Julia's Blog

Home Buyer Tax Credit Extension

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 05 Nov 2009 22:34:01 -0600

The extension of the first-time homebuyer's tax credit has been approved....

Home buyer Tax Credit Extension
Extends the $8,000 credit through June 30, 2010 (must have contract by April 30, 2010).

Expands the credit (capped at $6,500) beyond first-time homebuyers to those who have owned a home for five consecutive years within the previous eight years.

- Changes to the Homebuyer Tax Credit Law

- FAQ About the New Tax Credit Law

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

FROM FEDERALTAXCREDIT.COM "The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers."

You can find the details on this extension and tax credit here at: www.federalhousingtaxcredit.com

For Successful Presentation and Acceptance of Purchase Agreement

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Sat, 04 Jul 2009 22:50:17 -0500

Below please find the standard and customary docs needed upfront for a smooth, streamline and successful presentation and acceptance of Purchase Agreement and a successful Close of Escrow for the purchase of Residential Property in Las Vegas, NV Real Estate arena of today.

FINANCING:

A pre-approval letter from a national bank with complete lender contact information and signature on a company letter head stating the pre-approved amount that substantiates the purchase price with the principal/buyer name that is also on the approved loan.

IF FINANCING, PLEASE REFER TO THIS LINK: http://activerain.com/blogsview/1002384/the-importance-of-a-pre-approval

PURCHASING WITH ALL CASH FROM A PERSON: Proof of Funds From...

A bank statement with verifiable funds to substantiate the amount of the purchase price with principal/buyer's name on it. (Truncation of account and social security number are acceptable)

PURCHASING WITH ALL CASH FROM A TRUST, LLC, OR CORPORATION: Proof of Funds From...

A bank statement with verifiable funds to substantiate the amount of the purchase price with principal/buyer's name on it.

(Truncation of account and TIN number are acceptable)

PLUS : Proof of Authority From...

Trust: Trustee docs: If you can provide the Trust Certificate that would be great. If not we would need to see the first page which shows the name of the trust, the page that shows the trustees, the page that shows the powers of the trust (looking to see if the trust has the right to purchase), and signature pages.

LLC: LLC Manager docs

Corporation: Articles of Incorporation

Julia St. Marie, ABR, RRG, RSPS

Certified REO Specialist

Phone: 702-355-H-O-M-E (4663)

Fax: 702-791-1094

LVRealEstateLady@Yahoo.com

www.LVRealEstateLady.com

July Real Estate Update from Julia St. Marie at Realty One

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 02 Jul 2009 17:38:34 -0500

July Real Estate Update from Julia St. Marie at Realty One

Here is a link to my "July Real Estate Update":
http://realtytimes.com/128/JuliaStMarie

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"The Contract Offer: What Price to Start With";
"Campaign To Extend and Expand Housing Tax Credit";
"Going Green May Help Sell Your Home";
"Housing Starts Are Up Again";
"Selling Your Home May Be Influenced by What Buyers Can't See";

Plus a roundup of June real estate activity as well as much more advice and information.

Should you or your friends/family have any Las Vegas Real Estate needs or questions, please feel free to contact me.
Thanks and have a great day! Julia St. Marie :)
http://realtytimes.com/reuv/LVrealEstateLady
Video Newsletter

INSURANCE MADE SIMPLE

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Mon, 18 May 2009 00:28:40 -0500

INSURANCE MADE SIMPLE

Below please find INSURANCE MADE SIMPLE: This is an overall general view but not limited the insurances that a new owner may want or need to consider.

Hazard Insurance: Also known as homeowner's insurance. A policy that combines protection against damage to a dwelling and its' contents with protection against claims of negligence or inappropriate action that results in someone's injury or property damage. Homeowner's insurance provides fire, theft and liability coverage. Homeowners' policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment.

Buyer's Title's Insurance: Insurance that a buyer will purchase to guarantee the lender good title of the property; hence, protecting against any claims that arise from arguments about ownership of the property.

Owner's Title Insurance: Insurance that a seller will purchase to guarantee the buyer good title of the Property.... hence protecting against any claims that arise from arguments about ownership of the property.

Insurance coverage within the HOA: Insurance on the structure of the property, the common walls. This is usually included within the HOA monthly fees.

Home Warranty: Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance. Coverage extends for a specific period of time.

Flood insurance: Generally required in high-risk flood-prone areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents.

Mortgage Insurance Premium (MIP): A monthly payment for mortgage insurance. Mortgage insurance protects lenders against some or most of the losses that can occur when a borrower defaults. Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the purchase price.

Buyer should seek and communicate with their individual insurance provider of their choice to fully understand the complete and detailed aspects of their individual insurance coverage.

Should you or your friends/family have any questions about Las Vegas Real Estate, please feel free to contact me at anytime.....thanks and have a great day!

Julia St. Marie, ABR, RRG, RSPS, Certified REO Specialist

SUPPLY GOING DOWN-DEMAND GOING UP--Numbers/Stats for week of 05/06/09

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 07 May 2009 03:51:30 -0500

SUPPLY GOING DOWN-DEMAND GOING UP

Las Vegas Real Estate Market Report: 05/06/09

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of May 6, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available - 12,084 (-543 , Last Week 12,627)
Under Contract - 9,301 (+127 , Last Week 9,174)
Days of Supply - 39 (-2 , Last Week 41)
Short Sales - 8,248 (+56 , Last Week 8,192)

Condominiums and Town Homes (CONDO/TH)
Available - 3,846 (-167 , Last Week 4,013)
Under Contract - 1,819 (+11 , Last Week 1,808)
Days of Supply - 63 (-4 , Last Week 67)
Short Sales - 2,125 (+20 , Last Week 2,105)

Combined SFR + CONDO/TH
Available - 15,930 (-710 , Last Week 16,640)
Under Contract - 11,120 (+138 , Last Week 10,982)
Days of Supply - 43 (-2 , Last Week 45)
Short Sales - 10,373 (+76 , Last Week 10,297)

For the complete Las Vegas Real Estate Market Report, including detailed tables and graphs, visit www.narreia.com/market/housingreports.php (login required).

