FORECLOSURES IN LAS VEGAS, NEVADA

170190424

Too many people are questioning whether or not they will see an increase in foreclosures heading into 2014. Real estate guru, Dean Graziosi ponders this as well. He is an acclaimed author, and a genius when it comes to matters of real estate. Mr. Graziosi is a professional investor who could very well help us answer this mystery, and possibly be the only man who could professionally answer our worry. What effect will the taxes and the supposedly fix of the economy do for potential buyers who seek to own a home in the City of Sin? Will there be changes in the upcoming year involving short sales? These are basic queries on consumer’s minds nowadays when it comes to the real estate market.

2014 is very likely to see a small increase in foreclosures thanks to the number of defaulted sales recently in Las Vegas. The economy seemed to bring high hopes to residents, and the renters decided to buy. Unfortunately, their paychecks weren’t big enough as they had imagined which caused and will continue to result in foreclosures of homes they jumped the gun and bought. The Tax Relief Act, which was a concern for Dean Graziosi as well, always had a definite impact on the market in Las Vegas. Shadow inventory was an apprehension, too, but according to Wells Fargo and John Guedry, the president of Bank of Nevada claims it’s non-existent. Most residents who have true financial hardship are no longer to do a short sale because they won’t be able to afford the tax. Which, in turn will result in fewer homes to be seen on the market upcoming in 2014.

And, if those same people do sell and cannot afford the tax, then they are sadly forced to file bankruptcy, which is all too easy to do. On, the plus side, if one can prove insolvency, then the tax wouldn’t apply to them, and they would be exempt. Only then could they proceed with a short sale and dismiss worries about paying on a deficiency. Just as 2013 has been full of changes in the market, hopefully the trend will continue into the next year.

Dean Graziosi is an expert when it comes to matters of the heart especially concerning real estate. His numerous groups, works of charity and media appearances has made him well-known, and the one to give us the best advice out there. He’s controlled investor’s forums and groups to help past, present and future homeowners within Las Vegas for a number of years. Las Vegas is the entertainment capital of the world and it has a huge job market. Why exactly many people were forced into foreclosure, nobody knows. But, Mr.

Graziosi’s numerous books which include helpful hints, tips and strategies could benefit one’s lifestyle, and prove to be a savior for you, and your family. He brings hope, like a mirage in the desert to potential buyers before they make their next big move, to buy or sell. Can foreclosures be reversed in Las Vegas? Of course they can. All we need is a little inspiration, belief and hard work.

Should you refinance your current mortgage loan?

If you are weighing the decision on whether or not you should refinance your current mortgage, you need to decide what your ultimate financial goal you are attempting to achieve.  Refinancing might be a tempting choice however one has to keep in mind the fact that it doesn’t pay off your loan debt it merely restructures the debt.  Dean Graziosi assists you with information about refinancing and the various types of mortgage loans. Restructuring your debt happens basically in two parts and one is to lower the actual interest rate on your mortgage loan and the second is to obtain a different loan term than your current mortgage has.

The main reason many choose refinancing is the ability to extend the loan back out 30 years to reduce their monthly payment.  Another common reason is when someone has a first mortgage as well as a home equity loan. They may want to combine both of these mortgages to have one fixed rate mortgage.  Many times a homeowner is thinking of refinancing because they have adjustable rate mortgages and are looking for security and want to move to a fixed rate mortgage.

Once you have decided what your reasons are for wanting to refinance your mortgage you also have to decide whether it is the right time to do so.  A homeowner will need to be able to look at what their savings costs based upon how long they believe they will be living in their home.  The costs of refinancing may or may not be worth going through it. Find out more information on whether you should be refinancing your current mortgage loan from Mr. Graziosi. Remember that you need to figure in miscellaneous fees when you are deciding if you should refinance.  The fees you will need to factor in are items such as taxes and insurance along with the prorated interest and even possibly homeowner association dues where applicable. Check your mortgage terms because your current lender may also apply a prepayment penalty if that is also included in their current mortgage terms.  Many times a homeowner will see determine that even if they refinanced it will take a long time even with a new lower mortgage payment to recoup the closing costs of a new mortgage.

Although it might be helpful to a homeowner with more upfront immediate cash it is important to realize that it could also take a bite out of their savings. Dean Graziosi, a real estate investor, helps you to learn more about refinancing and simply by doing a little “crunching of the numbers” will basically let you know whether it is the right time or not to refinance your current mortgage loan

The Risks of Buying “As-Is”

When you buy a house “as-is”, that’s exactly what you get. While this may be a good opportunity to fix up a home just the way you want it, it can also mean big problems. Dean Graziosi sites the economy as one reason for many houses being sold just as they are. If you are planning to make such a purchase, it is very important you know what you’re getting into beforehand.

