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Las Vegas, NV 89117
TAG | Las Vegas Short Sales
Buying a Home vs Condo
So you’ve decided it’s time to become a homeowner, now what? Well first of all you will need to decide what type of home you want to have, and there in lies the dilemma about buying a home vs. a condo. So let’s look at both and what it is they have to offer, as each has positives and negatives.
Choosing between buying a Home vs Condo
comes down to what your choices are and what you want to get out of home ownership. Some people hate to be tied down to gardens, cutting grass, and other tasks associated with owning a house. While others, look forward to having their own yard a garden, flower beds, and the things a house offers, including that white picket fence.
It also depends at where you are in your life. Are you young with busy careers? Do you have a young family? Are you retired and want minimal tie downs? Your current lifestyle will reflect what it is you want in a home. If you don’t want to be tied down to your home then a condo can be a good choice. However, if you have a young family or are a regular home body than a house can be a good choice.
A condo will generally offer a great deal more free time than a house will because you have no yard work, now exterior repairs or upkeep, no sidewalks to keep free of debris, no fences, etc. A condo relieves you of all those responsibilities, and frees up a great deal of time, and often money. Then again if you love to putter and like the idea of having your own exterior space that’s bigger than a balcony a condo cannot give you that where a house can. In a condo all of these things are taken care of by staff and your monthly condo fees go towards upkeep and maintenance so you have no additional costs you have to worry about saving for.
One final consideration is price. If you are going to buy a house you are almost always going to be looking at a much larger purchase price than if you are going to buy a condo. House prices are greatly affected by the amount of land associated with the purchase. In addition, remember with a condo you will always have that additional condo fee, which can go up significantly over time. That means your mortgage payment plus your condo fees could actually total the same as the mortgage payment on a house.
There you have it – the pros and cons of both home and condo – now you must decide!
Las Vegas Short Sale Guide
This article will guide you step by step on how to complete a short sale with your lender(s). It really is not all that complicated, you just need to be very persistent with your lender. What is a short sale? A short sale is when the sale of your property will not cover the entire mortgage(s). AKA “being upside down” in the home. This article will outline what the steps will be in doing a short sale, and the documentation required to complete one.
Instructions.Things You’ll Need:
Contact your lender! I’m amazed at how many times I hear from a client and it’s just too late. They have buried their heads in the sand and ignored the calls from the collection department. Please do yourself a favor and at the first sign of struggle contact your lender! Ask for the Loss Mitigation or Loan Workout department and tell them about your situation.
Next you need to contact Anthony Shaw a Las Vegas Broker with Alliance Properties who specializes in Las Vegas short sales and is a Certified Short Sale and Foreclosure Specialist. We will guide you through the remaining steps.
Put the home up for sale on the MLS and begin gathering financial documents. Each lender has different requirements, but in general you will be asked for:
* 2 years past tax returns
* 2 months bank statements (including brokerage accounts – you do NOT need to include retirement accounts)
* 2 most recent pay stubs
* Current HOA statement (if applicable)
* Hardship letter documenting the reason payments can no longer be made.
* 2 Most recent mortgage statements (from all lenders)
* Financial Statement – view an example at: http://www.SacramentoStopForeclosure.com/forms/freddiemac1126.pdf
Make sure to include anything else your lender asks you for. These documents along with an offer from a buyer will complete your “package”. It is crucial that you submit a completed package to your lender at one time. If they have to chase down a document here, or a statement there, your file will get set aside. We will help you ensure that your file is ready to be submitted.
After your agent with Alliance Properties has submitted a complete package to the lender, they will be calling them 2-3 times a day, at least 3 days per week. Busy agents do not have time to sit on hold for hours to hear from a lender regarding the status of your file. The successful short sale agents have assistants and negotiators dedicated to dealing with the banks it’s the key to success. Alliance Properties has a full short sale team and negotiators to handle the task of dealing with the banks numerous demands and strict timelines.
Approval. Once you have heard this from your lender, you typically have 2-3 weeks to close escrow. Your agent should then be changing the status of your home to “Pending” on your local MLS (Multiple Listing Service). You will now proceed to your normal escrow closing procedures outlined in your purchase agreement with the buyer: inspections, disclosures, etc.
Closing. You arrive at the title company and sign paperwork to close the deal. After receiving paperwork from title, your lender releases the lien on the property subject to your written agreement with them. We will be the 1st contact regarding the approval process from the bank and after a successful negotiation we move towards getting the property closed ASAP!