37 posts categorized "Las Vegas Real Estate Market" Feed

The Power of Previewing and Knowing the Inventory - Real Estate Business Tip

  Inventory_Previewing

It's a basic yet often overlooked ingredient for success in the real estate business...previewing and knowing the inventory.  In this fast-paced, immediate gratification world, many real estate agents have simply gotten away from previewing available listings and really knowing what's happening in the market.

Excuses abound, "There's not enough time in the day"; "It's not the best use of my time"; "Isn't that what the MLS, the Listing portals, photos and Virtual Tours are for?"  The bottom line is you can't afford to not know the inventory.  It is after all the product you are selling!  Take the time to be the expert in your niche market, farm area, price range, and/or geographical area of town you choose to work.

Major benefits to previewing and knowing your local inventory:

  • You convey confidence, knowledge and expertise with prospective clients when you can talk about properties you have recently shown or previewed.
  • You will be able to convert more ad and sign calls when you can discuss the details of a property the prospect called about and elaborate on other properties that may fit their needs better.
  • It is the quickest way to learn a new target market or become an expert in an area you intend to farm.

Make Previewing an Ongoing Success Tactic- Try These Ideas:

  • When holding an open house, preview all the available listings in the neighborhood
  • Schedule at least an hour a week to preview listings
  • Visit New Home/Construction neighborhoods and network with the onsite sales agents to learn about standing inventory, buyer incentives and any other insights or special offerings.
  • Prior to a listing appointment, take the time to preview the competition
  • Attend broker Open Houses and support office caravans or car tours if applicable

Be a student of your local real estate market and stay on top of trends in real estate (both locally and nationally).

  • Your MLS will generally provide stats, charts and more about your market
  • Check with your title marketing reps to see if they have market data, stats and analysis to share with you on a monthly basis
  • Read the local newspapers and pay attention to articles on real estate and the economy
  • Subscribe to Inman and RISMedia articles
  • NAR has abundant resources on Housing statistics

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Las Vegas Nevada HUD Homes - Bid Process and Procedures

 Buying a HUD home in the Las Vegas area is definitely another primary residenHUD_homesce or investment alternative.  FHA loans have increased dramatically over the past couple of years due to the decreasing prices of Las Vegas Homes.  Therefore, expect to see the number of HUD homes available to increase.

What is a HUD Home?

When a homeowner with a Federal Housing Administration (FHA) insured mortgage can't meet the payments, the lender forecloses on the home; FHA pays the lender what is owed; and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home.  HUD then sells it at market value as quickly as possible. BLB Resources is the current HUD Asset Manager for our region.   BLB Resources contracts with listing brokers in several states to assist in the marketing and listing of these properties through the local Multiple Listing Services.

Step 1 - (FOR AGENTS) Register as a Bidder on HUDHomeStore.com

  • The principal broker must be registered with HUD and be issued an NAID number in order to submit valid bids.  Agents - your broker must be registered first before you can register.
  • Agents - To register with HUD, select "Bidder" on the upper right hand corner of HUDHomeStore.com home page

    HUDHomeStore_homepage
  •  Real Estate agents need their Brokers NAID #, your real estate license number, date of issuance and expiration date to register.

