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What is a short sale?

A short sale occurs when a seller owes more than the fair market value of the home, faces a demonstrable financial hardship, and needs the seller’s lender(s) approval to close escrow. Why must the seller’s lender approve the transaction? The seller’s loan(s) is a lien against the property; in order for title to the property to pass to the buyer, that lien must be satisfied. Therefore, getting the seller’s lender(s) to accept less than it is owed is a critical step in a short sale. [read more]

What about foreclosure?

If you are behind on your mortgage payments, a lender may proceed to foreclose upon the house, either in court or through a "power of sale" clause in your loan agreement. The lender will record a Notice of Default and Election to Sell. Once that happens, Nevada law requires a three month waiting period which includes a right of redemption during which you may bring the loan payments current. If the lender moves forward with selling the home, Nevada law requires that a Notice of Trustee Sale be recorded at least 20 days before the sale. [read more]

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What is REO?

REO means "real estate owned" and is a term used by the financial industry to describe properties (assets) that a financial institution has repossessed by foreclosure, a deed-in-lieu of foreclosure, or other means. REO properties are also called "bank owned" or "corporate owned" because the owner of record is an institution instead of a natural person.

Is an REO property a better deal than other properties on the market?

Only a willing buyer and seller determine the purchase price of a property. Just like other resale homes, REO properties will have different amenities and be in various stages of age and repair. All of these factors influence the price that a buyer and seller are willing to agree on.

What kind of financing is available for an REO property?

It is a sad truth that some REO properties have been vandalized. Certain loan products (for example, FHA loans) are not available for properties that do not have certain appliances, floor coverings or utilities. Check with your loan provider for complete details about your loan requirements.

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For all your Real Estate needs professionally done by a REALTOR. Let me help you with buying, selling or renting. I am committed to helping you in todays active market, with today's choices of New, Resale, Foreclosure, REPO, and Short Sales, let me work with you in understanding all that's available to suit your Real Estate needs. The Greater Las Vegas area has many wonderful coummunities that offer a large array of ammenities, including parks, trails, golf, strip and mountain views, card rooms and ballrooms, truly something for everyone. You can be confident that I will work with you on every step of the process, with the latest technology on financing options and interest rates, I am action-oriented in all processes of your Real Estate needs and belive that The Key To Sucess Is Good Communication.