las vegas reo: Las Vegas NV Area REO Real Estate Market Report & Homes for Sale November 2011 (includes Henderson & North Las Vegas)
- 12/20/11 10:46 AM
Las Vegas Area REO Inventory has FALLEN since last report (-302 units), Under Contracts have FALLEN by (-109) units Closing data has FALLEN by (-79) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues. AB 284 IS PREVENTING NORMAL AMOUNTS OF NEW LISTINGS FROM COMING ON THE MARKET CURRENTLY until further notice!
REO sales accounted for 48% of all Las Vegas Area Valley resale closings in October 2011. REO listings account for only 20% of total resale listings.
Current Listed Bank Owned Statistics:
Listings (12/15/2011): 2279 Under Contract (12/15/2011): 3074 Sold … (7 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for October 2011 (includes Henderson & North Las Vegas)
- 12/07/11 12:56 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (9 comments)
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las vegas reo: AB 284 - You would think the sky is falling here in Las Vegas!
- 11/22/11 12:21 PM
Not really but it makes good press. The word on the streets is reactionary. Basically AB 284 addresses the issues of proper recordation of assignments & substitutions and also robosigning. Stuff that needs to be taken care of before close anyhow.
Here are some of the things I have heard from my peers about AB 284:
WE ARE AND/OR WILL RUN OUT OF INVENTORY! Shenanigans. We have been low on inventory since the first time buyer tax credit in 2009 and Las Vegas real estate inventory has been falling for the last 11 months in a row. If we go low on inventory it started … (10 comments)
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las vegas reo: Las Vegas NV Area REO Real Estate Market Report & Homes for Sale October 2011 (includes Henderson & North Las Vegas)
- 11/17/11 12:46 PM
Las Vegas Area REO Inventory has FALLEN since last report (-144 units), Under Contracts have FALLEN by (-107) units Closing data has FALLEN by (-172) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.
REO sales accounted for 50% of all Las Vegas Area Valley resale closings in October 2011. REO listings account for only 21% of total resale listings.
Current Listed Bank Owned Statistics:
Listings (11/15/2011): 2581 Under Contract (11/15/2011): 3183 Sold October 2011: 1884 View Last Month's Report Here
For Most Current Las Vegas REO Inventory Market Report.
… (7 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for September 2011 (includes Henderson & North Las Vegas)
- 11/10/11 04:38 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (6 comments)
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las vegas reo: So You Want to Buy a Las Vegas REO?
- 11/06/11 01:30 PM
What is an REO?
An REO property is also commonly referred to as “bank owned” or “foreclosure” property.
The process for buying an REO in the Las Vegas Area can be frustrating and time consuming if the buyer is not properly mentally and emotionally prepared. The emotional ups and downs occur from the time you set your foot in the first house you look at all the way until the keys are handed to you. It is essential that you are working with a Lender, Real Estate Agent and Title company who understand communication is key so if something starts to go wrong, the problem can … (17 comments)
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las vegas reo: Are the HARP Bureaucrats Smoking HEMP?
- 10/26/11 06:43 AM
Seems like the government bureaucrats who run HARP may be smoking a little HEMP. Or they may just be trying to help their fund raising buddies – the banks – again.
On Monday the president visited “ground zero” of this housing crisis and announced revisions to the HARP (refinance your upside down house) program. While it all sounds nice and sweet on the outside, it is pretty crunchy and stale on the inside.
Keep in mind I am not a lender. After reading the new guidelines it appears that yes, it may assist some more homeowners than it did before. Not everyone … (14 comments)
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las vegas reo: Las Vegas NV Area Pendings Report for September 2011 (includes Henderson & North Las Vegas)
- 10/16/11 05:45 AM
Las Vegas Real Estate Inventory is seeing an unusually large amount of units closed for late summer. August almost broke records! Pendings went WAY up in September. 2011 proves to be an interesting year for Las Vegas Real Estate!
Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)
Listings (10/15/2011): 12590 Under Contract (10/15/2011): 13212 Sold September 2011: 3978 Short Sales:
47% of Listings 24% of Sales REO (Foreclosures, Bank Owned:)
22% of Listings 52% of Sales In One Month: Listings are DOWN -483 units, Contracted Listings DOWN -121 units, Sales are DOWN -585 … (0 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for August 2011 (includes Henderson & North Las Vegas)
- 10/08/11 06:15 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (5 comments)
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las vegas reo: 10/1/2011 The Nevada SRPD (Seller's Real Property Disclosure) Can No Longer Be "Waived"
- 09/29/11 04:37 PM
Beginning 10/1/2011, Las Vegas NV area sellers will no longer be able to waive the SRPD (Seller’s Real Property Disclosure.) Nevada passed SB 314 and the law goes into effect on October 1, 2011.
This will really affect many types of distressed sales (which are now between 70-75% of the Las Vegas Valley’s home resale market.) These sales consist mostly of:
REO (bank owned) Trustee Sale Flips Short Sales (it seems about half of the seller’s waive the SRPD.) Formerly the buyers signed something that we called the “Waiver of NRS 113 Rights”. Now the sellers will have to produce the SRPD document for buyer review.
