Las Vegas Home For Sale – Traditional Sale Single Story! – $104,900 Bedrooms: 4 Bathrooms: 2 Parking Spaces: 2 Year Built: 1998 Subdivision: Tierra De Las Palmas Lot Size: 5498 Garage Size: 2 School District: CCSD Square Footage: 1745 Agent Name: Renee Burrows Broker: The Force Realty MLS #: 1223086 Price: $104,900 2108 Spanish Town Ave North Las Vegas, NV 89031 View Map View More Photos Range/Oven Dishwasher Fireplace Patio Renee Burrows 702-966-2494 For More Information on Las Vegas Area Real Estate Trends Visit: www.ShackDiva.com Renee Holds Six Designations/Certifications: ABR, AHWD, RSPS, SFR, SRES, SRS. Powered by vFlyer.com Equal Housing Opportunity VFLYER ID: 130686000

All information in this site is deemed reliable but is not guaranteed and is subject to change

2108 Spanish Town Av, North Las Vegas, NV 89031 (MLS # 1223086)

Property Type(s): Residential / All, Residential / Single Family

Last Updated	2/20/2012	Tract	Tierra De Las Palmas
Year Built	1998	Community	n/a
Garage Spaces	2.0	County	Clark
Total Parking	2	Walk Score ®	40

Schools

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with The Force Realty

(view all details for MLS #1223086)

Selling Your House in Las Vegas:  When to Sell a House?

Most traditional markets have better seasonal selling months than others.  Las Vegas does not have bitter cold or snow that may stop a potential buyer from heading out in the “elements” to buy a home.  Las Vegas does have that nasty blast furnace heat in the summer that one would *think* it could stop buyers from searching for a home but that is not true!

Las Vegas real estate attracts many types of buyers:  first time buyers, vacation & second home buyers, retiree buyers & investor buyers.

Spring, Summer, Winter or Fall – there is no best season to sell a house in Las Vegas.

January, February, March, April, May, June, July, August, September, October, November or December – there is no best month to sell a house in Las Vegas.

Thanksgiving, Christmas, New Years, Super Bowl, Valentine’s Day, Fourth of July, Back to School, Halloween – there is no best holiday to wait to sell a house in Las Vegas after.

Take a look at this graphic:

Blue represents active listings, red represents contracted listings and green represents sales.  Each line is for a month from December 2007 to December 2011.  Every month there is green even during the “crappy sales months” of December 2007 through early spring 2008.  That means every month there are sales – and these days the amount of sales are very healthy every month & every season so it really doesn’t matter when to sell your house.  It’s only a matter of *if* you *need* to sell your house.

Any house will sell in any month if it is:

• Priced correctly for current market conditions
• Easy to show
• In good repair
• Shows well
• Marketed to target audience correctly

The Las Vegas real estate market breaks all “laws” about when to sell your house during seasons, months & holidays.  Las Vegas is a 24/7/365 town with homes selling every day of the year!

Click here for your no obligation – no appointment – free consultation – if you are thinking about selling your Las Vegas Home!

The Las Vegas residential resale real estate market experienced it’s 13th month consecutive decline on inventory in January 2012!   I am expecting to see continued declines and inventory shortages until things get smoothed out with AB 284.

Las Vegas area is still a seller’s market and our pendings level is slightly higher than the active level.  Our absorption rate is just over 2 months of inventory which indicates a strong seller’s market.

The Las Vegas REO (foreclosures, bank owned) sector remains a EXTREME seller’s market around 1 month of inventory & the Las Vegas Short Sale sector has emerged from a stable market to a seller’s market with a decrease of inventory.

Las Vegas Home Sales were strong with 4098 units sold in December.

Las Vegas Home Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale.

Cash sales still dominate the Las Vegas sold terms with 54% of the homes selling with cash vs financed offers (VA/FHA/Conventional.)

The rest of my January 2012 Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Market will be up within the next several days on these pages:

Rhodes Ranch Area – this community is special and my favorite so it gets it’s “OWN” Market Report.

