Short Sales

WHAT IS A SHORT SALE?

A short sale is when a lender agrees to accept an amount less than the payoff on a loan actually is. In most cases the home owner owes more on their property than it is currently worth. A seller must qualify for a short sale by proving a hardship, mainly a financial hardship.

The advantage of doing a short sale vs. a foreclosure is that a foreclosure will impact your credit far more than a short sale.  Some banks do not even report short sales. In the event of a foreclosure, a lender can seek a deficiency judgement in the amount that you owe, meaning they can come after your assets, other properties and even your car. Your credit recovers quicker with a short sale, less than two years, whereas,  a foreclosure or bankruptcy can take seven to ten years.

You can now get cash back from a short sale for relocation expenses. As part of the Home Affordable Foreclosure Alternatives (HAFA), qualified home owners can get $3,000 back and some lender are offering even more. Click here to learn more about HAFA.

HOW I CAN HELP YOU!

I help home owners in Las Vegas by working with your lender to negotiate a lower payoff amount in order to price your home below competition and get it sold. I will market your home to prospective buyers, as well as oversee the entire sales process. Please call me today for a FREE consultation 702.428.3969.

BUYING A SHORT SALE PROPERTY

BE PATIENT! If you have come to an agreement with a seller to buy a short-sale property, the seller’s lender, or lenders; if more there is more than one mortgage, must approve the sale before you can close on the home. Typically when there is only one mortgage, lender approval takes about two months, but could take more. If there is more than one mortgage with different lenders, it can take up to four months or longer for lenders to approve the sale.

Have Your Financing In Order Lenders like to see cash offers, but even if you are not able to pay all cash for a short sale property, it is important to show you are well qualified and you have financing in order. If you have obtained pre-approval,  if you have a large down payment, and you can close at any time, your offer will be viewed more favorably than a buyer’s  financing that is less secure.

You don’t have any contingencies Say if you have a home to sell before you can close on the purchase of the short sale property—or you need to be in your newhome by a specific date, a short sale may not be for you. Lenders like no-contingency offers with flexible closing terms.

If you want to learn more about the short sale process, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

Welcome to Spanish Trail Country Club

Spanish Trail Country Club was founded in 1984, and developed by the Blasco family.  It is one of the oldest communities of its kind in Las Vegas.  This community boasts 1,252 homes throughout the eleven separate neighborhoods. Spanish Trail Country Club is guard gated, elegantly done with two entries that are marked with waterfalls and palms. Amenities include a fitness center, tennis center, two pools and spas, a beautiful private golf course as well as fine and casual dining.

On over 640 acres, this meticulously maintained community has a private 27 hole Robert Trent Jones, Jr. golf course, which was personally designed by legendary architect himself.  The course is loaded with beautiful fairways, views. It has more than 120 bunkers, 15 lakes along with streams and waterfalls, and gorgeous views of the nearby mountains. Tee times are from $85, please click here for more information. The tennis center is equipped with twelve lighted courts, if you want to have a match in the evening, this is the place to do it. There is stadium seating for spectators as well as tennis classes that will teach you to play like a pro. The swim pavilion is a great place to relax in the sun with the expansive deck for sunbathing, meeting friends or reading a book. Children will love this area as well, swim clubs are offered to ages 4 through 16. Also, Spanish Trail Country Club offers weekly bridge tournaments for the card player. Also, for weddings, celebrations and events, there are four function rooms ranging from traditional, intimate, elegant to casual, there is something to fit all your needs at anytime.

Throughout the Spanish Trail Country Club Community are a a variety of residences.  town homes, to semi-custom homes, to elegant, custom estate homes. Some of the most affluent and influential people of Clark County hold a membership in the elite Spanish Trail Country Club. Homes range from approximately 1,900 square feet to 24,000 square feet with 3-11 bedrooms. Call me today and take a look at this wonderfully designed piece of Las Vegas! 702.428.3969

If you want to learn more about this community, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

Understand the Short Sale Process

Here is a great chart that explains the short sale process, which can be a bit confusing.  If you are thinking of selling your house as a short sale, call me today, I can help you.

If you want to learn more about the process please, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

Beautiful Red Rock in Summerlin

Red Rock Country Club is a 735-acre village adjacent to the Red Rock Canyon National Conservation Area. Red Rock Country Club overlooks the entire Las Vegas valley. This luxury community is guard-gated featuring custom homes. There are two private championship golf courses designed by Arnold Palmer as well as a tennis complex, fitness center, swimming pools and spa services. There are two restaurants where you are able to enjoy being part of the social setting, the service and attention is of an incomparable level.

In Red Rock there are about 1,000 single family homes within separate gated neighborhoods. Prices range from $600K to over $2M. There are 87 custom designed estate homes that sit on the ridge with spectacular views of the valley and the bright lights of The Strip. The back lighting of the canyon walls at night is unforgettable.

