Summerlin Neighborhood Snapshot

Are prices for these homes flexible? That was a recent question asked from a buyer I'm working with in purchasing Las Vegas Real Estate.

As provided to the client, The Quick snapshot of recent closings for Summerlin Homes in the $250,000 to $300,000 range to the right shows what is currently taking place.

Take a look at the Days on Market (DOM) for these Summerlin Homes and you'll notice the recent trend. The ones that were available for sale for the shortest amount of time had an actual close price higher then the list price. This indicates an upward trend taking place as inventory continues to decline and desirable Las Vegas homes have multiple bids coming in resulting in higher sales prices.

While not yet reported in…

Homeowners Facing Foreclosure Beware

Apparently there could be situations that legally allow your lender to automatically drain your bank account if your home loan and bank account are with the same financial institution.

Click on the following Link to see what happened to one Tempe, Arizona REALTOR in financial distress and facing foreclosure:

Wells Fargo Drains Bank Account of a Homeowner facing Foreclosure

According to a statement from Wells Fargo... Federal and State Laws allow this "common" practice.

The sad part is that the money that was put in there was given to him by his mom to help pay for his upcoming wedding.

I think it's pretty safe to say that Joe the Realtor will not be referring any clients to Wells Fargo for a home loan anytime…

Seperating the Pros from the Amateurs in Real Estate...

This current real estate market can all be summed up with this statement from one of the great real estate investors of all time, Sam Zell.

"First you Have the Investors, Then You have the Imitators and Then you Have the Idiots".

Sam tells you like it is and he expects his employees to do the same. They don't kiss butt like some other TV hound hogs wanting to tell the world how great real estate is to always buy and that it always goes up in price. In fact... most people don't even know who Sam Zell is and that includes a lot of real estate agents. Check this interview out and what one of the current employees told the HR director for Sam's company --> …

Changes in Las Vegas Real Estate

2001. Just to give you a recap of what happened that year, the United States was in a recession. The stock market had taken a big hit with the Dot.com bust in 2000. I watched my stocks sink like the Titanic with the hope that it was something only temporary and that some lifeboats would magically appear and rescue them from the Abysss.

Yep... I lost a lot of money following stock picks from the so called experts in the name of Money Magazine, Smart Money, AOL forums (remember those?) etc... I learned from that experience and learned from one of Peter Lynch's books that if you are reading about a great tip about a stock in the mainstream media... it was time to sell. Boy.. was he right.

Unfortunately, I read that book…

Mountains Edge Bank Owned Home

Hmmmmm.... Normally I do not highlight the great Foreclosure deals going on in Las Vegas openly and reserve this for only clients but this Mountains Edge Home I came across today makes me want to break my rules just to show you what is available in this great community located in Southwest Las Vegas.

It's not uncommon to hear the horror stories of Las Vegas Foreclosures that are trashed, stripped, beat up or just plain out dirty and while there are some Las Vegas Bank owned homes that fall in that category, there are some great Las Vegas foreclosures that do not. You just never know unless you get out there and look -- something that I've been doing with a long list of interested Las Vegas buyers that see the opportunity…

T. Boone Pickens has a Plan..

In case you do not follow the financial news like I do, you may have missed all of the T. Boone Pickens commercials on the business channels concerning a plan to help the American economy.... specifically called the Pickens Plan.

Regardless of what you might think is going on concerning the United States Economy, the fact of the matter is that approximately $700 Billion dollars a year is leaving the United States economy A YEAR for our Oil needs alone. Right now we are renting... and all real estate agents should know that eventually, renting is going to cost you money. (Make Sure you watch the Video Below.)

I posted a blog post over at Active Rain concerning the Pickens Plan and how $300 Billion would buy a lot of real…

Sellers want to sell, buyers want to buy and real estate agents get the honor of dealing with overworked asset managers for the banks. Even in a perfect scenario that is a win-win situation for everybody, it could all be a waste of time for everybody involved.

This post on Active Rain by a Real Estate Broker  who gets paid by the New York Times to write for About.com highlights the problem in this post ----> Bank of America would rather let the home go into foreclosure.

Obviously, short sales are becoming the norm in areas that are being hit hard with real estate values that have dropped significantly and banks are certainly becoming more receptive in approving these hardship situations if you follow their procedures. Banks are currently slammed with a…

I'm not a Real Estate Attorney and I'm not going to pretend to be one but a conversation I had with a homeowners lenders representative today gave me a really good understanding of what may be happening to other homeowners facing potential foreclosure.

First of All - ALL States have different Foreclosure Proceedings. The foreclosure process for a homeowner in Nevada is certainly different then the foreclosure process in Illinois and I highly suggest that you read and understand the foreclosure process. My conversation with a representative from this particular lender certainly made me aware that when the lenders representatives call, they may be giving the wrong time frames and process of foreclosure.

The conversation and the information relayed to me…