Fast Nevada Short Sales

Stopping Foreclosure

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 22:17:27 +0000

Stopping foreclosure Homeowners who have failed, for one reason or another, to maintain the payment obligations of their loans, and are found in default on their loans, have a number of options available to them to stop the foreclosure process. Bring the loan current The best possible resolution for homeowners in default, is to reinstate the loan by bringing payments current, and paying all past due amounts. Sell the property A traditional sale of the property, in which the asking price covers the costs of the entire loan in default, would stop the foreclosure and eliminate the obligation of the homeowner to make monthly payments, by providing a payment in the full amount of the loan. Another option, should a conventional sale fail, is a short sale; this is the sale of the house, under agreed upon terms with all lien holders, to sell the property and settle the debts for less than the amount owed. Short sales can be difficult for properties with significant negative equity. Refinance the property Refinancing a property with more reasonable monthly payments and interests rates could potentially permit the homeowner to remain in the home, by paying off the current default obligation with the newly refinanced obligation. Work with the lender

Loan modification: Modifies the terms of the original loan to enable the homeowner to stay in the home. May adjust interest rate, principal balance, length of loan, or other terms.
Forbearance: An agreement not to collect past due amounts for some period of time. Can be useful when the borrower fell behind due to temporary illness, or job loss, and can afford payments going forward; but can not afford to repay the past due amounts.
Repayment Plan: Similar to a forbearance, except the past due amounts are repaid in small amounts over a period of time, rather than being delayed to a future date.
Deed-in-lieu: Sometimes referred to as jingle mail (the sound of keys being mailed back to the lender), a deed-in-lieu is a method of simply handing ownership of the property back to the lender. Many lenders will not accept this deed, as they will then have to pay to remove other liens on the property; whereas those liens may be wiped out if they choose to foreclose.

Sue the lender While it is often a good idea to have an attorney review loan documents for problems, and to help negotiate better loan modification terms; lawsuits are expensive and likely beyond the reach of most homeowners, unless working together in a class action suit. Bankruptcy Bankruptcy really only delays foreclosure. While Congress is considering allowing judges to modify loan terms, they currently cannot. As such, if the owner fundamentally can't afford to make payments, the judge will likely have to grant the lender a motion allowing them to continue the foreclosure. This option should therefore be used carefully, as it impacts your credit for 10 years, versus 7 years for a foreclosure alone

Effects of Foreclosure on Homeowners & Renters

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 22:09:35 +0000

The Effects on Homeowners & Renters Credit Impact A borrower that becomes delinquent on their mortgage, completes a short sale, gives the property back using a deed-in-lieu, or is foreclosed upon, will have their credit negatively impacted.

Negative impact on a credit report is generally limited to 7 years.
Current guidelines allow qualification for Federal National Mortgage Association (Fannie Mae) insured loan 5 years after a foreclosure, 4 years after a deed-in-lieu, or 2 years after completion of a short sale.
Declaring bankruptcy to delay a foreclosure, or to wipe away a deficiency judgement after foreclosure, will impact the borrowers credit report for 10 years.

