"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.
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