RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

More about me...

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs:

Summerlin Short Sale *Bank of America Short Sale Closed* Las Vegas Condo Short Sale

Las Vegas Foreclosure filings, Notice of Defaults, are the numbers really leading to foreclosures?

Pending home sales rose again according to the National Association of Realtors®-Las Vegas area Pending and Contingent sales..

 Las Vegas Pumpkins...What do I do with them? Donate them in North Las Vegas, Nv

Facing Foreclosure? 'Short Sale' May Help -

Las Vegas Listing- Condo - Just Sold - Summerlin area Short Sale Sold

This condo closed recently for $64,900.

This was a Bank of America Short Sale. (Yes, we can close Bank of America Short Sales!)

If you are looking to list your home on the in the Las Vegas area give me a call.

Dawn Barrier

Century 21 Aadvantage Gold

2 offices to serve your needs (North and South)

Las Vegas, Nv

Dawn Barrier | Century 21 | (702) 812-4550 8324 Charleston Blvd #1031, Las Vegas, NV Las Vegas Condo, Summerlin Area, Beat the Bank, Short Sale Listing 1BR/1BA Condo offered at $59,900 Year Built 2006 Sq Footage 862 Bedrooms 1 Bathrooms 1 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified DESCRIPTION As you walk into this Pulte built condo with direct access garage you will notice that this condo has been well taken care of and is almost like new. The kitchen has Corian counters beautiful Oak cabinets, dishwasher, refrigerator, stove and microwave. A breakfast bar ready for a couple of barstools. Custom diagonal set Tile floors in kitchen, dining area, entry, main living area, laundry room. This is a spacious condo not far from shopping, like Boca Park and the Summerlin area. Easy trip to Red Rock, golf, recreation. There is a dining area/nook that has sliding glass doors that go out to the covered patio. Large laundry area with washer and dryer shelving, extra storage space. There is also huge walk in storage area for bikes,etc. Located in a Gated Community that includes a nice pool to take a dip in or just lounge around. Nice well kept mature landscaping with trees and grassy area. This would be Great for a First Time Home Buyer, a nice Vacation-2nd home or even an Investment property as well. Modern Ceiling Fans & Lighting. see additional photos below PROPERTY FEATURES Central A/C Walk-in closet Tile floor Living room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Washer Dryer Laundry area - inside Balcony, Deck, or Patio COMMUNITY FEATURES Swimming pool(s) Gated property OTHER SPECIAL FEATURES COMMUNITY INCLUDES POOL ADDITIONAL PHOTOS Photo 1 Photo 1 Photo 2 Photo 1 Photo 1 Contact info: Dawn Barrier Century 21 (702) 812-4550 For sale by agent/broker Equal Opportunity Housing

http://www.LasVegasDawn.com

Las Vegas Short Sale Agent

Last night the Senate voted cloture on a bill that includes the extension of the first time home buyer tax credit.

While this is not the final vote, it effectively seals the deal on the plan to extend the $8000 first time buyer credit through April 30th and expand said credit to move-up buyers on a smaller ($6500) scale.

Check out  Diana Olick article ...
CNBC Real Estate Reporter
Home Buyer Tax Credit Done: Does it Matter?

The extension is also an expansion, giving some move up buyers $6500 more in purchasing power, but that's only up to the income cap of $150,000 for single filers and $225,000 for joint filers.

While Las Vegas is always the top in the nation for this title of foreclosure filings, this does not mean all those will become foreclosures.

The amount of Las Vegas Short Sales in the MLS that are in Pending or Contingent status is as of today, is at 8,719 per our local MLS stats for resale homes/condos,etc in the Las Vegas area.

The amount of Las Vegas Loan Modifications in process is also huge.

Because of just these 2 factors (there are more), many of the foreclosures will get delayed, we hope permanently, but if nothing else, we could see 3-6 months delays, just based on current activity. 

What this means is that for every Notice of Default that is filed on one of our Las Vegas Short Sales, we fight like HECK to get them closed as soon as we can to beat the sale date or we fight like HECK to get the foreclosure sale date postponed until we can get it the deal sold and closed.

Sometimes you can be 3 months into a Bank of America Short Sale and may have already put off a foreclosure sale date or two and may still fight to do it once or twice more before the home closes escrow.

There are still many that will foreclose as unfortunately from what I'm seeing is many homeowners who don't qualify for a loan modification they may be unaware that they could do a Las Vegas Short Sale to avoid the foreclosure.