Deficiency Judgments Depending on the state and loan type, the borrower may owe the difference between the amount owed and the amount recovered at foreclosure auction (the deficiency). The owner may be able to negotiate a release in full, if they are able to complete a short sale. It is important to note that if there are multiple loans on the property, for example a 1st and a 2nd mortgage, and only one forecloses, the borrower will likely remain liable for the loan that did not foreclose, even though the borrower no longer has any ownership of the home. Many make the mistake of thinking the loan that did not foreclose must get a deficiency judgment in order to collect, but because they did not foreclose, their loan remains in full force and effect against the borrower—even if the lenders secured interest in the property was wiped out by the foreclosure. One-Action Rule In states that offer it, a one-action rule prohibits lenders from pursuing a deficiency judgement if the lender chooses to foreclose using the non-judicial foreclosure process. Purchase Money Rule In states that offer it, the purchase money rule limits lenders that made purchase money loans to recovering their investment from the property alone, rather than the borrower. A purchase money loan is any loan made at the time of sale, and used towards the purchase of the property. The theory behind this rule is that the borrower could not have purchased the property without the lender, and therefore bears some responsibility as a party to the transaction. Eviction The prior owner or occupants will have to move after the sale, one way or another. Occupants refusing to move will only be faced with an unlawful detainer lawsuit, an eviction judgment, and forced removal by law enforcement. The new owner will likely also receive a judgment against the occupant, for market rents from the date of the auction sale to the eviction. Whether the prior owner, or a renter, it is usually best for the occupant to negotiate cash for keys with the new owner. Cash for Keys A buyer or lender at the foreclosure sale may offer cash to the prior owner or renter, to move quickly and leave the property clean. Cash for keys arrangements give occupants the resources to find new housing and is a great way to avoid the time and processing of an eviction. Income Tax A prior owner may receive a 1099 for the forgiven debt in the amount of the deficiency between the amount owed and the amount recovered at auction. Though recent law changes have eased the burden, this forgiven debt may be treated as income, resulting in state and federal income tax. The owner may also be responsible for capital gains tax, though thanks to the substantial captial gains tax on a primary residence, this is unlikely to affect the majority of borrowers in foreclosure. Tax implications are a critical consideration for homeowners in foreclosure, or those considering a short sale. Realtors® should urge clients to consult a qualified tax professional for advice on their particular situation. Bankruptcy Many homeowners will find themselves facing bankruptcy after foreclosure. Perhaps because the lender received a deficiency judgment against the borrower, or because a 2nd loan remains outstanding against the borrower after the foreclosure of a senior loan (even though that lender lost its secured interest in the property). Borrowers should fully understand these risks prior to allowing a loan to foreclose on their property. Lease or Rental Agreements Lease and rental agreements are generally treated as a lien against the property, and may be wiped out by the foreclosure of a senior lien. This typically leaves a renter in the position of becoming a holdover occupant after the foreclosure sale. While holdover occupants can typically not be locked out or forcibly removed, they typically retain no rights to continue on in the property and are subject to eviction. A number of laws have been enacted at the city, state, and federal levels that help renters by attempting to delay the eviction, typically through the requirement of an extended notice period prior to the new owner filing their unlawful detainer (eviction) lawsuit.

Buying Foreclosures

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 22:06:21 +0000

Buying Foreclosures
Overview
There are many ways to buy foreclosures: from the no cash, no credit methods taught on late night TV, to billion dollar bulk purchases. There are significant discounts available on foreclosures, but buying a foreclosure is not a get rich quick proposition. For those willing to work, and in some cases take some risk, foreclosures represent a unique opportunity for acquiring real estate at discount prices.
1. Choose a Stage of Foreclosure
The first step towards buying a foreclosure, is to determine which stage of foreclosure to focus on. Each of the 3 stages has it's own advantages and disadvantages, and each requires a slightly different approach. Here is a brief overview of each:
Preforeclosure
Prior to the completion of the foreclosure process and the owner losing the home, you can purchase the property from the owner. Today, many owners in foreclosure owe more on the property than it is now worth. In these cases, known as short sales, you will also need the approval of the bank. In some cases, preforeclosures will be listed with a Realtor® and be available for sale through the MLS. If the property is not listed, you can approach the owner directly, or preferably using a Realtor®. Preforeclosures are much like any purchase of real property and you typically have the opportunity to get inspections, title insurance, and financing prior to completing the purchase. It is also possible to purchase the property Subject To the existing loans; which is similar to assuming those loans, but does not necessarily require cash or good credit—this is the method often taught by late night promoters, and has risks that should be carefully considered.
Auction
If the owner is unable to sell the property, refinance, or otherwise resolve the problem, the property is taken to auction. These auctions are referred to as Trustee Sales, or Sheriff Sales, depending on the state. The process for the auction varies by state, but typically properties are sold as-is, where-is, subject to existing loan and liens, and require payment in full and in cash, at the time of sale. Properties are also typically sold while the owner or renter is still living there, which means there is no opportunity to inspect the property, and you may have to do an eviction after purchase. By far the riskiest method of purchasing foreclosures, buying at auction can also offer the deepest discounts due to these risks and the limited number of buyers willing to take them.
Bank Owned or REO
If an investor fails to bid at auction, the property is essentially sold to the bank and becomes bank owned. Within the banking industry, these properties are referred to as R.E.O., which is an abbreviation for Real Estate Owned. Most REO properties will be listed with a Realtor® whom the banks refer to as an REO Broker. These real estate agents often handle the eviction and clean up of the property, in addition to listing it for sale. Buying an REO is very similar to buying any home that is listed with a real estate agent, and you have the opportunity to do inspections, get title insurance, and get financing. Most banks, however, do require that the property is purchased "as-is", and may also impose other non-standard terms, so it is especially important to work with an experienced Realtor® that can explain these terms.

