Short Sale
1) Is your name on the loan? Are there any co-borrowers? 2) Whose name(s) is/are on title? 3) Why are you considering a short sale? 4) Have you missed any payments? 5) Has a Notice of Default been filed? 6) What caused you to get behind in your payments? 7) Are you considering or currently in a bankruptcy? 8) Have you spoken to an attorney or accountant regarding legal and/or tax ramifications? 9) How many loans are there? 10) Who is/are the loan(s) with? 11) How much do you owe? 12) Are you aware of any pre-payment penalties? 13) How much is/are the payment(s)? 14) Have you refinanced recently? 15) Are you current with your CIC monthly dues and other related housing expenses (sewer, water, trash, etc)? 16) Are you current with any SID/LID or other assessments? 17) Other than the loans, are there any other liens? (CIC, SID/LID, property taxes, mechanic's lien, IRS tax liens, child support 18) I presume you live here, is that correct? Will you continue to live here? 19) Will you maintain the property? 20) Can you contribute to paying any closing costs? 21) Would you be willing to sign an installment note if required? 22) Do you own any other real estate? 23) Do you expect your situation to change any time soon?
ATTENTION LAS VEGAS REAL ESTATE AGENTS!
Steven Kitnick Seminars, LLC. in association with RealtyU® Presents Certified Short-Sale Professional Designation Course Friday, May 1st, 9:00am - 5:30pmSOLD OUT - Prudential Americana Group REALTORS® 2140 E. Pebble Rd., #160 Las Vegas, NV 89123
This program qualifies you for the Certified Short-Sale Professional Designation. The CSP designation is managed by the Short-Sale Council, an exclusive membership organization specializing in assisting agents in mastering the skills of managing short-sale transactions. Earn the CSP designation by attending the full-day, live short-sale class held by Steven Kitnick and Jan O’Brien. Course investment is $299. Be a member in good standing with the Short-Sale Council. Your first year’s dues of $99 are sponsored by RealtyU®.
At the End of this Course, You Will Be Able to Do the Following: • Know if a short sale will be successful before signing a listing contract • Understand what needs to be included for a successful short sale submission package • Know the importance of each item the lenders require for a short sale • Have multiple lead generation sources for short sale prospects • Know the timeline for the foreclosure process and how to extend it if necessary • Understand how to make simple quick calculations to determine if a short sale will be accepted by a lender • Master the key steps to successful short sale listings and close more sales
Contact me for a free one-hour consultation jan@janobrien.com 702-858-9191
Thanks to the Arizona REALTOR Magazine and their online version (www.AARNews.com) for publishing my blog post from August 2008 in their April 2009 Edition.
One update to the article... February 2009 Las Vegas Closings: REO sales accounted for eighty percent (80%) of the February closings with another eight percent (8%) attributed to short sales.
At the Prudential Real Estate Affiliates (PREA) National Sales Convention held March 29-31, one of the keynote speakers, Geoffrey Colvin (Senior Editor-at-large for Fortune Magazine) presented a compelling talk on our economic recovery, how we got here and how we are going to get out of it.
As he was speaking, the thought that came to me was... What if everyone could stop focusing on the next "great depression" but rather see "The Great Opportunity". What have you been focusing on in the past months? Are you open to the opportunities in your market? Are you making the appropriate adjustments in your business plan and daily tactics to capitalize on the abundant opportunities?
The key points of Colvin's speech that resonated with me included:
The two main areas to watch and track are:
Consumer behavior. Colvin explained that this recession showed a distinct "opposite behavior" by consumers compared to previous recessions. Specifically, this time around, the consumer trend leading up to the economic downturn has been increased spending and decreased savings rates.
The price of risk (tracking the gap between junk bond rates and low-yield instruments)
This has been historically the longest recession but not the deepest.
Three things that have to happen to drive the economic recovery
Employment rate must increase
Credit markets have to start working again
Home prices have to stabilize. Colvin also relayed his belief that "small business owners especially us (Realtors)" were vital to the economic recovery. Housing is after all at the center of this situation
What the leading companies are doing differently during this down turn and recovery:
Investing in their core
Protecting their most valued assets (their people)
Communicating like crazy (with optimism, the victories and sucesses)
Creating new solutions for new problems
This last point is "the golden nugget." Are you actively creating new solutions for new issues? What is your "Great Opportunity" and what action steps are you taking to make it your new reality?
Looking for Real Estate Investment Opportunities in Las Vegas?
Is the newly modified $8,000 First-Time Home Buyer Tax Credit going to encourage more buyers to jump off the fence and purchase a home in 2009?