 

When a home is listed “as-is”, the seller is released from any liability or responsibility for the property’s condition. While buying one could mean you get the home of your dreams, the situation could very quickly turn into an all-out nightmare.

 

Before purchasing a home “as-is”, be sure to have it inspected. It is extremely important you know what you’re getting into before you ever make an offer and later sign for your new purchase. When choosing an inspector, make sure the person has been in business for many years and his or her reputation is top-rate. Otherwise, you might wind up getting the wrong information and making a bad decision as a result.

 

Knowing how the home is being sold will also help you make a decision on whether or not you should purchase it “as-is”. For example, If the sale is a real estate owned property, or REO as it is often called, this means it is a property that is owned by a bank after foreclosure has occurred. In the case of a REO, you might have a good chance of negotiating repairs. This may especially work in your favor if safety is an issue.

 

A short sale occurs when a home owner’s mortgage balance exceeds the property value. It isn’t likely repairs will be required. This is because the owner is selling it in this case and will probably need to make the sale as soon as possible and won’t have money to facilitate any repairs.

 

Often times, buyers will walk away from an “as-is” property because the work involved will be too costly. According to Dean Graziosi, “This is a smart decision, if you discover that the home is in worse condition than you originally anticipated.”

 

Once the “as-is” home has been inspected, you’ll have a better idea of any costs associated with fixing it up. You may get lucky and won’t need to do very much, but odds are, anything listed “as-is” will need quite a bit of work. If this is the case, you’ll need to make a decision. If you do not have the money or means to do the work yourself, purchasing “as-is” would definitely not be the way to go no matter how much you really want the house. On the other hand, if you have the money to hire someone to do the work for you, or if you are able to do it yourself and can afford the materials, an “as-is” property might just be right for you. Check Dean Graziosi’s website for more information on purchasing “as-is”.

Are Short Sales a Better Choice than Foreclosures

A lot of prospective buyers are confused when it comes to the differences between a short sale and a foreclosure. A short sale is when a lender allows the owner of the home to sell that home for less than what the loan is worth. A foreclosure refers to a property that was taken over by the bank from the owners who were unable to stay current with the payments due on their property. For buyers both types of properties offer benefits; with a short sale a buyer can normally assume that the owner has taken care of the property; it just became too much of a financial burden for them. Buyers interested in purchasing a foreclosed property may have to perform some repairs, some larger than others; but the prices on foreclosed homes tend to be a bit lower and more affordable for first time buyers.

Sellers who are selling their home as a short sale are often allowed to remain in the home while they are trying to sell it. Short sales also offer sellers the ability to repair their credit faster than if their home was foreclosed. Being able to repair their credit sooner will enable the seller to find another home loan and purchase another home which will help improve their credit rating. Someone who has had their home foreclosed has a more difficult time repairing their credit and later qualifying for another home loan. They are also faced with legal and administrative fees that may accumulate during the course of a foreclosure proceeding.

Many lenders are allowing more and more sellers to use the option of a short sale. This ensures them that the home will not be sitting empty for months as the bank tries to sell it. If a seller remains in the home they are more likely to maintain the property in order to help it sell and provide them with the best price they can get. Lenders prefer having someone remain in the home instead of letting it sit and deteriorate for months until it is sold. Short sales are a way that both lenders and sellers can win, the property will remain in livable shape while it is being sold and it is one less property that the bank will have to deal with.

If you’re interested in finding a short sale or foreclosed property, contact a certified realtor and inform them of your search parameters and you will likely find many available options to look at. Keep in mind that short sales are being sold by the owner and not the bank, foreclosed properties are owned by the bank and may have been vacant for months. Your realtor will be able to tell which properties are which and how long they have been vacant.

It’s Summer Time, a Quick Training Video on Filling Rentals

This text will be replaced

It’s Summer Time, a Quick Training Video on Filling Rentals

Acquiring rental property is one of most common strategies we real estate investors do.

It is a great tool for providing passive cash flow, as well as creating an “annuity” of sorts, that you can cash in on at a future time.

One of the most important aspects of success with rentals, is obviously making sure they
are filled. In this video snippet from the EDGE event, Dean talks with Bob and Debbie Bouchard about smart and not so smart ways of making sure those rentals are rented.

Even if you don‚Äôt currently own rentals, don‚Äôt make the mistake of thinking you can’t use this information. Watch and learn, because even if you can‚Äôt use it now, you surely will need it at some point in the future.