Archive for the ‘las vegas builders bankruptcy’ Category

You can view more info about this at the news 3 website.

We can tell you stories about starting, working through the process of completing a short sale in Las Vegas over the past year.  The Obama Administration has announced a “Uniform Procedures” which makes complete sense since every lender has a different procedure making the process more difficult.

If the borrower dosent qualify to have their loans modified it will give them options such as short sale or deed in lieu of foreclosure.   You can click on this link for a full briefing on the program

There are roughly over 25% of the local MLS Listings in the Greater Las Vegas MLS listed as Short Sales with the remainder being REO or Bank Owned Properties so the demand is there.   Most of the homes purchased since 2004 are underwater by 30% or more.  Different parts of Las Vegas may be hit harder to the tune of 60% or more underwater on the mortgages.

If you are selling your home and you owe more than it is worth, contact us today and we can discuss the short sale process.  We have a implemented a process to streamline the transfer or information from the borrower to Triple8 Associates then on to the lender all via a secure online process to do our best to close your transation in the shortest timeframe.

We can be reached at 702-372-2671 or visit our Website www.Triple8 Associates.com.

The foreclosure market in Las Vegas has slowed down allowing buying to come off the fences and pickup inventory at 50% of what it was 5 years ago.   Homes that sold in 2006 for $680k you can now purchase at $250k on 1/3 acre lots.

There is a lot of research out there that another wave of foreclosures is coming not ARMs resetting but owners who cannot justify paying a mortgage on a $900k property while their neighbor who just moved in is paying for the same property $400k.  It dosent make sense.   It comes down to a business decison.   Investment properties and primary residences alike. 

The question is “What would Trump do?”

The luxury condo complex Mira Villa is coming out of Bankruptcy with approval to complete 113 units.

Mira Villa is located near the JW Marriott, Queensridge and the up and coming Tivoli Village near Boca Park. Great location. More details to come.

Another Las Vegas project close to finishing has filed Chapter 11.
“Creditors have forced the 63-unit Onyx condominium project on Duke Ellington Way into involuntary Chapter 11 bankruptcy.

Onyx ranged from 740 square feet to 2,300 square feet and were priced from the $400,000s to more than $900,000″ and was located close to the strip and mccarren airport.