Opportunity	Traditional Financing	Subject-To Financing	Title Insurance	Inspections	Eviction Required	Overall Risk
Preforeclosure	Yes	Yes	Yes	Yes	No	Low
Auction	No	No	No	No	Maybe	High
Bank Owned	Yes	No	Yes	Yes	No	Very Low

2. Find Foreclosures
Now that you know which foreclosure stage or stages you you want to focus on, and your desired outcome, you are ready to start looking for foreclosures. The foreclosure process starts with a notice being filed at the County Recorder's office, and you can typically browse these recorded documents at the county for free. If you value your time, we certainly hope you will consider using our service, which provides not only the information on these foreclosure filings, but also combines it with other public records, maps, and tools that can save you time searching, tracking, and managing the foreclosures you are interested in.
3. Determine your offer or bid
One of the most difficult parts of buying real estate, foreclosure or not, is determining what price to pay. We have two suggestions. First, be sure to review the entire market, not just what is in the multiple listing service used by Realtors®. Other sources you should consider include foreclosures, new home projects, for sale by owner listings including Craigslist, and even local rental data. Second, you need to know your desired outcome. Frankly, I'll pay a premium to get exactly the right house if I plan to spend the rest of my life there; but I need a certain discount if I plan to flip it for profit; and I'll want a certain return on my capital if I plan to keep it as a rental. Too many buyers focus too much on a handful of comparable sales, and miss the big picture. When determining your bid, know the whole market; and to the extent possible, make sure it makes sense for your goals, no matter where the market heads next.
4. Make your offer or place your bid
This will vary a lot depending on the stage of foreclosure, and whether or not the property is listed for sale. We'd just encourage you to be patient, and not to worry too much about missing a deal. There is a saying among the auction pros: "Sometimes the best one, is the one you didn't buy". Bottom line, is that it better to have no deal, than a bad deal. So take your time, stick to your numbers, and if a deal is getting too difficult or pricey, just walk away. There will always be another one.
5. Close your deal
Your work is not done when the offer or bid is accepted, it may just be beginning. This is especially true for preforeclosures, and REOs if you need financing—the lending markets have never been crazier. So stay on top of everything: financing, inspections, escrow & title, and never assume anything will go as planned. If you are buying a preforeclosure, pay extra attention to the auction date if scheduled, since many properties are sold at auction despite being just days from closing escrow. If there is a sale date scheduled before your escrow is set to close, be sure you get the bank to agree to postpone the sale in writing.