Age Restricted Communities & Sun Cities

Las Vegas Area Market Activity – shows general Las Vegas Market Activity, Trends & Absorption

Las Vegas Area Sales by Type – Four Graphs to Show Las Vegas Area Sales Trends.  See what percentage of Las Vegas Area Sales are Short Sales, REO (bank owned) & Standard Sales!

Las Vegas Area Sold Terms – Various Graphs and Charts that show what percentage of homes were Cash only or Financed.  Financed homes divided by Cash, Conventional, FHA or VA.

Las Vegas Area Concession Stand – Shows what percentage of concessions (or closing costs) sellers are giving buyers.

Las Vegas Area REO or Bank Owned Homes – Comprehensive Reports on Las Vegas Area REO including financing profiles by price point and absorption rate.

Las Vegas Area Short Sale Homes – Comprehensive Reports Detailing Short Sale Listing, Contract & Sold Stats.  Includes Absorption Rate.

Enjoy and feel free to ask questions about these reports or trends right here

5432 Nickel Ridge Wy, Las Vegas, NV 89122 (MLS # 1217115)

Property Type(s): Residential / All, Residential / Single Family

Last Updated	2/20/2012	Tract	Copper Creek Unit 3
Year Built	2006	Community	n/a
Garage Spaces	2.0	County	Clark
Total Parking	2	Walk Score ®	23

Schools

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with The Force Realty

(view all details for MLS #1217115)

Las Vegas Home For Sale – Traditional Sale!!!!! – $107,900 Bedrooms: 4 Bathrooms: 3 Parking Spaces: 2 Year Built: 2006 Subdivision: Copper Creek Lot Size: 3485 Garage Size: 2 School District: CCSD Square Footage: 1840 Agent Name: Renee Burrows Broker: The Force Realty MLS #: 1217115 Price: $107,900 5432 Nickel Ridge Way Las Vegas, NV 89122 View Map View More Photos Range/Oven Full Refrigerator Washer/Dryer Dishwasher Sink Disposal Microwave Patio Fenced Yard Grass Lawn TRADITIONAL SALE! No banks involved here so a nice, smooth transaction awaits you! This home has gorgeous decorator finishes and is upgraded. Fully finished backyard oasis. “His & Hers” Separate Garages. There is no deferred maintenance here and this is a rare & FABULOUS turn key opportunity that is priced right in today’s market! Gated & Guard Patrolled Community Boasts: Dog Park, Pool, Spa, Fitness Center, Clubhouse, Playground, Basketball AND MORE! This community does have rental restrictions. Call 702-966-2494 & make your appointment today and be ready move in next month! Renee Burrows 702-966-2494 For More Information on Las Vegas Area Real Estate Trends Visit: www.ShackDiva.com Renee Holds Six Designations/Certifications: ABR, AHWD, RSPS, SFR, SRES, SRS. Powered by vFlyer.com Equal Housing Opportunity VFLYER ID: 125086066

All information in this site is deemed reliable but is not guaranteed and is subject to change

A “Short Sale“ is a type of seller.  More specifically, it is a seller contingency.

Short Sale means that the property or home is worth less than what is owed on it.  The Seller is asking the bank to forgive part of the debt or for an unsecured promissory note for the difference in what is owed.  The home may or may not be in default (going through the foreclosure process.)    It is highly likely that a Las Vegas Short Sale is in some part of the process of foreclosure.

Short Sales are currently (Jan 2012) the majority of the active inventory (47%) – yet they are the least closed transaction type in the Las Vegas Valley (27%)!

The Number 1 rule for a Short Sale buyer is to NOT FALL IN LOVE with the home until it is closed!

How are Short Sale homes priced?

Short sale homes are priced just as traditional sales are priced – the seller sets pricing.  Once the servicer(s)/investor(s) receive an offer they order something called a “Broker Price Opinion” (BPO) to determine selling price.  Many order multiple BPO’s and the process is usually started when the home defaults.

