The #1 Thing Home Owners HATE About Short Sales… Solved For You!

Without a doubt the #1 complaint I get about short sales from homeowners
who have tried on their own is… the “friggin’ banks.”

Tell me if this sounds familiar?

“The banks lost my file.”
“The banks said the BPO came in 150k above my offer.”
“The banks are taking forever and my buyer is about to walk.”
“The lender says the offer is too low and they are closing the file.”
“The banks lost my authorization.”
“The banks, the banks, the friggin’ banks!”

So if you never had to deal with a bank again in your life and you could still
have your short sale offers approved fast, quick and easy that would be great wouldn’t it?

You have one of three options to accomplish this:

#1 – Find a trained a negotiator to work your submission for you.
That’s a tough and DANGEROUS task. How can you be SURE they can perform?
I’ve solved this for you…

#2 – Do all the negotiating work yourself – WHICH STINKS.
I don’t recommend this one at all. It requires YOU to do ALL THE WORK
and takes a lot of time.  PLUS, if you are unlucky, your home will be FORECLOSED
on right under your nose while you are “negotiating”!

Do you know the secret to preventing or stopping that from happening to you?

#3 – Outsource all the negotiating to a team of experienced negotiators. 
My team of EXPERIENCED Real Estate negotiators have YEARS of experience
and the legal means to stall or prevent a foreclosure.

I’ll show you how simplify and DE-STRESS your life by letting us do all the negotiations for you.
By the way we’ll also do the BPO, list, sell the house, and get it closed for you.

If you’d like to learn the most cutting edge “Short Sale Business Systems,” in the business today,
you MUST call me and ask for help.

You’ll be glad you did.

Now, call me today.

Louie Frias
702.400.6515

MERIT Realty Reports GMAC Has Nearly 100 Foreclosed Properties In Las Vegas & Henderson

A search of the Greater Las Vegas Multiple Listing Service reveals super lender GMAC has listed nearly 100 properties with local real estate agents in its effort to liquidate it’s bank owned inventory. 

This number does not include short sale or re-sale properties but does include single family residences, townhomes and condominiums; some are in good condition while others are just plain ugly and need cosmetic and/or some degree of rehab. 

Listed prices are intimidating to many home buyers but rarely intimidate the true real estate investor. To a professional investor and his real estate agent, the list price is just a number. The method of creating a “deal” in any market is the fearless ability to write and present aggressive offers to sellers like GMAC of distressed properties; and not merely one at a time. 

The investment game is like any other business; a number of offers are needed to create the desired result – success in acquiring a home to live in or one to add to a portfolio. 

A highly effective tool used by MERIT Realty agents in selling GMAC properties is the automated client/property notification system. It allows a client to submit his criteria for acquisition which is then entered into the MLS system. Once a property match occurs, the client and agent are automatically notified. Many times, this is the catalyst for the investor that allows him to strike before anyone else sees the property. 

If you are a home buyer or investor and are looking for an edge in buying a GMAC short sale or foreclosure in Las Vegas or Henderson, then you need to request access to this advanced property notification system. 

Best part? It’s FREE. 

Access it 24 hours a day, 7 days a week at: HowToBuyABankHome.com

Bank Of America Has Nearly 300 Ugly Foreclosed Properties In Las Vegas & Henderson

What makes a house ugly? Essentially, they are properties that are in need of some degree of repair – from minor cosmetic to full on rehabilitation.  

Some ugly properties may lack such “amenities” as windows, doors, plumbing fixtures, flooring, cabinets, even entire air conditioning units and can become a popular hangout for drug addicts and vagrants. We have even seen instances where a disgruntled former homeowner has poured concrete down all the toilets! 

Some cities can and do, fine property owners (typically banks) thousands for numerous code violations.  

A particular ugly property in Sarasota, Florida was assessed $275,000 in outstanding fines from the city and $25,000 in code violation fines that the investor was able to have repealed to $375. He then purchased the property for $7,000 and resold it “wholesale” for $18,375 to another investor, who then sold the two-bedroom house for $30,000 to a “retail” (homeowner) buyer. 

The key to success in this facet of real estate investing is to help people stuck in ugly houses or people who find themselves in ugly situations like foreclosure, divorce or job loss that need to move.

Using your local MLS and a highly qualified real estate agent is the fastest method of locating such properties. Some may be listed and some real gems may be in their private inventory: aka, “pre-listed”. 

Before buying an ugly property, get it inspected by a certified inspector to reveal any hidden items that could lead to a HUGE evaporation of your investment dollar- making you an ugly investor. 

