Jun. 17, 2009 - REO Las Vegas What You Need To Know Part 1

Part 1

The Contract  

This will be a five part series on buying a bank owned property.

From all accounts in the news Nevada leads the nation in foreclosures.  Las Vegas has the bulk of those homes.  How do you go about buying these homes and what do you need to know?  Much of the transaction is similar to a normal sell, the difference of course is the seller is a bank.

Another difference is you may not have a written acceptance right away.  The listing agent may notify the parties once the offer has been accepted but verbally at first.  The initial response can take 2-3 business days.  The written acceptance may take 5-10 business days.  Be AWARE that even though there maybe verbal acceptance it is still not binding until the seller has signed the acceptance.

The seller will then present to the buyer through their Realtors® a counter offer/addendum with additional terms and notices specific to that transaction. Buyers should check all of the terms and conditions of the counter as it will typically alter many terms of the standard residential contract that was required up front.  In Las Vegas that is a Residential Offer that your Realtor® filled out and you signed to submit the offer.

Some of the specific terms may include inspection periods, removal of any contingencies and very often a NRS113 which relieves the seller (bank) of any warranties on the house.  Other specifics include closing costs and closing dates with penalties attached should you not be able to close on time.

It is very very important to have your financing in order and a good loan officer that you and your Realtor® can work very close together on making sure you can meet the sellers (banks) deadlines.

There are bargains to be had in this market and things can work out well if you as a buyer are aware of what needs to be done to make this all run very smooth.  A good Realtor® can help make the process easier.  

Jul. 26, 2008 - Another Side of Foreclosure

The Darker Side of Foreclosure

     I just read a story at Fox News.com about a women that sent a fax to the lender on the day of her house being auctioned.  She said in the fax that it did not matter she would be dead before it happened.
When buyers came to preview the house before the auction her body was found in the house.  This 53 year old wife and mother had shot herself.  Her husband stated he had no idea they were in financial trouble.  What?  How could he not?  This happened in Massachusetts but it could happen anywhere.
     Our homes tend to define who we are.  How well we are doing in life.  Where our children have grown up and we have kept up with the Jones.  Dr. Ablow who contributes to Fox News.com is quoted as saying,“People’s homes are tremendously important to them emotionally,” “It’s an American and human fact that we project our self image through the houses that we buy and redesign and where our children grow up  and to some measure it is our face to the community and to ourselves.” “There can be feelings of desperation, hopelessness and shame,” Ablow told FOX News.com. “Financial chaos in ones life brings up very deep questions related to much earlier life stresses and experiences. For example, financial turmoil in your family of origin or questions about whether you measured up personally or economically.”
     If you are in a position where you could lose your home, seek help just as soon as possible.  If you ignore it things can only get worse.  Take control of your future before it takes control of you.
     If you know someone who is in financial distress there are warning signs to watch out for.

•  When someone seems to be drawing a line in the sand psychologically and saying that they cannot envision the future
•  Signs consistent of major depression including:
•  Episodes of tearfulness— Low self-esteem,
•  Inability to concentrate
•  Lack of appetite
•  Inability to sleep or sleeping too much and any expression of suicidal thinking

Jan. 10, 2008 - Foreclosure Help

There is a website set up by the goverment to help with the ins and outs of foreclosure.  As painful as it might be, as much as you would like to bury you head in the sand it will not go away by itself.

You need to take action and this website may help,

                                                 Foreclosure Help

God Bless