Archive for the ‘real estate’ Category

The home buyer tax credit has been extended one year for military members who are on extended duty and have a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

For anyone deployed at Nellis or Creech AFB in Las Vegas Nevada give us a call and we can work with your USAA Lender or recommend others who can assist with your VA Loan.

There are many new homes up in the North Las Vegas area just minutes from the base.

Thanks

Olivia

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe. Read More on Fannie Mae Website

We are happy to share some exciting news.

Today, April 8, 2010, e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA) with the issuance of today’s mortgagee letter.

This mortgagee letter is the first in what is expected to be a series of responses to this initiative. With this policy statement from the nation’s largest mortgage insurer, real estate professionals can use DocuSign to get real estate contracts, addenda and other documents signed electronically, and their buyers can apply for FHA insurance with confidence. The FHA mortgagee letter can be found on HUD.GOV website.

Whether you are a DocuSign customer or not, the issuance of today’s mortgagee letter affects you and the way real estate transactions will be managed going forward.

This is a great time for eCommerce and real estate in particular. Those of you who have been skeptical to jump on the electronic signature bandwagon because of the stories you have heard from fellow agents, you can now feel assured that you will have no more problems with lenders and acceptance of your real estate transactions where you have used electronic signatures and in particular DocuSign.

We’ve been working hard. DocuSign began direct conversations with FHA on this issue back in October of 2008, and we shared this blog post about FHA and Lender Acceptance of electronic signature back in July 2009. For those of you who may have heard, last fall DocuSign spearheaded an industry-wide effort to move the FHA to formally recognize e-signed third-party documents.

We don’t want to take all the credit. The staff at the FHA has been pushing for progress for over two years. It took some early encouragement and help from many concerned parties such as the National Association of REALTORS® (NAR) and ESRA to help get this mortgagee letter published.

Thank you to everyone who participated by calling DocuSign and emailing the FHA, NAR or ESRA over the past several months – the FHA mortgagee letter is a result of your support throughout this effort!

Sincerely,

The DocuSign Team

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

Great News for First-Time Home Buyers!

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It’s clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD’s announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.

In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!

Sincerely,

Matthew Mauzy
Signature One Mortgage
(702) 453-1111
mmauzy@sigonemtg.com

Stimulus Package/ Home Ownership

Here are some of the details regarding the tax credit that have been released so far – The tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November.  It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.  More details are to come, and we will be sharing with you the impact of the stimulus plan once we go through the final version that is signed into law.

Home Loan rates hitting 4% to 4.5%

We have already learned that the government will not be able to drive rates to any specific number. In December everyone screamed rates will be at 4.5% and even though rates did come down that magic number was not achieved. Now we hear the rates will drop to 4%. Can we count on that? Not likely! Only the free market can drive rates to the 4% across the board. We have consistently seen rates between 5% and 5.5% since December.

If we see any Government PAID FOR PROGRAMS, it will be for first time home buyers or stimulus for home sales but with restrictions! Today it would cost 6 to 8 points to buy a rate down to 4.0%, the cost behind that is overwhelming! Can the government afford to pay that to sell a home? The good news… if anything does happen it will be to help home sales… not for current home owners! Customers better find a home today and get the ball rolling!

Matt Mauzy
Assistant Branch Manager
Signature One Mortgage, Inc.
5875 S. Rainbow Blvd Ste 110
Las Vegas NV 89118
702-453-1111 (P)
702-453-1107 (F)

The Harmon has been resized from 49 to 28 due to construction flaws.  The top floors were slated for

MGM Mirage City Center, The Harmon

condos were cancelled restructuring The Harmon to a hotel only.     The other buildings that make up MGM Mirage City Center, Aria Resort & Casino 61 Stories and 57 story Vdara Condo Hotel.

More as the story continues

Trump Tower is starting a rental program to mix in with it’s owner occupied units and condo hotel program.   You will be able to rent out units on a one year lease for big bucks.  Studios are starting at $1700 month, the shorter the lease the higher the premium which is standard for corporate furnished housing.

Yes, corporate offices everywhere will turn to this type of rental unit especially if they rotate personnel out and need them to be close to the strip.  No need for a rental car, great location and they an write off the lease to the company while providing this super perk to their employees.

More details to come.

