Las Vegas Real Estate residential real estate contracts are usually written with “Contingencies”. Merriam- “dependent on or conditioned by something else <payment is contingent on fulfillment of certain conditions>” Disclaimer: I am not a lawyer, I am just explaining what contingencies I see in real estate contracts. When purchasing a Las Vegas House, you will have a time frame to fulfill your contingencies. You will want to make sure: the home is sound structurally, it is worth what you are paying for it, it is zoned properly, it is in theschool zone you would like, you can live under HOA guidelines, rules and bylaws, you can get your loan, etc. This time frame to fulfill contract contingencies is also commonly called: ”due diligence period” or “inspections period”. Las Vegas Buyer Contingency Examples: Las Vegas Seller Contingency Examples: It is always recommended that Las Vegas Buyers & Las Vegas Sellers have an attorney review their contract prior to signing to make sure they are protected in case they cannot fulfill a contingency. It’s always better to be safe than sorry!
Webster Dictionary definition #4 defines contingent best when it is applied to real estate:
What Are Real Estate Contract Contingencies?
45 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • December 28 2010 06:53PMLas Vegas Short Sales: What is a Short Sale?
As a Las Vegas Homeowner, maybe your bank or a friend has mentioned that you should do a short As a Las Vegas Area Home Buyer, maybe you have been looking at some short sale listings. A Short Sale is when a homeowner is asking lienholder(s) to forgive part of the debt owed on a home. It is a sale contingency, which means that the executed contract & sale is contingent on the third party lienholder(s) approval. It should be looked at no differently than a financing contingency, home inspection contingency, appraisal contingency or any other contingency listed in the purchase agreement. Many people think that the lienholder(s) have control in executing the contract but that thought is false. The short sale sellers still have complete control of decisions made on the house, the lienholder(s) just send them price, terms and conditions that they will have to approve to complete the short sale. A short sale is an extremely complicated type of contingency and sellers and buyers should ask many questionsbefore they list their home or write a purchase agreement as a short sale. Many short sale buyers and sellers get very frustrated in the middle of the short sale transaction because they are not educated well enough about the process. You can read more about purchasing a Las Vegas short sale right here. You can read more about listing a Las Vegas Short Sale right here. If you have any questions and you are not already tied to a Las Vegas area real estate agent, I will be happy to answer them via email or phone.
sale.
16 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • December 27 2010 10:48AMSorry Mr Buyer, I Can't Help You!
He wanted to only spend 100K. Rhodes Ranch is also a Guard Gated Golf Community with a water park. We have a slight problem here because Rhodes Ranch Homes are very popular and while we have some *kind of* close to that price range – they are contracted – and short sales. The lowest priced ACTIVE listing I could find was $170K. In the last year the lowest price sold was $140K so something tells me that those lower priced short sales won’t even pass the BPO sniff test. Yes, most of Las Vegas Real Estate is in fire sale status! Yes, the more popular areas – like Rhodes Ranch – will still cost a little more.
I had an inquiry via email last night from a Las Vegas Home searcher that wanted vacation or second home in Rhodes Ranch.
19 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • December 21 2010 08:54PMLas Vegas Realty News: Changing Your Marital Status During a Financed Escrow!
My ultimate goal in this series is to make Las Vegas Home Buyers aware of the challenges of a specific home’s eligibility for financing. Congratulations! Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home! Hold the phone here, *you* may be eligible to purchase a home but is the house eligible for financing? This series is designed for you to research a home’s eligibility for financing. DISCLOSURE: I am not a lender, title company, home inspector, contractor or appraiser. I am only speaking from personal experience by working with financed Las Vegas area home buyers. Hopefully you have hired a Las Vegas area real estate agentwho will be able to spot things that can *potentially* cause problems with your financing (mostly FHA/VA) before your contract to purchase a Las Vegas area home. Much of Las Vegas is currently priced in fire sale status. Many times when you see unusually inexpensive homes there is a reason – they are not eligible for financing and the seller does not wish to rehabilitate the home to make it eligible for financing. Today’s topic at hand is “Changing Your Marital Status During an Escrow“. Here is another good way to mess up your escrow: Getting Married in the Middle of a Home Purchase! Especially if your potential mate has awful credit. While this isn’t “house specific” like most of my series is – this is definitely a good way for you to “blow up” your financing on your Las Vegas home purchase! Lenders are now checking spousal credit even if the spouse isn’t on the loan for the home purchase. There are many who have cooked up a scheme in their head with a foreclosure. “The home that was foreclosed on was in my name, not my wife’s name, we are going to purchase a home!” Probably won’t work. Can I marry my boyfriend while I am buying this home? Do you want to hurt your chances of having issues during your escrow – especially if he has marginal credit? You have waited this long to get married, you can wait until the home closes. There is no hurry! You can always add someone to the title after close (doesn’t necessarily have to be a spouse.) All you have to do is go to the Clark County Recorder’s Office and pay a nominal fee.
