North Las Vegas City Council members voted

5-0 against the plan that was aimed to rescue

thousands of underwater homeowners.

The plan would have allowed city officials to take a bad home loan in the same way it seizes private property for public use.

Although the plan has been launched in other states, it has yet to be successful.

The greater Las Vegas Board of Realtors has been against this plan. GLVAR President Dave Tina stated, "We also agreed with federal housing regulators, lenders and other experts who said it would harm the housing market throughout Southern Nevada just as it is starting to recover."

Although the Las Vegas real estate market does appear to be recovering, approximately 48.4 percent of valley homeowners have negative equity mortgages. This means their debt outweighed their home’s value in the quarter ending June 30, according to a new report from housing data firm Zillow.

As a Las Vegas real estate professional who has assisted 100’s of homeowners through this difficult time in their lives, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help. Contact me today!

Shanta Patton- Patton Team, 702-302-2760, www.SellingLasVegasToday.com, www.ShortSaleLasVegasToday.com,

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Wynn Realty Group

Buying Short Sales: What You Need to Know

Good buying opportunities are available, but patience and flexibility play a vital role

If you are looking to buy a home, you may have heard that short sales are among the fastest growing property transactions in today’s market. According to the U.S. Treasury Department, short sale transactions more than doubled in 2011 compared to 2008, and short sales are expected to increase further. You may be wondering: What is a short sale? Is a short sale right for me? And, how do I buy a short sale?

What is a short sale?

A short sale can happen when the current seller owes more on the loan than the property is worth and cannot pay the difference to the lender at closing. With these transactions, the homeowner sells the home and the lender agrees to accept the sale price as payment on the loan.

What does this mean for everyone involved?

· For delinquent borrowers and for lenders, short sales offer a way to avoid many of the costly impacts of foreclosure.

· For buyers, short sales can provide favorable buying opportunities as they are usually priced at or below market value to sell quickly.

Short sale transactions are more complicated and can take much more time than a regular home purchase because a short sale involves negotiations among the current owner, lender (or lenders if there are multiple mortgages secured by the home), and buyer. Consequently, the first two steps in buying a short sale are to closely evaluate whether or not you are a good candidate to buy one and to find a real estate professional with experience in short sale transactions.

A short sale can present you with a good deal – but you need to have time, patience, and diligence for a successful outcome.

Am I a good candidate for a short sale?

This is one of the most important questions you will need to ask yourself before considering buying a short sale property. Generally, you are in a good position, if:

· You have a lot of patience. Purchasing a short sale requires all of the different parties to approve the deal which typically takes two to six months – sometimes up to a year.

· Your financing is arranged. It is extremely important that you are pre-approved for secure financing once you begin looking at short sale properties.

· You are flexible. If you are flexible with your move dates and do not have to sell a home or break an expensive lease to qualify for financing, you may be a good candidate.

What is the buying process for short sales?

If you believe that you are prepared to purchase a short sale property, contact Joshua Nieves at Residential Mortgage Services 702-580-5069 today so we can help you:

1. Get pre-approved. This is a critical step in any real estate transaction – helping you determine how much home you can afford and showing sellers that you’re a serious buyer. Because short sales can take a lot of time, it is important to note that your pre-approval can expire throughout the process. You’ll want to make sure it is always current and that you are financially prepared if the offer is accepted.
2. Contact Shanta Patton to begin house hunting! You’ll need a qualified real estate professional who has a proven track record in short sale transactions
3. Make an offer. I can work with you to determine a price that you believe is fair. Generally, the most successful offer is one that aligns with comparables in the neighborhood. Keep in mind: you can get a good deal when buying a short sale, but you need to be realistic in the offer you submit to seller.

Don’t forget the home inspection! Short sales are typically sold “as-is.” You should always have a home inspection to ensure you are financially prepared for any maintenance costs.

4. Obtain seller approval. Typically, this is a quick process and takes one to two days.
5. Wait for lender approval. Now is when you will need to demonstrate patience. It may take a long time before you hear from anyone, and this is to be expected. Your real estate professional will keep you informed as new information is made available.
6. Move forward with closing. If the lender accepts the offer, you will move forward just as you would with any real estate transaction and should be able to close within 30 days.