HUD_registration

Step 2 - Find HUD properties for your buyer

  • HUD properties can be found in the GLVAR Multiple Listing Service (Agent tip: Search for "HUDHomeStore.com in agent-to-agent remarkks) or on HUDHomeStore.com
  • HUD properties are listed daily - so check the HUD website or MLS often 
  • All HUD listings are on electronic or manual lockboxes
  • Buyers must use a HUD registered and licensed real estate agent to submit HUD bids. 
  • Financing Types:
    IN (Insurable) – these properties qualify for FHA 203(b) financing and have no obvious Minimum Property Standard (MPS) repairs. These properties may also qualify for 203(k) financing, a rehabilitation loan for
    owner occupants only.
    IE (Insurable with Escrow) – these properties qualify for FHA 203(b) with Repair Escrow, and have MPS repairs totaling less than $5,000. The repair escrow is the buyer’s financial responsibility, never a credit to the buyer. The lender holds the repair escrow money until completed (which must be within 90 days after closing) and is responsible for disbursing the funds to the appropriate parties. The escrow repair amount only applies to FHA 203(b) financing. These properties may also qualify for 203(k) financing.
    UI (Uninsurable) – these properties do not qualify for FHA 203(b) financing. Typically these properties have MPS repairs exceeding $5,000 or may not meet other guidelines for FHA financing.
    UK (Uninsurable, 203k Eligible) – these properties do not qualify for FHA 203(b) financing, but mayqualify for 203(k) financing.
  • Property Availability and Bid Deadlines:
    Properties listed as IN and IE are available exclusively for owner occupant, nonprofit and government agency bidders for the first 30 days on the market. Please note the initial bid review is on the 11th day of listing. All bids received during the first 10 days are opened and reviewed simultaneously. If no acceptable offers are received, bids are reviewed daily (Mon. – Fri.) until the exclusive 30 day owner occupant period expires. Properties are then available for all bidders, with bids reviewed daily (Mon. – Fri.).

Step 3 - Complete the appropriate Sales Contract Package (Investor or Owner-Occupant)

  • All the necessary Forms, Contracts and Addenda are located at BLB Resources or at HUDHomeStore.com, property detail view - click on Addendum tab
  • At BLB Resources, you can also download the Selling Broker Handbook, Selling Broker Quick Reference Guide, How to Complete a HUD Sales Contract Package
  • HUD will pay up to 3% towards buyers closing costs
  • NOTE:  HUD pays the full escrow fee - Buyer will not be charged 1/2 escrow fee.  However, all other "normal" seller closing costs will be charged to the buyer (Transfer tax, Owner's Title policy, Recording fees).
  • All signatures must be in Blue ink
  • Remember, the highest net to HUD is the winning bid - basically the offer price less any requested closing costs and commission (HUD will pay a commission up to 3% of sales price).

Step 4 - Submit the Bid Online at HUDHomestore.com

  • All bids are submitted electronically directly on the HUDHomeStore website and are considered simultaneous bids.  You must have the complete contract and all disclosures completed and signed by the buyer prior to submitting the bid. 
  • Bid deadline time is 9:59 pm (PST)
  • Simply locate the property on HUDHomeStore.com and click on "Submit an Offer" and complete all the necessary fields using your completed contract as a guide.

HUDBid

Step 5 - Winning Bids and Closing Procedures

  • HUD will notify the winning bidder (Agent) via email typically within 24-48 hours.
  • If your bid is accepted, the completed, original sales package must be delivered (over-nighted) to BLB Resources within 2 business days.
  • Earnest Money Deposit must be in certified funds and made payable to "HUD or (Purchaser's Name)"
  • Cash offers - provide prrof of funds.  Offers with financing - submit lender pre-qualification letter of Loan Status Report (LSR)
  • Nevada HUD Closing Agent:

Western Title
5390 Kietzke Lane, Suite 101
Reno, NV 89511
Phone: 775-332-7100
Fax: 775-789-6214

NV HUD Hotline: 702-530-HUD1 (4831)

HUD Tech Support: 866-777-2034

Check out the comprehensive www.HUD.gov site for extensive and useful information.

If you are a buyer or investor interested in a Nevada HUD home, just give me a call (702-858-9191 or email me at jan@janobrien.com) and I will be happy to refer you to an experienced real estate agent who can assist you.

 

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Realty ONE Group Grand Opening of new Green Valley Branch is February 14, 2012

 Please Join Us in Celebrating our GRAND OPENING of the new Green Valley Branch location!

FALL IN LOVE WITH REALTY ONE GROUP

WHEN:      Tuesday, February 14, 2012

WHERE:   Green Valley Office
                        2831 St. Rose Pkwy. #100
                        Henderson, NV 89052

TIME:       12pm - 6pm (Lunch at 12pm followed by Ribbon Cutting at 1pm)


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Join us for a meet & greet from 2pm - 4pm and cocktail party from 4pm - 6pm. 

Come celebrate as we all toast to Realty ONE Group's newest luxurious 12,000 sq. ft. office.

This Valentine's Day mark your calendar to attend this Grand Opening Celebration!   