Non-Judicial Foreclosure Process

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 22:03:47 +0000

Non-Judicial Foreclosure Process Prerequisite: Deed of Trust With Power of Sale Contrary to popular belief, banks can't just take back a property when an owner stops making payments. In non-judicial foreclosure states, the right to foreclose and sell the property actually lies with a 3rd party, known as the trustee; who has a fiduciary responsibility to both the lender and the borrower. When you purchase a property, ownership is transferred to you using a document known as a deed. When you take a loan (in a non-judicial foreclosure state), you sign a deed of trust, which gives this third party trustee the right to sell the home if you fail to make payments. This power of sale is what makes non-judicial foreclosure possible. The Notice of Default The foreclosure process is first triggered when the lender notifies the trustee that the owner is not paying their loan, as agreed. Upon receiving that notice from the lender, the trustee will issue a Notice of Default, which is typically published in the local paper, posted on the property, and recorded at the County Recorder's office. This notice provides the borrower with a period of time (varied by State), in which to either dispute the lender's claim that the borrower has defaulted on their loan, or to pay it current prior to the house being sold. Here are some of the common features of a Notice of Default:

Puts owner and public on notice that the foreclosure process has started.
State statutes define when a Notice of Default can be issued.
Typically lists the default date and default amount. The default amount can be more than the loan amount in the case of a balloon payment.
Provides lender contact information to the borrower.

The Notice of Trustee Sale Once the owner has received the notice of default and has been given an opportunity to bring the loan current, the trustee will proceed with scheduling the auction date and time if the owner has not yet brought the loan current. The Notice of Trustee Sale sets forth that auction date, time, location, and in some States, the opening bid amount. A few states only issue a Notice of Trustee Sale, but in those states there is usually an extended period of time before the Notices of Trustee Sale is issued; and the auction notice also serves as a Notice of Default as well. Here are some of the common features of a Notice of Trustee Sale:

Sets date, time and location of foreclosure auction.
State statutes specify the required information, format, and procedures for Notices of Trustee Sale, as well as how the trustee sale must be conducted.
Provides bid amount.
The published bid amount usually equals the principal balance + past due payments + late fees + foreclosure fees.

The Trustee Sale Auction On the date and time of the trustee sale auction, one of four things may occur with the property:

The auction for the particular loan may be cancelled. This may occur because the property was sold before the auction, and therefore the loan was repaid (or partially repaid in the case of a short sale); the owner was able to refinance the loan; the owner came up with the cash to bring the loan current; or, there may have been an error made in the sale process, and the trustee has decided it would be better to restart the process.
The auction may be postponed to a later date and time. Common reasons for postponement include: mutual agreement, where the borrower and lender agree to delay the sale; beneficiaries request, where the lender decides to postpone; trustees discretion, where the trustee decides to postpone, often because it can't reach the lender for bidding instructions; bankruptcy, which actually doesn't completely stop foreclosure, but instead puts a temporary stay on the sale until the lender can get a motion granted by the judge allowing them to continue the sale; and operation of law, where a court has ordered that the sale not be held.
The property may be Sold to 3rd. The loan being foreclosed on was offered for sale by the trustee, and a bidder (other than the lender) ended up purchasing the loan.
The property was Sold to the Bank. Remember that it is the trustee, not the bank, that sells the home. Since the lender clearly has the most to lose in the transaction, and because they are the beneficiary of any funds received from the sale, they are allow to place the first bid, and are allowed to credit bid (bid without bringing cash to the sale), up to the amount they are owed.

Before bidding at auction it is important to consider the following factors:

Auctions open to the public—Typically held on the courthouse steps.
Payment requirements will vary from state to state, but generally the property must be paid for, in full, at the time of the auction, and bidders are usually required to show proof of payment, typically cashier’s checks or cash, in order to qualify for bidding.
Generally, you are not able to perform any inspections on the property, other than a visual inspection from the street or neighbors yard. Hidden work can be extensive, so auction investors need to be prepared to suffer losses from time to time.
Subject to existing liens and encumbrances. Remember that properties aren't sold at foreclosure auction—loans are. One of the great things about foreclosure auctions is that it wipes out loans that came after the one being taken to auction. This can help clear up excess debt on the property, allowing it be resold at an affordable price point. The flip side is that the buyer is responsible for any loans or liens on the property prior to the loan being taken to auction. For example, delinquent property taxes, which are a lien on the property, are almost always the responsibility of the new owner.
No title insurance. One of the things that can help buyers sort out what debt they might get stuck with after buying a property at a trustee sale, is a preliminary title report; which would show which existing loans and liens the buyer would be responsible for. One important thing to note is that even the best title companies make mistakes, and occasionally miss items that can have a dramatic impact on the amount owed on the property. To reduce or eliminate this risk, title companies offer homeowners and lenders a title insurance policy which agrees to defend against or pay any claims that their preliminary title report failed to show. Unfortunately, such insurance is generally not available for purchase at trustee sale.

