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As of this writing, there are approx. 4,389 short sales for sale in the Las Vegas area, this includes, resale single family homes, condos, townhomes, of that approx 3,443 of them are single family homes.

There are approx. 11,756 short sales that are in escrow under contract/pending in the Las Vegas area.

Total short sale closings year to date in the Las Vegas Valley area are approx. 4,111.

More short sales are closing and in some cases time frames for the wait has been reduced, but as you can see from the pendings, it is still a trickle.

Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing, covers the Las Vegas Valley, North Las Vegas, Henderson area.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. All figures, sizes,etc are estimates. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

I need to have some of you experts weigh in;

I have a home...it must be short-sold.

My wife and I are going through a divorce

She was "quit claimed" off the property, but our state is a "community asset" state.

She wants to have someone she knows buy the house...have her stay in the home, and then rent it back to her. It would allow the kids to stay in the house and not be disrupted by a move.

If there is a way I could sell the house under these guidelines, and not get into trouble, I would do it, however....

From everything I have seen and am being told by my real estate agent, and other local real estate professionals, they would not participate in a sale of this nature...they all say it violates the "arms length"

regulations. They say it could "unwind" the sale or even result in charges of mortgage fraud.

She is not on title or loan. What should I do?

Thanks for any advice you can forward.

I've sold real estate in Navarre Florida a long time. About 20 years to be exact. So I should know what the Navarre zip code is- 32566. Or so I thought.

I was calling Homecomings Financial on the status of one of my Navarre short sales. Of course, I going through the usual ninth-degree, name, rank and serial number before they would give me any information. Finally, the rep asks for the property address. I told her 9478 Parker Place, Navarre Florida 32566. She says, "That's not the zip code we have". First I wondered if I called the wrong bank, or had the wrong property. No, I quickly scanned my file and it was right.

I said, "Ma'am, Navarre has one zip code and it is 32566". Again, she repeated I was mistaken and she could not talk to me about the short sale. OK, am I going nuts? Maybe my listing wasn't in Navarre, or there was a new zip code I didn't know about. I said, "Hold on, I'll verify the zip code on the internet." Nope. One zip code for Navarre, Florida. Exasperated, I hung up and decided to do some digging.

I checked my physical file with payoff statement from Homecomings Financial. There it was. Their system had the Navarre Florida zip code wrong - 32568. Done with the phone nonsense, I had my assistant call back. She gave them the secret code- the wrong zip code, that is, and voila! They would talk to her. When she informed them they had the zip code wrong, they stated they would not change it unless my seller sent in a letter! For some reason they could not check U.S. Postal Service themselves.

Just part of my zany short sale week, how was yours?

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Navarre FL Real Estate

Navarre Short Sales & Pre Foreclosure Help.

Read Wendy's Navarre Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

You may have heard or seen a report on a new flood of foreclosures coming. The data is showing owners have miss at lest one mortgage payment in the first quarter of 2010. There’re assuming these folks are going into foreclosure in the months to come, we beg to differ, we believe these “one missed payment” borrowers are actually being told by the bank to do so albeit indirectly. The home owner for whatever reason is working hard to make there payment and can’t they have tried for a loan modification and did not qualify.

Now the bank tells then to sell using the short sale option, however they need to be late, thus they miss a payment. In our local real estate market short sales make up 31+ percent of the market. We don’t see anything on the horizon to influence this trend and expect short sales to dominate the real estate markets as bank owned did in 2008.

Richard & Janet - Certified Short Sale Professional
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com

Does anyone have a Proof of funds letter they can give me a example of?

I would like to start a movement with BAC. All their approval letters should include the following:

Buyer (insert buyer's name from contract). **Replacement buyer subject to BAC approval.

Now wouldn't that eliminate being in escrow 3 to 4 to 5 times - assuming net to BAC was the same and no change in close of escrow date?

I say that while having 6 short sale escrows with them, and 3 approved - but it's absolutely pulling teeth and insanity.

Short Sales in the Inland Empire; Price Points are rising.. I have been watching the numbers, walking the homes, studying the comps and exactly what I felt would happen this year is indeed happening. The high end golf course communities and custom homes are seeing Short Sales and REO's. This is a new phenomenoa for my area of the Inland Empire..Palm Springs, Palm Desert, La Quinta and land parcels in the Eastern Coachella Valley.

Many of the properties are builder/developer owned. They managed to hang on for longer than the lower/mid price ranges, but now have decided to short sale their homes and take the credit damage and losses. Consequently, sales in the upper price ranges have climbed this season!

I closed a deal 2 weeks ago on a golf course property in La Quinta that sold for $1,495,000 without it's upgrades in 2005. We bought it for $850,000! Interesting how once the comparables hit a particular spot..and it appears to be the 60cents/on the original sales dollar that does it, there are quick sales and even multiple offers. Same as in the low and mid price ranges.

If you're looking for a great deal..hang in there with a Short Sale..even in the luxury home price ranges!

Kimberley Kelly, SFR, Land, Ranches & Residential

760-285-3578 kjkpolo@earthlink.net

Pardon my "newness". I have been trying to avoid short sales and now have given in to the reality that they aren't going away. So, I have been researching short sale agents in my area and have run across this statement on a couple of websites:

4. WHY WOULD I USE YOU TO HELP ME RATHER THAN MY RELATIVE THAT ALSO HAS A REAL ESTATE LICENSE?

Most banks will not stop the foreclosure process and start the short sale process until you have an offer on your home. We start the process by making an offer on your home. The key to a successful short sale is the BPO or Appraisal. The bank will determine what it will accept based on this number. Our team includes an appraiser and an experienced BPO agent that will provide the bank with this information and get the deal done.