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Are You Required to Disclose a Death in a Property in Nevada?

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In the state of Nevada, is a a seller of real property and/or the real estate agent required to disclose a death that occurred in a property?

Is the fact that a death, suicide, or homicide occurred in a property  considered a material fact?

The simple answer is NO, it is not a requirement nor is it considered material to the transaction according to NRS 40.770. The statute is excerpted below with noted exceptions.  Be aware that the law varies from state to state.

That being said, it is my opinion that if, as the listing agent,  you have knowledge of a death occurring in the property and you are subsequently asked by a buyer's agent or perspective buyer... it would be prudent and a best practice to disclose the facts.  I would highly recommend that you discuss this potential situation with the seller and how you plan to handle it should you be asked.

The reality is that the buyer will more than likely eventually discover the fact... and usually the source is a neighbor. 

 

NRS 40.770  Limitation on liability of seller, seller’s agent and buyer’s agent for failure to disclose certain facts concerning property.

      1.  Except as otherwise provided in subsection 6, in any sale, lease or rental of real property, the fact that the property is or has been:

      (a) The site of a homicide, suicide or death by any other cause, except a death that results from a condition of the property;

      (b) The site of any crime punishable as a felony other than a crime that involves the manufacturing of any material, compound, mixture or preparation which contains any quantity of methamphetamine; or

      (c) Occupied by a person exposed to the human immunodeficiency virus or suffering from acquired immune deficiency syndrome or any other disease that is not known to be transmitted through occupancy of the property, is not material to the transaction.

      2.  In any sale, lease or rental of real property, the fact that a sex offender, as defined in NRS 179D.095, resides or is expected to reside in the community is not material to the transaction, and the seller, lessor or landlord or any agent of the seller, lessor or landlord does not have a duty to disclose such a fact to a buyer, lessee or tenant or any agent of a buyer, lessee or tenant.

      3.  In any sale, lease or rental of real property, the fact that a facility for transitional living for released offenders that is licensed pursuant to chapter 449 of NRS is located near the property being sold, leased or rented is not material to the transaction.

      4.  A seller, lessor or landlord or any agent of the seller, lessor or landlord is not liable to the buyer, lessee or tenant in any action at law or in equity because of the failure to disclose any fact described in subsection 1, 2 or 3 that is not material to the transaction or of which the seller, lessor or landlord or agent of the seller, lessor or landlord had no actual knowledge.

      5.  Except as otherwise provided in an agreement between a buyer, lessee or tenant and that person’s agent, an agent of the buyer, lessee or tenant is not liable to the buyer, lessee or tenant in any action at law or in equity because of the failure to disclose any fact described in subsection 1, 2 or 3 that is not material to the transaction or of which the agent of the buyer, lessee or tenant had no actual knowledge.

      6.  For purposes of this section, the fact that the property is or has been the site of a crime that involves the manufacturing of any material, compound, mixture or preparation which contains any quantity of methamphetamine is not material to the transaction if:

      (a) All materials and substances involving methamphetamine have been removed from or remediated on the property by an entity certified or licensed to do so; or

      (b) The property has been deemed safe for habitation by the board of health.

      7.  As used in this section:

      (a) “Board of health” has the meaning ascribed to it in NRS 439.4797.

      (b) “Facility for transitional living for released offenders” has the meaning ascribed to it in NRS 449.0055.

      (Added to NRS by 1989, 629; A 1995, 845; 1997, 1674; 2003, 1338; 2005, 2353; 2007, 2772; 2009, 826)

 

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Nevada Legislative 2011 - Real Estate Update

The 76th Nevada Legislative Session adjourned June 7, 2011 with several new bills... now law... that will impact the real estate industry and in particular foreclosures and short sales.  Here is a summary of those bills:

AB273

AB 273 prevents banks from “double-dipping” and going after borrowers for the full amount of the deficiency they owe on their mortgage loan when lenders have received compensation from other sources. It will cap the amount a third party can be awarded if they bought the right to the deficiency for pennies on the dollar. Finally, it will reduce the amount of time a junior lien holder has to file for a deficiency from the current six years to six months, to be in line with timeframes for primary lien holder.