The Trustee's Deed Once the property is sold at auction, the property has been foreclosed. Ownership of the property is transferred to the new owner (whether the bank or a 3rd party bidder) with a Trustee’s Deed, and any secured interest in the property held by junior lienholders is wiped out. Even though the bank or 3rd party bidder now owns the home, they may have to evict the current occupants. Eviction processes vary from state to state, and can also vary depending on whether the property is occupied by the former owners, or a renter. Lease agreements recorded after the foreclosing lien, are wiped out by the foreclosure, just like other liens and encumbrances.

Foreclosure Investing

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 22:01:25 +0000

Foreclosure Investing Since the first time someone staked a claim on a plot of land, real estate has been an attractive option for investors. Whether used as a hedge against inflation through appreciation or a source of positive cash flow through rentals, real estate presents opportunities for investors in the full spectrum of risk tolerance. Foreclosures offer an added advantage, the possibility of acquiring real estate at significant discounts, although not perhaps as deep as some late-night infomercials and Become a Millionaire With No Money Down seminars might suggest. There are a lot of misconceptions about foreclosure investing. Interestingly, the conventional wisdom can be not only contradictory, but at opposite extremes. You may hear that closing a foreclosure deal is almost impossible. The truth is that not only is it possible, it can be very profitable. Informed investors close deals every day. Or you may hear that closing a foreclosure deal is easy and anyone can do it. The truth is that working the foreclosure market is not for everyone. Only those who are willing to learn the special world of foreclosures and invest a significant amount of work at every stage will be successful. Along with the discounts you won’t find in the conventional market, there are considerations that aren’t an issue when buying a non-distressed property. To minimize risk and avoid unnecessary exposure, foreclosure investors must take the time to learn the foreclosure process, which varies by state. See Foreclosure 101 for information on the foreclosure process and state laws. In addition, there are other issues unique to certain types of foreclosure investing, such as sometimes having to approach an unwilling seller or evict the former ownerA deal can go off the rails at the last minute for multiple reasons. There are no guarantees, no inspections and no title insurance, which makes research into title and liens, always important issues with a real estate transaction, especially critical in a foreclosure deal

Why Foreclosure Happens

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 21:56:19 +0000

Why Foreclosure Happens A great many things have been blamed for causing foreclosures. Having purchased more than 150 foreclosures, talked with hundreds of owners in foreclosure, and having read every study I come across on the subject, there seem to be just a couple of root causes: declining prices, which leave homeowners with negative equity and unable to sell, and certain life events like death or divorce which can cause foreclosures in even the best housing markets. We'll look briefly at each below. Negative Equity There is strong evidence to suggest that negative equity, meaning that an owner owes more on their loans than the house is worth, is the leading cause of foreclosure. As lenders rarely loan more on a property than it is worth, this primarily occurs after prices drop. Why is having negative equity, also referred to as being underwater, such an important factor? Because homeowners with equity have options—they can refinance or sell if they run into trouble making their payment. Underwater homeowners lack these options, leaving foreclosure as the only way out, unless the lender is willing to take less then they are owed in a short sale, or modify the loan terms. Typically, the leading cause of price declines is economic downturn. While this is still the primary issue in certain parts of the country which are losing jobs or entire industries; the housing bubble that occurred from 2000-2007 has led to wide scale price declines, after prices reached unsupportable levels using risky loans. These loans put buyers in homes they could not otherwise afford. As these loan offerings were removed from the market, prices were forced to return to levels that buyers could afford, using more traditional financing. This caused prices to drop by 50% or more in the hardest hit areas. As prices declined, foreclosures rose. Five D's of Foreclosure Despite the fact that the vast majority of foreclosures are driven by negative equity from price declines, there is a base rate of foreclosure that happens during even the best economic times and housing markets. This base rate can largely be explained by the Five D's of Foreclosure:

