2009 Brings Great Opportunity

I speak with both investors and potential buyers every day. They all want direction, but all have the same belief, a belief that I share -- 2009 is a great opportunity to make money in real estate.

The most recent report out shows real estate prices dropped 31% in 2008. That's unbelievable. As fast as we had a market rise in 2005, we've had the same drop in 2008. But now, our prices are even lower than they were in 2003, basically, they have no where to go but up.

This is the time when most investors are taking a good look at Las Vegas. We have a unique market and because of that, we're predicted to recover faster than many markets. As the economy dampens income on smaller casino markets and some fall away, Las Vegas will again become the place where you can not only game but have an experience you can't have anywhere else. With that will come more tourists again, which drives jobs, income and of course housing.

So, what should be your plan? Your plan should be to take advantage of this great opportunity to buy homes at 50% or less than they sold for 2-3 years ago. Not every property, bank owned or short sale, is a great deal. It takes an experienced agent to recognize what property is going to offer a good bang for your buck.

If you're one of the unfortunate folks who lost your home in the last year, don't give up hope. There are many investors out there who are willing to lease option to you, assisting you in getting your next home with the opportunity to buy it while your credit recovers. These investors understand that what happened was not your fault and, although they are investing in real estate for financial rewards, they also want the folks who rent their properties to take ownership by working with them to eventually buy it. 2009 can be your year too!

So plan ahead for a much better year. We have a new president, a changing economy, and an opportunity to learn from our mistakes and make 2009 a great year.

If I can help you either become a real estate investor, or lease option your new home in Las Vegas, don't hesitate to call or email me.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
www.LuxuryShortSalesandREOs.com

The Las Vegas market has been unusual of late. Everyone wants to know if now is the time to buy. I don't normally do statistical reports, but I thought this was significant.

As of November 3rd, there are over 22,000 single family homes on the market and 25% of them have accepted offers (either contingent or pending), and out of almost 5500 condos and townhouses on the market, 17% of those also have accepted offers on them. That doesn't include properties where a bank is involved (bank-owned or short sale) that has offers the bank hasn't accepted yet.

OK, what does this all mean? The Las Vegas market has lots of buyers taking advantage of the current prices. I ran statistics on each area here in Las Vegas. We have broken our market down to 6 main parts of town but the theme is clear. Out of 7600 properties that have sold in the last 90 days, the average price is just over $227,000 and on the market less than 60 days, selling at $111 a square foot, and at 99% of list price.

So, the properties are selling are priced realistically, and buyers who think they can come in and lowball properties are finding that there is a lot of competition for the great properties and they must offer list or just below list price to be taken seriously. Even over the last 6 months, these statistics have held fairly steady. One more thing, although the Las Vegas market was dropping like a stone for awhile, on average of 3% a month, that seems to have slowed some to about 1% a month. Where do I get that? Well, I'm not an expert statician, but a 6 month average showed properties selling for $117 a sq ft, and now at $111 a sq ft, that's a 5% drop in 6 months, or just less than 1% a month.

OK, so what's the point? The point is, this is a great market to get a great deal. These deals won't last forever. Now is the time to take advantage of the great Las Vegas real estate market.

What's Up With Short Sales?

Short sales are on the news every day, but many people still don't understand what they are. Very simply a short sale is when the lender who holds the mortgage allows you to sell your home for less than you owe. So if your home is now only worth $200,000 but you owe $250,000, and some one offers you $175,000, the lender says OK, we'll accept $175,000 and you the homeowner are considered paid in full.

Are all short sales this easy? NO! Absolutely not. First, the lender wants to know why they should accept less than you owe. As the homeowner, you have to be able to show why you can't make your mortgage payment anymore. That means you'll have to provide a lot of information like bank statements, tax returns, paycheck stubs and a letter explaining why you need to sell. Just because your house isn't worth what it was IS NOT a good enough reason. And .... you must be using this property as your primary residence. If this is an investment property, the lender MAY let you short sale it, but they may pursue you for the amount of money they lost (what you sold for vs what you owed). OR they may send you a form that also goes to the IRS and you may owe taxes on that amount of money. If this happens, you need to check with your tax or financial advisor.

OK, you submitted all the paperwork to your lender, and they agreed that you're in a bind and say you can short sale your property. They may even tell you what they'll accept. PHEW!!!!! That's a relief, right? Not quite. Now you actually have to sell your house. There is no short sale unless there's a buyer.