Under Section 3 of AB 273, a lender may not collect a deficiency remaining on a second mortgage if it was taken out after June 10, 2011. 

This law will apply if:

  1. the lender is a financial institution;
  2. the real property is a single-family house;  
  3. the homeowner owned the property; 
  4. the borrower used the loan to purchase the property;
  5. the homeowner lived in the property and
  6. did not refinance the loan. 

Section 3 also expands the protection afforded to homeowners by prohibiting collection of deficiencies on an eligible second mortgage after a foreclosure sale, trustee sale, short sale and deed in lieu of foreclosure, protecting Nevadans who cooperate with the banks and try a short sale or deed in lieu of foreclosure but are not released from the deficiency.

The new law states that the lender will not be allowed to collect from both the insurance company and the homeowner.  Section 2 of AB 273 directs judges to subtract the amount of proceeds received by, or payable to, the holder of a second mortgage from an insurance policy from the amount owed by the homeowner.  The laws in Section 2 will only apply to second mortgages taken out after June 10, 2011.

NRS 40.455 states that the holder of a mortgage has to sue to collect a deficiency within 6 months after the foreclosure sale or trustee sale. The new law, AB 273, states that holder of a second mortgage must sue within 6 months for deficiencies resulting from a foreclosure sale, trustee sale, short sale or deed in lieu of foreclosure.  This is how the laws work together:

  • First mortgage loans – Deficiency collection lawsuits must be filed within six months after a foreclosure sale.
  • First mortgage loans – Deficiencies can only be collected on first loans taken out BEFORE October 1, 2009.  First loans taken out after that date are non-recourse loans.
  • Second mortgage loans – Some collection lawsuits must be filed within six months.  The six month limit on deficiency collections only applies to foreclosure sales, trustee sales, short sales and deeds in lieu of foreclosure that are sold or have sales closed AFTER July 1, 2011.
  • Second Mortgage loans – Deficiencies can only be collected on second loans taken out BEFORE June 10, 2011.  Second loans taken out after that date are non-recourse loans.

NoteNew laws do not impact First mortgage loans for short sales – unless the deficiency judgment is successfully negotiated in the short sale, the lien holder has 6 years to pursue a deficiency judgment after a short sale.

These are brand new laws, the interpretation of these laws by real estate practitioners has not yet been settled and the laws have not yet been challenged and interpreted in court.

Read: AB 273 Limits Bank Collections -Carlos McDade, Esq

SB414  

Foreclosures and short sales: makes it a misdemeanor for a bank to unreasonably delay responding to a short sale offer. It spells out that offers to purchase a home in a short sale should be accepted or rejected within 90 days. It also prohibits a banking or financial institution from getting a deficiency judgment against a borrower if they agreed to a short sale and other conditions (currently on law) are met.   Note: I am working on getting further clarification and interpretation on this last point.

SB403

This bill ensures that the demand letter for an HOA ir its management company must remain effective for a period of no less than 15 working days from the date of delivery to the owner or his/her agent.  If there are changes, they must be identified within that timeframe and title company, agent notified.

AB284

On May 20, 2011 Nevada Governor Brian Sandoval approved Assembly Bill  284 to be signed into law.  Co-authored and supported by Black & LoBello’s Managing Partner, Tisha Black Chernine, AB 284 will help restore transparency and integrity to the foreclosure process.  Some of the changes enacted by AB284 are as follows:

  • Defines who can act as a foreclosure trustee in the state of Nevada;
  • Defines a standard of care for such trustee;
  • Requires that all assignments or trust deeds affecting real property be recorded in the County Recorder’s office where the property is situated;
  • Requires a foreclosing trustee to file an sworn Affidavit with the Notice of Default;
  • Requires the Affidavit of Authority which details the arrearages, associated costs, and names the beneficiary (often called investor) of the deed of trust;
  • Increases criminal penalties where “robo-signing” conduct occurs ; and
  • Creates a NEW private right of action for borrowers, which includes attorneys fees and a mandatory fine when a foreclosure has not proceeded properly.

Read more from Tisha Black Chernine, Esq -  AB 284 Restores Foreclosure Process

SB 314

Revises various provisions relating to residential property.