… (18 comments)
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las vegas reo: You Don't Need an Agent to Represent You on Your Real Estate Purchase!
- 09/25/11 11:19 AM
Can you write an offer on a Las Vegas REO home for sale without an agent? Absolutely YES!
If your logic is to get something for “6% off” because you feel that is what we make – you are absolutely mistaken! First of all commissions are not “set”. Most REO agents only make 1-2% of the closed purchase price on the listing side. Coops for the buyer’s agent’s side average between 2-4%. SO if the bank allows you to represent yourself on an REO home purchase (with no agent involved) – you are really only going to save 2-4%
What are some the tricks to getting … (70 comments)
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las vegas reo: Las Vegas NV Area REO Real Estate Market Report & Homes for Sale August 2011 (includes Henderson & North Las Vegas)
- 09/22/11 10:39 AM
Las Vegas Area REO Inventory has FALLEN since last report (-225 units), Under Contracts have FALLEN by (-164) units Closing data has RISEN by (-328) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.
REO sales accounted for 53% of all Las Vegas Area Valley resale closings in July 2011. REO listings account for only 24% of total resale listings.
Current Listed Bank Owned Statistics:
Listings (9/15/2011): 3060 Under Contract (9/15/2011): 3460 Sold August 2011: 2399 View Last Month's Report Here
For Most Current Las Vegas REO Inventory Market Report.
… (6 comments)
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las vegas reo: Are Banks Throwing Darts to Price Their Homes?
- 09/15/11 02:35 AM
I did a presentation in front of my BNI group on banks and how they price these Las Vegas REO homes for sale. I started out the presentation with a question for the group. I wanted to know how the general public perceives bank pricing. One response was “throw darts!”
It definitely could appear that darts are thrown in order to achieve a price but it isn’t that simple.
When a home goes in default (one or several payments are missed) is actually when the pricing process begins. The banks (or servicers) begin to order pricing reports in the form of appraisals,BPOs (Broker … (48 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for July 2011 (includes Henderson & North Las Vegas)
- 09/13/11 02:53 PM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (8 comments)
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las vegas reo: If Wishes Were Fishes, No One Would Be Homeless...
- 09/07/11 01:21 PM
I know, I know, no one would starve is how the saying goes.
It seems like the dog days of summer brings out the best (tongue in cheek) inquiries.
*IF* I had a VERY LOW OR NO DOWN owner will carry solution(s) for poor credit, I would be advertising it.
*IF* banks would rent out homes for half of current market value, they would be advertising it.
If wishes were fishes, no one would starve… or be homeless.
I know, people probably think “what is the worst they can say if we ask, NO?”
They are probably the same people that … (8 comments)
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las vegas reo: Las Vegas NV Area REO Real Estate Market Report & Homes for Sale July 2011 (includes Henderson & North Las Vegas)
- 08/19/11 12:34 AM
Las Vegas Area REO Inventory has FALLEN since last report (-117 units), Under Contracts have RISEN by (+40) units Closing data has FALLEN by (-106) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.
REO sales accounted for 53% of all Las Vegas Area Valley resale closings in July 2011. REO listings account for only 24% of total resale listings.
Current Listed Bank Owned Statistics:
Listings (8/15/2011): 3285 Under Contract (8/15/2011): 3624 Sold July 2011: 2071 View Last Month's Report Here
For Most Current Las Vegas REO Inventory Market Report.
… (7 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for June 2011 (includes Henderson & North Las Vegas)
- 08/14/11 11:18 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (6 comments)
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las vegas reo: Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for May 2011 (includes Henderson & North Las Vegas)
- 07/14/11 02:28 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (5 comments)
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las vegas reo: Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)
- 07/12/11 10:12 AM
Foreclosure/Short Sale Listings (6/15/2011): Total Listings 13926; Short Sales: 6401, 46% of all listings; Bank Owned Listings: 3365, 24% of all listings. Short sale and REO listings consume 70% of total listings New Home Sales (May 2011, units sold): 282 Year Change -33.8% (excl condo conversions, highrises) New Home Sales (May 2011, median price): $190,468 Year Change +2.0% (excl condo conversions, highrises) Existing Home Sales (May 2011, units sold): 3841 Year Change +9.0% Existing Home Sales (May 2011, median price): $111,000 Year Change: -11.2% New Home Permits (May 2011): 435 Year Change +10.1% Rental Rate (MLS Monthly … (7 comments)
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las vegas reo: Las Vegas NV Area Sales by Type: Short Sales, REO, Standard Sales for May 2011 (includes Henderson & North Las Vegas)
- 06/26/11 06:49 AM
Las Vegas Area June 15, 2011 Active Listings by Type
REO: 3365 (24%) Short Sale: 6401 (46%) All Other: 4160 (30%)
May 2011 Sales by Type:
REO: 1784 (46%) Short Sale: 916 (24%) Other: 1141 (30%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view … (2 comments)
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