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