This is where its best to rely on a real estate professional who can help you prepare your short sale package for the lender, negotiate with the lender so they will not only agree to the short sale but agree to a reasonable price so you could actually have a chance to sell, and then market the property to get a buyer for it. Many experienced real estate agents have buyers who are in the position to get a great deal, and will take the opportunity to get a well-priced preapproved short sale. Most lenders also require you to have your property listed with a real estate professional so they feel that your property is being properly marketed and has the best chance of being sold so they don't have to take it back.

If this is the situation you're facing, don't do it alone. If you need assistance or a referral to a qualified short sale specialist in your area, feel free to contact me and I'll assist you with someone who is experienced at this process in your area. Not all agents are familiar with this detailed and complex situation or can help you get everything you need done. You are not alone and it is important to rely on a specialist in this difficult time.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com

Are You An Optimist Or A Pessimist?

I read and participate on a number of blogs related to real estate. Some people, like me, are optimists. We understand things are bad but feel that there are glimmers of hope to be grateful for. Pessimists are out there not only to spout doom and gloom, but capitalize on how everything is bad, getting worse and won't get better for years, if ever. My dilemma is do I spend time trying to convince people that their outlook affects everything, or join other optimists by putting on my rose colored glasses and seeing things in a better light?

In the early 1980's, we were in the midst of a huge recession, watching jobs vanish and dealing with paying double digit interest rates on our mortgages. There wasn't the same kind of creative financing that went on just two years ago, but naysayers and black cloud spouters were everywhere. And then the sun came out. We came out of the recession, interest rates dropped, the job market improved and real estate again became a good investment.

Then in the late 80's and early 90's, with little oversight, we had the Keating disaster with all the savings and loans. Millions of people lost tons of money, tons of jobs, and real estate in many areas such as Arizona took a nose dive. (I know only because that's when I foolishly jumped into selling real estate full time). Great fodder for those naysayers and doom spouters again. But, this too did pass. Cooler heads prevailed, regulatory steps and oversight were put in place, jobs reappeared and real estate again recovered.

Now we're in the 21st century. After an insane record run on real estate complicated by greedy banks and rose colored glass wearers refusing to acknowledge that this freakish growth could not possibly continue, we're back to deciding if the glass is half empty or half full. In our local newspaper this morning, experts and pundits much smarter than me state that Las Vegas has an existing home inventory of about 10 months which, according to Larry Murphy president of Sales Traq, is just outside the norm of 6-9 months worth of inventory which is considered healthy.

What does this all mean for real estate, or specifically Las Vegas? No one is sure, although with prices back to being reasonable and by that I mean the median price on a home in Las Vegas dropped back to $225,000, property is back to being considered a good deal. New home sales are not fairing so well, but resales are back to selling like hotcakes, well warm cakes anyway. Our prices have dropped on average just under 20% from a year ago. Not great news for anyone who bought within the last two years. Great news for people who are shopping now.

Is this good news or bad news? For the naysayers, they continue to predict that prices are going to continue to plummet. Hang on to your money they say! Buy other places but not Las Vegas! Is that because they want you to buy where they bought so they'll feel good about their investment? I prefer to think that there is a light at the tunnel and now is a great time to buy property in Las Vegas. I realize that there won't be any great rebound in prices any time soon, but there are a lot of great deals on gorgeous properties (and some not so gorgeous). We're back to seeing multiple offers on the good ones, something that hasn't happened in a while.

So for all you naysayers out there who would like to continue to wallow in doom and gloom, casting dark shadows on all who come near, I'll continue to smile and wave from my cloud with the silver lining while wearing my rose colored glasses and drinking from my glass that's half full. I see bright spots in the coming year and believe now is a great time to invest in real estate because after all, especially when it comes to land, God isn't making any more.

Are You Going to Miss The Boat?

No one wants to believe it, but things are heating up in the Las Vegas real estate market. Yes, we're number one in foreclosures, but its also an amazing time to get a great deal.

Last week, I showed a first time buyer couple eight homes, even though I had ten lined up. When we arrived at number 8, they said STOP! This is the one we want. So, I called the listing agent only to learn that 4 other offers were being submitted on this exact property. We are back in the multiple offer stage.

I will be the first to admit that this seems to be restricted to homes listed at $200,000 and under, but with all the bad news floating out there, who would believe we were actually getting multiple offers on properties.

Do all properties deserve multiple offers? Of course not, but there are some outstanding properties for a steal right now. Out of the over 27,000 properties listed over 24% are either in contingent or pending status. I think that's amazing for a bad real estate market. Over 10,000 are listed at $200,000 and under and 29% of those are under contract.