This update has been brought to you by:

Julia St. Marie, ABR, RRG, RSPS

702-355-H-O-M-E (4663)

Your Lifelong Trusted Adviser

The importance of a Pre-Approval....

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Wed, 25 Mar 2009 18:16:14 -0500

The importance of a Pre-Approval....

If you are looking to buy a home within the next few months, then I highly recommend that you get Pre-Approved. Many buyers apply for a loan and receive approval from a lender BEFORE searching for a home.

Why is pre-approval important at the beginning of the home-buying process?

Some buyers think that when purchasing a property it should go within this two-step order:

Find the right house
Negotiate the transaction while figuring out their financing to make the purchase

It makes sense to know your deal, before you make your deal.

FIRST STEP: Get Pre-Approved

1. The worst time for a buyer compete the loan process is after deciding on the property that they want to purchase. During this time, buyers are overwhelmed and may make haste to their complete their financing rather than making the best possible decisions for themselves. The buyer may put themselves in a position whereas there is no time to compare and shop around for their best possible interest rates, lender fees, and options for their mortgage financing.

What is the difference between a Pre-Qualification and a Pre-Approval?

Pre-qualified buyers are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender and their credit report. Nothing has been verified to determine the buyer's true ability to obtain the loan. The pre-qualification is a brief quick look at the borrower's finances without any supporting documents from the borrower.

A Pre-Approval is a legitimate, bona fide, fully documented, comprehensive, no buyer surprises result; whereas the lender has already given the borrower the loan. The loan is only contingent on the property appraising for the sales price.

1. Pre-approval will determine your price range and narrow your search parameters. Based on your down payment and that pre-approved mortgage amount, you will know how much you can afford before you even start looking for a house.

2. Pre-approval can cut days or even weeks off the closing, because the lender has already conducted its credit analysis and approved you for a mortgage. Buyer is awarded with closing on time with no per diem late pay charges.

3. Pre-approval strengthens your offer and negotiating position. Stronger buyer position for current bidding wars for discounted REOs: A seller will often choose to accept an offer from a buyer who is pre-approved for a mortgage over one whose financial picture is still in question.

4. Pre-approval can better compete with all cash buyers.

For the buyer to be poised well, buyer to obtain A Fully Documented Pre-Approval from a direct lender/Nationally recognized bank. (Example: Wells Fargo, Bank of America)

For the buyer to be poised the BEST, buyer to obtain a Fully Documented Underwritten Approval from a direct lender/Nationally recognized bank. (Example: Wells Fargo, Bank of America)

I work closely with some reliable and reputable lenders that I will be happy to refer to you. Please feel free to contact me at anytime.....thanks and have a great day!

Julia St. Marie, RRG, ABR, RSPS

Realty ONE Group

702-355-HO-M-E (4663)

LVRealEstateLady@yahoo.com

CREDIT REPORT: How To Fix Errors--A Pro-Active Guide

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Tue, 17 Mar 2009 17:34:43 -0500

CREDIT REPORT: How to Fix Errors

The Fair Credit Reporting Act is again your friend when it comes to fixing errors in your credit report.

Errors in your credit report include mistakes but they also include omissions. It's possible that actions you've taken to pay off a debt or clear up a delinquency, for example, are not showing in your credit report.

A useful rule of thumb is to review your credit reports from all three major credit bureaus at least once a year. For one reason, each bureau has a slightly different version of your credit report. You may find an error or omission exists in one of your reports but not others. Credit bureaus compete with each other, which can result in them having disparate information about you. Under the law, credit bureaus are required to investigate your claim, usually within 30 days. A credit bureau must forward all information you give it to the creditor or other "information provider" that is reporting an error on your credit report. If the creditor or information provider determines an error exists, it must correct it and notify all major credit bureaus. In turn, the credit bureau that reported the error must send you a free credit report to show that it has been corrected. To request an investigation of an error or omission:

Document your claim. Write a letter to the credit bureau with a clear explanation of what item on your credit report is erroneous. Be sure to phrase your request as a dispute of an item in your credit report. Send all available information to substantiate your claim and request the error be corrected.

Inform both credit bureau and creditor. At the same time you contact the credit bureau, you should also inform the creditor or information provider. After all, it is responsible for the error being reported to the credit bureau. Be sure to phrase your request as a dispute.

Send copies. Most likely, a credit report will have tipped you off to an error. Keep the original report and send the credit bureau and information provider a copy instead. In case you decide to litigate, original documents hold up better in court than copies.

Keep records. You will want to keep records of all correspondence with the credit bureau and information provider. Be sure to record vital information of any and all conversations. Include dates of the conversations and with whom you spoke.

Use certified mail. Using certified mail may cost a few extra dollars, but you receive notification from the deliverer that your letters have been received. The clock begins ticking for an investigation once the credit bureau receives your dispute. If the credit bureau considers your request as frivolous, you may wish to contact the U.S. Federal Trade Commission's consumer help-line (877-FTC-HELP).

Notify any soft inquiries of corrections. If an error does exist, request the credit bureau to notify any parties that may have reviewed your credit report in the past six months. You can also request any corrected credit reports be sent to prospective employers that have accessed your credit report in the previous two years. If information in your credit report is accurate but negative, or your claim cannot be substantiated, you will be at the mercy of the calendar. Under the law, credit information can remain on your credit report for seven years, and 10 years if you've filed for personal bankruptcy.

Homeowner Affordability and Stability Plan

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Sat, 21 Feb 2009 15:32:21 -0600

Homeowner Affordability and Stability Plan
Revised February 20, 2009

President Obama‘s plan to help stabilize the housing market and keep millions of borrowers in their homes...

The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. One is a refinancing program for homeowners with less than 20% equity in their homes, or who owe more than their home is worth. The second program attempts to lower monthly payments for homeowners
at risk of losing their home. In addition, the plan includes a third initiative to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.

Many of the plan's details are still being worked out and will not be announced until March 4, here is an overview of the plan's main components.

1. Refinancing Initiative:
Under current rules, those families who own less than 20% equity in their homes have a difficult time refinancing and taking advantage of the historically low interest rates. Therefore, the refinancing initiative in the new plan provides refinancing help for homeowners with less than 20% equity in their homes or who owe more than their home is worth. This initiative is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac, and who owe up to 5% more than their home is worth.

