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short sales: Short Sale Negotiating in Nevada - Who Can Legally Do It? - 03/15/10 11:22 AM
In the State of Nevada, short sale negotiating falls under the category of "loan modification or foreclosure consultant" as defined in Assembly Bill 152 which modified NRS Chapter 645F. You can read AB152 here: Download AB152_LoanMod_ForeclosureConsultant
In summary there are three options for negotiating short sales in Nevada:
Attorneys Properly licensed companies/3rd party negotiators per the Mortgage Lending Division A licensed real estate agent as a part of a real estate transaction. As excerpted from the RE Division position statement:There may be no separate or distinct payment or compensation for performance ofactivities defined as loan modification, foreclosure consulting or providing of … (1 comments)
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short sales: Best Practices for Multiple Offers on Short Sales - 02/20/10 11:40 PM
Currently, in the Las Vegas Real Estate Market, multiple offers are common place. Demand defintely outweighs the supply - inventory levels are lower than normal - primarily due to the slow release of REO properties on the market.
In my opinion, the best practice in a multiple offer short sale is to ...
Review all the offers with the seller Possible options for handling multiple offers: the seller accepts or counters one offer, rejects other offers in writing with option of remaining in a back-up position use a multiple offer notification form to inform all cooperating agents and their prospective buyers … (0 comments)
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short sales: Negative Equity & Strategic Defaults - Are Principle Reductions Next? - 02/03/10 09:52 AM
Strategic default is a hot topic in the press, on the blogs and in the real estate industry. Homeowners are starting to weigh all their options and make "business" decisions about whether to stay or walk away from their home. In many cases, the homeowner/borrower is truly unable to continue to make the payments due to a variety of hardships, job loss or major changes in their income. There are a variety of alternatives to foreclosure including a short sale. The best advice for homeowners in this situation is to consult with qualified legal, tax and real estate professionals to gather … (3 comments)
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short sales: Las Vegas Real Estate Market Report for 2009 including Foreclosure and Short Sale Stats - 02/03/10 09:10 AM
The Las Vegas real estate market may be showing signs of recovery. The Greater Las Vegas Association of Realtors (GLVAR) released its local housing statistics for December 2009 with some interesting findings for the year.
According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009. GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices. GLVAR reports that the average single family … (4 comments)
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short sales: How to Pre-Qualify the Short Sale Seller - Earn the CSP Designation in Las Vegas - 04/22/09 10:10 PM
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.
Become a Certified Short-Sale SpecialistTelephone 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 … (2 comments)
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short sales: The Short Sale Process – Educating Your Clients and Setting Expectations - 08/26/08 11:17 PM
What is a short sale?
Simply put, a short sale is selling a property for a less than what is owed to the underlying mortgage holder(s). The final sales price is essentially what the buyer is willing to pay for the property with the mortgage company/bank having the final approval of the associated closing costs, commissions, terms and acceptance of a discounted payoff(s). The seller should always consult with an attorney, CPA or tax advisor to determine any legal or tax consequences of a short sale. We have seen the gamut of scenarios from mortgage companies accepting the … (7 comments)
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short sales: Qualify the Short Sale Listing – Questions to Ask the Listing Agent Before Showing a Short Sale Listing - 08/26/08 11:12 PM
Are you a real estate agent showing and writing offers on short sales? Have you considered “qualifying” the listing before showing it to your buyer?
I submit to you that asking the listing agent the following questions and allowing your buyer to make an educated and informed decision about submitting an offer could save everyone a lot of time, money and frustration. Knowledge is power after all – and time is money!
1. Have you ever closed a short sale before?2. How do you handle offers? Do you submit them all to the bank, not having your sellers sign … (7 comments)
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Jan O'Brien - Las Vegas Homes (Broker | Real Estate Speaker & Trainer)
Las Vegas,
NV
More about me…
Realty ONE Group
Address: 6475 S. Rainbow Blvd, Suite 102, Las Vegas, NV, 89118
Office Phone: (702) 898-1010
Cell Phone: (702) 858-9191
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