So I'm telling all my clients, if you find the house that works for you or you're looking for a great investment, now is the time to jump. Because there is a 1 in 3 chance the property you like has other people who like it too, and it may be gone tomorrow.

If Vegas Is So Bad, Why Are So Many Properties Selling?

Everyday I hear on the news what a bad market Las Vegas is. This is often repeated in the newspaper. Inventory is up...Prices are dropping...This is not the place to invest...blah, blah, blah.

Yet, I've been working with a number of people who don't agree. We spend time looking for investment condos in the low $100Ks, and I've found quite a few in very nice communities. In fact, I just came across a unit (no its not my listing) in Silverado Ranch. Silverado Ranch is located on the border of Henderson, and close to the Strip. This particular condo offers two bedrooms and tons of upgrades including granite countertops and maple cabinets in the kitchen, hardwood floors, ceiling fans and two master suites with walk-in closets. The community is gated and of course has a sparkling pool and spa.

These deals are out there and they don't last long. The biggest problem I've discovered is buyers who can't make up their minds and then when they've decided to make an offer, the property is already under contract. They've missed the boat. In fact, right now any property in Las Vegas and Henderson that's in decent condition and priced under $200,000 are selling like hotcakes with multiple offers. Huh?!?!?!

It seems these properties make excellent investments because they ..... wait for it ..... cash flow. That means if you buy it for an investment, you can rent it for at least what its costing you or can even make a little money. A 2 bedroom condo in this community rents between $925 and $950 a month. This particular condo will cost approximately $880 a month (including principal, interest, taxes, insurance and HOA fees -- assuming you'd put $20K down on this condo listed for $120K). That's $45 to $70 a month cash flow -- not a ton of money, but not in the negative. It's been quite awhile since we've been able to say that.

So if you've been looking for the right time to buy or jump on the investment, NOW is the time. Don't hesitate to call or email me regarding this or any other investment property I can help you with.

Heather Peck
Rosen & Company West
www.heathersellsvegas.com
702-595-7380
lasvegasexpert@yahoo.com

Lake Las Vegas - An Oasis in the Desert

Water communities are not that unusual in the desert. Even here in Las Vegas, we have Desert Shores and the Lakes over in Summerlin. There's also great views of Lake Mead from many properties in Boulder City. But none of these areas have everything to offer like Lake Las Vegas.

Surrounding a man made lake just 5 minutes from Lake Mead is a variety of gorgeous townhouses, condos, condo hotel units and upscale homes. This area not only has a refreshing private lake for a view, but also offers its own village with shopping, restaurants, and casino for gaming. Lake Las Vegas also offers a number of special events including outdoor concerts, art shows, and ice skating on a floating barge during the winter holiday season. Don't miss the amazing award winning golf courses of The Falls and Reflection Bay.

South shore offers guard gated entry to a number of different single family homes and midrise condos including Mantova and the Tennis Club. North Shore has gated communities comprising of single family homes, condos and townhouses.

Just 20 minutes from the famous Las Vegas Strip, this amazing location seems worlds away from the hustle and bustle of all the activity on Las Vegas Blvd. If you're just planning a visit, you can enjoy accommodations at the Ritz Carlton, Lowes or the condo-hotel units next to the Casino Montelago. Lake Las Vegas is also a popular location of vacation rentals in all type of accommodations.

If moving or visiting Las Vegas, this is one location that needs to be on your visit list. There are great deals in this gorgeous location that won't be there long.

Lease Options - Good Or Bad

Lease options are a great way to buy a house. You don't have to come up with a 20% down payment, lenders aren't going through your life with a fine tooth comb, and you get to try on a house and neighborhood before you buy. Part of your monthly rent is also often applied towards a down payment when you buy. But the best part is if you don't like it, you don't have to buy it.

For sellers, its a great way to get a great tenant. Its a fact that if someone has a vested interest in purchasing the property, they'll take better care of it. They put up some option money upfront which will be applied to their down payment when they buy your house. If they choose not to buy it, the option money is nonrefundable. Even when you credit them part of the rent towards the down payment every month, if they don't buy, they don't get that money back either.

Sounds Great! What's the downside? The downside is only about 20% of lease options are ever completed. Usually its because the buyer couldn't get their credit together enough to actually qualify for a mortgage. But lately its may also be due to the seller possibly losing the house to foreclosure. They may have gotten behind on the payments for the property because the mortgage just went from a low monthly ARM payment to a huge fixed payment and the seller can no longer make the payments because the rent they're receiving isn't enough to pay the mortgage. Its a risk for both parties.