According to the plan, "credit-worthy" or "responsible" homeowners can refinance their mortgage into a 30- or 15-year, fixed-rate loan based on current market rates. The refinanced loan, however, cannot include prepayment penalties or balloon payments. For many families, this low-cost refinancing may help reduce their mortgage payments by up to thousands of dollars per year.

As with the rest of the plan, details about this initiative will be released at a future date-including what, if any, credit score requirements will be included.

2.Stability Initiative:
This initiative aims at providing help to individual families as well as entire neighborhoods by helping reduce foreclosures and stabilize home prices. It is intended to help homeowners who are struggling to afford their mortgage payments, but cannot sell their homes because prices have fallen significantly.

The goal of this initiative is simple: "reduce the amount homeowners owe per month to sustainable levels." To accomplish this, lenders are encouraged to lower homeowners' payments to 31 percent of their income by lowering their interest rate to as low as 2% or by extending the terms of the loan. In addition, lenders can also lower the principal owed by the borrower, with Treasury sharing in the costs.

Homeowners who are current on their mortgages but are struggling can still apply for this program. As such, this is one of the few programs designed to help homeowners who may face delinquency soon, but are current at the moment.

Since the focus of this initiative is on helping families and neighborhoods, investment properties do not qualify. This initiative also includes a number of additional elements and incentives that benefit homeowners and lenders alike, including:

Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.

Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.

3.Supporting Low Mortgage Rates Incentive:
As part of the Homeowner Affordability and Stability Plan, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and to help maintain mortgage affordability. This portion of the plan will use using funds already authorized in 2008 by Congress for this purpose.

The increased funding will enable Fannie Mae and Freddie Mac to carry out ambitious efforts to ensure mortgage affordability for responsible homeowners, and provide forward-looking confidence in the mortgage market.

The government plans to unveil the final details of the plan on March 4, 2009. Below please find a link with the common Questions and Answers produced by the government at:
www.treas.gov/initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf

$8,000 Home Buyer Tax Credit at a Glance

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Sat, 21 Feb 2009 00:57:31 -0600

FIRST TIME HOME BUYER'S TAX CREDIT

$8,000 Home Buyer Tax Credit at a Glance

-The tax credit is for first-time home buyers only. A "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house.

-Unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

-The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.

-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Anyone who bought a home last year won't be able to take advantage of it.

-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Those earning more than these thresholds may be eligible for reduced credits.

-Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions such as death or divorce may be made)

Want to know more?

GO TO: $8000 Credit for Homebuyers FAQ by the National Association of Home Builders

http://www.federalhousingtaxcredit.com/2009/faq.php

First-time homebuyer tax credit, they can fill out the IRS Form 5405 and claim this amount on line 67 of their 1040 income tax form for 2009. For more information, visit the IRS Newsroom.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

**********************************************************************************************************************************************

Home Buyer Tax Credit may not extend.....

http://blogs.wsj.com/developments/2009/10/20/extend-the-home-buyer-tax-credit-not-so-fast/

"BUYER'S GUIDE TO BUYING A BANK-OWNED OR FORECLOSURE PROPERTY"

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Mon, 17 Nov 2008 18:20:21 -0600

"BUYER'S GUIDE TO BUYING A BANK-OWNED OR FORECLOSURE PROPERTY"

In today's market, nearly four out of every five homes sold are bank-owned foreclosure properties. These are commonly referred to as Real Estate Owned (REO) properties

Buying an REO property is very different than a traditional buyer/seller transaction. The process is much more taxing and several more entities are involved in the REO transaction. This can create more time and challenges.

Many REO homebuyers, especially those buying a home for the first time or their first bank-owned property, get frustrated during the process.

Since the REO phenomenon started dominating sales, not coincidently, customer service scores in title, escrow, lending and real estate have plummeted.

Together with my team, I have developed this short, simplified guide to better help our clients understand the REO transaction process. We hope you will share this with your teams and buyers.

While this guide will not change the way the transaction occurs, it may help set more reasonable expectations upfront and eliminate some surprises.

Buying an REO is a great way to save money and get a fantastic deal. Just be prepared for the uniqueness of the process.

What is an REO or bank-owned property?

A property acquired in foreclosure and now owned by the bank that foreclosed on the property is called an REO or bank-owned property.

How did this property become an REO?

The last owner of this home was not able the mortgage payments. The mortgage note holder seized the property and evicted the owner. The bank attempted to auction the property and pay off the existing liens and mortgages. If that was not successful, the bank was then deeded the property by the Trustee. It is now an REO property.

How do banks sell REO properties?

The banks are not in the real estate holding business so they must sell these homes and turn them into cash. Because most foreclosed properties are not successful at auction, REO properties have flooded the market.

In any market, if there is oversupply, the property values depreciate. Because of the depreciated market, the banks are going to take, in most cases, a substantial loss on the property.

The banks have independent, professional real estate agents that assist them is marketing and selling their REO inventory. The banks also assign asset managers who work closely with these agents.

How do banks price their REO properties?

When a bank takes over a property, they conduct their own due diligence to get an accurate idea of the value of the home.

They hire a team of people to assess the current market value of the property through Real Estate Broker Price Opinions (BPO) and, in some cases, full property appraisals.

Based on these findings, they typically price the home within 10% of the current market value. There are always exceptions.

Banks are in business to make money. If they cannot make money, they need to minimize their losses. Banks are looking for a certain "net amount" on each particular property. This "net amount" is based on their research of the current market value minus costs associated with the property. They have priced the home sell quickly but as close to market price as possible.

Many buyers make the mistake of thinking the bank is desperate to get rid of the property. They believe they can submit a low-ball offer and expect to get an acceptance or at least a counter-offer. Think again! Low-ball offers (below 5% of list price) are not typically taken seriously. They may be a waste of your time and your agent's. Worse yet, you may be perceived as an illegitimate buyer. Banks own many homes in the same area, and they use many of the same agents, so this could adversely affect future offers you make on other properties owned by the same bank or listed with the same agents.