IS THIS SOMETHING THAT IS NORMAL? Have I completely missed the boat here?

I have recently been approached to negotiatate short sales from a networking friend of mine. There is no formal training ava. . This seems like a great business to invoule myself in as I do have excellant negotiatation skills, and have also been a mortgage originator. I need to find a training program that will give me all the meat and potatoes and help me get started. I got to tell you that right now I'm afraid! Any sugguestions would be great!

"Why would we want to find the tax assessor records for a property?" you may ask. ANSWER: To prepare the HUD-1 before sending it to the short-sale lender. For example, a homeowner may be 2 years past due on their property taxes, but you fail to list the past-due taxes on the HUD-1. Then the short-sale lender approves the HUD-1 as WRITTEN. So you go to escrow, the title company runs a preliminary title report (AKA "prelim") and you find out that $10,000 is owed in property taxes.

Now the short-sale lender (bank) won't approve any deduction in their "net" proceeds as written on the HUD-1, so now you're in a quandry. At this point, the choices are:

1. You can pay the extra $10,000 that was not accounted for (no commission for you, eh!)
2. You can ask another party to pay it ~ good luck with that
3. The deal falls apart and the buyer walks away (this is the most likely scenario)

Lesson learned: whether you or someone else (such as an Escrow Officer or a professional Negotiator) are preparing the HUD-1, research the past due property taxes and include them as a SELLER payment.

Thanks to our friends here on our Short Sales California network, here are some links to commonly-researched tax assessor offices:

• Los Angeles County Tax Assessor office:
  http://maps.assessor.lacounty.gov/mapping/viewer.asp
• San Diego County Tax Assessor
  www.sdcounty.ca.gov
• Orange County Tax Assessor
  http://tax.ocgov.com/tcweb/search_page.asp
• Placer County Tax Assessor
  http://www.placer.ca.gov/Departments/Tax.aspx
• San Luis Obispo County Tax Assessor
  http://services.slocountytax.org/
• Sacramento county Tax Assessor:
  http://www.assessor.saccounty.net/default.htm
• Contra Costa County Tax Assessor:
  http://ccmap.us/gis/
• Contra Costa County:
  http://www.co.contra-costa.ca.us/index.aspx?nid=191
• Riverside County Tax Assessor
  https://taxpayments.co.riverside.ca.us/Search.aspx
• Alameda County Tax Assessor
  http://www.acgov.org/assessor/
• Solano County Tax Assessor:
  www.solanocounty.com/depts/ttcc/tax
• San Bernardino County TaxAssessor's Office:
  http://www.mytaxcollector.com/trSearch.aspx?redir=CurrentTaxes

If you have any more, be sure to add to this list with a comment below!

Thank to Donald Holman for this tip: You can also look up the State Board of Equilization on the internet and view the list of phone numbers for every Assessor Office in California. The California County Assessors are monitored by the California State Board of Equalization. The Board website lists all California County Assessors. To find a county assessor:

1. Google " California State Board of Equalization"
2. After entering the site, simply type in "'California County Assessors."
3. The list with every County Assessor in California will pop up.
4. Click on the line for the Assessor you are looking for and his/her website will appear.
   
   http://www.boe.ca.gov/proptaxes

Thanks everyone for your contributions to these stellar sources!

Regina P. Brown

California Real Estate Broker

DRE # 00983670

FOR MORE GREAT TIPS, PLEASE JOIN US AT:

www.ShortSalesCal.com

We are a free site with lots of tips and resources specifically for the California Realtor and real estate pros!

Hello to all,

I am looking for feed back on Huntington Short Sales. If you have completed a short sale or if you are presently enaged in a Huntington short sale, please send me some feed back.

Thanks

We have found that when submitting your complete short sale package to a bank it make easer if you include a “cover sheet” for each section of documents you are sending. (i.e.: paystubs, bank statements, taxes, purchase agreement, etc.) Cover sheets simply state the document that will follow in large bold type in the center of a blank page. They help to organize the package and present the documents more clearly to the negotiator. Often times some documents are overlooked because they get lost in the middle of the hundred or so pages you are faxing. We have experienced a much higher success rate with short sale packages the first time using cover sheets.

Regarding Bank of America’s system Equator, when you are responding to the counter offers in this system, make sure you pay attention to the commission percentages. The system automatically defaults to 5%. The bank/investor may be allowing the full 6%, but if you accept the offer at five you are going to have a problem trying to get them to change it back to six! So just make sure you double check the percentage before you hit the submit button.

Richard & Janet - Certified Short Sale Professional
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com

Has anyone ever heard of or negoiated with Select Portfolio Services?

This company owns the first mortgage on a house in Charlotte NC

Thanks

Edna Wellons

ewellons@helenadamsrealty.com

I know that commissions are considered PROCEEDS from a SHORT SALE - and it is very wrong to do so that one can lose their license and be fined or go to jail and same with sellers -

though I have had Several sellers asking if I will help them give some of my commissions

back to them cause they are in such financial distress.

Other than what is stated on MOST short sale approvals can anyone help me find something so that

it is CLEAR to them to NOT EVEN ask me?

I always get the "the bank won't know" and "I should get something back" attitude.

HELP

Thank you!