This bill would provide for the registration, permitting and regulation of asset management companies and their employees and agents through the Real Estate Division.  Asset management companies provide management services for real property which is in foreclosure and which is owned by a bank, mortgage broker, mortgage banker, credit union, thrift company or savings and loan association, or any subsidiary thereof or a governmental entity. Such companies manage the property, performing services such as securing the property by changing locks, removing trash and debris, cleaning the home and surrounding property, performing maintenance and repairs of homes and disposing of the personal property of homeowners left in homes which are in foreclosure and which the legal owner has deemed abandoned.

Buried deep in this bill is also a provision that removes the ability for the purchaser to waive the SRPD, and spells out that a seller may not require a purchaser to waive the SRPD. It also adds that if an asset manager knows of any defects in the property, he must give written notice of the defect(s) to the purchaser. It will be effective upon passage and approval for the purposes of adopting regulations and performing administrative tasks, and October 1, 2011, for all other purposes.

REO listings are now controlled by SB 314. 

SB 314, effective October 1, 2011 is a new law that controls “asset management,”  “Asset management” is defined as those who, “manage, oversee or direct actions taken to maintain any real property, including, without limitation, any actions taken to preserve, restore or improve the value and to lessen the risk of damage to the property on behalf of a client before a foreclosure sale or in preparation for liquidation of real property owned by the client pursuant to a foreclosure sale.” 

"Client" means: (1) A bank, mortgage broker, mortgage banker, credit union, thrift company or savings and loan association; (2)  mortgage holding entity chartered by Congress; or (3) A federal, state or local governmental entity, for whom an asset management company provides asset management.

Persons working with lenders/REO must hold an asset manager “certificate of registration.”

A person who wishes to be registered as an asset manager in Nevada must file a written application and pay the fee of $2,000 and a fee of $500 for the issuance of the initial certificate of registration.  An asset manager must also gain a policy of insurance written by an insurance company authorized to do business in Nevada which is sufficient to reimburse real property owners for, without limitation, any damage to real property in foreclosure, the wrongful disposal of property or wrongful eviction.

Property Management Certificate Required. 

A person can avoid having to register as an asset manager provided they have a current permit to engage in property management pursuant to NRS 645.   The listing agreement/property management agreement must include an “asset management” provision of pursuant to NRS 645.6056. 

AB 373

Nevada Assembly Bill 373 provides that a person in possession of real property who, under certain circumstances, removes, conceals or destroys any real property that is subject to foreclosure with the intent to defraud and who causes a secured party to suffer pecuniary loss, is guilty of a misdemeanor.  This new criminal law takes effect on October 1, 2011.  Homeowners that purposely trash their homes before a foreclosure sale in order to make the bank “pay” will find themselves subject to arrest and prosecution after the effective date of this new law.

AB432

Energy consumption forms: Another win for homeowners is AB432, which requires energy auditors to be licensed and repeals a requirement that home sellers complete an energy consumption form. This eliminates the need for the form, sellers are still free to seek an energy audit of their home if they want one.

AB271

Real estate transactions, taxes and fees: one of the biggest wins for Nevada homeowners during the Legislature was AB271, a law prohibiting private transfer fees in Nevada. This legislation took effect when it was signed into law on May 20.

NVAR’s Legislative Committee identified private transfer fees (also called reconveyance fees, capital recovery fees, or private transfer taxes) as a top concern since they can create last-minute complications that keep a home sale transaction from closing. Such fees can hamper home sales and create title and lending problems.

Such fees are generally attached to a property as a covenant that requires they be paid (usually at a cost of 1 or 2 percent of the purchase price of a home) to a private entity every time the property changes hands, for periods up to 99 years.

SB413 

Real Estate License Renewals
The bill to repel the 4 year licensing requirement for REALTORS did not pass. So if you renew after July 1,2011 you will have to renew for 4 years.  This means your license fee will be DOUBLE after July 1st.  The Commission has yet to decide on the CE issue, but it most likely will be 24 hours the first 2 years and 24 hours the next 2 years with 50% of the hours being classroom hours...stay tuned.

