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Las Vegas Short Sale for Sellers, Las Vegas NV Pre foreclosure options for sellers

By
Real Estate Agent with Realty One Group

"When you dont know what to do - DO NOTHING!"  

Wow, if there's any information you want to take from me in this blog -- this is NOT one you want to heed ! I over heard this quote many years ago and it still floats around in my mind trying to make sense of it. I am pretty sure it was meant as a joke - I mean whoever came up with this line can't be serious, right? It has to be a punch line or something. Yep, its gotta be. I guess it stays in my mind all these years because it sort of ryhme, right? but I think most of all its because it is soooo dumb (sorry for my lack of a better term).  

The market we are in right now, specifically Las Vegas real estate market is one that many opportunists are in search of. The "good" opportunists see opportunity and realize it is the RIGHT time to buy las vegas foreclosures and REO proeprties. I mean when will we ever see or have seen a 20% to as high as 50% price drop? .........Never.....experienced opportunists make smart choices, they are willing to think outside the box and look at the BIG picture. The reality is that Las Vegas will still be here a year, five years, ten years from now and beyond. And not only will it be here, Las Vegas will prosper in years to come! These mega resorts such as City Center, M Resort, or the Lou Ruvo Alzheimer's Institute Las Vegas, our National Cancer Institute and so on will still be part of Las Vegas whether you are in it or not. Think about it, where will these doctors, professionals and people live? Where will their families live? Do their kids go to school? Do they have needs and wants, do they shop, do they travel? Do they not need the services of others such as the banks, grocery stores, gas stations, schools, cars dealers - you name it, its a trickle down effect right? You create jobs and the same jobs create more jobs and so forth. Its basic economics. Face it, Las Vegas growth is eminent - we are forecasting a population of 3.4 million in 2020. When I moved to Las Vegas in the 90's we were a population of just a little over a million. There are over 2 millions today. Thats an upward growth, wouldn't you agree?  

In every market condition you will always have predators lurking around the corner. I call them "bad" opportunists. Kind of like Dr Dracken or the evil villains if you will. They have to work the market fast and constantly re-inventing themselves to avoid getting caught for what they do is either illegal or on the borderline of being illegal. They prey on the weakneses of their target, they work on formulating and sharpening their skills to capture the interests of the distressed homeowners. The advise here for sellers in distressed are simply be vigilant....... Call the HUD, Call your Realtors, verify the companies business license and practices. Research and research (of course you will only use reliable sources to do your research). And remember that there is no free lunch in this world. If something smells fishy .... you need to walk away immediately.  

Now, if you own a home in Las Vegas and you are falling behind or anticipating likelihood to become delinquent in your future mortgage payments (true hardships), there are other options out there such as Short Sale or Pre Foreclosure than sitting around waiting for your faithful day - you WILL be evicted from your own home when your house finally made its way to the court house steps for auction/trustee sale. Know that more and more lenders are now becoming pro-active in trying to work out a short sale of some sort. Remember that banks DO NOT want to own homes. Each foreclosure cost the banks tons of money in legal fees and carrying costs.

For those who have Countrywide loans this might be good news for you. Earlier this month, Countrywide Financial entered into an agreeent to provide loan modifications to almost 400,000 borrowers in financial crisis. Here's the press release http://foreclosurehelp.nv.gov/AGCountrywide2008-10-06.pdf.  Loan modifications allow homeowners to stay at their home through working out a new loan with their banks. These can take place in the form of extending an ARM to a 30-yr fixed loan or even a 40-yr loan.     

Whether you are considering a Short Sale so you can move on with your life, possibly renting a place that fit your budget for the time being OR you are leaning towards negotiatiang a loan modification with your bank - find your best course of action TODAY and JUST Do it!   

REMEMBER;  "When you don't know what to do - DO SOMETHING", anything is better than NOTHING!    

 

Not forgetting my disclaimer - "this is strictly my personal view in the hope to help shed some light into your situation, but please - this is not a bible, nor a piece of information legal worthy or tax worthy. Need validation? - Speak to your Attorney and/or Accountant. I am just happy to be part of Las Vegas.    

Show All Comments Sort:
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Mei,

WELCOME to Active Rain!  I like your closing point:  "When you don't know what to do - DO SOMETHING", anything is better than NOTHING!  You can't steer a ship that is not moving.