The banks are always saying "we don't want to foreclose" , so if that is the case,, it may indicate they will be more willing to do the short sales and postpone the foreclosure sale date.  Although some banks can move a short sale thru their system in 60 days, many of them can't , we can hope the process will become quicker but don't hold your breath. So again, this makes the numbers a bit skewed as it adds more delays. 

So on one hand I'm optimistic that a lot of Las Vegas Short Sales will close and avoid foreclosure, the other hand feels we may be just delaying the possible recovery in our market and many foreclosures will still go thru.

Pending home sales rose again, marking eight consecutive monthly gains - the longest streak since measurement began in 2001, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the momentum is understandable. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," he said. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."

READ the whole article here....Realtor.org

Las Vegas area Pending and Contingent sales or resale homes are as of today per our MLS stats at 14,766. That is a great number to have, but it may take months to close a lot of them due to 8,719 of them being Las Vegas area Short Sales.

Well, if you are not making pie, here is a place you can donate them to "The Pig Farm in North Las Vegas, Nv.

This is the same pig farm that has been a feature of "Dirty Jobs" TV show.

R.C. Farms, Inc., is a pig farm that has been in North Las Vegas since 1963

The farm is at 555 E. El Campo Grande Ave., west of Losee and south of Tropical

Dawn Barrier
Century 21 Aadvantage Gold

A Las Vegas Short Sale Agent Real Estate Professional

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs

Facing Foreclosure? 'Short Sale' May Help -

Firt Time Home Buyer Tax Credit -looks like it is closer to getting the extension

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

There are still kinks to work out ...

CNN reports...Senate likely to extend homebuyers' tax credit

Washington (CNN) -- Senate leaders have reached a tentative deal to extend the first-time homebuyers' tax credit that was originally passed earlier this year as part of the stimulus bill, Republican and Democratic sources told CNN on Wednesday.

The agreement would extend and expand the credit to include current homeowners who want to move, according to the sources.

The original credit in the stimulus bill is set to expire at the end of November and offers a tax credit of $8,000 to first-time homebuyers.

Senate sources told CNN they have tentatively agreed to extend that $8,000 credit for first-time buyers until the end of April. In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.

To qualify, current homeowners must have lived in their primary residence for five continuous years.

Dawn Barrier
Century 21 Aadvantage Gold

A Las Vegas Short Sale Agent Real Estate Professional

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-This may hinder an extension

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

When times are good we are #1 and when they are bad, we are #1 again...Ugh...

Even though our inventory of single family resale homes has dropped below 9,000, the looming foreclosure notices are still at record highs.

Our pending and contingent are at around the 12,000 mark.

There are still a lot of homes sitting vacant, not on the mls, that are bank owned, so it will be interesting to see if they keep putting them on the market at a dribble or if they flood it at one time.

RISMEDIA, October 28, 2009-RealtyTrac, one of the leading online marketplaces for foreclosure properties released its Q3 2009 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more.

But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity.

"Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation's foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave," said James J. Saccacio, chief executive officer of RealtyTrac. "While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009."

New foreclosure hot spots flare up

Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states the largest increases were posted in cities not previously a focal point for foreclosure activity. The Chico metro area posted the biggest year-over-year increase in California, with foreclosure activity up 98% from the third quarter of 2008. The medium-sized metro about 100 miles north of Sacramento had a 12.8% unemployment rate in August, above the state and national averages.

A similar trend was seen in cities like Reno-Sparks, Nev., with an 80% year-over-year increase in foreclosure activity, Prescott, Ariz., with a 77% increase, Jacksonville, Fla., with a 64% increase, Rockford, Ill., with a 64% increase, and Lansing-East Lansing, Mich., with a 41% increase.

Top metro foreclosure rates

Las Vegas posted the nation's highest metro foreclosure rate, with 5.13% (one in 20) of its housing units receiving a foreclosure filing during the quarter-nearly seven times the national average. A total of 40,408 Las Vegas properties received a foreclosure filing during the quarter, an increase of nearly 9% from the previous quarter and an increase of nearly 54% from the third quarter of 2008.

DIRECT from RISMEDIA,,,Read the whole article here

All stats are per GLVAR MLS as of this date SF resale homes only.

Dawn Barrier
Century 21 Aadvantage Gold

A Las Vegas Short Sale Agent Real Estate Professional

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-This may hinder an extension

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

Again it is one of those maybe yes, maybe no, it all depends.....

Just my 2 cents worth....

The odds of buying a home now (Nov 30th deadline to close) and closing a loan in time to get the tax credit are most likely very slim to none now due to the financing backlogs and the rush to get all the loans closed in time. Delays are happening even with conventional loans here in Vegas.