One more thing I want to make note of. Sellers please note that just because someone chooses to lease option doesn't mean they're stupid or can't read and they don't know what is going on in real estate. They're not going to pay more for your house than its worth and they're not going to pay much more than market rent. If the value on your home has dropped in the current market, and thanks to the media reminding us, values are still dropping in some parts of the country (especially here in Las Vegas -- houses dropped over 20% just last year and continue to drop 1-2% a month, more in some neighborhoods than others). That means that buyers will NOT pay $50-100,000 or more than the property is worth when its time to exercise their option to buy. The house will still have to appraise. If the house would rent for $1500 a month under a normal lease, a lease option buyer is not going to pay $2500 a month just for the privilege of lease optioning. It is reasonable to get $100 to $500 more a month (depending on the size of the house) IF you're going to credit that amount to them when they exercise their option. And they probably won't come up with 10-20% as an option fee. 1-2% is reasonable. If they had 20%, they'd buy, wouldn't they?

Would I recommend lease options as a way to buy or sell? ABSOLUTELY, with two caveats.

First, as the potential seller you must understand that the buyer is probably buying this way because they have shaky credit they need to work on and need time to build up a down payment. If the buyer had great credit, they would be buying not leasing. Please be reasonable when lease optioning your property. Its yours and you have a right to lease to whoever you want, but lease option clients are usually better than just renter tenants who don't care about the house or condo they're renting because its not theirs.

For the buyer, you must be diligent and check on the status of the property you're lease optioning so you're not surprised when someone knocks on your door to say the house just got foreclosed on and you have to move. If you want to know how to check this out without paying an arm and a leg to find out, call or email me and I'll tell you how. It's public information and readily available. Also remember, that the option money you put up is not refundable if you don't buy the house or condo. It was a promise to the seller, and now that money is theirs.

If I can help you find a lease option or help you lease option your property, drop me an email or give me a call.

Heather Peck
Rosen & Company West
www.HeatherSellsVegas.com
lasvegasexpert@yahoo.com

The Common Cry In Las Vegas "Are We There Yet?"

On the front page of our illustrious daily newspaper the Las Vegas Review Journal yesterday there was an article titled "Homeowners, you can almost touch bottom." It too rang out the common whine among most Las Vegas property owners "Are we there yet?"

People much smarter than me including the Massachusetts research firm Global Insight and an Ohio bank-holding company National City Corp. showed that us lucky Las Vegas and Southern Nevada dwellers (to use their words) are showing our first move towards undervaluation since they started to following our market in a joint report in 2004. Noted that our market dropped more than 20% last year, and the first quarter of 2008, the median home price in Las Vegas is $232,600 or just 3.1 percent below the value that historical market trends establish as sensible or healthy. What does that mean exactly?

It means that for the first time since 2004, our homes are worth just a little under what they should be or at least would be if we didn't have that outrageous value spike during 2005 & 2006. We are now considered fairly valued. Do you hear that home buyers and investors? We're now back to being a reasonable market based on the things that count like employment opportunities, climate and a great location for family and friends.

The one thing that really stood out for me was when Richard DeKaser, chief economist for National City stated "One thing which is clear is that the majority of Las Vegas' price correction is now behind it." This was reinforced by Ken Perlman, vice president of the Sullivan Group, another group of real estate advisors, noting that "It suggests that buying a home in Las Vegas is becoming more of a reasonable proposition. I do agree the biggest price declines are behind us."

Now no one, not even these experts can agree on how much lower our market will go or when the valuation slide might stop, but one thing is sure, they all agree that "We're much closer to the bottom than the top." Of course everyone has an opinion, some good some bad.

So a deal is a deal is a deal. If you're willing to buy and hold for 5 years, not an unreasonable proposition, this is the time to be looking for a good deal. If you're an investor, and the property will cash flow, get it now while the getting is good and lease or lease option the property. If you're looking to move up or even buy your first house, who wants to move sooner than 5 years anyway.

If I can help you find a property, don't hesitate to call or email me. You can visit my website at www.heathersellsvegas.com or email me at lasvegasexpert@yahoo.com.

I want to live in a Las Vegas High Rise

One of the coolest parts of my job is being able to frequent all the high rise projects in this town. Yes, I admit the market for high rises isn't what it was, but they are truly an outstanding experience that can't be imagined living any other way.