Death—The passing of a head of household can very quickly result in foreclosure.
Divorce—Even in the most amicable of divorces, spousal support and house payments are missed. More common is one refusing to leave, and the other refusing to pay.
Drugs—Drug use and abuse impairs judgment, and fixes become a higher priority than house payments.
Disease—Catastrophic illness, chronic disease, lack of health insurance coverage, or a primary provider falling ill; any of these can significantly impact a homeowner's ability to make mortgage payments.
Denial—A home is a person's castle, their security. Individuals often refuse to acknowledge that their home can actually be taken from them, if they fail to meet their financial obligations.

What about Subprime? Despite many blaming defaulting subprime loans for the latest downturn, there is little evidence pointing to subprime foreclosures as the primary cause. For example, a study done by the Boston Fed looked at various factors, including credit score, income, job loss and other factors typically blamed for foreclosure; and found that while these factors contributed, foreclosure was unlikely unless there had also been price declines leading to negative equity. It makes sense—if a house is worth more than is owed, it can be sold even if the person has bad credit or loses their job. Now, that's not to say that loose lending standards did not play a role in this crisis. They did. Together with pay option ARMs, and other exotic loans, they clearly helped push prices too high, and thus ultimately led to the price declines that are at the root of the foreclosure crisis. Types of Foreclosure There are two common types of foreclosure used in the United States: Judicial Foreclosure and Non-Judicial Foreclosure. Judicial Foreclosure Judicial foreclosure is allowed in all states, and occurs when the lender files a civil lawsuit against the borrower, with the entire process being handled by the court. Judicial foreclosures can be further divided into two types: foreclosure by sale, and strict foreclosure. Foreclosure by sale requires the home to be auctioned to the highest bidder with the lender placing the first, or opening, bid. These auctions are commonly referred to as sheriff sales. In a strict foreclosure, the court sets a date by which the owner must pay the mortgage, and if the owner fails to pay, the court awards ownership of the home to the lender with no auction taking place. The judicial foreclosure process begins when the lender files their lawsuit, at which time they also file a lis pendens (LIS) on the property. The lis pendens is a document recorded with the County Recorder's office, to let potential buyers, lenders, and others know of the pending foreclosure lawsuit. A second notice, the Notice of Foreclosure Sale (NFS), is typically filed once the court has set the auction time and bid amount. Non-judicial Foreclosure The non-judicial foreclosure process allows a lender to advertise and sell the property at a public auction, without court involvement, by following a process specified by the state. As the process is laid out in state laws, or statutes, the non-judicial foreclosure process is sometimes also referred to as Statutory Foreclosure. A key requirement for non-judicial foreclosure is that the borrower agreed to the process when they took the loan. To accomplish this, a power of sale clause is added to the mortgage, or deed of trust, which gives a third-party trustee the right to sell the

Stoping Foreclosure

Nevada.Short.Sale.Real.Estate — Fri, 21 Dec 2012 21:53:27 +0000

Loan modification: Modifies the terms of the original loan to enable the homeowner to stay in the home. May adjust interest rate, principal balance, length of loan, or other terms.
Forbearance: An agreement not to collect past due amounts for some period of time. Can be useful when the borrower fell behind due to temporary illness, or job loss, and can afford payments going forward; but can not afford to repay the past due amounts.
Repayment Plan: Similar to a forbearance, except the past due amounts are repaid in small amounts over a period of time, rather than being delayed to a future date.
Deed-in-lieu: Sometimes referred to as jingle mail (the sound of keys being mailed back to the lender), a deed-in-lieu is a method of simply handing ownership of the property back to the lender. Many lenders will not accept this deed, as they will then have to pay to remove other liens on the property; whereas those liens may be wiped out if they choose to foreclose.