Last week, Dr. Lawrence Yun, Chief Economist for NAR, spoke at the Rocky Mountain Conference in Las Vegas and predicted that las Vegas would lead the country out of the housing crisis. He cited two key reasons: 1. Las Vegas home prices are under market and 2. The Stimulus Plan
Changes the 2008 $7500, repayable credit to $8000 and no repayment (tax credit - "refundable")
Good for purchases of principal residence on or after January 1 to December 1, 2009
Only first-time home buyers are eligible (defined as anyone who has not had any home ownership in 3 years prior to day of 2009 purchase)
Income restriction - individuals earning up to $75,000 and married couples who file joint return no more than $150,000
There is a reduced credit which totally phases out for individuals at $95,000 annual income and $170,000 (joint return)
Here's more on the home buyer tax credit from NAR:
Home Buying Tax Credit. "The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser."
Here are some links to various resources concerning the Stimulus Plan, the American Recovery and Reinvestment Act of 2009, the Homeowner Affordability and Stability Plan.
If you want to recommend any other useful resources to add to this post - just post your comment and link!
NAR's resource page - Unlock America's Economy (Links to articles, NAR President's Podast series, and other good information to keep you informed and updated)
Recovery.gov Stay informed about how and where the money is being distributed from the recently passes American Recovery and Reinvestment Act. Visit the site for timelines, graphics, charts and updates The President has promised Accountability and Transparency...
1.)You won't leave the house without your camera, or better yet, it's attached to you at all times. You never know when you will find inspiration.
2.) You have the thought at least once a day, "Oh that would make a great blog post!"
3.)You keep notes on your desk, stuck to your monitor, or in a file on "Future Blog Post Topics."
4.)You love to read other Blogs. If you're a writer, chances are that you're also a reader, they go hand in hand.
5.)You've been kept awake at least one night because you have a hot idea for a blog post or you're struggling with the perfect Blog Title, or you have gotten up way too early to write for your Blog.
6.)Blogs are a major source for your news - why bother with TV and newspapers when there are so many quality blogs?
7.)You know what it is to "Reblog" and you either love it or you hate it.
8.)You've made real-life friends, clients or business associates with people who comment on your blogs, or by commenting on their blogs.
9.)You've spent at least one Friday or Saturday night home blogging instead of going out.
10.)You can easily use the terms "Blogosphere" "Trackbacks" "Permalink" "RSS Feed" and "Blog Roll" in a sentence.
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Kevin and Monica Ray are Missoula Real Estate sales and marketing professionals for Access Realty in beautiful Western Montana. We provide services in, but not limited to: Missoula, Superior, Alberton, Saint Regis, Lolo, Clinton, Turah, Potomac, Florence, Corvallis, and Hamilton
For more information on Kevin and Monica Ray or Western Montana Real Estate, they can be reached at 406-207-1185 or online at www.YourMT.com.
Contact me for a free one-hour consultation jan@janobrien.com 702-858-9191
Nevada continues to have the highest number or foreclosure filings for all US states according to www.Realtytrac.com. Realtytrac records and defines foreclosure filings as:
".... documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank)."
"Nevada foreclosure activity in January decreased 4 percent from the previous month, but the state continued to register the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month. Foreclosure filings were reported on 14,444 Nevada properties in January, up 137 percent from January 2008."
Las Vegas ranked as the second highest metro foreclosure rate (#1 was Merced, CA) in January with one in every 63 housing units receiving a foreclosure filing.
Bank-owned (REO/Foreclosure) sales accounted for 81% of all residential closings for January 2009 in the Las Vegas Real Estate market.
The Greater Las Vegas Association of Realtors reported the following breakdown of closed residential transactions for January 2009:
Cash 25% Average Sale Price = $149,267
Conv 31% Average Sale Price = $221,460
FHA 36% Average Sale Price = $168,760
VA 8% Average Sale Price = $193,787
What is the good news? There are tremendous purchasing opportunities for Las Vegas properties. With interests rate low and prices even lower, there has truly never been a better time to buy then now.
If you want a referral to a top Las Vegas real Estate agent - give me a call at 702-858-9191, email me at jan@janobrien.com or start your search now for a Las Vegas home, condo, or bank-owned/foreclosure:
Click on the icon below for Free access to over 30,000 listings in the Las Vegas valley.
Contact me for a free one-hour consultation jan@janobrien.com 702-858-9191
A blog about Real Estate Business Systems, Team Building Strategies, Technology, Business and Life Coaching Tips and the Las Vegas Real Estate Market.
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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.
1.) You won't leave the house without your camera, or better yet, it's attached to you at all times. You never know when you will find inspiration.
6.) Blogs are a major source for your news - why bother with TV and newspapers when there are so many quality blogs?
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