You can access the entire Las Vegas MLS to find your next property at NO COST and with NO personal information needed at: HowToBuyABankHome.com

Short Sale and Foreclosure Values For Ugly Houses In Las Vegas And Henderson

2009 update – The bubble has popped in the highly appreciated coastal markets and some of the inland markets related to them. Where will values end up? That will depend on area, but 30-40% drops from the peak prices are probable, with lenders losing 50% or more of their loan amounts on some properties. June, 2009 is seeing increased activity in Las Vegas and Henderson in the lower price ranges, it’s likely to be a couple of years before there is significant price appreciation. Look for specific under priced properties, do not count on appreciation to make a profit.

Most everyone will agree real estate markets that have had huge price increases for many years in a row cannot keep rising in price at the same pace as in the past. Other real estate markets have seen appreciation, but at a more moderate pace. A slowly appreciating market is far less likely to suffer a “bubble burst” than a market that has seen huge gains in just a few years time.

So, without relying on statistics provided by media sources, how do we find the appreciation rates in the area you are considering purchasing real estate in? The Office of Federal Housing Enterprise Oversight, or OFHEO, provides statistics based on the sales, or refinances, of individual properties. By using individual properties, OFHEO eliminates statistical variations caused by strengths in either higher end properties or lower end properties in any given market.

You can get to OFHEO’s House Price Index by clicking the link. You can compare individual state’s appreciation rates, review different Metropolitan Statistical Areas (MSA), or use their House Price Calculator to estimate the current value of an individual property based on a past purchase price and sale date. It’s good stuff.

If you are thinking about buying in an area that has had very aggressive appreciation for several years, you’ll probably want to be able to either re-sell the property fairly quickly, or hold onto it for many years. The fast resale approach, which shouldn’t exceed 6 months, will avoid any major downward price movement as long as you are paying attention to current market conditions. The long-term “buy and hold” approach is always going to be based on the property’s ability to cash flow. If you have a positive cash flow, market pricing cycles do not matter, you know in the long run that the loan will be paid down, and your property will eventually appreciate again. Buying a property to hold for a few years, then sell and make a bunch of money probably isn’t the best approach right now. However, if you are in an area that hasn’t seen explosive price growth, there isn’t really any bubble to burst, just invest any way you feel comfortable doing.

For more information on buying short sale and foreclosure properties in Las Vegas and Henderson, visit HowToBuyABankHome.com

Courtesy:AllForeclosure

Tips On Finding Distressed Property To Buy In Henderson And Las Vegas

Foreclosures occur when payments aren’t made on a loan that is secured by real estate, and the lender takes the security(real estate) because those payments have not been made. Understanding the process, and what steps you need to take at different parts of the process, is essential to successful investing in distressed property.

Property Values and Foreclosures

While it’s certainly possible to find properties selling for 50% of their potential fixed-up value, most people will find it easier, and more efficient, to focus on properties selling in the 65% to 80% of value range. Some of the value seasoned investors seek when buying these homes can come from the normal terms of the loan, such as very old loans that have been paid upon for many years. Some can come from price appreciation in a “seller’s market” where homes are appreciating rapidly in price. Some can come from the lender not wanting to deal with the property due to damage or necessary repairs, where the lender will accept less than they are owed on the property. So, how do you find these properties and what steps do you take? Let’s start at the beginning.

The First Step

When payments aren’t being made on a loan secured by real estate, lenders will often initiate default proceedings when the third payment is missed. The owner still has possession and the right to sell or refinance the real estate, these properties will usually be called a pre-foreclosure property by many investors. Since lenders cannot release information about their distressed loans due to privacy concerns, and homeowners often do not want to publicize their situation, you need an alternate way to find these properties, along with owner contact information. That source of information is your county recorder.

The County Recorder

Virtually all documents regarding real estate transactions are recorded and filed by the county recorder, and because they are public documents, you can access and search those documents. Most properties in default can be identified by the initial foreclosure document, which in most states, will be a Notice of Default or Lis Pendens.  A Notice of Default, or NOD, is used in non-judicial states, while the Lis Pendens is used in judicial states. Because a judicial foreclosure is a court proceeding, you may have to search court records for the Lis Pendens instead of the recorder’s office, local procedures vary throughout the US. Also keep in mind that all Lis Pendens are not loan defaults, Lis Pendens means there is a legal action pending, and many Lis Pendens will not be anything of interest to you.

