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The Foreclosure Market in Las Vegas, Nevada

admin — Fri, 30 Dec 2011 22:54:58 +0000

The housing market in Las Vegas is slowly stabilizing. The inventory for resale is remaining steady despite the heavy hit the real estate market has taken. People that have the cash have been heading to Las Vegas to fix and flip homes at a steady pace. Currently, it is a buyer’s market in Las Vegas because of the low home prices. If you are an investor Las Vegas is a good market to buy low priced homes as there is a large inventory of houses available.
A new law was passed recently in Nevada which has decreased foreclosure starts by 81% for the month of October. This law imposes stricter requirements on filing default notices by lenders. Since October of 2010, home sales have increased by 20%, and 2011 has been 10% better than 2010.
Las Vegas, Nevada is the fastest growing retirement area in the nation, so there is a good flow people coming into Las Vegas to purchase homes. Once someone buys a home to retire in they typically stay in that home.
The real estate market in Las Vegas is slowly stabilizing when compared to last year and it should continue to do so with the inflow of cash investors.

Learn to buy foreclosed houses at auction

admin — Sat, 24 Dec 2011 00:31:28 +0000

There has been a lot of talk about foreclosures lately. You’ve been seeing this topic on the news, in newspapers and in the general media. I’m certain you know someone who’s had their house foreclosed in the last five years. Foreclosures have become a lot more common recently. The ‘occupy’ movement is even starting to partake in the foreclosure industry by occupying houses that have been sold at auction. Buying homes in foreclosure is not a malicious task. The task(s) that led the house(s) to be foreclosed upon may have been. Buying foreclosure property is what many investors and middle class citizens are doing these days in order to get ahead. There’s hardly any point in paying full price for a house when you can go to auction and buy one for a significantly reduced price. One option that you have is to hire a bidding service to attend an auction for you to buy foreclosed property on your behalf.

People generally don’t know how to buy foreclosure property. Buying foreclosure property is not the tricky part. The real question is ‘how to find foreclosure property’ it seems only a select few know about this process. We are offering a class in the New Year that will share with you how you can get foreclosed home lists sent to your inbox on a daily basis. We have a system that makes this process so simple you’ll be baffled. The class is FREE all you have to do is show up 15min early and attend for two hours. We actually have multiple classes available in the month of January. See the list below:

01.05.12 from 5pm – 7pm SIGN UP HERE
01.13.12 from 9am – 11am SIGN UP HERE
01.19.12 from 5pm – 7pm SIGN UP HERE
01.27.12 from 9am – 11am SIGN UP HERE

Topics covered in the class are vast. You will walk out with all the knowledge you need to start buying in the foreclosure auction market.

What is a deed in lieu?

admin — Wed, 21 Dec 2011 22:01:28 +0000

A deed in lieu of foreclosure means that the borrower is giving all rights of the property back to the lender in order to satisfy a loan that is in default and thus attempt to avoid the foreclosure process. The advantages are good for both the borrower and the lender.

Borrower advantages:
1) Releases borrower from ‘most or all’ of the debt tied to the default loan.
2) The borrower gets to avoid public notoriety of the foreclosure proceeding.
3) The borrower may receive better terms than an average foreclosure.
4) A deed in lieu hurts the borrower’s credit less than a typical foreclosure.

Lenders advantages:
1) Reduced time and cost of repossession.
2) Lower risk of the borrower revenge mentality.
3) Save money all around in the long run.

In order to be considered for a deed in lieu of foreclosure the debt must be secured by the real estate being transferred. The lender and borrower must enter into a voluntary, good faith transaction. The settlement must be equal to the fair market value of the property. Neither the borrower not the lender is obliged to proceed with the deed in lieu of foreclosure until a final agreement is reached.

What Is Earnest Money

admin — Mon, 12 Dec 2011 20:09:59 +0000

When a buyer is interested in purchasing a piece of property, they can write a check for “earnest money”. Earnest money is showing the seller of the property that the buyer has the monetary means to buy the home and the strong desire to do so. The check is usually around 2% of the purchase price, although it can be more depending on the interest in the home. Earnest money goes to a third party to be put in a trust account; the third party can be a mortgage broker. Earnest money checks are usually accompanied by bank statements to prove that the check will clear.
The earnest money check is written after a purchase contract is written between the seller and the buyer. The other thing that needs to be in writing is what to do with the earnest check should the deal not close. This way each side knows exactly what will happen in whatever outcome and there is no ongoing, costly disagreements. Each state has their own laws on what is done with earnest money should the deal fall through, the mortgage broker has no control over this. If the deal closes, the money usually goes to closing costs and the down payment.

Buying Occupied Homes at Auction

admin — Wed, 07 Dec 2011 21:27:08 +0000

When someone buys a foreclosed home at auction that has tenants they need to know what the legal procedures are to get the occupants out of the home. Every state has different laws on how to evict people and those need to be researched before buying the home. A common method that some buyers use is to offer “cash for keys” to get the people to leave the home.
Many states require a 90 day written notice to the current tenants before the investor can buy the home. Other states require a second written notice if the buyer is planning to evict the people from the home. Make sure to check the laws in your state.
In 2009 the federal government passed an act to protect people in foreclosed homes. This act is called “Protecting Tenants at Foreclosure Act of 2009.” The buyer must notify the people with a written 90 day notice. If the people have a lease that is longer than month to month, the lender’s rights are limited. If the buyer intends to occupy the home after buying it they have the right to terminate the lease after the 90 day written notice.
Buying an occupied foreclosed home at auction takes time especially when it comes to the written notices, so a buyer needs to be prepared. If the written notices do not work, calling the local sheriff’s office is also a viable option.

How to get a Hard Money Loan

admin — Fri, 02 Dec 2011 21:06:16 +0000

When someone is looking for a loan to purchase some property and they have bad credit or no income, they could try a hard money loan. These types of loans are better for someone looking for a fast loan that is for a short period of time, on the average less than 10 years. The money comes from wealthy private individuals who give money to a bank or a large institutional lender.
There are some more features of a hard money loan that the person needs to be aware of, the interest rate is typically higher (9-20%), terms are stricter and points are between 4 and 8. Most hard money lenders will lend up to 70% of the ARV (after repair value). This type of loan is collateral based, which could be the actual property the person wants to purchase, if there is a default on the loan, the lender can acquire the collateral. Most hard money lenders make their money on the high interest rates on the loan and that is why private individuals choose to make these loans.
When applying for a loan someone will typically give basic personal information, credit rating, property description and loan descriptions to include what kind of loan someone is requesting. Most people that apply for these loans are commercial investors, real estate investors, and mortgage brokers.

What does REO mean?

admin — Wed, 30 Nov 2011 20:58:16 +0000

When real estate property payments are not paid, then the property is foreclosed upon by the bank or Mortgage Company the loan was made through. The property is then referred to as a REO, real estate owned property. If someone is in the market for a cheaper piece of real estate property, this could be a great way to purchase property.
The bank or mortgage company will try to make what is owed on the property; this can be done through a foreclosure auction. These auctions are not always successful because what is owed is usually more than it is worth. If a potential buyer wants to try the auction route, they really need to do research about the local market prices before they plan on buying at auction. The buyer does not want to end up paying more than the house is worth in the current local market.
Another way to purchase an REO property is to check listings of those properties with the banks or mortgage companies and make an offer. Most of the time the buyer is purchasing the property “as is” which means the buyer is responsible for any repairs that need to be done. After the offer is made, it can be accepted or a counter offer is made for the buyer to accept. As with auctions, the buyer needs to do their research in the market(s) they want to purchase in to make sure they are getting a fair deal.