I'm sure there will be many that will be able to get in under the deadline, but at this point in the game, if your only reason to buy a home is to get the tax credit, you need to ask yourself .....will you still proceed with the sale if it closes after the deadline and you can't get the tax credit?

If your answer is No,,,,then another question you need to ask yourself is....are you willing to loose your earnest money deposit if you don't follow thru with the purchase? 

Is getting the tax credit really more important to you then buying that home you have always wanted?

Many sellers are now asking these questions and be prepared to see wording in the contracts about this as sellers and agents are most likely not going to want to put in offers for buyers who are "wishy washy" about this.

Other Blogs

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-This may hinder an extension

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-Congress scrutinizes problems in home buyer credit     Four-Year-Olds Got Homebuyer Tax Credits

This could hinder any type extension?

Maybe it will maybe it won't....but....

Since most have heard the news about all the rampant fraud regarding claiming the tax credit, now it a good time to go back and read the IRS info if you have any questions....

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

Other Blogs

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

I was out to the "Farm" recently and thought I'd share some pics.  You can stop by for a visit and buy some fresh eggs, fruits and veggies, some of the largest watermelons you may ever see...we got 1 weighed about 25 pounds! Makes me miss my farm I use to have in Florida,,but not all the work!

They also have some cute critters to see rabbits, goats, chickens, pony, peacocks and more...Please feel free to give a donation if you can.  Tell them the "rabbit lady" Dawn said to stop by.

Here is a link to a recent article in The View about the Farm and the Pumpkin Squash Festival The Farm

The festival, which will be held from 9 a.m. to 9 p.m. every weekend through Oct. 31, began all those years ago as a simple pumpkin patch.

According to Linsenbardt, it has now grown into so much more. The Farm is located at 7222 W. Grand Teton Drive. Admission is free

The event features a patch of squash, long-stemmed pumpkins, carriage rides, a hay maze, a petting zoo and a concession stand.

Interesting article direct from RISMEDIA...Read the whole article Click Here

59% of Home Buyers Rely on Low Down-Payment Government Mortgages

RISMEDIA, October 21, 2009-The new home market is cooling down and government intervention has been a key driver to new home sales, according to a recent monthly survey of home builders, just released by John Burns Real Estate Consulting. 

In addition to the tax credit that expires Nov. 30, government mortgage programs have been critical in 2009. The survey reveals that 59% of this year's sales have been dependent on FHA, VA or USDA financing programs with 96.5% to 100% LTV. 

What percentage of your home buyers this year used this type of financing?

Region           Cash    FHA         Jumbo    Other Conforming    USDA    VA         Don't 
                                    Insured    Loans      Loans                                       Loans   Know
 Midwest         3%         59%        1%              18%                    3%         3%           13%
Northeast        7%        41%          8%            28%                    2%         6%           8%
Northwest        5%       34%         13%           31%                    6%         11%          1%
Northern CA
Region              4%        68%         0%            16%                      0%         8%           3%
Northern
Florida              6%         47%        2%              15%                    16%        9%          5%
Southeast          7%         48%       6%             18%                     3%          11%          7%
Southern
California        6%          48%        15%            19%                     0%          8%           3%
Southern
Florida              22%         59%       4%              13%                      0%          3%           0% 

The highest use of FHA financing was reported by Northern California builders, while Southern Florida builders reported the highest percentage of cash purchases. "The cash sales are most likely due to investor purchases of attached homes," said Jody Kahn, a vice president with the firm. 

Read more: direct from RISMEDIA...Read the whole article Click Here

Facing Foreclosure? 'Short Sale' May Help

A Las Vegas Short Sale, What is a Las Vegas Short Sale? Short Sale Las Vegas Agent
Las Vegas Short Sale, What is a Las Vegas Short Sale?
A Las Vegas Short Sale occurs when you own more on your home that
what it could sell for and you need your lender approval to sell the home

 What does the term "Short Sale" mean and why does it take so long to process? -

WHAT DOES A SELLER NEED TO PROVIDE TO DO A LAS VEGAS SHORT SALE?

Another LAS VEGAS SHORT SALE **INVESTOR SPECIAL** RENTALS

Read the Whole article by

at Around the Home - Preparing House for Winter Goes Far to Make it More Energy Efficient

RISMEDIA, October 10, 2009-(MCT)-Every fall, we button up the house by cleaning and checking, fixing and sealing. Turns out that getting the house ready for winter isn't just a cold-winter thing-it's an eco-friendly thing, too. A tight house uses-and loses-less energy, requires fewer natural resources and produces less pollution. With just a bit of effort, you can make your fall house chores even greener. Here's how:

Read more: Around the Home - Preparing House for Winter Goes Far to Make it More Energy Efficient

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Read the whole article by RISMEDIA, October 10, 2009 Overcoming Fear of Foreclosure Critical for Many People to Keep Their Homes

Homeowners must overcome some of these fears in order to possible avoid foreclosure.