In a simple world, you’d be able to find your target properties by asking your county recorder for a list of all the NOD’s or Lis Pendens recorded that week, and they’d give you the list, with names, addresses and phone numbers along with other information you might want. It doesn’t work that way. But, since many recorders have established searchable websites, you can do something similar. Use the online recorder’s site to find properties by searching for those document types. That should get you a list of owner names and document numbers. If you can’t view the actual documents online, you’ll then have to physically go to the recorder’s office with your list, search by owner name or document number, and look at the document (Notice of Default, or Lis Pendens) which will reference the original loan, the property address and the default amount.

For more assistance on buying a short sale or foreclosed property in Henderson or Las Vegas, visit our website at: HowToBuyABankHome.com

Courtesy: AllForeclosure

MERIT Realty Advice On Buying Henderson Or Las Vegas Property At Trustee Sale Foreclosure Auctions

TRUSTEE SALE PROPERTIES ARE SOLD “AS-IS, WHERE-IS” FOR CASH OR CASH-EQUIVALENT. USE EXTREME CAUTION WHEN BUYING AT TRUSTEE’S SALE.

Information is everything! Up to date accurate information is essential for investing in foreclosures. You will need a source for knowing what properties are going to sale, for how much and when.  Foreclosure sales are commonly postponed for many reasons, some because owners are trying to save the property, others because the lender needs more time for proper processing. You will need to track properties you are interested in, making sure to record postponement dates and reasons for postponement. KEEPING AN ACCURATE DATABASE IS ESSENTIAL. When a property has postponed many times, other investors will sometimes lose track of properties you are interested in, thus reducing competition at the actual sale.

Properties are tracked using a Trustee Sale Number (TS#). This number is generated by the trustee when a property enters foreclosure and is used by the interested parties. When you are seeking information regarding a property, this number is usually used to reference the property. Trustee’s are the ones usually processing a foreclosure, typically the only information they will give out regarding a property will be the date, time and location of a sale along with a bid if it is available or a postponement date and reason if the sale postpones.

Bids are available shortly before the sale, this can range from the day before up to the actual time of sale. When a bid is available, there is a good probability the property will be going to sale instead of postponing. Be aware that published bid amounts will differ from the actual bid amount at the sale. Sometimes they will be slightly higher to cover actual costs and sometimes the lender will reduce a bid making a property an attractive purchase.

Posting companies handle the publication and posting of foreclosure notices along with acting as the auctioneer at the sale site. Typically cancellations of sales are announced, then postponements followed by properties going to sale. Again, everything is referenced by TS#, pay attention so you don’t miss properties you are interested in.

THE TRUSTEE SALE

The auctioneer will ask if anyone wants to qualify, either before all properties are announced or before individual properties are announced. To qualify, you will need to show the auctioneer cash or cashier’s checks sufficient to cover any bids you will be making. Some Trustees specify checks are to be made out to them, usually you can get cashier’s check made payable to you, then if you are a successful bidder, you endorse them payable to the Trustee. Common practice is to have large checks to cover most of the expected bid, with smaller checks to cover increases in the bidding. You really do not want to have one check for $300,000 if you are going to be bidding on a $150,000 house or if you will want to buy more than one property. Once you sign your check over, you will not have the surplus funds available for a while. When bidding and qualifying, keep in mind that anyone around you is a prospective bidder, if you allow them to see the maximum amount you can bid to, you have weakened your position. The same holds true for notes you have written or numbers, keep your information private!

BIDDING.

The auctioneer will ask if anyone would like to bid when they are auctioning a property. If it is a property you are interested in, your bid should be a penny over the opening bid. The property will not sell until the third call and some people like to wait and see if anyone else is showing an interest. Relax, wait to see if other bidders are going to jump in, if no one does put your “penny over” bid just before the third call. If other bidders are intersted in the same property, bids will go up usually in hundred dollar increments. Know the maximum bid you are willing to place and do not exceed that number. It’s very easy to get involved in a contest of who’s going to win the bid, if you are investing, you need to make a profit, not prove you can bid higher.

THE SUCCESSFUL HIGH BID

If you are the successful bidder, you will need to sign checks over to the Trustee. Usually, after all sales are complete, the auctioneer will write you a receipt, ask how title is to be held and you’ll be done. The Trustee can record the Trustee’s Deed for you or they will send you the deed along with any excess funds from your checks. Sales are sometimes invalidated by legal reasons, if so, you will receive your funds back. Expect to have everything done one to two weeks after the sale.

For more information on buying properties, whether short sale or foreclosure, visit HowToBuyABankHome.com today!

Courtesy: AllForeclosure.