Spectacular views, high end professional amenities, a full time concierge and doorman, and your choice of parking your own vehicle or using the valet are just a few things that make living in a high rise the most amazing experience. There are only a few markets that have high rises with all the options Las Vegas high rises do such as Miami, San Francisco and of course, New York.

Of course, there are a number of different type of high rises available as well. Here in Las Vegas we have residential projects, condo-hotel projects, and all of them have different rules regarding to renting out the units. Some residential projects come completely finished with flooring and kitchens that could be upgraded when the unit was being built. Other residential projects come without flooring, something you'll have to do on your own after the unit is built.

I find most people are confused about condo-hotel projects -- what that means, what they come complete with and how they're used. A condo-hotel or condotel has units that are totally turnkey meaning they come not only complete finished but completely furnished with designer appointments, art on the walls and every kitchen accoutrement you need including dishes and silverware. Most projects will allow you to live there full time if you choose, or your unit can be put into the rental program where it is managed like a hotel. The one thing you can't do is change anything. You can't paint it, hang anything, or leave personal items behind other than in your owner's closet. What a condotel project does have is amazing amenities including gorgeous swimming pools and spas, a fitness center, on staff masseuses, and more.

My current favorite is the Palms Place on Flamingo, just a short hop off the Strip. It has all the above plus on-site restaurants, and steps away from gaming and entertainment, not to mention the opportunity to hobnob with tons of celebrity and professional athlete patrons, all friends of the Maloof Brothers, owners of the fabulous Palms Casino here in Las Vegas. If this is something that you'd love a chance to be a part of, don't hesitate to call or email me about some of the amazing units that are available for sale. This project sold out with almost NO marketing. Only a few select units are being offered, so if you missed your chance, now is the time to grab one.

Give me a call at 702-595-7380 or drop me an email at lasvegasexpert@yahoo.com. I'll be happy to assist you in becoming part of the this amazing high rise project. You can see more about it at www.HeatherSellsVegas.com.

Short Sales - Good Or Evil?

I had a first time buyer call me yesterday and with his youthful exuberance stated "I have this great condo I'd like to buy ..... and its a short sale." Now, I think first time buyers are great and I don't ever want to dampen their enthusiasm but short sales are difficult for experienced buyers.

When you're on the listing side of a short sale, you at least have the advantage of working with the seller and their lender, and getting on the inside track. Its not always an easy go and often takes great effort and persistence to get to the right person who can actually make the decision at the lender who can authorize and accept the short sale. I was recently at a seminar where there were at least 80 agents who were all working in short sales, and all said the same thing -- "it is taking at least 10 days to 2 weeks just to get to the correct Loss Mitigation Rep, and then you have to contact them every couple days just to stay on top of things." Then once you have an offer, it can be as little as a few days or as many as 6 weeks to even get an answer, IF you get an answer.

On the buyer's side, all you can do is put in the best offer you can, add comps to support your offer, and wait, and wait, and wait, and wait. Many buyers get tired of waiting -- can you blame them?

Why does it take so long? Well, the Loss Mitigation Rep isn't just looking at your offer, they're probably looking at offers from all across the country. And if the offer isn't in the reasonable guidelines they'll accept, they are just plain ignoring them and only working on offers they will.

So in this market, especially here in Las Vegas where the short sale game is predicted to last at least another two years, the advice I'm giving my clients who want to buy a short sale is this ... Don't lowball the price unless there is a good reason to (property condition, lots of other comps supporting the price including other lender-owned repos, etc. If you really want the property, make a decent offer with documentation to support it so the lender will take you seriously and hopefully get you the property you want at prices that haven't been seen in years.

This is a great time to buy property. Interest rates are very low (I bought my first house when interest rates were 13 3/8%). And if you see the house you want, make a good offer on it because the good ones are selling.

If you're interested in purchasing real estate in Las Vegas, don't hesitate to email me at lasvegasexpert@yahoo.com.

Are You A Smart Cookie?

When is the last time someone called you a "smart cookie?" Now I know my grown children would roll their eyes and go "huh?", but it has always been a compliment to me.

Which brings me to ask, when is the last time you complimented someone on something they did? OK, I realize all I'm doing is asking questions, but as I type away on my laptop or spend time on the phone with a variety of clients and vendors, it occurred to me that we don't often go out of our way to compliment or thank someone for their help.

I certainly love to be thanked for my hard work, whether or not I really thought what I was doing was hard work. And so I implore you, the next time someone you work with, network with, or even talk to on the phone, thank them for their time and tell them they're a "smart cookie." It rubs off and makes you a "smart cookie" for recognizing someone else's efforts.