Fear: Homeowners are afraid to let the mortgage company know they are having a problem because they think it will speed up the foreclosure process.

Contacting your lender is an important first step if you want to save your home from foreclosure. It provides you with an opportunity to explain why you have fallen behind on your payments and what steps you are taking to get back on track. Lenders have a financial interest in keeping you in your home and may be willing to alter the terms of your loan or devise a repayment plan.

Fear: Homeowners believe that if their mortgage company has already turned them down for a loan modification, there is no point in contacting a counseling agency.

Many homeowners are turned down for a loan modification because the information they provide to their lender indicates that their expenses exceed their income or that they have not provided accurate documentation and information about their loan. In other cases, the lender may have made a processing error or the investor who owns the loan will not modify loans in accordance with the Making Home Affordable program.

A housing counselor may be able to suggest alternatives that better suit your current financial situation or help you make adjustments that make you a better candidate for a loan modification with your lender.

Fear: Homeowners fear being judged by others for seeking help.

These are challenging financial times. While it may feel like you are the only one struggling, the reality is that many of your friends and neighbors are also finding it difficult to stay afloat. By seeking help, you will not only increase your chances of avoiding foreclosure, you may also serve as an inspiration to others.

Fear: Homeowners think it is better to use all of their financial resources before seeking help.

Many homeowners try to ride out the financial storm, using their savings and depleting their retirement accounts before seeking help. By the time they do seek help, they are in an even more desperate financial situation and they have spent the resources that may have given them more options in dealing with their mortgage crisis.

Fear: Homeowners facing foreclosure fear that their situation is hopeless.

For homeowners facing foreclosure, the feelings of hopelessness and despair can be overwhelming. While for some, seeking help may mean saving their home, it is inevitable that some homeowners will end up in foreclosure. A certified housing counselor can help homeowners work through the foreclosure and build a new path for long term financial success.

Fear: Companies claiming they can save your home charge large, up-front fees.

You can receive counseling from a reputable, nonprofit housing counseling agency at no charge. While there are unscrupulous businesses looking to take advantage of homeowners, there are also many HUD-approved housing counseling agencies that offer help for struggling consumers.

For more information, visit http://www.cccsinc.org/.

Read more:

Another possible solution to foreclosures is to sell your home thru the Short Sale process SHORT SALE YOUR HOME

I know a few of my buyer clients and blog readers have recently ask me questions on this subject. This is a Great post that sums it all up.

Here is also a link to my website  LasVegasDawn.com

 If you already use this site you most likely are already aware of the change.

Here is the message on the site:

REOTrans is changing it's name!
We just announced we're changing our name to "Equator". The reason for the name change is to facilitate the expansion of our technology solution. Since our inception in 2003, we've grown beyond REO automation to become the epicenter of the Default Servicing Industry. The name change is scheduled to take place at the end of Q4, 2009.

Thank you,
Chris Saitta, CEO REOTrans.

Read the full article in the San Francisco Business Times at ....REOTrans is Changing Its Name to Equator

 LOS ANGELES, Oct. 5 /PRNewswire/ -- REOTrans, the nation's leading provider of online financial solutions, announced today that it will be changing its name to Equator. The reason for the name change is to facilitate the expansion of its technology solution. Since its inception in 2003, REOTrans has grown beyond REO automation to become the epicenter of the Default Servicing industry. The name change is scheduled to take place at the end of Q4, 2009

Currently 51 Mortgage Servicers, 15,000 Default vendors and 625,000 Real Estate agents use the REOTrans platform to manage more than 150,000 transactions daily. Over $65 billion in foreclosed real estate has been sold through the REOTrans platform. REOTrans is headquartered in Los Angeles and maintains several field offices on the West Coast, Dallas and Denver

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS- Beazer Homes Sued over Pig Farm

This is an interesting article in the Las Vegas Sun

NLV homebuyers sue builder over pig farm odors

This is the same pig farm that has been a feature of "Dirty Jobs" TV show. R.C. Farms, Inc., is a pig farm that has been in North Las Vegas since 1963 and in recent years there has been a lot of talk and complaints....but.....His farm has been there since  1963.