A short sale can present you with a good buying opportunity, but because it is such a long process, a “special” buyer with patience and flexibility is required. If you have these characteristics, and are financially secure, contact me and get started today!

Shanta Patton- Patton Team, 702-302-2760, www.SellingLasVegasToday.com ,www.ShortSaleLasVegasToday.com ,

Wynn Realty Group

How Do I Find a Realtor to Sell My Home in Las Vegas?

So you’ve decided you want to sell your home… your only question now is, what are the next and the right steps that need to be taken now? What if you don’t have the right realtor in your corner? What is the next phase in your course of action? One of the most important decisions a home owner will make, says Las Vegas-based Realtor Shanta Patton, is in choosing the right realtor to represent them. This is often times more easily said than done; the first thing that must be understood is that all realtors are not created equal.

The Las Vegas real estate market, is popular and in high demand, it’s in a constant state of change. The most competent realtors realize they must stay on top of those changes as well as continuing their education. Going above and beyond just like in any other field is what’s at the core of solid real estate practices; many good agents go beyond the minimum requirements for training.

We highly advise against the practice of choosing a real estate agent just because the seller may be friends with him or her, friendship simply isn’t enough to take the place of professional credentials and practices. Using “tough standards” when choosing a realtor can go a long way in creating optimal end results. As the same would be the case in choosing, an attorney, doctor or accountant. What’s worse, it’s been readily agreed by many top realtors that choosing the wrong real estate agent for one’s particular needs has the potential to cost the seller as much as 10 percent of the home’s value, Which could be thousands of dollars.

Furthermore, a realtor shouldn’t be chosen because he or she has agreed upon the seller’s listing price… known in the realty world as “buying a listing,” some realtors simply say what a client wants to hear. These answers are usually not based on any foundational principles. It’s an unfortunate technique employed by “short-sided” agents more interested in marketing themselves than they are in helping their clients sell their home. This is a short-term sells tactic that may work temporarily for agents looking to get a listing, however it’s an “extremely poor” strategy for selling a home at the highest possible price.

These are just proverbial tips of the real estate market iceberg when navigating the perilous waters of home selling. for more information on proactively listing your home and receiving your desired price don’t hesitate to contact Shanta Patton at Selling Las Vegas today.

What Should I Do First Before Listing My Home For Sale in Las Vegas

 

What Should I Do First Before Listing My Home For Sale in Las Vegas

If you’ve decided to list your home for sale there are steps you can take to increase your chances of a quick turnover.  With just a little effort you can make your home much more attractive to buyers without investing too much money.  A well kept house appeals to more buyers and will sell faster and for a higher price.

The first thing you should do when trying to spruce your home up for sale is start cleaning it from top to bottom. Consider shampooing the carpets and wiping tiles to give your house that new home shine. Giving every room in the house a thorough cleaning will make your home appear bigger, brighter and appeal to potential home buyers.

After you clean up, apply a fresh coat of paint to the walls of your house. It’s a small investment that can offers a large return.  While cleaning up dull patches is important to also look into covering up more extravagant colors with something neutral, like beige or even just a basic white.  Painting over outstanding colored walls will help with this next step, which is to declutter and depersonalize.  Your goal is to make the home look simple and benign, to make it easy for any buyer to imagine themselves living there. While decluttering, consider it as if you were putting away or hiding 30% of your possessions.

While trying to sell a home, the kitchen can often be a key selling point on whether a buyer takes a second look or not.  Simple touch ups like fixing up the cabinets or replacing the sink can do wonders for the sale of your home.

Lastly, it is important to make sure your home has good curb appeal, or a buyer may be disinterested before they even make it into the front door.  The best way to improve curb appeal without going overboard is to trim down bushes and pull some weeds before putting the house up for sale.  Create an environment you wouldn’t mind your own children playing on.

If you are ready to put your house up for sale, or would like some personalized tips on how to fix your house up to prepare it for sale, contact Shanta Patton at 702-302-2760.  Remember, you don’t have to spend a lot of money to improve your chances of quickly selling your house at the highest price possible!