What are the steps for buying a Short Sale home?

The first step if you are financed is to get pre-approved from a lender to buy the home so you are looking in the appropriate price range.  If you are an all cash buyer, the real estate agent will need Proof of Funds (POF),  Verification of Funds (VOF) or Verification of Deposit (VOD) to present to the list agent with your offer.  Please be aware that “all cash” offers will NOT expedite the process of a short sale.

The next step is to work with a real estate agent so we assist you on analyzing your housing needs.  What Area?  What Price Range?  What Size?  How Many Bedrooms?  You get the picture!  We will set you up on an MLS search AND direct you to some phenomenal IDX sites.

You found the home of your dreams!  YAY!  Now we get to do the fun stuff (the above was just the easy stuff!)  We get to write a contract!  Your real estate agent should do an abundance of work behind the scenes to find out if there are multiple offers on the property and pull comparables.

There are several reasons for comparables – you don’t want to pay too much for the property (of course!)  You also want to know if the home may or may not appraise where the lender needs it to appraise at!  If there are multiple offers on the property your real estate agent also needs to analyze the numbers to present a price to you that will raise your odds for getting bank acceptance and beating out all others vying for the same home that you want!  It is essential to work with a real estate agent who understands pricing structures in today’s market:  Owner Occupied Non-Distressed, REO and Short Sale prices are all different!  Remember – the bank has the option to REJECT your price & terms in a short sale!

Once we put your offer together, we submit it to the listing agent.  With your pre-approval letter (if financed) or POF (if all cash) and a copy of your earnest money deposit (EMD.)  The listing agent submits it to the seller and once it is accepted it gets sent to someone called an “Negotiator” with the bank.  The Negotiator then, in turn, helps with the decision of accepting, rejecting or countering your offer.  The time lines on this process vary widely from agent to agent, investor to investor, negotiator to negotiator.  The process be as little as a couple of weeks or as long as a couple of years.  Nevada does have a new law requiring an answer in less than 3 months.

Once the bank makes a decision on your offer, several things must happen.  First, the sellers have the option of accepting or rejecting the terms of the short sale approval – after all this is a seller contingency.  Short Sale Sellers have lingering consequences (tax, legal and financial) so sometimes the decision is tough for them and they must consult with CPAs and attorneys.  Once they accept the terms & conditions of the contract, the “short sale contingency” is removed.  It is now the buyer’s turn to accept or reject the price, terms & conditions in the short sale approval.

So both buyer and seller agree to price, terms & conditions.

Here is where the fun really starts:  Your Due Diligence period (as defined in a short sale addendum written with contract).  This is the period where you need to meet all of your contingencies in your contract such as inspections, appraisals, verifying the property is insurable, loan approval, etc.

Even though many short sale properties are “as-is”, you should still be encouraged by your real estate agent to put in a contingency get an inspection done.  You may want to know of any pending problems that may be looming right after close of escrow.  This will allow you to back out of the contract if the bank or seller is not willing to fix major defects (mold, structure, broken furnace:  you get the picture,) or you do not want to fix those problems yourself after close.  More than likely, no one on the selling side is going to want to fix this.

You will want to research several Home Warranty companies if we successfully negotiated a home warranty to be paid by the seller.  When you choose the company and the plan, simply let us know and we order it for you and send the information to title.

We are also communicating with your lender in regards to the loan approval and appraisal so everything can get done on time.  We also like to make sure that if there are any issues with lending that need to be taken care of, they will early on so we don’t have major delays to your closing time frame.

One other thing you will have to do is read your “Certificate of Resale Package” if you are purchasing a home located in an HOA.  By law, you have five days to read this material to make sure you can “live” within the bylaws of the HOA.

