Southwest Las Vegas
SHADOW INVENTORY- Real Estate Analysts predict more gloom for Vegas = Foreclosures
January 2, 2010 by Alma Gomez · Leave a Comment
Real estate analysts predict continued gloom for Las Vegas
A cloud of foreclosures will hang over Las Vegas for at least a couple more years and median prices will continue to fall in 2010, most likely by double digits, executives from two California-based real estate tracking firms said Tuesday.
About $2.5 trillion in mortgages are due to reset next year, a substantial amount of it in places already reeling from the foreclosure crisis, said Rick Sharga, senior vice president of Irvine, Calif.-based Realty Trac.
It’s difficult to pinpoint numbers market by market, Sharga said, but he’s estimating foreclosure filings could approach 4 million nationwide next year with about half of them coming primarily in four states – Florida, Nevada, California and Arizona.
“If you track states with the highest runup, you can draw a straight line where you had the most exotic loans,” the foreclosure analyst said during a conference call.
We are anticipating this new wave of inventory coming soon. We have yet to see it as of today. Many of these homes will not become foreclosures but instead be sold as short sales. With the HAFA program being rolled out and Fannie Mae/Freddie Mac rolling out the same type of program, this will help distressed homeowners tremendously. The HAFA program streamlines the process for short sales, help the homeowners in not having to lose the home to the foreclosure process and keep homes from becoming bank owned properties or REO’s as they are known.
However, there will still be a substantial amount of foreclosures that will hit the market. I do think banks have smartened up and are not throwing tons of inventory out at once driving prices down. Prices may come down but I don’t see it coming down too much more. I just previewed a property for $28,000 and it was not in bad shape. I don’t see how it can get any cheaper. Stranger things have happened. And now is the time to buy in Las Vegas.
All we can do is continue to ride the roller coaster.
Alma Gomez
702-875-1756 Direct
Realtor, Powerhouse Realty
Popularity: 38% [?]
Short Sale purchases becoming a viable option over foreclosures
November 25, 2009 by Alma Gomez · 2 Comments
http://www.lvrj.com/business/short-sales-on-the-rise-70779802.html
From the Las Vegas Review Journal dated 11/22/2009. Short sales are definitely on the rise here in Las Vegas. With the ridiculous bidding wars we are experiencing in Las Vegas over the foreclosure or REO inventory, offering to purchase on a short sale is not so bad. One of the downfalls many feel(including myself at one point in time) is short sales don’t close, they take so long and its just a waste of time. Believe it or not I have had 3 successful short sale closings in the past 3 months. That’s pretty darn good.
Many banks are now working with the sellers to settle their debt and accept a short sale instead of letting the home go to foreclosure. What is a short sale you ask? click the link and get a quick overview http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm
Also with companies now negotiating the short sale, like Complete Short Sale Processors, it makes Realtor’s lives so much easier as we do not have to sit on the phone and want to yank our hair out trying to get a hold of someone, anyone at the bank (the one who owns the mortgage).
If you would like more information on how to offer on a short sale, email me at alma@lasvegaswebofhomes.com and I would love to answer your questions.
Alma Gomez
Realtor
702-875-1756
Popularity: 45% [?]
First Time Homebuyer Tax Credit Extended Into 2010! Plus…A New Tax Credit for Certain Existing Home Owners!
November 8, 2009 by Alma Gomez · 1 Comment
Our special guest blogger today is: ANDREW HOELZEL of Residential Capital Mortgage. If you have any mortgage questions, Andrew is your guy.
Andrew Hoelzel
Senior Mortgage Consultant & REO/Foreclosure Expert
Residential Capital Mortgage
Direct: (702) 279-1801
Fax: (702) 968-5172
ahoelzel@rcmclv.com
www.ResidentialCapitalMortgage.com/andrew
First Time Homebuyer Tax Credit Extended inot 2010!!!
It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.
What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
Popularity: 49% [?]
Southwest Las Vegas
April 15, 2009 by Las Vegas Guide · 3 Comments
This rapidly-growing area features some of the most unique neighborhoods in Las Vegas. The Lakes is an established community featuring its own private lakes. Peccole Ranch is a relatively new community with a wide range of homes available. Canyon Gate and Spanish Trail, both golfing communities, are two of the most exclusive areas of the Valley, yet their homes are within reach of many buyers. Spring Valley, in the shadow of Spanish Trail, has many great resale homes and a great location. And new areas such as Rhodes Ranch and Monaco offer an upscale lifestyle at affordable prices.
Popularity: 60% [?]