What's A Short Sale & Why Should I Buy One?

Everyone is talking about short sales today. Buyers love them, seller's fear them, Realtors hate them, and lender's are willing to do them. Great, but what exactly is a short sale, and why should you want to buy one?

A short sale is when the property is worth less than the seller owes. For example, the house was purchased 1-2 years ago for $300,000 OR the seller took out a second and/or maybe a home equity loan on the property and now owes $300,000 or $350,000 on the property. However, as everyone knows, Las Vegas properties are not going up in value because of foreclosures. So now that same house is worth $250,000 or less. So the lender, who would rather not foreclose, is willing to take less than what is owed for the property.

Why do seller's fear them? Seller's fear short sales because they don't know if the lender or lenders are going to go after them for the amount they owe and what the house sells for. Let me first state that I am not a financial professional or CPA and you should always obtain good legal and financial advice from those professionals, but here goes.

The good news right now is if the property is your primary residence, the lender's are not going to chase you for the deficiency or the difference between what you owed and what they're willing to take IF you can find a buyer before they actually foreclose. However, the lender will send you a 1099 for the difference and that's reported as income to the IRS which means you could owe taxes on that money as if you earned it, even though you didn't. Not fair, but that's the law. Thanks to the bill that President Bush just signed, the IRS is not going to tax you on the deficiency IF it is your primary residence that went into foreclosure and the bank accepted less than what you owed as payment in full.

Why to Realtor's hate them? They don't really, but a short sale is a lot of paperwork and a lot of phone calls and faxing with the buyers, sellers and lenders. If a Realtor isn't familiar with the process, it can be rather daunting. However, as a Realtor, it is our job to get our clients the most money for their property is you're representing the seller, or get the best deal we can if our client is the buyer.

Why do Buyer's love them? Buyers love getting a deal. Doesn't everyone? Don't you love saving money on something you wanted, but you can get it cheaper than you thought you could? With the status of the real estate market as it is, short sales are a great way to buy a property for a great discount. Who wouldn't love that?!

Why do lender's do them? It's simple. Lenders are in the business of lending money. They're not in the business of owning real estate. The lender can only make money by loaning money. When a lender takes back a property, that's money they can't loan. To make matters worse, thanks to the savings and loan scandals of the late 1980's, lenders are now required by law to keep 5-6 times the value of the property in reserves which means that's money they can't loan. So if a lender forecloses on a $200,000 house, that means they can't loan out $1 million dollars. Take that amount times the number of homes being foreclosed on, well, you can see where that's going. So if a lender has to accept less than what's owed, and not have to incur all the other fees that come with foreclosures including paying appraisers, lawyers, transfer fees, etc., they will consider reasonable offers for the property for less than what's owed.

But remember, lender's aren't stupid. They know what a property is worth and are only willing to take so much of a loss. So despite what you see on late night TV infomercials, you can't buy a $300,000 house for $100. The type of loan on the property will dictate what the lender's will accept. But that doesn't mean you shouldn't try to get the best deal you can. So find a real estate agent who's willing to help you find a great short sale property, and help you put together the paperwork needed so the lender will seriously consider your offer.

If I can help you find a great short sale, and put together what it takes to get the offer accepted, don't hesitate to call 702-595-7380 or drop me an email at heatherrpeck@cox.net. The government has just dumped hundreds of millions into FNMA and FREDDIEMAC to fund mortgages. This is a great time to buy.

Why Buy Now? Isn't the Market Still Going Down?

I speak to lots of potential buyers and investors everyday, and all are looking for a great deal. But time and time again, I hear the same thing. I don't think the market has bottomed out yet, why should I buy now?

My response is - if you get the property at a price that is significantly below market by at least 20%, even if the prices drop another 10%, wouldn't it still be a great deal? Of course that comes with some caveats. What I mean is, just because a property is priced great, you need to make sure you've adjusted for condition and unseen issues like plumbing, electrical and even mold (yes, believe it or not some properties in Las Vegas have mold issues).

If you work with a professional Realtor, they should be able to put you in touch with those professionals who can help you identify those potential land mines. This is a great time to buy and get a smokin' deal the likes of which won't be seen again for a long time, if ever.

If I can be of assistance to you in identifying great properties, obtain financing, or invest in real estate (because they're not making any more land, are they), don't hesitate to call or email me. You can reach me through my website at www.HeatherSellsVegas.com.

