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  • Location
    Sin City
  • Interests
    Real Estate, Hubby, 2 children, 3 kitties, 1 Iggy
  1. You can call a title company and ask the same question. You can also ask if it is in default. This has been a huge problem here and so many people have lost security deposits and just faith in the human race. The best way to protect your deposits is to have the deposits, rent and mortgage payments escrowed.
  2. REOs are an OK deal in Vegas but with three auctions in two weeks they have become scarce. I think you need to be careful and diligent when putting an offer on these. Lowballing will not get you the property and the more cash you have over financing will help secure the deal also.
  3. We are seeing decent absorption in our REO market here in LV, I do expect it to turn into a seller's market in the next two months and then back to a buyer's market unless more auctions are held (which generates interest in REO!) When an offer is written most banks want: a lender approval on major bank letter head (wells, bofa, countrywide) and underwriting completed. They don't like seeing 100% loans or FHA. Hope this helps!!
  4. The banks are inundated with short sales right now and they are getting harder and harder to push through. Our absorption rate is jumping up two years: from 5-7 years of inventory for short sales! Make sure you work with an agent who understands the short sale process when you go to sell, if you area is like that!
  5. I really don't want to scare you, nor am I purposely trying to be mean, but if you are collecting rent on those properties in default, you may be investigated for rental skimming. That is considered mortgage fraud.
  6. I will email Jenna! Some of the stories of what is going on here are unbelievable! Thanks for pointing me to this Tom! I will link Jenna to some of my blog posts.
  7. Use the appraisal and have them lower the price. Why do you want to pay over appraised price for a property?
  8. Hey Daddy! Some builders do and some builders dont The key is to be interested but not too interested! Are you following me with that? You got to make a bunch of silly excuses that are putting you on the fence for buying this and if the builder wants to get rid of it, they will give you incentives & wheel and deal - just make sure they are NOT tied to using their lender! Most people will go with the uber expensive appliances, fixtures, etc because it is just so easy to finance them in the loan. If you got the money outside, by all means do it! Just don't have a shopping spree
  9. If the FL market is anything like our market (and I think it is) Realtor fees are all over the board and generally paid for by proceeds from the sale of the house (the sellers) but that doesn't mean you aren't paying for it! If you are working with a trustworty Realtor in NY then by all means ask them to see if they know someone who is GOOD and who you may work best with. We network quite a bit and have connections all over the place
  10. Jenny please be very careful and get an attorney if you do this for sale by owner or with an "investor". Many times you will get scammed where you sign the deed over and the note stays in your name and never gets paid. Many times you can get a transactional Realtor but if you are leaning towards a short sale - you may as well pay the Realtor anyways since you will only be paying taxes on what you pay the Realtor. If you do go with a short sale you may get a 1099 and have to pay taxes on the written off portion of your short sale. Make sure you hire a professional no matter what rou
  11. Odds are most won't give you what they save on a Realtor co-op but it is worth the try. Once you go in there minus a Realtor, you can't show up with one. It is a risk you have to take. They also many not part with those incentives without you going to their preferred lender. Good luck!
  12. Don't overpay, negotiate the lower price. Listen to DLG, Nola and VA.
  13. Sometimes they cover garbage, water, sewer, cable, high speed internet, etc etc etc. You have to check with the Realtor or HOA to see what they cover and you will have value in that.
  14. I feel Texas is inhibited with equity growth until they figure out a solution with their prohibitive property tax rates. What can buy you $200K in Texas may be equivalent to $300-400K in other states.
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