May. 30, 2006 - Las Vegas Real Estate Market

What Kind of *Market* is Las Vegas in?

The Las Vegas market has slowed down a lot. There is about a five month inventory of homes that could be sold. After the great boom of two years ago things have leveled out and homes that were over priced are seeing several price reductions in a listing period. This is not to say that prices in Las Vegas, Henderson and Green Valley have plummeted. No, they are still increasing but at a more normal rate of appreciation. Only the houses that were way over priced are taking the reductions. With so many houses on the market however it will be a little harder to see your home. The days on the market have risen, so start early if you can.

May. 30, 2006 - Sell by myself or Hire an Agent?

Sell by myself or Hire an Agent?

There are good reason and answers for both questions. If you have the time to sell it yourself and can do all the right things then maybe you should sell it yourself. It takes a lot of work to sell the home yourself. A PRO to that is you will save the money that you would pay any agent to sell your home. Be prepared to have a few up front costs for advertising. A couple of small ads and a small sign out front of your house probably will not do it. You must understand the paperwork and there is paperwork that must be filled out that is required by law. Make sure the people coming to look at your house are qualified buyers and not just looky lous or someone coming to your home to case the place.If you are comfortable with letting un-assisted strangers into your home then it won't be an issue. Make sure you can be available almost all of the time as buyers not working with an agent usually are cramming the time in to go looking whenever they can. The point is you need to be home to answer their calls because they usually will not leave messages and they certainly don't want to wait until it is within your schedule to show it to them. To make your marketing plans work you have to be there. If your schedule is busy or you are not comfortable with doing your own marketing or letting strangers in then perhaps you should call an agent. Your property will come with an already tried and true marketing plan. Your property will go on not only the agents website but in the MLS and on Realtor.com. Realtor.com is the most visited real estate website there is. Good luck no matter which way you choose to go.

May. 30, 2006 - What does the Median Price mean?

You often hear and read in the media about the MEDIAN prices of homes. The media can slant facts and figures anyway they like so you should really have an agent who will explain to you what is going on price wise and other wise in a neighborhood you would like to live in. This needs to be done at the local level. If the agent only says the median price in this neighborhood is such and such ask what the lowest and highest are.
The MEDIAN is price is the market price for a given period of time where half the homes sold for higher and half sold for less. In the next reporting period if the MEDIAN price of that neighborhood has risen, it does not affect over all values of the homes. It means that more of the expensive side of the median sold in that reporting period. The same is true when the MEDIAN price declines. It only means that more of the less expensive homes sold.

May. 30, 2006 - Why Buy Title Insurance?

Why Buy Title Insurance? When buying a home, unlike when buying a car or other consumer goods, it is necessary to have the information on the former owner, such as marital status, whether there are any outstanding taxes, or if they are involved in a lawsuit, and more. While the former owner may own the property, others may also have rights to the same property. A title search can uncover items such as unpaid taxes, easements, law and court decisions pertaining to the property, recorded liens or encumbrances and any other matter of record which could affect the title to the property. Often all things affecting the property are not contained in a single book, office or even the same city. Add to this the possibility of human errors at many points. What is not in the public records often causes title problems. For these reasons, a property owner needs the protection title insurance can provide.

May. 29, 2006 - What is Title Insurance????

What is Title Insurance?
Title insurance insures the owner against any losses due to defects in title, or expenses in legal defense of the title, up to the amount or liability of the actual insurance policy. The title policy is usually in the amount of the purchase price. Generally, title insurance provides coverage only for title problems which were already in existence at the time the policy was issued. An exception this is to purchase optional additional coverage which costs 10% of the basic title insurance rate. This additional insurance covers post closing cost matters.

May. 29, 2006 - Taking Title

Taking Title in Nevada

In Nevada we do not use lawyers to close our transactions. We use title companies.
When opening an escrow as a buyer or a seller,you want to be sure that all the terms and conditions of been met before the transfer of ownership of that property. Escrow is a written agreement of those terms and conditions held by a neutral third party known as the Escrow Holder. The Escrow Officer has the responsibility to impartially carry out the written instructions given by the principals making sure all conditions are met by both parties. In other words, the Escrow Officer makes sure that all interests of all parties in the transaction are protected.
The Escrow Officer takes instructions from the terms of the purchase agreement and the lenders requirements. This includes receiving documents necessary to comply with the agreement, completing and obtaining required forms and handling final delivery to the proper parties upon completion of the escrow. Necessary information to complete the transaction must be provided to the Escrow Officer. The elements include loan documents, tax statement, fire and hazard insurance, terms of sale and any seller-assisted financing along with requests for various services that may be paid from the escrow funds.
It is the buyers responsibility to make necessary arrangements if financing is needed. Proof of the loan agreement must be in the hands of the Escrow Officer before the transfer of property can take place. When all instructions in the escrow have been completed the closing can take place. At that time all outstanding funds are collected and any fees such as title insurance, recording fees, real estate commissions, loan payoffs, etc. are disbursed. Title to the property is then transferred under the terms and conditions of the escrow instructions and appropriate title insurance is issued.