I Don't Want To Lose My House!

Many people across the country, especially in Las Vegas, are saying this every day. And I have good news and bad news. The good news is .... you may be able to. The bad news is, be careful who you choose to help you.

There are lots of companies out there that help you negotiate with your lender to save your house. Some don't charge you unless they can help you. Others charge you regardless and also may have you sign some documents that allow them to take over your house.

I have a better suggestion. Find a Realtor in your area who specializes in short sales. My reasons are these:

• They already know how to talk to your lender
• They understand lender guidelines to see if you'd qualify for a loan workout
• If you don't qualify to keep your home, they can work with the lender to get you more time while you try to sell your home
  
• If you owe more than the house will sell for, they can help you short sale your home (The banks require a Realtor to market the property)
• And they may also help you find a new place to live

Foreclosures are complicated and lenders are overwhelmed. I will repeat what everyone is telling you -- LENDER'S DON'T WANT YOUR HOUSE! Lenders make money by lending money. If they take back your house which, for example, was worth $100,000, by law they must hold 5-6X that amount or $500,000 to $600,000 in reserves which is money they can't loan. So believe that the bank does NOT want your house.

If you're behind on your payments, or you think you're going to fall behind, don't wait. No one will judge you. Pick up the phone and call someone, if not your lender, then call an experienced Realtor who may be able to help you keep your house.

Why would a Realtor help you keep your house? If they can help you save your house, you'll refer anyone you know to the great person who didn't try to steal your house. If they can't, they will negotiate with the bank and help keep a foreclosure off your credit by helping you sell so you have the chance to buy another house sooner than you would if they bank did foreclose. If they keep the foreclosure off your credit, in a couple years when you're ready to buy again, wouldn't you want to go back to the same Realtor who helped you keep your credit?

The key is use an experience Realtor who knows about short sales. Don't hesitate to ask them how much experience they have. If they can't answer your questions, call another Realtor. A good experience Realtor will do what it takes to help you accomplish your goal of keeping or selling your house.

And if you're in Las Vegas, please don't hesitate to call me. You can reach me through my website at www.HeatherSellsVegas.com.

When Is Real Estate A Good Deal?

I'm sure if you ask ten different realtors what makes a property a good deal, you'll get ten different answers. Everyone has different priorities, sees the amenities and features differently, and pictures the yard and neighborhoods another way. Yet, everyone can usually agree on one basic thing -- if the price per square foot is a significantly under the price in the area and the property is in reasonably decent condition, its a good deal.

I have been doing research for some cash buyers and investors, all asking for great deals. In speaking with them, I ask them a variety of questions to narrow down what they feel is a good deal. The answers include desirable features such as a pool, certain neighborhoods, certain age, and top price. The one thing they seldom ask is when I send them properties, what makes them a great deal -- to me, it also has a lot to do with market value.

In 2005, if you could find a nice house under $150 a square foot, that was a great deal. You hoped the house would have enough square footage, a nice yard, and not need much if any work done to it to make it the house of your dreams. If you were lucky, it was newer with vaulted ceilings and close to great schools and shopping. Wow, what a difference 3 years makes.

Las Vegas has been on and off the top of the foreclosure market list, never being farther down than 5th. That's not a distinction we're particularly proud of, but we're trying hard to offer clients a great opportunity to take advantage of while they can. This, like all good opportunities won't last. So just for fun, I'm including a link to newer properties in a very desirable part of LasVegas known as Henderson that are $100 a square foot or under (almost all are bank owned foreclosures). If this is something you'd like to take advantage of, you should do it now while this opportunity still exists. This really won't last long.

http://las.mlxchange.com/Pub/EmailView.asp?r=747870569&s=LAS&t=LAS

By the way, these are NOT my listings, they're just really good deals.

Properties with a Unique Twist

One thing every agent looks when taking a listing is something that will set it apart from all the other listings out there. Every property is wonderful, charming, quaint, cozy or spectacular. I recently got a truly unique opportunity that doesn't come along every day.

Last year, I was referred to someone who I spent a great deal of time with assisting him in finding a rental for him and his grandchildren. He was in a tough spot and so I spent a great deal of time looking for and taking him to view properties until we found one that would work for him, which we finally did. We became friends and recently he referred a business associate to me that needed to sell their property. Thus the referral machine at work.

The owners were in the process of relocating across the country because of an unexpected job opportunity and a position that couldn't be turned down. So they unexpectedly needed to sell their home. We chatted for awhile about the property, I did my homework, prepared a Comparative Market Analysis and the listing paperwork. As we discussed the features and the challenges of their property, they told me something I've never heard before. The property came deeded to them with a protected desert tortoise named "Nancy."

