Nevada’s Homeowner’s Bill of Rights

Nevada’s Homeowner’s Bill of Rights

Hey, everyone. You may have heard about the Homeowner’s Bill of Rights that will be effective starting October 1st.  While the name sounds appealing to homeowners, it actually makes it easier for lenders to foreclose on properties.

Homeowners need to be aware of the recent changes in our market. Since February, the number of default notices has increased each month; in January there were less than 200, in August there were more than 2,000!

The Federal Reserve will soon stop providing money for short sales. What does this mean? Lenders will be more inclined to foreclose on your property than allow you to short sell it.

If you or anyone you know is having difficulty or just having questions about the Homeowner’s Bill of Rights, please call me at 888.558.0421. I can help and I know of some great attorneys who can help as well.

Thank you for watching!

Are You Looking for a Home Near San Clemente?

Hi everyone! Today, I’m with my good friend, Heather Estus. She is with Keller Williams Realty in San Clemente, California. I know many of you have expressed an interest in living near the beach, now is your opportunity: prices are still soft and interest rates are fantastic!

Heather Estus

There are countless different reasons moving to San Clemente is the right move for you. Just to name a few

1. The weather is amazing! Today it’s about 70° and it’s like this year round. 
    
2. There is such a strong sense of community here! Your neighbors will be amazing.
   
   
3. Beach life! The majority of the homes in San Clemente are just a walk away from the beach. 
    
4. Shopping is wonderful here! We have great stores and boutiques!

So if you have any interest in the beach life, call Mitch and we can figure out what you need to know!

Sellers Hurry and Get In While the Window of Opportunity is Open!

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Have you been thinking of selling your home? Have you noticed that a LOT of industry people in real estate have been talking for a while now about how now is a great time to sell? Well the truth is, now IS a great time to sell but it may not last for long. In fact, there’s a good chance that by the beginning of next year we can start to see prices going back down or staying level.

So why not jump on the bandwagon now and get your home sold for top dollar at a time when there are plenty of buyers willing to pay premium prices for good homes in good locations?

We are expecting a good number of foreclosed properties to show up on the MLS in the coming months, particularly in October, November and December. Consider the basic laws of supply and demand. It’s quickly apparent that with the number of foreclosures expected during the next six months we can also expect to see prices rise or at least remain stable. The reason for this is that as supply continues to go up and demand remains the same, in order for the market to self-adjust, prices have to stay affordable so they continue to move.

Our current inventory level is at about 4,000 homes and we expect to have as many as 8,000 homes available for sale by the first of next year. Before you’re faced with too much competition, consider selling your home while supplies are limited.

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So if you have been thinking that in the next three to five years you might be selling your home, consider selling sooner and getting top dollar! We invite you to contact us today for a look at what you can expect to receive in today’s marketplace for your home.

Getting a Check at the Closing

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Traditionally, the benefit of owning a home was being able to eventually sell it for a profit. Because the market has hit upon tough times, this scenario hasn’t always been the case, but things are changing. Sellers are getting checks at the closing! After years of struggling or even being underwater, they now have equity. Right now, a lot of people think they can’t sell their home because they don’t have equity, but they just might.

So if you’re thinking about selling and you’re afraid you’re upside down or underwater, I can determine the equity so you can make an educated decision to sell now or stay in the property. It’s a quick process. To give you an accurate look at your home’s value, which will help determine the equity you have in it, I look at such criteria as location, the condition of your home and what other homes are selling for in your neighborhood. This number may pleasantly surprise you. 

If you decide to sell, we can do a personalized walk-through to let you know what you need to do—and not do—to increase your chances of getting top dollar for your biggest investment. This approach will ultimately save you time and money. We’ll also build a strategy so that anyone who is looking for a house in your neighborhood and price range will know about your home. Our job is to market it to its fullest to all the buyers out there by being aggressive.  
 
Give us a call so we can tell you where to be positioned and how to be successful in this market. Please contact us at (702) 303-0040 or email us at mitch@mbsrealestateservices.com. We’d be happy to assist you. 

Keller Williams RED Day 2013

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Every year on the second Thursday of May, real estate agents across the country band together, put aside their work and give back to their communities. The occasion is Keller Williams RED Day and it has become a staple of the organization. The event’s mission is simple: Renew, Energize, Donate. Offices across the country use RED Day as an opportunity to get their staff together to host a blood drive, work at a food bank or find some other way to lend a helping hand.

This year, Keller Williams Realty - The Market Place of Henderson teamed up with Rebuilding America. We selected a home to paint the exterior, clean-up the yard and move debris and were able to complete all of these projects on May 9th. RED Day is consistently a great way to get our team out of the office to build relationships with one another and the community.
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If you have any questions about how you can be involved in next year's RED Day or if you have any real estate needs, please feel free to call me at (888) 558-0421 ext. 1 or email me at Mitch@MBSRealEstateServices.com.

The Answers To The Six the Most Frequently Asked Mortgage Questions

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As anyone in the Las Vegas area will tell you, I’ve been doing this for longer than most people can remember. And time and again, the most frequently asked questions have to do with mortgages and financing. So today, I met with Linda Bertuzzi of Nova Home Loans at 702-596-9565, a long-time partner and friend of the Mitch Schwartz real estate team and we share with you a three-part series with the answers to your questions.

What are the costs involved in making a home purchase?

There are lender fees and there are title, escrow, taxes and insurance fees. On average this adds up to about two to three percent of the sales price in terms of cash closing costs needed to close. Ideally, meeting with your lender in advance will give you a clear idea of your closing costs based on your price range, timing and other factors that are unique to you.

When Should I Set a Budget?

These days (especially with there being more buyers than there are homes for sale) it is strongly suggested to obtain a preapproval from your lender before venturing out to search for homes. Not only will you know what you qualify for in terms of your debt-to-income ratio and monthly payment but also you will be able to ascertain your expenses up front.

How Are Interest Rates These Days?

The most popular loan products these days are 15 and 30 year fixed rate loans but we are seeing a lot of lender competition. The Fed has kept the base rate low for at least a few more months, if not more, but no one can really tell when they will start to climb up again. For now, we are still enjoying all-time low interest rates. Depending on your credit and down payment investment, you may be able to secure a lower-than-average interest rate. This is just another reason to meet with a lender before starting your home search.

What Is the Minimum Credit Score I Need to Borrow Money for a House?

Though it’s fluctuated in the past, these days most lenders look for at least a score of 640. Once again, if you are making a significant down payment on the house, that number might be able to go a little lower. But lenders will no longer accept anything lower than 620 as used to be the case prior to the housing industry crash in 2007. Higher scores also translate to better interest rates so if there are two people looking to buy a home and one has a lower score – sometimes it might make sense to remove the lower score from the loan application.

What If My Credit Is Not Perfect?

Many times people will make the decision to buy a house but they have no idea of the condition their credit is in. It is critical to know in advance of starting your home search if there are any concerns that need to be rectified. If you do need help with rebuilding your credit, lenders will share with you specific steps on how to rectify concerns that could later impact your ability to borrow. Sometimes, Linda’s team has helped clients build their score higher to get a better interest rate.

How Should I Choose a Good Lender?

While all lenders will be working from the same investor pools, and therefore will likely offer similar interest rates, the challenge comes with unscrupulous loan officers that charge extra fees then call them discount points. You should choose a lender based on customer service levels, your connection with them, long-standing relationships you may have with them and by reference of your Realtor®.