Mike in Tucson

Oct 20, 2008 11:13 PM
c m
Colorado Springs, CO

This sort of goes along with my Feng Shui question of, "If I could only do 2 or 3 things...."  =o)  I agree with your positive spin on DO SOMETHING! I would feel more anxiety from doing nothing and fearing what would happen, than doing something and seeing what would happen! 

Oct 22, 2008 10:48 AM
Mei Loh-Becker
Realty One Group - Las Vegas, NV

Cheryl, I was volunterring at Suite Charity on behalf of Habitat For Humanity last three days, been a hectic week. I decided to blog your respond here as I have a few colleagues with the same questions.

You're right, I dont think going all out is the answer, as you know Feng Shui can get really complicated as you go in depth. For the sceptical, what we do may seem "superstitous" or too New Age. The bottom line is in order to instill client's faith in what we do for them, they must feel comfortable on their own and not forced upon them. Its all about positive energy again.

I think you're on the right track, you seem to have a natural flair to energy works - a big part of Feng Shui. The Rooms must always feel right.  It depends on your clients needs - if they're listing the house, if house is vacant, or if you're Staging/FS for homeowners. 

For basic Listings, pick 3 areas to focus - Entrance, Kitchen and Master Bedroom.

5 Basic and Quick Feng Shui Tips for Your Listings:

1) Declutter, Declutter. Good Chi (energy) cannot flow around clutters and messes  2) Remove ALL DEAD things i.e. animal's heads (like hunters like to display their kills on the walls), dead and dying plants including dried flowers 3) Look for "Poison arrows"  - Feng Shui encourages use of round, oval shapes because the shapes allow energy to move around them, travel to another spot of the room and not stay stagnant. Anything with sharp    corners, pointy tips are taboo - imagine a house full of poison arrows. The negative energy bounces off each other. Everyone walking through this house or worse, living in it will be afflicted with this Shar Chi. Shar    Chi is a chinese word for "Killer breath/energy"  Good examples of poison arrows found around the house are mostly decorative pieces such as Tribal Spears, Star shaped ornaments, some chandeliers that are    more artsy and many (not all) art decor collections. 4) Space clearing/cleansing. This is one of the MOST important thing I do - the goal is to re-generate the energy flow in the house. People who walk though your house or listing bring all forms of energy, some    negative some positive. If the space is not cleared, any negative engery can get stucked in the house. Cleaning is real easy thing to do - a Bell, a Gong, a singing bowl or even just incense will do the trick. I use    a combination of singing bowl and incense. You will start from entrance of the house and walk clockwise along the walls until your reach your starting point (back at entrance). I am writing a blog on this soon, I    will send you a link. Its the chepest thing you can do to bring the most positive returns.    5) Meet your real estate sign company when they install your For SALE sign - the placement is one of the most important point at the initial phase in generating positive interest - if its on a cul de sac, pay    attention to how potential viewers drive around the cul d'sac - if their headlights hit the sign at a sharp turn, it will cause negative energy (Shar Chi) - NOT Good!     If you apply your Staging skills, the rooms feels right, has a natural flow - you will most likely achieve good Feng Shui. 

Oh, another thing, the most common contradiction between Staging and Feng Shui is the placement of a bed. Some Stagers place the beds by the window. Feng Shui is against placing the bed this way mainly because windows bring such strong vibrations (from the energy outside) makes your mind wander instead of total peace at sleep. In Feng Shui emphasis Bedroom is your sanctuary, your place of "recovery" from a long day of interactions - it needs to be away from noise, lights and unneccesary disturbances. Also ALL infrared equipments - electrical like TV, Digital Radios, Alarm System panels, etc all creates Shar Chi for the person resting in it. Remove them from the room. You want to achieve more of a Yin ambience in the bedroom although you want to balance Yang energy as well. A godo source of Yang energy are your natural lights.  In other words - total tranquilty.  

Lastly, Cheryl - I am very passioante about Feng Shui, like you are with your Staging. If you're working on a project and need some FS suggestions, feel free to email them to me or post it so the rest can learn as well. Good luck, stay in touch!

Oct 25, 2008 04:36 AM