SB140

Hand Held Phones & Texting Banned for Drivers
This bill prohibits the use of a cell phone without a hands-free device while driving, and prohibits typing/reading data while driving (any non-voice communication, including texting, email, IM, web browsing, etc.).  Violation is a misdemeanor with fines increasing with each offense.  This is considered a "primary offense", meaning you can get pulled over and cited for it.  Warnings will be issued immediately; law goes into effect October 1st withcitations being issued starting January 1, 2012.

 

The Service Tax on real estate transactions was defeated…. For now!

 

Sources:

Black & Lobello Law Blog

Download NVAR 2011 Legislative Session Recap

 

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Top 10 Hot Real Estate Markets for Real Estate Investors

Inman News recently released a special and comprehensive report  "10 Best Markets for Real Estate Investors."

In compiling the "10 Best Markets for Real Estate Investors" report, Inman News reached out to a range of data providers and online real estate sites that supplied statistics and charts to identify real estate markets that may be well-suited for investors.

The following chart was provided by online real estate and valuation site Zillow.com.

Zillow_Top10_RE_Markets_forInvestors

Read Zillows methodology and contribution for the Inman News report.

 

Real Estate Professionals - Don't Miss the Next Las Vegas Live Short Sale Training

Learn more about the CFAC Designation (Certified Foreclosure Alternatives Consultant)

 

Las Vegas Homeowners and Buyers:

Jan O’Brien is an expert with the Las Vegas short sale process.   She is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Jan direct at 702-858-9191 to schedule a Foreclosure Alternatives Consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Search all Las Vegas Foreclosures, including Henderson, Green Valley and North Las Vegas bank-owned homes.

 

 

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Earnest Money Disputes in Las Vegas Real Estate Transactions

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As a Broker-Manager with over 18 years experience, I would have to say that the one issue I deal with most often is earnest money disputes.  The challenge with earnest money being released after a cancellation of escrow, is that the Escrow Company will not release the funds without mutual, written agreement by both parties.  Many times after a cancellation of escrow, one or both parties are upset and disagree as to who should have the earnest money. 

The purchase agreement may contain language stating the earnest money to be refunded to the buyer in the event they do not qualify for the loan. 

Even the GLVAR Short Sale Addendum clearly states:  "Buyer may cancel the Purchase Agreement for any reason and without penalty any time after 45, 60 or 90 days  from Acceptance if Lender Approval has not been received. Upon Buyer's cancellation, Seller agrees to execute cancellation instructions with ESCROW HOLDER and return EMD to Buyer."

Another trend I am seeing recently:  Listing agent/Seller counters the purchase agreement to remove the contingency for loan approval after a specific number of days or the earnest money to become non-refundable after the due diligence period.  While I believe this to be a sound technique to support the seller and strengthen the transaction, it goes without saying that buyers should not enter an agreement to purchase a property if they are not 100% certain they want to purchase.  And of course, they are 100% qualified and approved for financing.

Even though that language is clear, the specific circumstances in the transaction may lead the Seller to feel that the buyer did not act in good faith.  Or conversely, the buyer may feel the seller did not perform to the contract specifications.  There are always two sides to the story.
This contract language can ultimately support the buyer or seller in prevailing in a mediation or court action if there are no other issues.

One solution to consider is to negotiate and perhaps split the EM.  Often times, this is the result in mediation or court action, if there are clearly equal points for both sides.

The following information is taken from a form we provide our clients at Realty ONE Group to explain Earnest Money disputes and the steps to take/ things you need to know:

1. Your earnest money deposit will be deposited with the Escrow Company or Title
Company handling your transaction. The escrow/title company is a neutral third party
that follows the buyer and seller’s joint escrow instructions.

2. Your agent and broker have no authority over the escrow/title company. Therefore,
neither your agent nor your broker has authority to direct the payment of the earnest
money.

3. If your transaction is cancelled for some reason, your right to the earnest money will
depend on whether there was a default under the contract and if so, who is the party in
default.

4. A default is defined as: The omission or failure to perform a legal or contractual duty;
failure to observe a promise or discharge an obligation.

5. Your contract contains several terms and obligations imposed upon each party (buyer and
seller) to the contract. When you do not perform the terms of your contract you may be
deemed in default.