You may find in several circumstances that the list price is a "teaser" price. Be reasonable. Do your research with your agent and determine what the home is really worth. Make your offer according to the home's value, not to list price.

There are stories of buyers making tens of offers and not having a single one accepted. By making offers based on the home's true value and not what it's listed for, you can mostly avoid this challenge.

How do I find an REO property?

There are thousands of REO properties in our market. There is only one way to effectively research them all in a timely manner...hire a professional real estate agent. The seller, upon the successful completion of the transaction, typically pays for the buyer's agent commission. This will cost you nothing, but may save you tens of thousands.

Are REO properties damaged?

Some are. Many are not. It is important to inspect the home yourself before making an offer. Once you have viewed the property, consult with your lender about the damage the home has, if any.

It is equally important to have a professional home inspector inspect the property before you commit to purchasing it. Your real estate professional will refer you to a top quality home inspector. When the inspection is complete, your lender will likely want to review a copy of it. They do this to protect you and their loan collateral, your new home.

Many loan programs will require repairs to be completed before you close escrow. If you do not have the money to do this and the selling bank is not willing to make these repairs, you may need to find another home.

What does "As-Is" mean?

Nearly every bank-owned property today is sold "as is." You will have to sign a waiver that states you are willing to accept the home in the condition it's in with no further repair.

If a bank is marketing their home "as is", there is a possibility that the home needs repair and they are not willing to make them. Have your Real Estate Professional give you a thorough run down on what "as is" means to you during a transaction and once you have closed on the property. In addition, consult with your lender before making an offer on an "as is" home. Not all loan programs will allow you to buy a home that needs substantial repairs.

I am ready to buy an REO property, what do I need to do to get a pre-qual?

If you make an offer on a bank-owned property, they may require you to be pre-qualified with a home loan consultant from their own bank. They do this for two reasons; assurances and opportunities.

They want assurances that you are truly qualified to make an offer. While you may be pre-qualified by another lender, they will still want to review your credit, income and asset scenario in their own systems to make sure they are selling the home to a truly qualified buyer.

It is not negotiable in most cases and most banks will not consider your offer without a pre-qualification letter from their own institution.

This is legal for them to do this. However, you are not required to use this bank for your new mortgage loan; you just need to be pre-qualified through them. You can use whichever lender you choose for your actual purchase.

If you don't want to be pre-qualified through numerous lenders, you may want to reconsider making offers on bank-owned properties or ask your agent to narrow your search to banks without this requirement.

The banks also want to create a business relationship opportunity with you, as well as your agent.

Do not let this mandatory pre-qualification discourage you. This is truly in your best interest. Many times, the Home Loan Consultants from these banks have been authorized to offer steep discounts and other incentives if you proceed with a loan from their bank. It certainly doesn't hurt to have multiple lenders competing for your business.

In many cases, the bank is taking heavy losses on the property. If they can recapture the mortgage loan, at least it is not a complete loss. This creates an opportunity to parlay the great deal you got on the home with a great deal on your mortgage as well.

I am pre-qualified and ready to make an offer. What is next?

Your offer is submitted to the listing agent. The listing agent may have to submit to the Asset Manager, who works for the bank, and this is where the negotiation happens. It may take a few days for a response. Be patient. Do not bother writing in a short deadline for the seller to respond. They may not pay attention to it.

The banks may respond within the first 48 hours. Some banks take 3 - 5 business days. Once again, be patient. This is not your regular seller.

You will not get a response over the weekend or holidays. All offers submitted over the weekend will be presented the following business day.

As a rule of thumb, REO listing agents will tell you if you make an offer and do not hear back within five business days, the offer has been rejected. Do not wait around for the rejection or the counter. It may never come. Come back with a better offer or find another property.

What does bring my "highest and best offer" mean?

Because the homes are priced so well, it is very common for the bank to get multiple offers.

If the bank gets multiple offers, instead of making a counter proposal to you, they may go back to all of the potential buyers and ask for each buyer's highest and best offer.

This means come back with your best offer, as the bank will choose one at this point. In many cases, the bank will not return counter-offers after they have requested this.

If you are presented with this opportunity, it means you are in the running. You now have one more opportunity to increase the price or better the terms of your offer. You can choose to do nothing at this point but it may not get you anywhere.

Meet with your agent. Determine the true value of the home. Review your down payment, closing costs needs, and loan terms and then come back with your best shot.

I made a list price offer but they didn't respond. Why?

Many REO properties, especially those listed below market value receive multiple offers. Some houses sell above list price. The bank is like any other seller in the market. They can choose not to accept your offer if one comes in they think is better than yours.

If you offer list price and ask for your closing costs to be paid and another buyer offers list price and doesn't seek closing costs, the other buyer's offer is stronger.

How long will it take to complete my transaction and move into my property?

Traditionally, buyer and seller contracts are 30 days. However, this is not a traditional buyer/seller transaction. In today's REO property market, many buyers feel more comfortable with 45-day closings. Many banks have late fees of $100 or more per day past the contracted close of escrow date. These fees add up quickly so it is important to understand what problems can arise that may make you late.

What can make me late?

Aside from the regular loan process, which sometimes takes longer in today's stricter lending environment, there are many challenges unique to REO properties.

When the previous owner of your new home was foreclosed on and the bank took possession, a "Trustee's Deed" was issued in the bank's name. If this process is not executed properly, it may cause delays when the county is trying to record the deed into your name. There is little that you can do about this except wait until it is corrected. I have seen this issue take between one day to seven weeks to resolve.

If a Home Owner's Association (HOA) manages the community, your title company will request an HOA demand on the property. This demand will ensure that the bank pays any association fees and fines at close of escrow. If they are not paid at closing, they will transfer with the property into your name and will then be your responsibility.

It's pretty likely that there hasn't been an actual person living in this home in sometime. This means the home has not been kept. There may be a lot of fines (landscaping, upkeep, trash, etc.) levied from the HOA.

This can take time and be complicated but is necessary that it is done and done correctly. For more details, ask your escrow officer. It's their responsibility to get this resolved.