There are auction sales, foreclosure bus tours, seminars selling books and tapes on how to buy a foreclosure with no money down (*not sure where they are getting their loans) and a multitude of other sources that pop up on radio, tv and in the mail.

First, you have to decide are you going to live in it or use it as a rental property. If you are going to buy it as an investment do you want to be a landlord or use a property manager. If you live out of state you must have someone on emergency contact with in 60 miles. A licensed real estate agent, and permitted property manager will take care of that + collect your rent, screen tenants, work with the HOA and be your presence looking out for your investment.

If you decide to live in the property you need to evaluate your property differently. If you have kids checking the school zones, crime rates, master planned assesments, etc. A big question is: “Is this a community I want to live in?” Just because I can buy this cheap house does it meet my overall goals.

These are all questions you need to ask yourself and consult with a licensed real estate agent, REALTOR® and property manager with experience.

Give me a call to discsuss your overall goals and work with a professional with over 20 years experience in the real estate industry. Call Olivia at 702-372-2671.

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Owner, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Visit me online at www.Triple8Associates.com

Fannie Mae annouced a new program allowing renters to stay in their homes that they rent that are in foreclosure which means no eviction process.   We get calls weekly from renters who are shocked to find out that their landlord is not paying the mortgage and then the foreclosure process hits.  Read more about this directly on Fannie Mae.

700 condos under construction in Southwest at the 215 and Russell are now on hold.

Funding has reportedly dried up for the $350 million Manhattan West Project. Gemstone Development says its facing increased costs including charges to rework parts of the project that weren’t built correctly. It’s uncertain when new funding can be secured and the sales center remains closed. Keep it tuned to Channel 13 Action News.

NVAR Leadership 2008 program is over but there is still time to apply for next years class.   For more information: please visit www.nvar.org

If you are in the market for a new home give us a call because there are multiple builders with standing inventory they need to blow out before end of year.

This means multiple incentives including buy downs, upgrades, special financing options and more.    As the end of year closes please make sure to call in advance if you would to tour Las Vegas New Homes.  Due to the holidays our time is booked in advance in consideration of holiday season and builders closing early and on certain days.

Thank you for the opportunity to serve your Las Vegas real estate needs.

Olivia McClellan Graduates from Nevada Association of Realtors® Ninth Leadership Class

December 11, 2008 News Release
Contact: Sally Young For Immediate Release

Olivia McClellan Graduates from Nevada Association of Realtors® Ninth Leadership Class

Olivia McClellan of Triple8 Associates Inc. in Las Vegas successfully
completed the LeadershipNVAR 2008 program offered by the Nevada Association of REALTORS® (NVAR). The graduation took place on December 11th at the Green Valley Ranch in Las Vegas.
The comprehensive program is designed to identify emerging leaders and assist them in sharpening their leadership skills through a series of workshops held throughout the year. Individuals who graduate from this program exemplify effective leadership skills.
Participation in LeadershipNVAR, which includes four multiple-day workshops throughout the year, is open to REALTORS® living in the state of Nevada. Participants are chosen through the LeadershipNVAR Selection Committee based on community and real estate involvement in addition to vision for the real estate profession.
More information on the program can be found on the website of the Nevada Association of REALTORS® – www.nvar.org

Give us a call to review your real estate goals and focus on properties that will meet your needs. We are in contact with many developments with end of year specials so take action and call us at 702-372-2671.

One of the coolest new technologies on the Web is instant television. Miss a show no problem because you can catch it later on the Web. Tivo is great but Hulu is better. Check out one of the funniest real estate shows on Cable. Flipping Out.

Silver State Bank of Henderson will cost the Federal Deposit insurance Corp. around half a billion dollars, according to law firm Jones Day. See more news at the Review Journal website www.lvrj.com.

Olivia McClellan, Broker of Triple8 Associates was recently written up in the National CRS Newsletter for her experience in Business Continunity. (Certified Residential Specialist) www.crs.com.

What’s up in Las Vegas?

How about a new developers breaking the mold of all of the “little pink houses” and really bringing luxury lofts to new levels in Las Vegas. There are a few loft style single family residence developments pre-existing in Las Vegas and frankly they are very cool because not only do you get the soaring high ceilings and backyards that fit a full size bbq island and pool. Mixing Urban Design and Suburban Living – Pure Genius.