6. Your contract contains a default provision that you should be familiar with because it
will dictate what happens in the even buyer or seller defaults under the contract. It also
mentions what will happen to the earnest money in the event of a default.

7. Neither the escrow company nor your agent has the authority to decide who defaulted
under the contract. Only a court of law can make that decision.

8. If a dispute arises regarding who is entitled to the earnest money, an escrow/title
company will usually hold the money until buyer and seller reach a mutual written
agreement or the escrow/title company is presented with a court order directing payment.

9. If, in your contract, you agreed to mediate, you must pursue mediation before the Greater
Las Vegas Association of REALTORS®. If mediation fails, you may then pursue a
court action. For more information and to download the Mediation Request form, visit: http://lasvegasrealtor.com/professionalstandards/

10. If mediation failed to settle the matter, or you have no obligation to mediate you may
pursue the other party in court (usually small claims if the earnest money is under $5,000).

11. Small Claims actions are under the jurisdiction of the Justice Court. You may obtain
forms and proper procedures by visiting their office on the second floor of the Clark
County Courthouse, 200 S. Third Street. To find out more information and get the filing
guidelines please visit the following website.
http://www.clarkcountycourts.us/lvjc/small-claims.html#smallclaimsfilingguidelines

12. If the court hears the matter and concludes you are entitled to the earnest money, it will enter
a judgment in your favor. Then you can present that judgment to the escrow company, which
will honor it.

This is not legal advice. If you have any questions regarding your legal rights, you should
seek the advice of an attorney.

Jan O'Brien
Corporate Broker
Realty ONE Group
Las Vegas, NV
702-858-9191

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VA Loans and Veteran Homeownership in Nevada

Downtown Las Vegas as seen from the Stratosphe...Image via Wikipedia

When Congress created the VA Home Loan Guaranty program in 1944, Las Vegas would have been unrecognizable compared to the city it has become today. Now, thanks to the federal government’s generous subsidized home loan program, military homebuyers have the ability to use a Nevada VA loan to purchase a home in Nevada. Because of their great terms, VA loans are popular among military members and have aided more than 19 million Vets in purchasing a home.

After picking out a home in Las Vegas, buyers must consider their financing options. Two things that are central to choosing a financing option are down payment requirements and interest rates. Military buyers in Las Vegas will be happy to learn that VA loans keep both far lower than traditional loans. In fact, in the VA loan program, homebuyers seldom make a down payment.

Interest rates are competitive in Nevada VA loans, too. It’s important to know that the VA does not issue loans, but guarantees up to 25 percent of each loan against an unlikely default. With the VA’s backing, VA-approved lenders like VA Mortgage Center and other national lending leaders take on less risk. Thus, they are inclined to provide lower interest rates to qualifying military personnel.

Other savings through a VA loan include lower closing and concession costs, no private mortgage insurance and no prepayment penalty. The latter two are especially helpful in saving military homebuyers money on a repeated basis. Not all the perks focus on saving money, though. For instance, the program comes with services to help borrowers when they are about to default on a loan (although to be fare, this doesn’t occur often with VA borrowers). Nevertheless, it’s nice to have a helping hand if you find yourself in a tight spot.

Additionally, Nellis Air Force Base is located just a few miles to the north, so Las Vegas is a great city for active-duty service members to look for a home. Interest rates are capped for active-duty personnel, so buying property near or at Nellis could be especially beneficial as the housing market continues to rebound. The VA loan limit in Nevada is the standard $417,000, allowing homebuyers to finance up to 100 percent of a home worth that much.

A Certificate of Eligibility (COE) is the first thing you need to get a Nevada VA loan. Via the VA website or a VA-approved lender, COEs affirm that you meet the qualifying terms for the program.

Generally, people who may qualify fall into one of three categories:

-Military members who served on active duty for 181 days or 90 days during peacetime or wartime, respectively.

-Reservists or members of the National Guard who served for at least half a dozen years.

-Spouses who have not remarried and survived their husband or wife who died in the line of duty or because of a service-related injury.

This post comes to you from James Kelley, an author of vabenefitblog.com and law school student at the University of Missouri. 

