Best Real Estate Deals in Summerlin and Las Vegas
Week of June 19, 2008
The three the best valued homes I have found on the market this week are in the Master Planned Community of Summerlin,located on the west side of Las Vegas in zip codes 89138, 89134. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying. Call me if you have any questions or would like to discuss this in greater detail.
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Best Las Vegas Real Estate Deal #1
721 La Tosca St. Las Vegas, Nevada 89138 MLS #834004
4 Bedrooms, 2- Full & 1-1/2 Bathrooms, 2 Car Garage, 2532 Square Feet and built in 2004. Asking price is $299,900 or $118 per Square Foot. It is located in the Capri Subdivision in the Vista's Community of Summerlin.
This is a bank owned property. It has been listed and available since June 10, 2008 with no price changes.
Best Las Vegas Real Estate Deal #2
617 Apricot Rose Place. Las Vegas, Nevada 89138 MLS #835799
3 Bedrooms, 1 loft, 2.5 Bathrooms, 2 Car Garage, 2440 Square Feet and built in 2006. Asking Price is $279,900 or $113 per Square Foot. It is located in the Mariposa Subdivision in the Paseos Community in Summerlin.
This is a bank owned property. The bank purchased the property back on January 25, 2008. The previous owners purchased the home in September of 2006 for $472,442. The owner was asking $365,000 on January 15, 2008.
Best Las Vegas Real Estate Deal #3
2412 Twin Flower Cr. Las Vegas Nevada 89134 MLS #798301
3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1881 Square Feet, Built in 1991. The asking price is $218,400 or $116 per Square Foot.
This is a bank owned property. The bank has had the property listed for sale since February 7, 2008. The original asking price was $284,050. On April 4 they dropped the price by $27,700; on May 21 they dropped the price by $26,450 and on June 9 they dropped the price by $11,500.
If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to www.SummerlinRealEstate.Wordpress.com .
Joe Laliberte
Broker/Salesperson
Prudential Americana Group, Realtors
702-499-1747
Las Vegas Real Estate Information
Summerlin Real Estate Information
www.OurLasVegasRealEstateAgent.com
The Vistas of Summerlin Real Estate Information
Home Buyers Scouting Report- Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.
Market Snapshot Report - Keep track of your homes value and the market activity in your area with this monthly report specific to your home.
I want to provide you with a great new free tool ( Home Buyers Scouting Report ) for identifying what neighborhood best suits you and your family and provides you with all the best available homes in that neighborhood at the best available prices. Yes, this system includes all the homes that are available to Las Vegas Realtors including bank owned foreclosures. It is the most dynamic, user friendly home search site that I have found and once again it is free. Use this site to set your home search criteria, view the schools with information about them, view the shopping, hospitals, restaurants and their proximaty to the available homes. Get update emails when the price of a home you have saved in your notebook changes price or sales. Get the directions to go see any of the homes or see a map view of its location.
View the system, try it out, experiment with it and become an expert on the Las Vegas and/or Summerlin Real Estate Markets. I know you will love this system.
Call me if you have any questions or need any additional information.
Joe Laliberte
702-499-1747
Best Las Vegas Real Estate Deals
Best Summerlin Real Estate Deals
Best Priced Las Vegas & Summerlin Homes including Bank Owned Foreclosures
Joe's Top 3 Best Real Estate Deals in Las Vegas
Week of March 14, 2008
These homes are updated weekly at http://www.summerlinrealestate.wordpress.com/ . If you would like to see the previous best valued homes or if you don't want to wait for the monthly email, just visit the site.
The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89138 and 89135. Two of the properties are new never lived in homes that are being sold by the builder. These are some fantastic buys for first time home buyers, move up homeowners and investors alike. With FHA increasing their loan limits to $400,000 and the availability of their Nehemiah Loan program a first time home buyer can buy any of these homes with zero down and minimal closing costs upon qualifying.
For investors, I can provide you with a 5 page detailed description of the rate of return and expenses associated with any property over any period of time you require.
Call me if you have any questions or would like to discuss this in greater detail.
Best Las Vegas Real Estate Deal #1
5459 Pinecroft Drive Las Vegas, Nevada 89135 MLS #783589
3 Bedrooms, 1 Den, 1 Loft, 2.5 Bathrooms, 2 Car Garage, 2883 Square Feet
Built in 2007.
Asking price is $302,990 or $105 per Square Foot.
This is a new home and never lived in being sold by KB Homes. The original asking price by the builder was $339,990. The most recent price reduction was $27,000 made on March 7, 2008.
Best Las Vegas Real Estate Deal #2
10409 Winter Grass Dr. Las Vegas, Nevada 89135 MLS #779909
3 Bedrooms, 1 Den, 1 Loft, 3 Bathrooms, 2 Car Garage, 2835 Square Feet
Built in 2007
Asking Price is $349,990 or $115 per Square Foot.