This is part of my series: “Things That Can Make Your Las Vegas Financed Home Purchase *Blow Up* in the Middle of a Transaction.”
37 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • December 11 2010 01:48PMFHA Condominium Expiration Dates Extended
FHA must be hearing the outcry because this week FHA Condominium Expiration Dates Were Extended. This is a much needed and positive move on the part of FHA in my opinion.
The reality of what was going to happen once Condominium Complexes started to come off the FHA Approved Condo List did not begin to hit home until the dead line was upon us, and Condo's that had been FHA Approved no longer were. Condominium Owners that were trying to sell their Condo's were not happy with their Condo Management Firms that they had not Re-Certified the Complex, and now the number of possible Buyers for their Condo had be slashed.
Even though FHA has extended the expiration dates, they have only done so for a short time, and there is no indication that they will consider doing this again. Below are the extension dates based on five-year time periods. Notice that Condominium Complexes with original approval dates from 1972 -1985 are only being extend to the end of the year.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 - 1980 December 7, 2010 December 31, 2010
1981 - 1985 December 7, 2010 December 31, 2010
1986 - 1990 December 7, 2010 May 31, 2011
1991 - 1995 December 7, 2010 July 31, 2011
1996 - 2000 December 7, 2010 August 31, 2011
2001 - 2005 December 7, 2010 September 30, 2011
2006 - 2008 (Sept) December 7, 2010 March 31, 2011
A large part of the reason why FHA was so willing to extend the dates was because of their own work load. FHA was beginning to see a substantial increase of requests for Certification and Re-Certification and they needed the extension to ease their work load. Lenders and/or other interested parties are encouraged to begin the approval or re-certification process as early as possible so as to not run up against this deadline crunch again. As I stated earlier, another extension is unlikely.
The new updated dates were posted on the FHA Connection databases on December 7, 2010. The links are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm
******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
32 comments • George Souto • December 10 2010 01:57PMUnemployment and Why Housing Continues to Struggle
Unemployment and Why Housing Continues to Struggle
Each month when the Labor Department releases the statistics on unemployment and job creations, the numbers often do little more than confuse. Some months it looks as if they’re improving and others they seem to reflect a recession that won’t leave.
The employment numbers as reported often have little significance in the short-term, as they do sometimes fluctuate wildly; and they don’t always paint an accurate picture. For instance, while this month’s report showed an increase in the unemployment number from 9.6% to 9.8%, it only includes those who are actively seeking jobs. Those who have become so discouraged that they’ve given up their job search aren’t included—and that makes for a much higher number.
For a better understanding of unemployment it’s helpful to take a look at the overall trends, allowing us to see where we are and where we need to go in order to be in a legitimate recovery. The graph below from Calculated Risk helps provide that view. It shows just how far employment has fallen relative to other recessions and provides a good picture of where we need to be in order for the housing market to begin growing again.
What we see is that job losses during the current recession (I know it’s supposed to have ended, but the numbers tell a different story) were far more severe and show us further from recovery than any recession of the past 60 years. And the sad reality for millions of those unemployed is that their former jobs will never return. The ultimate impact upon the housing market has been and will continue to be dramatic; a robust housing recovery seems more than unlikely—more likely, impossible.
Sure, some sectors of the economy have seen improvement, and others will begin to improve; but the recovery will be slow and painful. In those areas where jobs are plentiful, the housing market will seem almost normal. However, the overall economy will continue to be plagued by the fallout from higher than normal unemployment, and the housing recovery will be grievously slow.
The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s Housing News
14 comments • John Mulkey, Housing Guru • December 03 2010 01:36PMThis Foreclosure Crisis Just Won't Go Away
While banks have repeatedly assured us that their foreclosure problems, commonly referred to as “ForeclosureGate,” are nothing more than “paperwork” problems, it seems this foreclosure crisis just won’t go away. And with 50 states’ attorneys general continuing to investigate the matter, more problems can be expected to surface.
A story on Bloomberg describes how an employee at Bank of America is reported to have testified that promissory notes were routinely held by Countrywide Financial Corp., now owned by BofA, even after such loans had been bundled and sold. And while BofA has denied the accuracy of the testimony, lawyers on both sides are scrambling to uncover the facts—facts which could severely impact the standing of thousands of foreclosure actions, as well as bolster the cases of investors demanding that BofA repurchase mortgage-backed securities.
In a previous POST I pointed out the deceptive practices that have come to light as the foreclosure crisis unfolded, and this story only causes more to question the actions and statements of the country’s major banks.
The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s Housing News
7 comments • John Mulkey, Housing Guru • December 01 2010 11:16AMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.