Nov. 10, 2009
Copyright © Las Vegas Review-Journal
Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday.
There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago.
The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It's down 26.8 percent from a year ago.
Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said. Only 8,075 units are available without offers.
The percentage of bank-owned home sales declined to 64.5 percent in October, compared with 67 percent in September.
Recent data show the dismal housing market making a turnaround, but there are still supply and demand issues that will hamper the recovery.
Low interest rates, falling home prices and the first-time homebuyer tax credit have all contributed to a seasonal upturn in housing.
Statistics from the Greater Las Vegas Association of Realtors are based on data collected from the Multiple Listing Service and do not necessarily account for sales by owners, homebuilders and transactions not involving a Realtor.
Wednesday, November 18, 2009
Tuesday, November 17, 2009
Real Estate Closing Procedures
You have just successfully submitted your home offer and have it accepted by the seller.
The following steps outline what happens during the closing process.
1. Earnest Money — The first step for the buyer after acceptance is to write a check for the "earnest money deposit" (the deposit that secures the buyer's offer).
2. Title Check — Depending on the state you are from, a title company, closing attorney, or closing agent will be selected to handle the closing process. Their primary purpose is to get a preliminary title report, which is used to confirm that the seller is the legal owner of record of the property and that there are no unsettled liens or other claims against the property, including all real estate taxes and special assessments
3. Homeowner's Insurance — is the buyer's responsibility to obtain homeowner's insurance. Lenders always require the buyer to have proof of homeowner's insurance secured
4. Disclosures, Inspections, and Contingencies — it is the obligation of the seller to disclose any material facts about the property. Disclosure of material facts can include any property defects or any lawsuits regarding claim to ownership on the property. It is generally the obligation of the buyer to arrange any inspections on the property, including general property and pest inspections. Other contingencies to be aware of include financing, additional inspections, and sale of the buyer's current home.
5. Appraisal of Property — the lender will arrange for the property to be appraised. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the house.
6. Loan Approval — once all of the necessary steps are completed, the buyer's lender will notify the title company that the buyer's loan request has been approved. The lender will send the buyer's loan documents to the title company so that the documents can be signed at the closing appointment, which can also be called the "sign-off". At this time, the title company will schedule a closing appointment with the buyer and seller (separate appointments).
7. Request to Payoff Seller's Existing Mortgage — the Title Company, closing attorney, or closing agent will issue an order to the seller's existing lender requesting a demand for payment in full and all re-conveyance/release documents.
8. Cashier's Check — in preparation for the closing appointment, the buyer must obtain a cashier's check for the amount of money due upon closing. To find out the exact amount due.
9. "Sign-off" and Closing Appointment — the closing appointment usually takes about 1-2 hours and is where all of the necessary title and loan papers will be signed by the buyer. Depending on your state, the seller will have already signed all the necessary paperwork or will sign them during this appointment.
10. Final Steps — once sign-off on all necessary documents is complete, the transaction needs to be recorded by the county and the formal change of possession must take place. At this point the buyer will get the keys.
The following steps outline what happens during the closing process.
1. Earnest Money — The first step for the buyer after acceptance is to write a check for the "earnest money deposit" (the deposit that secures the buyer's offer).
2. Title Check — Depending on the state you are from, a title company, closing attorney, or closing agent will be selected to handle the closing process. Their primary purpose is to get a preliminary title report, which is used to confirm that the seller is the legal owner of record of the property and that there are no unsettled liens or other claims against the property, including all real estate taxes and special assessments
3. Homeowner's Insurance — is the buyer's responsibility to obtain homeowner's insurance. Lenders always require the buyer to have proof of homeowner's insurance secured
4. Disclosures, Inspections, and Contingencies — it is the obligation of the seller to disclose any material facts about the property. Disclosure of material facts can include any property defects or any lawsuits regarding claim to ownership on the property. It is generally the obligation of the buyer to arrange any inspections on the property, including general property and pest inspections. Other contingencies to be aware of include financing, additional inspections, and sale of the buyer's current home.
5. Appraisal of Property — the lender will arrange for the property to be appraised. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. There will be a thorough interior and exterior inspection. The inspections take about half an hour to one hour, depending on the size of the house.
6. Loan Approval — once all of the necessary steps are completed, the buyer's lender will notify the title company that the buyer's loan request has been approved. The lender will send the buyer's loan documents to the title company so that the documents can be signed at the closing appointment, which can also be called the "sign-off". At this time, the title company will schedule a closing appointment with the buyer and seller (separate appointments).
7. Request to Payoff Seller's Existing Mortgage — the Title Company, closing attorney, or closing agent will issue an order to the seller's existing lender requesting a demand for payment in full and all re-conveyance/release documents.
8. Cashier's Check — in preparation for the closing appointment, the buyer must obtain a cashier's check for the amount of money due upon closing. To find out the exact amount due.
9. "Sign-off" and Closing Appointment — the closing appointment usually takes about 1-2 hours and is where all of the necessary title and loan papers will be signed by the buyer. Depending on your state, the seller will have already signed all the necessary paperwork or will sign them during this appointment.
10. Final Steps — once sign-off on all necessary documents is complete, the transaction needs to be recorded by the county and the formal change of possession must take place. At this point the buyer will get the keys.
Duties owed by A Nevada real estate licensee
In Nevada, a real estate licensee is required to provide a form setting forth the duties owed by the licensee to:
a) Each party for whom the licensee is acting as an agent in the real estate transaction, and
b) Each unrepresented party to the real estate transaction, if any.