Usually, when you get within a mile of the farm or, if you are driving in the area for any length of time.....You know it! There has been so much controversy over this farm and yes, I would not want to live to close as the smell is just too much,,,but it still goes back to the fact that the farm has been there since 1963.

Buyers of a North Las Vegas home are suing a home builder, charging the company failed to disclose the presence of an area pig farm that is generating odors the homeowners say are unbearable.

They say in the suit that under Beazer's development agreement with the city of North Las Vegas, it was required to obtain signed releases from prospective homeowners acknowledging the existence of the R.C. Farms pig farm and that the housing development may be subjected to odors from the farm.

But the Riccis say Beazer didn't provide the required information about the farm and after they moved in and noticed the odor, they asked the Beazer sales person who sold them the home about the issue.

The sales person denied any duty to disclose the presence of the farm, reasoning it was too far away from the home to necessitate disclosure, the lawsuit says.

Disclose, Disclose, Disclose.... we are always told this, but, "Directions calculated by mapquest.com indicate the farm is a 1.7-mile drive from the home"...  so at what point will it be determined that a radius or distance of "X" amount of miles from a site that emits a "Smell", be it a pig farm, chicken farm or something else would make it necessary to disclose? 

Being from the south I've been around a lot of different type of farms and usually when you are within a half a mile of some farms,,,,you know it. We almost bought a home in Florida that was over 2 miles from a chicken farm....didn't know it on the 1st visit or the 2nd...but geez one more trip by the place and we knew it...Took a bit of driving around to locate the "source", but it definitely changed our minds about the place.  Ok, maybe most buyers don't drive the area and go by 3 times,,,,Maybe you should!  Just like the suggestion I make to buyers to drive the neighborhood after dark on Fri/Sat nights.  It may not always be a guarantee of what an area is like, but sometimes it is.  And, contrary to what buyers may think,,,,,your real estate agent doesn't know everything about every neighborhood,,,at least that is my opinion.  We may become an "expert" on an area, but there are always things we may not know....(ok hope I don't get blasted by other agents for that)

I know on a windy day (which happens all the time here) I have been in North Las Vegas near Alianta and I knew the smell in the air most likely was from the farm, could I prove it, not likely. So, if someone is buying in North Las Vegas anyplace East of Alianta, I now may need to say, "hey, do you know about the farm a few miles away,,no? well there is,,just so you know,, on a windy day you may notice a "smell",,,etc,,,, (or do I?) maybe I need to consider a written disclosure on it now.....Maybe, I could print out this blog and have them sign it as "disclosure"..LOL...

It will be interesting to hear the outcome.

Interesting article by Rick Sharga or Realty Trac in RISMedia,,,,click below to read the whole article

Where Are All the REOs?

Foreclosure Fundamentals by Rick Sharga

RISMEDIA, October 5, 2009

Read more: http://rismedia.com/2009-10-04/where-are-all-the-reos/#ixzz0T5P5AVGF

It's a fair question. In normal market situations, a bank will repossess a home and usually process it through to a listing agent to put on the MLS within 30 days. In a relatively short period of time, virtually every marketable REO property finds itself listed for sale on the local MLS. Today, that's simply not the case; it's likely that between 450,000 and 500,000 properties repossessed over the past year are still not on the market. And with buyers hungry for housing bargains, and agents and brokers chomping at the bit ready to sell the properties, it begs for a reasonable answer.

Lenders and servicers admit that it's taking longer to process REOs than it has in the past, and they offer a number of legitimate reasons:

-Many of the properties have title issues that need to be resolved.

-Many of the properties are in states of utter disrepair.

-A number of states have strict redemption-rights periods, which prevents the lender from reselling the property.

-A few states have extended the length of eviction proceedings.

What else could be slowing things down?

A popular theory is that many banks are holding the properties off the market in order to defer losses. There is some accounting logic to this theory, as in most cases, banks aren't required to adjust asset prices until the actual resale of the property. Another idea is that the industry is holding back the inventory to create leverage with the government in order to force the creation of a "toxic bank" or RTC-like entity that would buy the distressed assets at 50 to 60 cents on the dollar rather than the 30 to 35 cents available on the market today. This theory suggests that, seeing the threat of a massive inventory of distressed homes being released all at once, the government would "blink" rather than risk another housing market meltdown.

Whatever the reason-process issues or conspiracies-we're going to continue to see record-breaking numbers of REOs for at least the next year, and we'll all be watching to see when these sought-after homes finally make their way to the market.

Rick Sharga is senior vice president at RealtyTrac

Read more: http://rismedia.com/2009-10-04/where-are-all-the-reos/#ixzz0T5PTGSbk