How To Finance Your Henderson or Las Vegas Short Sale Or Foreclosure

Loan Origination Requirements

When a person is seeking a loan to purchase a home, the lender will usually require some down payment to make sure the borrower has something “at stake” in case the borrower runs into some financial difficulty and thinks about maybe not making timely payments. Many years ago, 20% of the purchase price of the property was considered a normal down payment, the acceptance of government backed loans and mortgage insurance companies has reduced this down payment requirement to as little as 3% of the property purchase price required as down payment, or in some very good credit cases even 0% down. We’ll discuss this more later down this page, but for now, remember that when the loan was originated, the lender felt the loan amount was somewhere between 3 and 10 percent below the property value at that point in time.

Who Owns the Loan?

With the exception of smaller regional lenders, most lenders in today’s environment do not originate and service their own loans. Most loans today are originated by one lender, using guidelines provided by the institution to whom they would like to sell the loan. Then the loan (note) is sold to that secondary lender who will continue to service the loan, meaning collecting monthly payments, maintaining any escrow accounts for property insurance and property taxes, and interface with the borrower regarding the borrower account. It is very common with home loans for the home loan to be originated with one lender, the note serviced by a different lender, and ownership of the note held by a third lender or financial institution. While the servicing lender is, for most intents and purposes, the foreclosing lender, their procedures for completing the foreclosure and handling the property post-foreclosure will be dictated by the institution owning the note.

Mortgage Insurance and Loan Guarantees

Lenders are often guaranteed against loss on their notes by Housing and Urban Development (HUD), the Veterans Administration (VA), or one of many mortgage insurance companies. When a new home loan is originated with less than 20% down payment, the originating lender qualifies the borrower using the requirements of the guaranteeing agency. The loan isn’t funded using any money from these agencies, they are acting in a capacity more like insurance, where they collect a fee and only get directly involved when something bad happens, which in this case would be a default in payments, and a possible foreclosure. If a default in payments occurrs, the guaranteeing agency will require the lender to follow certain steps to try to make the loan performing once again. If those attempts are unsuccessful, then the guaranteeing agency will have requirements for the lender to follow through the foreclosure process. Post-foreclosure, the guaranteeing agency will reimburse the lender for either all, or most of the loss incurred on the foreclosed loan.

For more information on current financing for your short sale or foreclosure, please visit our website: HowToBuyABankHome.com

Courtest:AllForeclosure

MERIT Realty Reports FHLMC (FreddieMac) Has More Than 350 Foreclosed Homes Available In Las Vegas & Henderson

Why Buy A Las Vegas Or Henderson Short Sale Or Foreclosure Property?

While homeownership comes with many responsibilities that you need to be aware of, most financial advisers say there are also many advantages.

• You’ll have a place that is yours!
  Homeownership provides shelter and security for you and your family. You can pass your home down to your children, and their children, creating security for generations to come.
• You may have some tax benefits with homeownership. 
  Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings may offset a portion of the cost of owning your home. While tax savings can reduce the cost of homeownership over time, you still need to make sure you can afford the monthly mortgage payments.
• Your monthly payments will remain stable if you choose a fixed-rate mortgage!  
  If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you’ll pay the same mortgage payment each month for the entire 30 years of the loan (but remember if your taxes go up, your escrow will go up – increasing your monthly payment).
• You’ll contribute to your nest egg!
  Owning a home can be a way to build long-term financial security and independence.

But remember with all the benefits of homeownership comes responsibilities too – a mortgage, upkeep of a home and repair bills just to name a few.

How lenders assess mortgage applications has changed a lot since 2007. What was acceptable a few years ago may not be so today. The following are some common homeownership myths:

Myth: It’s a bad time to buy a house.
Fact: Mortgage rates for fixed-rate mortgages are at historical lows, creating stable payments and long-term savings for today’s homebuyers and house prices have fallen at a record pace. Additionally, there is some financial relief for first-time homebuyers through the recently enacted Housing and Economic Recovery Act of 2008 and foreclosures have increased to record levels, leaving lots of housing supply on the market with unequalled demand. The combination of these factors generally equals greater affordability, and makes now a good time for many to consider homeownership.

Myth: Buying a house is just too risky; I’ll end up in foreclosure.
Fact:The recent news on foreclosures is understandably frightening. Certainly if you lose your job, go through a divorce, or suffer an illness, you could have real trouble paying your mortgage, or rent for that matter. In recent years, we’ve even seen an increase in excessive obligation–just too many bills–as a reason for delinquency. While you can’t always solve for the unexpected twists and turns of life, good budgeting and responsible credit practices can decrease the likelihood of a foreclosure. Also if you have trouble paying the mortgage, contact your lender immediately!