Licensee’s Duties Owed to All Parties:
A Nevada real estate licensee shall:
1. Not deal with any party to a real estate transaction in a manner which is deceitful, fraudulent or dishonest.
2. Exercise reasonable skill and care with respect to all parties to the real estate transaction.
3. Disclose to each party to the real estate transaction as soon as practicable:
a. Any material and relevant facts, data or information which licensee knows, or with reasonable care and
diligence the licensee should know, about the property.
b. Each source from which licensee will receive compensation.
4. Abide by all other duties, responsibilities and obligations required of the licensee in law or regulations.
Licensee’s Duties Owed to the Client:
A Nevada real estate licensee shall:
1. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage agreement;
2. Not disclose, except to the licensee’s broker, confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written permission;
3. Seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client;
4. Present all offers made to, or by the client as soon as practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division;
5. Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction;
6. Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee
7. Account to the client for all money and property the licensee receives in which the client may have an interest.
Duties Owed By a broker who assigns different licensees affiliated with the brokerage to separate parties.
Each licensee shall not disclose, except to the real estate broker, confidential information relating to client.
Licensee Acting for Both Parties:
You understand that the licensee may or may not, in the future act for two or more parties who have interests adverse to each other. In acting for these parties, the licensee has a conflict of interest. Before a licensee may act for two or more parties, the licensee must give you a “Consent to Act” form to sign.
a) Each party for whom the licensee is acting as an agent in the real estate transaction, and
b) Each unrepresented party to the real estate transaction, if any.
Licensee’s Duties Owed to All Parties:
A Nevada real estate licensee shall:
1. Not deal with any party to a real estate transaction in a manner which is deceitful, fraudulent or dishonest.
2. Exercise reasonable skill and care with respect to all parties to the real estate transaction.
3. Disclose to each party to the real estate transaction as soon as practicable:
a. Any material and relevant facts, data or information which licensee knows, or with reasonable care and
diligence the licensee should know, about the property.
b. Each source from which licensee will receive compensation.
4. Abide by all other duties, responsibilities and obligations required of the licensee in law or regulations.
Licensee’s Duties Owed to the Client:
A Nevada real estate licensee shall:
1. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensee’s duties in the brokerage agreement;
2. Not disclose, except to the licensee’s broker, confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written permission;
3. Seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client;
4. Present all offers made to, or by the client as soon as practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division;
5. Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction;
6. Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee
7. Account to the client for all money and property the licensee receives in which the client may have an interest.
Duties Owed By a broker who assigns different licensees affiliated with the brokerage to separate parties.
Each licensee shall not disclose, except to the real estate broker, confidential information relating to client.
Licensee Acting for Both Parties:
You understand that the licensee may or may not, in the future act for two or more parties who have interests adverse to each other. In acting for these parties, the licensee has a conflict of interest. Before a licensee may act for two or more parties, the licensee must give you a “Consent to Act” form to sign.
Tuesday, November 10, 2009
Las Vegas investment train
If you considering jumping on board the Las Vegas investment train, now is the time to do it.
The mortgage crisis is hitting the Las Vegas metro area particularly hard.
The crisis jeopardizes further growth by creating an overflow of available homes, which in turn slows the construction of new homes and invariably effects property values. But at the same time it creates opportunities of more affordable housing for those who have been priced out of the market in recent years.
The crisis entails homeowners losing their houses after they are unable to afford their mortgage payment that ultimately leading to foreclosure.
An average home value in Las Vegas was $167,340 in September 2009, down from $362.501 in November 2006.
The 3,608 single-family homes sold in September was the highest amount in a September since 2005 when 4,405 were sold. The 955 sales of existing condos in September were the most in that month since 1,030, also in September 2005.
Interest among investors remains high with the 40.4 percent of all homes bought in September by people who don’t live in Las Vegas, the highest figure for any month this decade.
There is no doubt about it, Las Vegas is not just the hot place to be, but Las Vegas is also a hot investment opportunity.
Choose a real estate agent who is familiar with the Las Vegas area, but he will also have knowledge and valuable contacts that you can use to your advantage.
Eshel C Lurya
Realty One Group
1333 N Buffalo Dr
Las Vegas NV 89128
eshel@lurya.com
The mortgage crisis is hitting the Las Vegas metro area particularly hard.
The crisis jeopardizes further growth by creating an overflow of available homes, which in turn slows the construction of new homes and invariably effects property values. But at the same time it creates opportunities of more affordable housing for those who have been priced out of the market in recent years.
The crisis entails homeowners losing their houses after they are unable to afford their mortgage payment that ultimately leading to foreclosure.
An average home value in Las Vegas was $167,340 in September 2009, down from $362.501 in November 2006.
The 3,608 single-family homes sold in September was the highest amount in a September since 2005 when 4,405 were sold. The 955 sales of existing condos in September were the most in that month since 1,030, also in September 2005.
Interest among investors remains high with the 40.4 percent of all homes bought in September by people who don’t live in Las Vegas, the highest figure for any month this decade.
There is no doubt about it, Las Vegas is not just the hot place to be, but Las Vegas is also a hot investment opportunity.
Choose a real estate agent who is familiar with the Las Vegas area, but he will also have knowledge and valuable contacts that you can use to your advantage.
Eshel C Lurya
Realty One Group
1333 N Buffalo Dr
Las Vegas NV 89128
eshel@lurya.com
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