 

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Energy Consumption Evaluation - New Nevada Law Effective January 1, 2011

Attention Nevada Realtors!  In case you missed it...  Here is the information from GLVAR:

Beginning January 1, 2011, the seller of residential property must provide the purchaser with an evaluation of the energy consumption of the home on a form provided by the Nevada Energy Commissioner. The form must be provided prior to closing the sale, and certain exemptions apply.

 
SELLER'S ENERGY CONSUMPTION EVALUATION FORM
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Nevada Revised Statutes ("NRS") 701.250
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How To Complete The Seller's Energy Consumption Evaluation Form
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The new requirements are found in NRS 113.115, which was passed by the Nevada Legislature in 2007 and amended in 2009. The Nevada Energy Commissioner recently adopted regulations that provide a framework for the evaluation form. For a copy of the regulations, click here.

Note: All residential transactions that close on or after January 1, 2011 must comply with the new law. Either the evaluation form must be completed and provided to the buyer or the parties may waive the requirement by using the waiver form on the bottom of page 4 of the form.

Who should complete the form?

Like the Seller's Real Property Disclosure form, the energy evaluation should be completed and signed by the seller, not the real estate licensee. Alternatively, if the seller chooses to have an energy evaluation performed by a certified inspector, the inspector will complete and sign the form.

When must the form be provided?

NRS 113.115(2) states that the seller must provide the evaluation form "before closing a transaction for the conveyance of residential property." The law does not specify a date or a number of days prior to closing.

What transactions are exempt?

NRS 113.115(3) provides four exemptions:

1. By foreclosure pursuant to chapter 107 of NRS. (Note: This means the Trustee's sale; it does not mean an REO. REO transactions are not exempt under this provision.)
2. Between any co-owners of the property, spouses or persons related within the third degree of consanguinity.
3. By a person who takes temporary possession or control of or title to the property solely to facilitate the sale of the property on behalf of a person who relocates to another county, state or country before title to the property is transferred to a purchaser.
4. If the seller and purchaser agree to waive the requirements of subsection 1 [of NRS 113.115].

Additionally, per NRS 113.115(4), if the seller completed an evaluation within the previous 5 years before signing the purchase agreement with the buyer, the seller may provide that evaluation to satisfy the requirements of NRS 113.115(1).

May the buyer and seller waive the evaluation form?

Yes. When the buyer and seller mutually agree to waive the requirements of NRS 113.115(1), the evaluation is not required. The waiver is found at the bottom of page 4 of the form.

Does this new law apply to transactions already in escrow as of January 1, 2011?

Yes. The seller in any residential transaction that closes on or after January 1, 2011 must comply with the new evaluation form. If the parties choose to waive the requirement, use the waiver at the bottom of page 4 of the form.

If the seller provides the evaluation form, does the buyer have the right to cancel based on what's disclosed?

There is no independent statutory right of cancellation provided in NRS 113.115 or NRS 701.250. Thus, for a buyer to cancel based on what's disclosed on the evaluation form, it would have to arise from a contractual right such as the due diligence period.

Does the buyer have to sign the form?

Yes. The buyer signs on page 4 that he/she has received the evaluation form. From a risk management standpoint, a fully executed copy of the form should be kept in both the listing and buyer agents' files.

 

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Las Vegas Real Estate Video Quick Tip 1 - GLVAR Consumer Newsletter

 

The Greater Las Vegas Association of REALTORS® has an excellent tool to use for staying in touch with your current, past and prospective clients - an HTML Consumer Newsletter.  The Association will collect, compile and distribute statistics, news and events pertinent to the consumer and forward the information to each REALTOR® member each month.

When forwarding the Newsletter, remember to perform the following steps:

  1. Click the [Forward] button to generate a new email.
  2. Change the [Subject] line of the email to your choosing.
  3. Delete ALL content from the top of the email to the specified line (Delete the line too!).
  4. Scroll to the bottom of the email and delete ALL content from the *** REMOVE Notice and everything below (Delete the line too!).
  5. Send email to your contact list utilizing the "To:, CC: and BCC:" fields.

More options are available at LasVegasRealtor.com on your My Profile page. Look for the Menu Option [Consumer Newsletter Options].

 

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