HOME SELLING RESOURCE CENTER

Glenn — Fri, 04 Mar 2011 01:59:34 +0000

Don't take this section lightly, it is not like other websites! We offer many tools in our home selling resource center because we understand your need for more insightful and timely information. Today's LAS VEGAS Housing market can change by the next day's Newspaper. How you sold your home last time may not be the best way these days. Finding buyers that will see your home worth more than most takes more than just an MLS listing and a sign out front. There is more to it than just getting the highest price. Like many things in life, innovation has brought better information and techniques in order to give you the most benefit from selling your house. Selling your home for more is just one thing to watch over. Good information when making sure your next purchase has you feeling proud you made the right decisions on every step of the way of one of the most important things you will do in your life. We hope the selling tools in our home selling resource center help you see that when we say we are full service that its not a slogan. Taking the time to construct a 24/7 real estate resource web site like this should have you convinced we are the team for you! Home Selling Tools 1. What is your LAS VEGAS area home worth? We give you access to what homes have recently sold for in your immediate area the second you fill out the information. Most web sites have you fill out the information then get nothing more than a "we'll get back to you." Our results are instant! Its not exact because you may have more upgrades or is kept up better but at least you get feel for the market. 2. Home Owner Calculators for LAS VEGAS Home Selling You need calculators not just to calculate a payment but to really dig in and get perspective on what you are about to do. We compiled all different types of calculators needed to help you with questions like:

3. LAS VEGAS Home Selling "tips and tricks" library You have done some homework but its left you with questions. We have comprised Home Buying and Home Selling reports for everyone but you will see that we have some just for your needs in LAS VEGAS, HENDERSON, SUMMERLIN, NORTH LAS VEGAS, GREEN VALLEY as well as surrounding areas. 4. Monthly "SnapShot" and "Tutor" Newsletters Most web sites that offer newsletters are either the same thing from some other company or so outdated they are meaningless. Ours our updated every month and relate to your questions about home buying in LAS VEGAS, HENDERSON, SUMMERLIN, NORTH LAS VEGAS, GREEN VALLEY as well as NV housing market. Home staging , first time sellers, how to sell for more , selling yourself, tax implications , 1031 , retiring , investing and more are covered. We even have "how to" tutorial newsletters that in time each newsletter takes you closer to all you need to know on topics you have special interest in. 5. How to evaluate a Real Estate Team to sell your home. Slogans, pretty faces and saying they are full service are nice but you need more to make sure you have the right team. Our Agents and Customer Support staff are ready when you are; 24/7, 365 days a week . When viewing your home on our site you will see a "be contacted in less than 30 minutes" to the right of the photos, we mean it. This shows that we are ready when buyers are and know that its not a 9 to 5 business. We show you the latest on what a real estate team should do for you in order to benefit the most from your next sale. We have the web site and staff to give you the edge. See why NOT using us will cost you! Evaluate a Real Estate Agent here. 6. Consult with US We know, we know talk to an agent? "ugh!' you say? Relax, we won't bite. We more than others realize that you may be in the information gathering stage and may not be ready to fully "open up" about who you are and what your needs are at this time. We get it and are here to help the way you need it! The mark of an experienced Real Estate team understands this. We are here to help and know we will get more long time business if we do a great job without trying to force a sale we will have earned your business. If you feel hestitant to talk to a real estate agent like a partner? remember us. Please use our home selling resource center and all its seller tools. Are you ready to try us to see if we can give you the kind of advice you are looking for without the commitment or pressure? Ask our LAS VEGAS Real Estate Team now! Sellers Tools:

What is a 1031?