This is a new home and never lived in being sold by KB Homes. The original asking price by the builder was $339,990. The most recent price reduction was $10,000 made on March 7, 2008.
Best Las Vegas Real Estate Deal #3
11064 Whooping Crane Lane Las Vegas Nevada 89138 MLS #771959
3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 2016 Square Feet,
Built in 2000.
Asking price is $240,000 or $116 per Square Foot.
This is a bank owned property. The previous owners paid $350,000 for the property on December 1, 2004. The bank bought the property back on October 1, 2007 for $304,637. The original asking price by the bank was $329,000. The most recent price reduction was $25,000 made on March 4, 2008.
If you would like additional information about any of these properties, or others available that I have seen, just call or e-mail me. Again, for the most up to date Top Three Real Estate Values in Las Vegas go to http://www.summerlinrealestate.wordpress.com/ .
Joe Laliberte
Broker/Salesperson
Prudential Americana Group, Realtors
702-499-1747
Las Vegas Real Estate Information
Summerlin Real Estate Information
OurLasVegasRealEstateAgent.com/
The Vistas of Summerlin Real Estate Information
Home Buyers Scouting Report- Do your own searching for the best real estate deals in Summerlin or all of Las Vegas.
Market Snapshot Report - Keep track of your homes value and the market activity in your area with this monthly report specific to your home.
I am compiling information in this blog in an effort to help people facing the possibility of foreclosure on their home. Many people do not know or understand what their options are when it comes to the possibility of loosing their home. I hope to help anyone who would like to learn more about how to stop their home from going into foreclosure and the options they may have to avoid it. This is not written to be a complete and comprehensive document on the subject only a starting point and guide to head in the right direction. I hope you find it helpful.
These are the basic options available with a brief description:
A. Do Nothing- Let the mortgage rate adjust and the payment increase. Read your note (the lenders documentation you signed when you purchased the home) to find out what the rate will adjust to, when it will adjust and how it will affect your payment. If you cannot afford to make the monthly payments the home will ultimately be lost to at foreclosure auction. Future creditors will ask if you have ever been foreclosed on. Credit reports will disclose this information.
B. Payoff/Refinance- Obtain a new loan or refinance the property. Identify if the current loan has a prepayment penalty for paying off the loan within the current time frame or within the time frame since the loan was first originated.
C. Reinstatement- Paying off all the amounts owed to the lender to make the loan current. This may include not only back payments but also interest, late fees, taxes, attorney's fees and possibly more.
D. Loan Modification-Renegotiate your loan before or after the rate adjusts with the current lender. Negotiate the interest rate down from where it is or where it is going. Negotiate a fixed rate loan and or the term of the loan over a longer period like 35 or 40 years vs. 30 year. Call your mortgage company and ask for the note modification or home retention department and will most likely work with you. It is possible they will put you in a new mortgage with no fees. If you would like we can help you with this process or there is contact information below, just call.
E. Forbearance- The lender may consider allowing a temporary payment reduction.
F. Partial Claim - Lender may loan borrower a second loan on the property for the amount that settles the back payments, costs and fees associated with the borrower being behind in the loan payments.
G. Deed in Lieu of Foreclosure - This option gives the property back to the lender instead of forcing the lender to foreclose on the property. The lender may require that the home be in good condition and current on mortgage payments and taxes. Most new loan applications will inquire if this has ever happened to the borrower.
H. Sell the property for maximum value. Have the property in the best possible condition and price it to sell. Pay off the debt and retain any equity derived from the sale.
I. Sell the property Short (better than foreclosure or bankruptcy). This occurs when the property value is less than the amount owed on the property when combining the first mortgage, second and potentially the third mortgage on the property. A good real estate agent who knows how to handle short sales will help his client through the process by helping with the following for his clients.
1. Guide the homeowner through compiling all the related documents needed. Identify exact loan balances, delinquent mortgage payments, Home Owner Association payments, possible judgments and/or liens and prepayment penalties.
2. Coordinate a written authorization for the Realtor and title company to speak to the lender(s) on their behalf.
3. Contact the title company to request copies of liens/judgments, Deeds of Trust and Notices of Default if applicable against the property. Carefully read the documents identifying the type of loan and any possible additional charges connected to the loan.
4. Contact the lenders (first, second and third mortgage holders if applicable) loss mitigation or short sale department. Ask them for approval to sell the property as a short sale. Identify what documents they will require to review the loan for a short sale. Identify what their turn around time is and request those documents be faxed as soon as possible. Identify the maximum amount of closing costs that the lender can be charged. Take extremely good notes.