For the most part, if the close of escrow is delayed by problems that are out of your control, the bank should not penalize you. Just be sure to do your part in a timely manner, and you should be ok.

I am in escrow and we discovered a bunch of repairs that need to be made to the home...what do I do now?

Many people that have lost their homes to foreclosure have been struggling financially. This usually means the home has not been kept properly and is in need of repairs and general maintenance. Other homeowners, once they know they are losing their home, damage the property purposely.

When buying an REO property, you must be prepared to do some repairs. Banks may not agree to make these repairs. They may not pay for these repairs. This may require out-of-pocket expense for you.

They may be willing to help with some, but don't plan on it. Know what you are buying before you make your offer and be prepared to spend some money for repairs before you move in.

In most contracts, you can back out of the purchase if you find problems with the property or in loan qualifying in a certain time period. This is called the due-diligence period.

Make sure you know how long this due diligence period is when entering into a contract. Complete all inspections within that period so you can make an informed decision on whether or not to proceed with the purchase. It is important to respect these deadlines because they are strictly enforced.

Some repairs will be obvious when you visit the property. Others may be identified during the property inspection and the appraisal process. The inspector will identify repairs issues and may be able to give you a written estimate of the cost to repair the property. In some cases, an appraiser may also call for repairs to the property to bring it up to livable or safe condition.

Identify these issues quickly so you know what you are facing and have the opportunity to cancel if necessary. Again, this will help protect your deposit money.

You will want to be cautious buying a bank-owned property if you barely have enough money for the down payment and closing costs unless you have arranged for repairs with the seller.

I have signed my loan docs and I am still waiting for my keys. What is taking so long?

Just like you executed many documents at your loan signing, the seller has a stack of closing documents to sign as well. Remember, the seller of your home is a bank or some other financial institution. It may take the representative who is authorized to sign off on these documents days or even weeks to get around to it. Your trusted and skilled escrow officer will make sure to stay on this for you.

So, there you have it. Complicated? Yes. Frustrating? Sometimes. Time-consuming? Quite often.

At the end of the day, hopefully, you are getting a new home for you and/or your family at a much-discounted price so it will all be worth it.

The best tip we can give you is to remain positive and be patient. Expect the challenges. There will likely be some. Together with your professional real estate agent and experienced escrow officer, we will all do our very best to get you through it successfully.

Have a great and prosperous month!!

Best regards,

CREDITS TO:

Aaron Gordon--Countrywide Home Loans

Home Loan Consultant

Direct: 702.283.2333

Jobs in Las Vegas are plentiful

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Tue, 23 Sep 2008 02:20:10 -0500

Jobs in Las Vegas......we got 'em!!!

http://www.recruitingnevada.com

Job Opportunities in Nevada:

Accounting, Construction, Education, Engineering, RFinance, Govenrment, Insurance, Medical, Nursing, Pharmacy, Physician, Retail, Sales, Security, Social Services, Technology

There are even job opportunities for Real Estate Sales!

Yes, we still have bargain pricing for those whom qualify.

Las Vegas is a good place to work and live!

Making the Nehemiah Deadline

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 15 Aug 2008 21:42:10 -0500

Nehemiah Update:

Nehemiah deadline.....

Hi Joseph....Just wanted to make sure that we are on the same page on your PS below......:)

"PS: My lender said today that I can still qualify for the Nehemiah loan as long as it is LOCKED IN by October 1 -- it does not have to CLOSE by then, so we have a little more time if we need it."

LOCKED IN = FUNDED

In order for a buyer to insure that the Nehemiah will be in place for him....the loan must be funded by October 1st. In order for the loan to be funded by October 1st, buyer must have contract in escrow by August 31st. (Please be advised that this is a minimum time frame as it would behoove the buyer to grant time for the snags that may take place in the escrow process --ie. bank may need extra time to remove liens) It has been through my experience with the REOs in escrow, that the escrow process takes longer than scheduled with submission of addendums to extend COE dates.

Joseph, that's my info for you.....could you please acknowledge receipt? tx, Julia :)

EXTRA STUFF:

IT'S NOT TOO LATE TO TRY AND SAVE DOWN PAYMENT ASSISTANCE...YOU CAN HELP AND FORWARD THE WEBSITE BELOW TO EVERYONE YOU KNOW IN THE BUSINESS!

A new website from The Nehemiah Corporation of America website. 75,000 + have already signed up and protested.

www.dpagroundswell.org
Joseph....I needed to communicate and clarify what LOCKED IN in this case means.

Some things that you may expect with the purchase of a bank owned property.....

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 05 Jun 2008 16:45:08 -0500

Some things that you may expect with the purchase of a bank owned property.....

1. Buyer to get a huge discount from original SOLD price

2. No SRPDF---Buyer to receive 113 Waiver

3. Property may need repairs-new carpet, new paint, new landscaping

4. Property may not have any appliances

5. Buyer Bidding wars (multiple offers up to 20)

6. Response time from banks (could be up to two weeks)

7. Buyer to comply with seller's addendums

8. Seller will deliver good and clear title in Las Vegas

9. May be some delays of COE due to corporate red tape

10. Buyer to receive one door key at successful COE

All in all.....buyer wins with securing a greatly discounted property with some compromises.

Julia St. Marie, ABR, RRG, RSPS

Realty ONE Group

702-355-HOME (4663)

www.LVRealEstateLady.com

How Do Our Presidential Candidates Feel About Changing Capital Gains Taxes?

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Tue, 03 Jun 2008 14:22:08 -0500

How Do Our Presidential Candidates Feel About Changing Capital Gains Taxes? A 1031 Tax-Deferred Exchange is a common vehicle for investors to defer paying taxes on a capital gain when selling an asset. Now that we are in the midst of the Presidential Election Season, it is important to understand each candidate's stance on capital gains taxes. Here is some information that has been compiled on each of the three remaining Presidential Candidates.

The Republican nominee, Senator John McCain says on his website (www.johnmccain.com) that he will leave capital Gains at their current rate of 15%.

During the Democratic Debate in Philadelphia, PA on April 16, 2008, Senator Hillary Clinton (www.hillaryclinton.com) said she may or may not raise capital gains taxes, "...but not above 20 percent."

