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CALL FOR FREE FORECLOSURE LIST

702-604-1001

Click Below to search Las Vegas area foreclosures on the MLS.

Take me to: 2010 First-Time Homebuyers Tax Credit

7+ Million Loans Behind On Payments

Approximately 7, 200,000 mortgage loans are behind on payments and 1,000,000 properties are now in REO status and owned by banks, according to the January 2010 report from a large lender processing service company.

Home delinquency rates passed the 10% mark. The total foreclosure inventory is 3.2%, and the rate combining foreclosures and delinquencies is 13.3%.

The percentage of new serious delinquencies is 4.64%, which is higher than any other year analyzed for the same period. Of the loans that were up-to-date as of December 31, 2008, by December 31, 2009 there were 2.3 million new loans classified as seriously delinquent.

Prime loans have experienced deterioration at a worse pace on relative basis than subprime, FHA, and all loans as a whole. Within the prime category, loans with current unpaid principal balances between $417,000 and $600,000 have performed the worst. However, 2009 loans are performing better than loans from any of the prior 5 years and have been improving as more origination months are added to the pool of loans. (We may speculate that this phenomenon is because the loans made beginning in 2009 and later are at much lower prices than those in the previous 5 years, at least in the Las Vegas/ Henderson area, are at lower rates, and are more conservatively written than loans in the previous time frame.)

http://www.vegasreoconnection.com

Buying New Homes

News

Look through our site for information on the first time Homebuyers Tax credit, Up to $8000 for qualified buyers.

Interested in a new home?
Don't go inside without us !

Many people don't realize that we can help them purchase a home from one of the new home housing tracts. In many other states, new homes may only be purchased directly through the builder and their on-site agents. However in Nevada, we can show you any of the new homes that are available. At our office we have a "New Homes" computer and are able to search by your requirements to find the best home value for you.

Buyers often think that they will pay extra if they purchase through a real estate agent, but that is not the case. Builders factor in the selling costs when they price their homes and buyers pay the same price whether any agents are involved or not. In fact, often times we can save them money.

What most people don't realize is that when they go to a new home tract without an agent, they have no representation. The on-site tract agent works for the builder, is representing the builder, and ultimately, is looking out for the builder's best interests. Often, when not represented, the buyer ends up paying unnecessary fees or costs and may not be aware of concessions that the builder might make. Currently there are over 400 different new home subdivisions, in the Greater Las Vegas Metropolitan Area.

Some of the things we help you with are:

Choosing a builder with a good reputation, quality construction, and good follow up. (Not one that is almost out of business or one that will sell you a home and then never come back to make any repairs!)
Choosing the best area with the best value, floorplan, and options; keeping resale value in mind, and keeping you out of areas with known problems. (Currently, there are builders selling in subdivisions where there have been numerous problems with ground movement or settling and they are not required to disclose these facts to you!!)
Go over in detail what is included and what is optional, lot sizes, CC&R's, etc. so that you are clear about exactly what it is that you are purchasing and can see beyond the wonderfully decorated model.
Choose what type of financing will work best for you, avoid unnecessary costs and guide you through the steps needed to complete your loan or negotiate for you to get a fair discount for cash.
Be present at your walk-through to inspect your new home and itemize any needed repairs.

If you are considering a new home, FIRST call us so we can discuss possibilities and then go through some models together. The builders will cooperate with us, but only if we take you through the models and if we take you to the tract the first time. So many times people drive by the models, on the spur of the moment go inside, like the home, then call to ask for our opinion and help. Once they have done this, we may not be able to represent them. New home developments sometimes spend more than $80,000 - $100,000 on each model, decorating and showcasing the home. They have furniture specifically sized for the rooms, show the homes with no interior doors or screens on the windows and situate the homes on larger lots with no other homes next to or behind them. Their marketing people are full-time, professional sales people who work for them. There are some wonderful new homes out there, but it's important that you are represented when you go out looking.

So... the next time you get ready to walk into a new home subdivision, turn around and call us before you open the door and talk with the builder's salesperson. You have everything to gain and nothing to lose.

Call (702) 604-1001