5. Compile and forward the documentation that is required by the lender(s) to the lender(s).
6. Compile the documents for the title company.
7. Negotiate with the buyers and the lender(s).
8. Continuous and constant contact and communication with all the parties involved in the transaction. Terms of the sale can be changed by the lender(s) during the escrow period.
J. Foreclosure - Notice of default filed. Because this is a matter of public record people will be calling, letters will be received and people will be knocking on the door to discuss the sale of the property. The lender will get more insistent about receiving payment on the outstanding loans. The process will take 3-4 months before the homeowner is evicted from the property. The homeowner will loose the house.
H. Bankruptcy - This option can liquidate debt and/or allow more time.
1. Chapter 7 - Completely liquidates and settles personal debt.
2. Chapter 13 - Coordinates a plan for payments to be made toward paying off debts within a specific period of time (generally 3-5 years).
For additional information about bankruptcy I suggest going to the blog of Darren Welsh or General Council at Prudential Americana Group, Realtors at http://ameglegal.wordpress.com/ . He offers more a more detailed explanation and resources.
We want to help anyone who is in this situation that needs help and advice. This is a difficult process to go through and we want to help make it as smooth as possible for those who need and/or want it.
These additional resources were referred to me by Aaron Gordon (who also has a great blog):
Homeownership Preservation Foundation hot-line at 888-995-HOPE .
Home Retention Departments by Lender
Web site designed to help people stay in their homes by Moe Bedard Loansafe
These are local contacts that are very knowledgable about foreclosures and can be of help.
Anita Krikes
First Horizon Home Loans
702-795-0774 .
Jennifer Skewes
Equity Title Company
702-932-9670
Joe Laliberte
Prudential Americana Group, Realtors
702-499-1747
Our Las Vegas Real Estate Agent
I am continuing to research this topic and will continue to update this posting as I get additional information.
Two weeks ago , January 8 to be exact, Brent Jones of Brent Jones Services Inc. a leading Las Vegas appraisal service, informed us of a new lending issue for buyers and real estate agents to be aware of when a client is closing on a home loan. Since the Las Vegas real estate market has softened resulting from continued increase in residential home listings and a continued decrease in home prices, appraisers were identifying some areas of the Las Vegas valley as areas of declining value and oversupply. One check mark in this box on the appraisal can and has caused the buyer of that particular home to be required by the lender to increase the amount of their down payment by 5%. If the buyer does not have the additional 5% to put down on the purchase of the home the lender will not approve the loan.
You can read more about the details here Maximum Financing in Declining Markets .
Last Friday Countrywide Home Loans distributed this information to their offices officially making the entire Las Vegas Valley a soft market, "Government Sponsored Entities have recently released soft market policies to protect themselves from high loan to value lending in areas that have declining values and/or have values projected to decline. Countrywide's previous policy has been to reduce max financing by 5% ONLY if the appraiser notes the property is in a declining market. This policy is being enhanced to proactively identify soft markets and reduce max financing accordingly". The result is that people purchasing a home in Las Vegas at this time will need to put 5% more down on the same house to get qualified for the same loan program.
On the surface this may appear as another nail in the real estate market coffin but in reality it is a protective position being taken on the part of lending institutions. This position is being taken in an effort to not only protect the lending institutions but also the buying public and should further reduce the risk of foreclosures and short sales in the market. In my opinion this is a move that will eventually strenthen the market overall. There are also several changes that are likely to happen that should offset any reduced purchases due to this policy.
First this policy does not effect FHA and VA loans. Second the President has a bill ready to be signed that will increase the FHA loan limits from $304,000 to $417,000 while at the same time reducing the required downpayment from 3% to 1.5% on FHA loans. Third, the Federal Open Market Committee today lowered its target for the federal funds rate 75 basis points to 3.5 percent - the steepest cut since 1984. Fourth, analysts expect the Fed to cut the federal funds rate again at its regularly scheduled meeting Jan. 29-30 by another 50 basis points, to 3 percent. Obviously the rate cuts are certainly good news for people who have mortages, or are shopping for mortages but also for those people with adjustable rate mortgages or home equity lines of credit that are indexed to the prime rate. Those people should see an adjustment in their interest rate on those loans right away (depending on the loan program). For those borrowers who are expecting to see interest rate resets on their current loans, those interest rate resets could be less than expected.
It is my opinion that the changes being made, although painful now, will help strengthen the overall real estate market in the long term. For more information specifically about the Las Vegas and Summerlin Real Estate Markets go to these sites.
Las Vegas Real Estate Information
Summerlin Real Estate Information
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Las Vegas Real Estate Broker/Salesperson since March 2001. Resident of Las Vegas since August 1977. Graduate of UNLV. I've been investing in Las Vegas Real Estate since 1983. Call me I can help you.
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