Prior to the debate, Senator Barack Obama (www.barackobama.com) had said that he would raise capital gains taxes to between 20 and 28 percent. During the Philadelphia debate, Obama said "...I would look at raising the capital gains tax for purposes of fairness."

No matter what the rate may be in the future, the 1031 Exchange plays an important role in real estate. You can be assured that First American Exchange Company will be here to assist you in deferring capital gains taxes via a 1031 tax-deferred exchange.

For further information on the strength and reliability of First American Exchange, click here.

Credits to: Sarah K. Smith Certified Exchange Specialist® Senior Market Representative (866) 993-1031 Email Sarah

Shift from "Buyer's Market" to "Competitive Buyer's Market"

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 09 May 2008 14:21:58 -0500

What is going on out there, are there still great deals
please advise thank you

Hi Rico.....Long time no E....Hoping all is well.

Yes there are still great deals in Las Vegas as there is a plethora of REO/Bank Owned properties that are selling at a great discount from the original sold price.

Las Vegas is still 1/2 the price of New York, California, and Hawaii...... and Las Vegas is still very much the cosmopolitan city that has everything to offer to any resident or tourist.

Rico, the market has shifted from a "Buyer's Market" to a "Competitive Buyer's Market."

With this I mean that yes there are great deals for sure, but a buyer needs to be prepared to compete for these great deals as it is very common place for a bank owned property to have multiple offers on it. I have seen as many as 14 offers within two days of a newly listed bank owned property.

Rico, if you have any questions, please let me know.....thanks and have a great day! Julia :)

IT'S GONE UP--Las Vegas Sold in March 08

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 24 Apr 2008 12:35:26 -0500

This is not an article about is "going to go up"....this is an article about "It's gone up!!"

LAS VEGAS SOLD!!!!!!

GLVAR report:

SFR-1,475 SOLD in March 08-This is +34.6% from February 08

Condo/Townhomes-198 SOLD in March 08-This +19.3% from February 08

My report to you: Many REOs listed at 2003, 2004, 2005 pricing. There are bidding wars within this "buyer's market" with multiple offers. I have seen as many as 14 offers within two days of list. I have noticed that all cash buyers that offer list or above list (which is still a major discount from when it was previously purchased by forclosed owner) that can close in less than 14 days are out bidding the weaker offers.

Investor Financing and Multiple Offers/Bidding Wars in Las Vegas

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 11 Apr 2008 15:00:11 -0500

Hello All.....Below please find a cut and paste from myself to a client. It will give you some insights to INVESTOR FINANCING AND MULTIPLE OFFERS/BIDDING WARS IN LAS VEGAS.

Joe, I have contacted other lenders on your behalf to see if there is a do-able loan program for an investor with only 3% down. The general concensus and answers from my reliable sourse is that an investor needs to put down at least 15% at this time. The standard for investor loans from Fannie Mae and Freddi Mac is 10% which are 99% of the investor's loans. Now that the US is declared to be in a declining market at this time, there is now a requirement for an additional 5% down on top of the 10% for investors. Joe, my guys are professional, reliable, and dependable.....therefore, if you find another outside of my concise list that has been supplied to you, I advise you to use caution with an upfront 3% down payment promise and then be surprised of COE with EMD in escrow.

Joe, quite often there are Bank Owned properties that are released on the MLS that are extraordinarily discounted. Yes, these are recognized by other buyers and agents and reflected with multiple offers in this buyer's market. (sometimes up to 15 offers within two days)

The key to securing one of these properties is to be ready to take action fast, thus having the financing completely lined up and a very strong offer to out compete the others.

There are buyers that are landing these deals, might as well be you too.....

Julia :)

Good News for Vacation and Second Home Owners

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Wed, 27 Feb 2008 12:17:17 -0600

Just would like to share some good news/information from our friends at First American Exchange regarding 1031 exchange....

Good News for Vacation and Second Home Owners

Revenue Procedure 2008-16 - Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences

This revenue procedure, which will be effective for exchanges occurring on or after March 10, 2008, establishes a safe harbor regarding when a vacation home can be considered investment property and traded in a §1031 exchange. The ruling states that a vacation home qualifies for a §1031 exchange if the investor owns the home for at least 24 months, rents it for at least 14 days for each 12-month period, and uses it no more than the greater of 14 days per year or 10 percent of the number of days during the year that the home is rented. These requirements apply to both the relinquished and replacement properties.

For purposes of this revenue procedure, a vacation home, also called a "dwelling unit" in the Revenue Procedure, is real property improved with a house, apartment, condominium, or similar improvement that provides basic living accommodations including sleeping space, bathroom and cooking facilities.

For a link to the ruling, please click here.

Carmine DiFulvio, CES^®

Certified Exchange Specialist

National Sales Manager / Branch Manager

First American Exchange Company, LLC

3960 Howard Hughes Parkway, Suite 600

Las Vegas, NV 89169

http://www.firstexchange.com/ | NYSE:FAF

National: 866.993.1031

Tel: 702.458.1357
Fax: 877.630.3601
Email: cdifulvio@firstam.com

CASH BACK AT COE-----Legal or Illegal

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 08 Feb 2008 00:24:49 -0600

CASH BACK AT COE-----Legal or Illegal

Simply stated--"LEGAL" -- "YES".....Seller may give cash back to buyer at successful close of escrow to buyer (principal). The only contingency is:

CASH BACK TO BE DISCLOSED TO UNDERWRITER

Ok so this is the way a smart and savey investor/buyer will know if it has been disclosed to the underwriter......

LOOK AT THE HUD STATEMENT----Done easy!!!!

Don't miss out on CASH BACK OPPORTUNITIES that are here NOW because of the false information that has been influencing you from the unknowledgeable.

Thanks and have a great day! Julia St. Marie at Liberty Realty-Las Vegas :)

ps....Just Simple Logic.....Why would a licensed Realtor jeopardise his/her license so that a buyer/client/investor could get cash back?

See all of the Las Vegas Listings--Easy

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Sat, 02 Feb 2008 19:03:17 -0600

See all of the Las Vegas the listings--Easy

http://search.lvrealestatelady.las.mlxchange.com/

Please feel free to see what interest you....