Common Problems during due diligence on an Short Sale property:

• Home Inspections:  There seems to be a lot of deferred maintenance (previous owner did not do preventative maintenance on the home) so there can be plenty of structural or mechanical problems associated with the deferred maintenance
• Appraisal:  Deferred maintenance issues may be flagged by an appraiser which, the  lender, in turn may REQUIRE repairs to be completed prior to funding of the loan.  Many times the seller in a Short Sale will not correct those defects.

!!!Final Walk Through Issues:

Since the home is (more than likely being conveyed as-is) you may have to waive the walk through inspection.  YOU SHOULD STILL WALK THROUGH to make sure the property is in the same condition the day you wrote the contract.

!!! Many times personal and real property disappear in a short sale.

Crazy things like door knobs and light switches……keep this in mind when you purchase the property as a condition in your contract may be that the property is conveyed AS-IS and there is no recourse to go back and request those items get taken care of or reimbursed at close!

Loan Docs arrive to title (FINALLY!) and you make an appointment to sign.  Loan funding conditions (if any) need to be met to get the loan funded.

The bank now needs to do their job – HUD sign off .  Sometimes it takes a while to get this done.  It can take anywhere from one day to several weeks.

Recording, File Disbursed, We Closed, We Made it – HIP HIP HOORAY – YOU GET KEYS!

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the  Las Vegas Area  Please Call:   702-966-2494 to speak to one of my Las Vegas home buyer’s specialists.

Selling Your House in Las Vegas:  OUCH Your Listing Expired!

I am putting a postcard campaign together for reaching out to Las Vegas sellers who attempted to sell their home but their listing expired!  I have found a lot of reasons why potential listings expired and am putting them right here in a nifty list for you:

Agent Related to Seller:  I was actually shocked about this one.  Almost 30% of our 1400 ish expired listings in the last three months were listings where the agent was related to the seller in some way.   Maybe if your Las Vegas listing expired and you had a relative list it, you may want to find a Las Vegas real estate agent that has no emotional ties to you or your property.

Price:  I was not shocked about this one.  Without running full blown CMAs on the property but just using my trained eye on the area and PPSF, it appears that about 60% of expired listings are overpriced.  Only about 20% of those listings were GROSSLY overpriced (by more than 10%.)  That isn’t too shabby.  Buyers are finicky in this market for bargains and even the slightest overpricing can turn your listing into an expired listing.

Photos in MLS:  OK folks, it only rains here like five days out of the year and snows MAYBE one day of the year.  People moving here from out of state are generally trying to escape some elements like snow and rain.  When I see photos with snow (which is rare) or rain or clouds, it’s like fingernails on a chaulkboard.  There are several other photo problems.  Another is holiday decorations.  There is no better way to age your listing by allowing your home to get photographed with holiday decorations.  The last and probably the worst way to stigmatize your Las Vegas house listing is to have very few photos.  Our MLS allows up to 25 photos.  There is no excuse – even in a 2 bedroom condo to not have more than 10 photos.  With that 2 bedroom condo there are probably community amenities available to add to the MLS.   There were less than 10% of expired listings that made use of ALL 25 photo spots!

MLS Data Incomplete:  Non-required (yet searchable) MLS data is empty and buyers may be missing out on the fact that you have granite countertops, walk-in closets, a balcony or a bedroom & bathroom downstairs – you get the picture.  When you list your home you should ask for MLS sheets – both REALTOR® & public views so you can see how your home is portrayed to the public and compare it with your competition!  I saw a LOT of white space with expired listings!  I would say close to 80% of expired listings could have used better descriptions and made better use of the non-required MLS fields.

Showing Instructions:  Homes that are difficult to show are difficult to sell.  Uncooperative tenants & appointment with listing agent just to name a few.  This was about 40% of expired listings.  Placing your home on an electronic keybox and making showings easier will help get more traffic in the door and increase your chances of receiving a good & acceptable offer.

Please note – my above findings are for “standard” or “traditional” listings only.  They DO NOT include short sale or REO listings that have expired in the last 3 months!

If you are looking for a complimentary, no appointment necessary consultation to sell your Las Vegas home, please fill out the form below: