A Las Vegas Foreclosure Is Often Less Inevitable Than You’d Think

Even though national foreclosure rates have continued to drop, the threat of becoming another Las Vegas foreclosure statistic is still very real for some homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable. 

Mortgage Restructuring

For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate with more manageable payment amounts. In some cases, it may be possible to alter other terms of your agreement — for example, you might arrange to postpone any delinquent payments to the end of the loan’s term. You have to ask.

Payment Deferral Options

If payment failure has been caused by losing a job, a medical condition one of the other more common causes, some banks will work out payment deferral options. If you have prepared documentation to back up your hardship claim, it is more likely that the lender will be able to offer an agreement to defer your payments while you get back on track.  

Short Sale

If the financial situation is such that you know you can no longer sustain regular payments, it may be best to consider a short sale — the option where the bank agrees to accept sale to a third party for a sum that falls short of the loan’s balance. It means loss of the property, but results in a better credit history than does a Las Vegas foreclosure. 

A foreclosure in Las Vegas becomes inevitable if the reality of a tough financial situation isn’t recognized and addressed. If you take positive steps as soon as you realize your are going to miss a payment, you put yourself in the best position to open options that are less problematic than full foreclosure. If you find you could benefit from a strictly confidential price evaluation on your home, call me — sometimes a property can be worth more than you think!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

The Search for the Perfect Las Vegas Listing Agent

No matter what triggers your decision to sell, a crucial next step for every homeowner is selecting the Las Vegas listing agent who will bring in the best results. If you don’t already have a bead on a leading Las Vegas star producer, there are any number of factors that can help guide your listing agent choice. Some will be narrowly applicable to your home’s special characteristics, and some will be more universal.

The first consideration should be deciding whether you will be best served by tapping a specialist. Perhaps your property cleanly falls into the luxury category; perhaps it could best be offered as a supremely rentable vacation property. If it belongs in a specialized real estate niche, your first move may be to seek an agent who promotes his or her expertise dealing with that specific market.  

If that’s not the case, and if you know somebody who has sold a home recently, ask him or her for details about the experience. While online forums offers plenty of reviews, the most dependable way to get a candid and unbiased opinion on a local Las Vegas listing agent is to ask someone who has had recent personal dealings. Ask what they liked best about their listing agent, and what, if anything, they would have changed.

In any case, before settling on the listing agent in Las Vegas who will be your marketing partner, speak to an alternate candidate or two. Don’t be afraid to offend them if they don’t wind up as your first choice: remember, they are pros. And (incidentally) it won’t hurt that more than one agent has advanced knowledge that your property will soon be on the market!

Even when time is a factor, don’t rush too much in choosing your listing agent. A few extra days devoted to making the right decision can save weeks (or months!) later. If you are preparing to bring your home to market, I always offer you a no-obligation in-home consultation — and always put the strength of my network to work for you.  For proof — just ask!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Las Vegas Investors Eye Fannie Mae Foreclosure Study

Las Vegas investors have dozens of possibilities vying for their business at all times. Las Vegas real estate investment opportunities come in a variety of forms: raw land, single-family residences, and multifamily rental housing in many forms, from duplexes to apartment buildings. Investors compare the various offerings according to the likelihood of return on their investment vs. downside risk. 

Foreclosure represents the ultimate risk — so no matter how unlikely it might be, canny investors study the histories of real estate investments that have stumbled. Whether Las Vegas foreclosure statistics or national trends provide the data, projecting the likelihood of such ‘Close Encounters of the Foreclosure Kind’ is part of an investor’s due diligence.

That’s why my eye was drawn to several published reports about Fannie Mae’s recent nationwide study. It drew an interesting connection between an investment properties’ relative location and the rate of potential default (foreclosure). National data is weighted toward big city populations, yet I think it’s a relevant approach to weighing the likelihood of a Las Vegas foreclosure. Location is a given, and here, it’s relative location that’s important:

• Locating close to workplaces matters. Each additional minute of commute time raises the risk of default by 3.7%. Put another way, each additional five minutes of commute time makes the likelihood of foreclosure 18% greater!
• Public transportation is significant. If 30% or more of a neighborhood's residents commute by rail, the risk of a local default is reduced by a full 58.4%.
• Mixed-use areas are a positive. When there are 16 or more retail establishments nearby, the risk of default is reduced by more than a third.
• (This is one we could have guessed) — affordability is key. If a multifamily building fits Fannie Mae’s definition of ‘affordable housing,’ foreclosure risk is reduced by 61.9%.
• Parks matter. If the property is located within one mile of protected green space, the risk of foreclosure is reduced by 32.5%.

Naturally, avoiding any possible future Las Vegas foreclosure is Job One for all my real estate investor clients. For up-to-the-moment information on the state of today’s market, join them: contact me anytime!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

*** LET US DO THE SEARCHING FOR YOU ***

Marcelo V. Mayol
702-812-9990
www.VegasHomesDistress.com

Some websites provide a property search feature, but you still need to come back and search again and again to stay on top of the market. The current market is changing at such a rapid pace that you would need to check several times a day just to stay current.

Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the property address, photos, and all pertinent information. Just click on the link or fill in the form above.

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Marcelo V. Mayol
702-812-9990
http://www.vegashomesdistress.com/

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Most websites provide a great property search, but you still need to come back and search again and again to stay on top of the market. Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the address and photos of the property.

Best Deals - Las Vegas Foreclosures

Marcelo V. Mayol
702-812-9990
www.VegasHomesDistress.com

Some websites provide a property search feature, but you still need to come back and search again and again to stay on top of the market. The current market is changing at such a rapid pace that you would need to check several times a day just to stay current.

Now there's a better way. Sign up for the Dream Home Finder service and let someone else do the tedious research for you. No obligation and no cost. When new listings come to market that match your needs, you will receive an email with the property address, photos, and all pertinent information. Just click on the link or the picture of the For Sale signpost above.