If you have any questions, please feel free to contact me at anytime....thanks so much and have a great day!

Julia St. Marie, RRG, ABR

A buyer's agent-A free service to my home buying clients
702-355-HOME(4663)
http://www.LVRealEstateLady.com

February RE Update from Julia St. Marie at Liberty Realty-Las Vegas

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 01 Feb 2008 02:29:12 -0600

Here is a link to my "February Real Estate Update":

http://realtytimes.com/111/JuliaStMarie

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"Home Selling Tips For Spring Buyer's Market";
"Are You Leaving a Tax Deduction on the Table?";
"Five Reasons Houses Beat Stocks";
"Provide An Honest, Complete Mortgage Application";
"Six Signs It's Time For Home Buyers To Buy";

Plus a roundup of January real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Sincerely, Julia St. Marie, RRG, ABR

EXTRA STUFF

Thursday, January 24, 2008-----Entrepreneur.com by Danielle Babb
has reported Best and Worst Places to Buy a House

Total four picks for best.....Las Vegas was in there!!!

"Las Vegas, Nevada: Yes, Las Vegas has been hit hard by incoming investors, who watched their home values disappear and then left those homes empty. Las Vegas comes in quite high on the national foreclosure list, almost always within the top three metro areas. But there's an upside -- a very strong job market. In 2007, Las Vegas experienced a 12 percent increase in population, partly driven by retirees looking for Sunbelt states to move to. Coupled with low prices, we could see inventories reduced here, which would also stabilize prices. Be careful what you buy, but I like it."

Julia St. Marie, Prof. Corp. RRG, ABR Attentive, Knowledgeable, Honest and Caring
LIBERTY REALTY LVRealEstateLadyCondos@yahoo.com Direct: 702-355-HOME (4663)
Fax: 702-791-1094 Office: 702-988-1000 2920 S. Durango Avenue Las Vegas, NV 89117 http://www.lvrealestatelady.com/

Las Vegas-One of the Best Places to Buy a House

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Tue, 29 Jan 2008 14:00:56 -0600

Hello All......

I just read an article in Entrepreneur.com dated Thursday, January 24, 2008, written by Danielle Babb about the Best and Worst Places to buy a House. This article was founded on the Yahoo Finance Home Page!

Well guess what! The article states that LAS VEGAS is one (total four listed) of the BEST PLACES TO BUY A HOUSE.

Yes, the most exciting city on this planet is also one of the best places to buy a house because the JOB MARKET VERY STRONG. There is also an increased population, partly driven by RETIREES LOOKING FOR AFFORDABLE SUNBELT STATES to move to.

Conclusion: If you need a great job opportunity (we are still booming) or just a place to retire in style....Las Vegas is a best place to buy a house and this is the best time to buy as now the pricing is RIGHT NOW.

Have a great day! Julia :)

Golf Course Community

Bellagio Hotel

Golf and Strip View

TOP 10 TAX BREAKS, ON THE HOUSE

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 03 Jan 2008 15:26:02 -0600

LVRealEstateLady

Julia St. Marie, RRG, ABR

January 2008

Attentive, Knowledgeable, Honest and Caring

Top 10 Tax Breaks, On The House

The New Year always turns thoughts to the new tax season and when it comes to taxes there's no place like home to find shelter. Your home offers a score of tax deductions and credits designed to help offset the cost of housing and to keep the housing market fueled with new buyers.

Here's a look at the Top 10 Tax Breaks, On The House.

Mortgage Loan Interest: The Mother Of All Tax Breaks, because interest payments comprises a large portion of your mortgage payment in the early years of the loan's term, mortgage interest on a maximum of $1 million in mortgage debt secured by a first and second home is deductible. Deductions reduce your taxable income against which your taxes due are calculated. The $1 million level applies to joint tax filers. You get half the deduction if you file single or separately.

Likewise, home equity loan interest is deductible, but limited to the smaller of $100,000 (half as much for each member of a married couple if they file separately), or the total of your home's fair market value as determined by a complicated formula.

Home Improvement Loan Interest: The interest on a home improvement loan is also deductible, but calculated differently. You can deduct all the interest on a home improvement loan provided the work is a "capital improvement" rather than repairs, maintenance or cosmetic upgrades. Capital improvements typically increase your home's value (say, because you added a room), prolong it's life (a new roof) or adapt it to new uses (universal design improvements to assist older people or people with disabilities).

Points: Points, each equal to 1 percent of the loan principal, are charged by lenders as part of the cost of the loan. You can fully deduct points associated with a home purchase mortgage, but not a mortgage broker's commission. Refinanced mortgage points are deductible too, but only when they are amortized over the life of the loan. Once you refinance a second time, the balance of the old points from a refinanced loan offer an immediate write off, as you begin to amortize the new points.

Property Taxes: Property taxes or real estate taxes are fully deductible. Any local city or state property tax refunds reduces your federal property tax deduction by the same amount.

Capital Gains Exclusion: Home buying investors' best tax shelter comes from provisions in the Taxpayer Relief Act of 1997 which allows married taxpayers who file jointly to keep, tax free, up to $500,000 in profit on the sale of a home used as a principal residence for two of the prior five years. The amount is halved for those filing single or separately.

Home-Based Business Deduction: Home offices that use a portion of your home exclusively for business could qualify you to deduct a percentage of costs related to that portion. Included are a percentage of your insurance and repair costs, utility bills and depreciation.

Selling Costs and Capital Improvements: When you sell your home, you can reduce your taxable capital gain by the amount of your selling costs, which include real estate commissions, title insurance, legal fees, advertising and inspection fees. Cost typically stemming from decorating or repairs -- painting, wallpapering, planting flowers, maintenance, and the like -- are also selling costs if you complete them within 90 days of your sale and with the intention of making the home more saleable.

Selling costs are deducted from your gain. Gain is your home's selling price, minus deductible closing costs, minus selling costs, minus your tax basis in the property. Your basis is the original purchase price, plus the cost of capital improvements, minus any depreciation.

