COLDWELL BANKER PREMIER

07/19/2010 

 The Las Vegas Market is stabilizing well from the housing problems our nation faced in the last two years. Prices are still at all time lows, approximately equal to prices ten years ago. It is still a challenging market, so I highly recommend you use a professional to help guide you in your purchases and sales.

Please let me know what I can do for you!

03/19/2009

Who do you see for a loan modification?  This seems to be the question of the week with differing opinions depending on whom you talk to.

When in doubt, or when you start hearing a bunch of differing opinions-- go to the source of the law-- that's my method of practice.

So this morning I called the Nevada Mortgage Lending Division. (702) 486-0780 and had a wonderful conversation with Dan, an investigator who's worked with them for 12 years or so.

Simply put (it was a long conversation as I have been a loan officer as well as real estate broker and love the subject of real estate and loans) Assembly Bill 152 is pending. This is the attempt for our law to have licensing requirements for who is able to do a loan modification, and will require a person to be a Mortgage Broker, or a Mortgage Agent, to perform a loan modification.

Now that made sense. There is a certain set of skills to being a loan officer-- it only makes sense that a loan modification would require the same skills.

Two more facts I can relay from that conversation:

1) No one should ask for payment up front for performing a loan modification. There are laws governing that (NRS 645.F). It is payment once work is completed.

2) No one should attempt to do Credit Repair, or imply they are involved in that, unless they are licensed and registered with the Consumer Affairs Division of the Mortgage Lending Division. They have to post a $100,000 bond to be registered in credit repair.

03/14/2009

IR-2008-17, Feb. 12, 2008

WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site."

http://www.irs.gov/irs/article/0,,id=179073,00.html

This is a very informative article that anyone that has or is considering asking for debt forgiveness from their mortgage company should read.   Read to the bottom where you will find important links to the IRS Publication 4681 on Canceled Debts, Foreclosures, Repossessions and Abandonments.

03/10/2009

Neighborhood Watch is still an important element in the safest neighborhoods.  As our economy is still reeling from major financial adjustments, and 1 out of 10 homes (or more depending on the neighborhood) are vacant, it's as important as ever to take an active role in our community.  Yesterday I visited two separate neighborhoods that actively participated in the well-being of the vacant homes nearby. At one property near our Las Vegas Strip area the neighbors on both sides of the property we were visiting welcomed myself and my client with open arms, venturing out to greet us and offer any information we might need to convince us this was the home for purchasing.  The other invited their family to the area to view the available homes, and directed me to the rescue of an abandoned and starved kitten locked in a vacant home for two weeks (that had just become visible in a window thank goodness).  It was wonderful to experience the unity that made their block of homes a neighborhood.

http://www.citizencorps.gov/programs/watch.shtm

"To learn more, visit www.usaonwatch.org and browse the site."

On another note: I have been working on the Spring Valley Land Use Plan Committee, and we are expecting the new maps to be presented to a Public Meeting April 23d.

03/09/2009 

647 properties for sale in the Las Vegas Valley priced at or below $65,000!!!  That means a monthly payment of $376 principal and interest with 3.5% down ($2275) at a 6% interest rate (rate used for illustration only, there are lower rates dependent on the credit of the borrower).

03/04/2009

ServiceMembers Civil Relief Act (SCRA) extended the mortgage interest forgiveness period for eligible SCRA borrowers for one year past their official end of duty on Feb. 11,2009. This extension is effective through Dec. 31, 2010.

02/23/2009

Spring is real estate season and contracts start heating up with the temperatures outside.  It's a good time in 2009 to look ahead at what the year will mean to you in the housing industry. 

The buzz in local RE circles is that the economy will see strengthening from the recently approved Stimulus Bill coupled with low interest rates. You will continue to see some of the signs of the previous damage done to our local economy, but the healing has begun.

In the Seller market-  Builder’s Housing permits have basically stopped being pulled and to subdivide property is a 4-6 month process in Clark County, so, there will be a 4-6 month lag when the market does rebound for new home purchases.  Current bank-owned properties (REO’s, foreclosures) have reached a point where they are able to sell them off quickly once they hit the market and are being absorbed well in the median price range (approximately $200,000 ).  We are starting to see owner/occupants putting their homes on the market at the current prices (showing price acceptance) and are sold if priced closely to the most recent sale price in the neighborhood.  Short-sale listings are in a decline with new stream-lined Loan modifications and leniency from foreclosure by some of the major banks.

An indicator of our strengthening Buyer market and sign of renewing confidence-   Properties have hit the valuation where investors are back in the game (with approximately 1/3 of them bought under cash purchases in certain areas). Conventional loans are still the favorite for buyer’s with good credit due to lower finance costs (which generally shows a strong market with higher cash down payments required and better credit), FHA follows at a close second showing buyer’s who prefer/require a lower down payment and/or need credit score leniency (because of the higher cost than a Conventional loan, the logic is they’d prefer less cost if it was possible), and VA a small portion.

It's a good time to do creative contracting- Lease-to-own, collateralized contracts. As always get good advice from a professional in the field to the shortcomings and benefits of every transaction.

A word to the wise: Loan modifications are not normal methods of business that anyone has been familiar with in the mortgage industry until recently.  As such, there are no current licensing requirements for who is allowed to perform/negotiate them on your behalf.  If you are in a position where you need a loan modification, Please, do your research to find a qualified professional.  To my knowledge and to this date, a licensed loan officer or attorney would be your best bet.

Please, forward any questions you would like answers to.

Have a great Day!

~Ann