Myth: You can’t buy a home in the U.S. if you’re not a citizen.
Fact:If you’re a permanent or non-permanent resident alien, you can purchase a home in the U.S. In order to qualify for a loan you typically need to be a permanent resident alien with a valid USCIS card or, a “Green Card” and Social Security number. If you are a temporary resident alien with a valid work permit and Social Security number and have been in the United States continuously for the last 2 years, with steady employment and good credit history you may also qualify for a loan.

To acces all FHLMC and other lender owned properties in Las Vegas and Henderson, visit this website: HowToBuyABankHome.com

MERIT Realty Reports FNMA Has Over 1,500 Foreclosed Properties In Las Vegas & Henderson

Fannie Mae’s database includes only properties that are owned by Fannie Mae. Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture. 

There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs. 

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement. 

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works. 

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense. 

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy. 

Additionally, Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range. 

A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted. 

Two very common questions… 

What happens if Fannie Mae gets more than one offer? 

All interested parties may be asked to submit their best offer in writing though their real estate agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer determined to be in the best interest. Fannie Mae is not obligated to accept any offer submitted.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through licensed real estate agents. You may work with any real estate sales professional to submit your offer.

To search for all FNMA listed properties in Las Vegas and Henderson, use this simple website: HowToBuyABankHome.com

MERIT Realty Reports Wells Fargo Has 216 Foreclosed Homes In Las Vegas

That’s right. As of January 2010, MERIT Realty shows Wells Fargo Bank has 216 homes, townhomes and condominiums available for sale in Las Vegas and Henderson. 

Many of them can be purchased with FHA financing which means minimum down payments of only 3.5% for 30 year fixed rate mortgages. 

Once you’ve found a home you want to buy, you’ll need to negotiate a price with the seller and agree to a purchase contract, then it’s off to CLOSING!

Making an Offer

Unlike many major purchases which have a specific price tag, homes sell for whatever amount the buyer and seller negotiate. Your real estate agent should help you determine the appropriate amount for your initial offer. When you make the offer, keep these things in mind:

• Put it in writing. All negotiations should be handled in writing—not verbally—to ensure that there is a clear understanding between the parties. If you must negotiate verbally, at least follow up in writi
• Have your preapproval from your lender to give you maximum leverage. Sellers require offers from buyers whose financing is already secured.
• Be prepared to submit an earnest money deposit (also called a “good faith” deposit) to show your commitment to the transaction. This deposit, the amount of which varies by locality, will go into an escrow account until the transaction is complete.

The Contract

The purchase contract, or purchase agreement, is a signed agreement between the buyer and seller describing all the terms of the transaction. Like other contracts, this document represents a legally binding agreement, so approach it with care. Your real estate agent is the only person qualified to prepare the contract for you and keep you legally protected. Purchase agreements typically include these items:

• The home address and legal description of the property.
• The sales price and the amount of the loan, down payment, and deposit.
• The names of both parties and their respective agents, brokers, or attorneys.
• Any applicable time limits. These may apply to the buyer’s acquisition of financing, the seller’s response to the offer, the closing, or the transition of occupancy.
• Any conditions or contingencies that must be met in order to complete the transaction. For example, the contract may be contingent on the buyer’s ability to obtain financing, the home being appraised at a certain value, the results of a home inspection, or the sale of the buyer’s current home.

Remember that no two real estate transactions are exactly alike. Buyers and sellers bring different backgrounds, interests, and agendas to the negotiating table, and the purchase contract will reflect those differences. 

Closing

The closing is the final phase of your homebuying and mortgage process, so now your new home is just a few steps away. If you haven’t already, make sure you do the following:

• Review your loan commitment with your lender to make sure you understand all the requirements.
• Set the closing time and date based on your sales contract and the loan commitment expiration.
• Confirm that a survey of your property has been ordered. Check with your closing agent or attorney.
• Make preparations to move (notify your landlord, complete change of address forms, arrange for utilities to be disconnected at your current address and made available at your new home, and plan your actual move).
• Conduct a final walk-through inspection of your home-to-be.
• Make sure you’ve satisfied all the requirements of your agreement with the seller.
• Get a certified or cashiers check from the bank for your closing costs. Cash or personal checks are generally not accepted.

On closing day, ownership of the property will be transferred from the seller to you, and you will sign documents that acknowledge your rights to the property you have purchased, your agreement to repay the money you have borrowed, and the lender’s right to the property if you default on the loan. The escrow officer and title company will coordinate and distribute all the paperwork and funds, according to the terms agreed upon by you and the seller.

Then, it will be all yours!

For free access to all properties listed as foreclosures OR short sales in Las Vegas and Henderson, visit our website: HowToBuyABankHome.com