Red Rock Country Club is part of the master plan of Summerlin. Close by is the Red Rock Casino for all your entertainment needs, plenty of shops, dining, and of course hiking or mountain biking minutes away!

If you want to learn more about this community, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

A Place for Your Dream Home-The Ridges, Summerlin

The Ridges is a 793 acre exclusive, guard gated, residential village of luxury built homes in Summerlin, NV. There are several custom neighborhoods throughout comprising The Ridges, including Arrowhead, Falcon Ridge, Promontory, Redhawk, Rimrock, The Pointe and Azure. Homes and home sites vary in size and shape, making it possible for those who wish to build their house, in their perfect setting. The Ridges also offers a select few elevation seclusion properties, making it the apex of luxurious living.

The Ridges offers unforgettable views of natural terrain, as well as amazing Strip views from most of the homes that face East. Located minutes away from the 215 highway, The Ridges is easily accessible from just about anywhere. Summerlin is a community that was planned to perfection over 20 years. You will not find a higher standard of living and amenity features in any other location.

One of the world’s first Bear’s Best Golf Course, designed by Jack Nicklaus is located right here in The Ridges mountain side village. Amenities also include a 9,000 square foot clubhouse, known as Club Ridges, featuring a state-of-the-art fitness center, aerobic room, steam rooms, as well as a tennis lounge. There are five lighted tennis courts, a resort style pool and a heated lap pool.

 

If you want to learn more about this community, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

 

Important Changes in Mortgage Lending and Loan Programs

New changes in mortgage lending and loan programs will take effect in 2011. The details follow.

FHA Loan Changes: There will be an increase of 25 basis points or .25% in the annual MIP (monthly insurance premium), meaning .25% of your loan amount. For instance if your loan amount is $275K, this will amount to $60 per month or $687.50 per year. This will impact new loans on or after April 18th, 2011.

VA Loans: The VA loan limit in Nevada is the standard $417,000, allowing home buyers to finance up to 100% of a home worth that much. A Certificate of Eligibility (COE) is the first thing you need to obtain a Nevada VA loan. Via the VA website or a VA-approved lender, COE’s affirm that you meet the qualifying terms for the program.

Generally, people who may qualify fall into one of three categories:

• Military members who served on active duty for 181 days or 90 days during peacetime or wartime, respectively.
• Reservists or members of the National Guard who served for at least half a dozen years.
• Spouses who have not remarried and survived their husband or wife who died in the line of duty or because of a service-related injury.

Portfolio Loans: Portfolio loans are loans that will not be sold to an institutional investor.  Financing is now available 12 months after the close of a short sale, 12 months after bankruptcy or 12 months after a foreclosure. Although, this is good news to some, there is a required minimum of 20% down.

Conventional Loans:

• 100% financing with 20% down, NO mortgage insurance
• One loan, no mortgage insurance with 10% down
• If you are buying a second home, 15% down payment

Home Path Financing: Foreclosed homes that are now owned by Fannie Mae qualify for Home Path Financing. This means 10% down on second homes and investment properties!  Call me at 702.419.9231 for a FREE list of homes in your area that qualify for Home Path Financing.

If you’re ready to learn more about these programs, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

The Strip’s Newest High Rise Addition-The Cosmopolitan of Las Vegas

If you are one of the many looking into purchasing a high rise condominium for your next investment, you simply will not go wrong with The Cosmopolitan.  Located in the heart of “The Strip” at 3700 South Las Vegas Boulevard, The Cosmopolitan is adjacent to the Bellagio and just north of the MGM City Center.  Designed by award winning firm Arquitectonica and developed by Bruce Eichnber, the project boasts condo-hotel ownership, casino, spa and five star restaurants.

The high rise offers 61 stories of pure luxury and more than 2,600 vacation apartments including the regular hotel rooms. It has Nevada’s largest fitness facility and spa at 50,000 square feet and an underground garage that holds 3,000 cars. The Cosmopolitan will become your new culinary delight with 12 restaurants and one buffet producing some of the finest food in all of Las Vegas.

Condo-hotel rooms have impressive 10 foot ceilings, ample walk-in closets, floor to ceiling windows, plasma TV’s, kitchenettes, large balconies with mountain and skyline views. There is 24-hour guarded security and video monitoring. All the amenities await you in your new home, prices starting around $635k.

Luxurious Living

The Cosmopolitan Resort

 

If you’re ready to learn more about The Cosmopolitan, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

Search Homes For Sale in Las Vegas at..

Search homes for sale in Las Vegas at http://www.HouseSearchLasVegas.com.  This site gives you Free access to the Las Vegas MLS where you can view all the residential real estate listings in las vegas.

How soon can I qualify for a home loan after short selling my home?

Most mortgage lenders will tell you that you have to wait 3 years after you short sale your home to qualify for a home loan.  Current fha guidelines do make you wait 3 years.  However, we have found a lender that just announced they will give you a loan just 12 months after you have a short sale, foreclosure, or bankruptcy!