Moving Costs: A move triggered by a new job comes with some deductible moving costs. To qualify, you must meet certain requirements including, moving within one year of starting your new job, moving 50 miles farther from your old home than your old job was and working full-time at the new job for 39 of 52 weeks following the move. Deductions include travel or transportation costs and expenses for lodging and storing your household goods.

Mortgage Tax Credit: Mortgage Credit Certificates (MCCs) allow qualifying low-income, first-time home buyers to take a mortgage interest tax credit of up to 20 percent (the amount varies by jurisdiction) of the mortgage interest payments made on a home. This credit is available every year you keep the loan and live in the house purchased with the certificate. Unlike a deduction that reduces your income, the credit is subtracted, dollar for dollar, from the income tax owed.

Energy Tax Credits: The newest home-based tax credits were made possible last year by the Energy Policy Act of 2005. Tax credits of up to $500 in 2006 and 2007 are available for upgrading heating and air conditioning systems, insulations, windows, doors and thermostats, caulking leaks, installing pigmented metal roofs and for otherwise putting the bite on energy waste in your home.

Written by Broderick Perkins

Are you relocating to Las Vegas, Nevada? -- 702-355-HOME(4663)

Julia St. Marie, RRG, ABR
E-mail: lvrealestatelady@Embarq.com
Web: http://www.lvrealestatelady.com/
702-355-HOME(4663)

Liberty Realty
702-355-HOME(4663)
2920 S.Durango Avenue
Las Vegas, NV 89117

Julia St. Marie, RRG, ABR Liberty Realty, Inc. strongly recommends Buyer(s) and Seller(s) consult with their own, Realtor, title insurer, attorney, tax specialist, estate planner, CPA, 1031 Exchange Accommodators, accountant, investment councilor, and other professionals regarding aspects of their transaction(s).

http://journals.aol.com/lvrealestateldy/LVRealEstateLady/

WHY LAS VEGAS---The Golden Question--

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Thu, 27 Dec 2007 14:48:00 -0600

WHY LAS VEGAS----The Golden Question....

The housing market in Las Vegas has enjoyed the strongest long term growth pattern of any city in the United States. In the past year, however, the news media has shared the ‘doom and gloom' encompassing the nation as in a real estate bust. Of course, this is what sells news. Ask Trump to explain the value and longevity real estate provides, especially in strong markets like Las Vegas. Consider the facts in Las Vegas:

Tourism

June visitation increased 4% over last year to nearly 3.3 million.
Hotel/Motel occupancy levels increased 3.3% for the month
Average daily room rates were up 15.8%

Air Traffic

The Clark County Department of Aviation reported more than 4.1 million enplaned and deplaned passengers at McCarran International Airport in June, an increase of 7% from last year.
So far this year McCarran has welcomed 23.6 million passengers, up 4.7% from 2006

Gaming

According to the Nevada Gaming Control Board, Nevada casinos won $959.8 million in June, up 5.7 from a year ago.

Population & Market Growth

Nearly 6,200 new movers came to Clark County in July, according to the Nevada Department of Motor Vehicles. The year-to-date total is now over 43,800.
Inc. Magazine recently ranked Las Vegas as number one large city for doing business in America
Las Vegas is building a new hospital every two years including the most advanced cancer research center in the country AND is currently building the most advanced Neurological research facility in the country

Business & Employment

Total labor force increased 3.9% to 958,000.
Small business wages in Nevada are up 21.5% from June 2006.
CB Richard Ellis reported that Las Vegas had the fifth-lowest downtown office vacancy rate in the nation for the second quarter.
The World Market Center, originally scheduled for one building, has a demand expanding the project now to eight buildings making it the largest furniture outlet in the country.

Housing & Real Estate

Currently over 40 billion dollars has been invested and is in process of development between the Las Vegas Strip and the emerging new S. Strip (approximately 12 mile stretch)

Retail

Sales by Clark County businesses are up 1.6% for the fiscal year.
7.9 million square feet of retail space is currently under construction with another 14 million in planning stages.

So, while the inventory of housing in Las Vegas is up, so are tourism, retail sales, new commercial space, creation of jobs, population and the need for housing. After reviewing the real estate trends over the last twenty years, you will find that the slumps in the real estate market have not lasted as long as the growth trends nationwide. We are in a temporary buyers market which means now is the time to find the right product and get in the game. They call it a ‘Buyers Market' for a reason.

Brought to you by Jennifer at Brickwater Condominiums.

Julia St. Marie, RRG, ABR at LIBERTY REALTY
702-355-HOME(4663)
LVRealEstateLady@yahoo.com
http://www.lvrealestatelady.com/

Who pays the FRIPTA tax? Seller or Buyer

Julia St. Marie, ABR, RRG, RSPS (Realty ONE Group) — Fri, 14 Dec 2007 15:36:57 -0600

Who pays the FRIPTA tax? Seller or Buyer

FRIPTA-Foreign Investment In Real Property Tax Act

Buyers for investment, second homes, and primary resident needs to be aware of the tax treatment of a purchase from a foreign "person" whom is an alien individual (non-citizen) whom does not reside in the United States or a foreign corporation organized under the laws of a foreign country.

If the foreign seller does not pay to the IRS the 10% of the amount realized on the sale of his real estate, then the buyer must pay this 10% to the IRS!!!!!

FRIPTA--Foreign Investment In Real Property Tax Act

Until 1980, nonresident aliens could sell property in the United States without incurring tax liability on the gains. The Foreign Investment in Real Property Tax Act (FIRPTA) and IRS Code Sections 897 and 6039C established new requirement for taxing gains on sales of U.S. property held by nonresident aliens.

All gains, profits, and income resulting from the sale of a US real property interest (USPRI) are deemed US-sourced income. FIRPTA withholding tax rules require that buyer, "transferees," of US Real Property Interest from a foreign seller, "transferor," must withhold and remit 10% of the amount realized-not 10% of the gain-to the IRS.

This information deemed reliable....

LIBERTY REALTY

702-355-HOME(4663)

http://www.lvrealestatelady.com/

http://journals.aol.com/lvrealestateldy/LVRealEstateLady/

http://journals.aol.com/lvrealestateldy/highrise-condominiums---las-vega/