Wow! Funny enough, as a small child, my dad had discovered a desert tortoise crossing the road in the Mohave Desert and brought it home for me. Then after living in our backyard for about a month, one day it snapped at me, and my mother made my dad take it back to the desert. Of course, they told me it ran away and I spent the next couple of days wandering the neighborhood looking for it (I was 5 years old, what did I know). So what a small world to have a desert tortoise come back into my life.

These types of opportunities are rare and need to be capitalized on. Write a news release, make and pass out flyers and of course, blog about it everywhere you can think of. If your seller can share something special with you about their property, take advantage and market it to pieces, or as I use as my new catch phrase, "Shamelessly Promote It." After all, today's market demands you find something that will help you make your seller's property get the attention it deserves.

The Spin Doctors Are Running Wild

I don't know if you're watching the news feeds about Super Tuesday. Although I'm certainly no political zealot, I find myself drawn to CNN about the primaries and how the votes are going. I think what amazes me most is where these guys get their info.

The other night I was watching Real Time with Bill Maher on HBO. Now I certainly don't always agree with Bill Maher, nor do I always agree with any political comic. I also sometimes like the things Dennis Miller says, yet he and Bill Maher couldn't be more at opposite ends of the politcal spectrum. Anyway, on Bill Maher's show on Friday night, he had on Matt Taibbi, a reporter for Rolling Stone, who pointed out how although he along with hundreds of other reporters attend the debates, they are never in the same room as the actual debate. All of the reporters are shuffled into a separate holding room where they watch the debate and wait for it to be over. The reporters are then herded into the "Spin" room (it's actual name) where the political pundits come out and literally spit out sound bites that are regurgitated on various national television shows, websites and print media.

This leads me to point out how the media is also greatly responsible for the condition of the real estate market. Imagine if the news reported the positive side of the market and how its a great time to get a great deal instead of focusing how much money you may be losing on your property. How different would our attitudes be if we weren't all focused on doom and gloom, but instead on how to take advantage of a real estate market that hasn't been like this for many years.

I'm not trying to only wear rose-colored glasses and tell you everything is wonderful. I understand that times are very bad for many people who are losing their homes due to bad loans, unable to sell, or will be unable to buy because of the current credit market. My heart goes out to those in that situation. At the same time, this is a great opportunity for some to get an outstanding deal on a property that may have previously been out of reach.

So remember to take everything the media says with a grain of salt. They often regurgitate what they are fed by the so-called "experts" or whomever they are interviewing at the time (or whomever their station manager says they must listen to). Me, I'd rather determine for myself what is actually going on real estate and politics.

After all, I'm the one who has to be satisfied with my decisions at the end of the day, don't I?

Heather Peck
www.HeatherSellsVegas.com

I Need A Vacation

OK, Who Doesn't! I guess the ironic thing about this statement is that I live where 50 million people every year come to vacation -- Las Vegas!

Las Vegas is a great place to visit and an even better place to live. We have almost everything you could want -- tons of great shopping, lots of great restaurants, outstanding entertainment and many top entertainers to choose from, and the best of all, great neighborhoods to live in. As a Las Vegas local, most people are amazed to discover that many people who live here never go to the Strip.

Now, I love living in Las Vegas. Having moved here 4 years ago from spectacular Lake Tahoe, its quite a different experience to be sure. I do miss the mountains, the gorgeous vistas of crystal blue Lake Tahoe against the magnificent pine tress, and the panorama after a fresh coat of snow. I don't miss shoveling that spectacular snow or having to make sure to put my studded tires on and shift into 4-wheel drive so I could get in and out of my neighborhood, not to mention up and down my very steep driveway. But after spending 8 years in the Sierra Nevada mountains, I was ready for a change.

When deciding to move away from the snow, we relied on the relationship we established with our real estate agent to help up find the right home from several hundred miles away. Shockingly, if there had been as many great tools to share properties and all their great features as there are now, we probably would have been able to choose a property without making 6 trips down here prior to finding the right home.

So now here we are, enjoying the great desert air, and living in the city that you can get almost anything you want any time day or night. But just because you live in a terrific place, and have a job you love (did I mention I now sell real estate), it doesn't mean you wouldn't like to experience some other place. Now what calls me, at least for vacations, is a soft sandy beach and warm turquoise water.

I'm ready for a vacation.Publish Post