May. 29, 2006 - Getting Ready for your Escrow signing

Getting Ready for your Escrow signing

Your agent should coordinate with the escrow company and get an appointment set up for you that is best suited for you and the escrow company. Below is a list of things that will need to happen before and during your signing. Cashier's Check You will need to get a cashier's check or certified check issued by a Nevada financial institution made payable to the Escrow Company in the amount indicated to you by your agent or the escrow Officer. Identification There are several acceptable form of identification which may be used during the escrow process. These include: A current drivers license A passport A State issued ID A green card Some lenders may require a copy of your social security card at the time of closing. Lenders Requirements Make sure you have satisfied all of your lenders requirements before coming to title to sign your documents. Fire and Hazard Insurance When you are buying a single family, detatched home and in some cases a townhome, be sure to order your insurance before the loan has been approved. You must have the insurance in place before the lender sends the money to the title company. This would also apply to your Home warranty as the buyer your agent should order and make sure that title has the warranty confirmation number before the signing. After completing the signing After you have signed all the necessary instructions and documents, the escrow officer will return them to the lender for final review. Following the review, which usually occurs within a day or two, the lender is ready to fund the loan and advises the escrow officer, so that the necessary work can be completed to record the documents and CLOSE the escrow. An Escrow Closing is..... A legal transfer of title to the property from the seller to the buyer and is the culmination of the transaction. Once the Grant Deed and the Deed of Trust are recorded, this completes the transaction and signifies the Close of Escrow. When the escrow officer receives confirmation of funding, funds are disbursed.

May. 29, 2006 - Starting the Buying process

Where do I start

The Buying Process Where do I start? So where do you begin? First find a REALTOR® who you will feel comfortable working with. Call several and interview them. You are hiring someone to help you make the first biggest purchase of your life. They will also explain their fudicary duty to you. A member of the National Association of Realtors adheres to a very strict code of ethics. Once you become their client they keep strict confidences and are looking out for your best interest. The Realtor ® you choose should set up a meeting with you to determine your needs.  They should ask questions like: What kind of house are you looking for? (single story, 2 story, condo, townhouse) What is your price range? Have you met with a lender yet to determine affordablity? Have you made a list of home features that are important to you? What is your time frame? Are you ready to move now? Do you have another home to sell? How long do you plan to stay in the home? If you purchase the home and then get transfered or decide to sell after a short time you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell the home. The time that it takes to cover the appreciation varies depending upon economic factors. Most parts of the country have around a 5% appreciation a year. So you would have to stay in the home 3-4 years to cover the costs of buying and selling. If the area has an economic up turn the time would be shortened, and the opposite can also be true. How long will the home meet your needs? What features do you require in a home to satisfy your lifestyle now? Five years from now? Ensure that the home has the ammenities you will need. For example a 2 bedroom home may be great for a young couple with no children but once you start a family you may quickly outgrow the space. Consider a home with room to grow. Your financial heath? Would you rate your financial picture as healthy? Generally a couple of blemishes on your credit report will still make you an ok credit risk, and should qualify you for low interest rates. More than a couple of blemishes and you will still be able to get a loan you will just have to pay higher interest rates. To determine your price range you should meet with a lender again interviewing 2-3 to determine if you will be comfortable working with them. They can then help you determine the price range. This is one of the most IMPORTANT steps in the buying process. Within 24 hours of application the loan officer should be able to give you a good faith estimate and a pre-approval letter. This puts you in a good position when your agent negotiates your purchase price. In other words the sellers will know you are serious and that you can afford to buy their home.

May. 22, 2006 - Kyle (Keil) Ranch

Kyle (Kiel) Ranch

The has been some scandal in our newspapers here in Las Vegas about this ranch.  It was suppose to be preserved and more and more of the land has been sold off.  Wonder where the money went?

So I checked on this place as it is only about a hour from my house.  Nevada Historical Marker 224 is located at Kyle Ranch Park at Carey and Lossee streets in North Las Vegas.

It has the oldest standing building on it that Las Vegas has.  It dates back to the mid 1850's.  It is a white house and a shed.

Established by Conrad Kiel in 1875, this was one of only two major ranches in the Las Vegas area.  It was marked by violence.  Archibald Stewart was killed in a gunfight there in 1884, then in October of 1900 Edwin and William Keil were found murdered on the ranch.

The railroad bought the ranch in 1903 and later sold it to banker John Park of Las Vegas who built the house that was a mansion in its day.

Edwin Taylor owed it from 1924-1939.  His ranch hands competed in national rodeos.

Edwin Losee owned it from 1939-1958 and created quite a dude ranch called the Boulderado.  It was a popular destination and residence for divorce seekers.  When buisness declined in the 50's the ranch was sold.  In 1976 the city of North Las Vegas purchased 26 acres with the house and shed on it as a historical project.   There are five total buildings.

May. 18, 2006 - What if your airplane is late?

There is a federal law called The Passenger Disclosure Law.  An agent is not allowed to give out information on a passenger.  There is an exception to this rule.  If in your reservation you have the agent put in that information is allowed to be given.  The person picking you up needs to know that information is there so they can tell the airport agent, as they will not automatically pull up the reservation.    Even if you do the reservation on line call the airline and have them put the information in.  There are soooo many nights that people come in wanting to know what flight people are on, we can not tell them.  

This law came about after an angry X husband found out what flight his wife was on and blew her away.  A person may not be able to do that anymore as someone comes off a plane, but they could do it in the Baggage area at least in Las Vegas.  We have no one protecting our backs in this area of the airport.  I try not to think about someone coming in with a bag and sitting it on a carasoul when there are thousands of people in the baggage area.  Spooky!!!!