Hardest Hit Fund To Help Avoid Foreclosure in Nevada

I’ve just checked out the website for the Hardest Hit Fund to aid low to moderate income families who want to keep their homes.  About $150 million in funds are available for those who qualify.  It is said that about 22,000 homeowners can be helped by this fund.

Services offered by the Hardest Hit Fund:

• Mortgage Assistance Program
• Principal Reduction Program
• Short-Sale Program
• Second Lien Relief Program

Servicers who participate in MAP:

• Bank of America
• Chase or JP Morgan-Chase
• GMAC
• Wells Fargo
• CitiMortgage

Only the following types of homes will be considered:

• Single Family Dwellings
• Townhomes
• Condominiums
• Manufactured Homes (Permanently attached)

To see if you qualify for Mortage Assistance Payments from the Hardest Hit Fund go to http://nevadahardesthitfunds.org/

 

Hope this helps!

 

Thanks for reading!

 

Keepin’ it real…estate,

Arlene

I, a REALTOR® am also known as…

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• Personal Shopper of Real Estate
• Real Estate Counselor
• Short Sale Queen
• Housing Advisor
• Jeeves
• Contract Negotiator
• Transaction Manager
• Psychic Friend
• Marketing Coordinator
• Housing Professional
• Lunch Buddy
• Neighborhood Information Go to Girl
• In the: Foreclosure Avoiding Business (FAB!)
• Rental Specialist
• BFF

Any others? Help me out!

//

Lots of REO’s to buy in Las Vegas? Guess Again!

Are Short Sales the New Black?

Hey friends!

So I made all these pretty graphs to show visually what I am trying to explain. Since I’m having technical difficulties, I will just jot down my findings and attempt the graphs next time with my Mac instead of my PC.

I checked out our inventory here in Las Vegas and as for Single family residences, here’s what I found:

Of the 22,062 Listings the average buyer or seller will see on REALTOR.com:

• 12,714 or 58% are currently under contract, meaning there are only:
• 9,348 or 42% that are actually available for sale.

Of  the 12,714 are currently under contract:

• 9,053 or 72% are short sales.
• 2,217 or 17% are REO or went through the foreclosure process.
• 1,429 or 11% were Non-Distressed properties.  Actual owners with no financing problems or corporate owned properties that have been purchased off the auction block.  Either way, this type of transaction would behave like what we’d call a “normal” transaction. I guess now, I’d call it an “old school” transaction, which has been rare lately.

Of the 9,348 are actually available for sale:

• 3,828 or 41% are short sales
• 1,761 or 19% are REO
• 3,733 or 40% are Non-distressed

What this tells me:

First of all, there are only 9,348 houses that are for sale in all of Las Vegas.  This doesn’t even take into account how many bedrooms one would need, how big, or what part of town someone wants to live in or the financing available!  But don’t get discouraged buyers, the listings are trickling in and prices remain low.  This just tells me that if you’re thinking about buying, call your REALTOR® right away and start planning.  Don’t have a REALTOR®? Now you do!  Call me! (702) 635-1178

Although Las Vegas is #1 when it comes to foreclosure filings, we’re not exactly seeing them in our real estate market. 

If only 19% of the listings available are REO’s where are the other ones?  Chances are, they were purchased off the auction block and are possibly re-marketed as a non-distressed property.

With the HAFA program in place, it looks as though the processing of Short Sales will be more streamlined than in the past and that Short Sales may be the way to go for a buyer.  In fashion terms, Short Sales are the new black!

Let me at arlene.skinner@century21.com or leave a comment if you’d like me to do the numbers for condos/townhouses or if you want me to do this for a specific area.

Thanks for reading, Las Vegas Keepin’ it Real…Estate!

Arlene