Glenn — Fri, 04 Mar 2011 01:57:53 +0000

1031 Exchange Tax Information How to avoid paying taxes using section 1031 and 121

What is a 1031? When you sell property, you pay tax. However Section 1031 of the Internal Revenue Code (IRC) lets you defer the tax. A 1031 Exchange (aka: Starker exchange, tax-free exchange, like kind exchange, delayed exchange, etc.) is a specific transaction that joins the sale of an Old Property and the purchase of a New Property for the purpose of deferring taxes. 1031 is an actual IRS code, NOT a 'loop-hole.' Where loopholes are technicalities around the law, 1031 IS THE LAW, and makes it safe and legitimate for anyone who meets the requirements. Properties that qualified can be bare land, rentals, commercial buildings, and homes other than your primary residence. You can also use the 1031 to buy and sell oil and gas interests, mineral rights, and working or royalty interests. The 1031 is a great tool when used for property that has increased in value or been depreciated for tax purposes. It increases your leverage, flexibility and buying power. The 1031 also lets you change, diversify, or consolidate your investments. How to avoid paying taxes If you would like to avoid paying taxes, you can. Real estate owners can use two different IRS code sections to avoid all, or almost all, of the tax on the sale of their real estate. The Section 121 Code applies to your personal residence. It provides for an exemption of $500,000 of gain for a married taxpayer on the sale of a primary residence (or $250,000 of gain for a single person). In order to qualify for Section 121, the taxpayer (s) needs to both use and own the property as a primary residence for at least 2 of the last 5 years. Code Section 1031 applies to any real estate held for investment purposes, like rental houses, commercial property, or bare land. This allows the taxpayer to defer, or postpone, the payment of the capital gains tax by rolling the gain from the sale of an old investment property forward into the purchase of a new investment property. You can also use 1031 in selling and buying second homes or vacation homes! Used together, these two code sections are very powerful in helping avoiding taxes. Be sure to consult a 1031 Expert if you are considering a tax-deferred exchange transaction. 6 Things to Know About Using the 1031:

If both your old and new properties qualify as investment or business use, you can exchange nearly any type of real estate.
You have 45 days from the closing of your sale to list the properties you may want to buy. There are no exceptions to the deadline.
From the sale closing date, you have 180 days to close on the purchase. There are no exceptions.
The IRS says you must use a Qualified Intermediary. The QI cannot be your friend, employee, broker, accountant or attorney.
You must purchase and take title to your new property exactly as you held title to your old property.
You must buy a property equal or higher in value than the one you sold, and reinvest all of the cash proceeds from your sale.

Real Estate Tax Advice in LAS VEGAS , NEVADA

Glenn — Fri, 04 Mar 2011 01:56:21 +0000

Real Estate Tax Advice in LAS VEGAS , NEVADA You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main LAS VEGAS home is the one in which you live most of the time. Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have: Owned the LAS VEGAS home for at least 2 years (the ownership test) Lived in the LAS VEGAS home as your main LAS VEGAS home for at least 2 years (the use test) Gain If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases). If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss You cannot deduct a loss from the sale of your main home. Worksheets Worksheets are included in Publication 523, Selling Your Home to help you figure the: Adjusted basis of the LAS VEGAS home you sold Gain (or loss) on the sale Gain that you can exclude Reporting the Sale Do not report the sale of your main LAS VEGAS home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040). More Than One Home If you have more than one home, you can exclude gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two LAS VEGAS homes and live in both of them, your main LAS VEGAS home is ordinarily the one you live in most of the time. Example One: You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not. Example Two: You own a house, but you live in another house that you rent. The rented house is your main home. Business Use or Rental of Home You may be able to exclude your gain from the sale of a LAS VEGAS home that you have used for business or to produce rental income. But you must meet the ownership and use tests. Example: On May 30, 1997, Amy bought a house. She moved in on that date and lived in it until May 31, 1999, when she moved out of the house and put it up for rent. The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into the house on April 1, 2001, and lived there until she sold it on January 31, 2003. During the 5-year period ending on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned and lived in the house for more than 2 years. Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.