las vegas foreclosures: Las Vegas Shadow Inventory - Fact or Fiction?? - 04/10/12 01:20 PM
"Where have all the homes gone?!" In the Las Vegas real estate market it's like the clock has suddenly been turned back to the year 2004. Within hours there are multiple offers on everything listed under $250k, often sight unseen, and most accepted contracts are going above list price. New home builders are warning real estate agents about imminent price increases.
At the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are only 5,074 active single family listings in the Las Vegas … (2 comments)

las vegas foreclosures: Judicial Foreclosures Come to Las Vegas - Homeowners Beware! - 03/29/12 03:16 PM
Nevada has always been a non-judicial foreclosure state. If a borrower was past due, all the mortgage holder had to do was produce copies of the appropriate documents and file foreclosure notices, and within approximately 5 months the foreclosure sale took place at the county steps. There was no right of redemption for the borrower, and the new purchaser took possession immediately.But in the wake of the robo signing scandals, the Nevada legislature passed a new amendment, AB 284, which included the requirement that an authorized representative of the current lien holder had to complete and sign an affidavit indicating they … (3 comments)

las vegas foreclosures: December is the "Black Friday" of Real Estate - 12/01/11 12:06 PM
For the past three years clients have been telling us they want a “steal of a deal” on Las Vegas real estate. So how come most of them stop looking in December? All month long, December is the Black Friday of real estate! Savvy shoppers know that December is the best time of the year to buy property for a number of reasons. And that has never been more true of homes for sale in Las Vegas at the end of 2011 with interest rates and prices at an all time low already.1. Motivated sellers! Many sellers will take their home … (4 comments)

las vegas foreclosures: Lake Las Vegas Rises from the Ashes - 10/22/11 06:19 PM
Like the mythical Phoenix, Lake Las Vegas is rising from the ashes of the real estate melt down. Still the most unique and beautiful of any of the Las Vegas master planned communities, Lake Las Vegas stands like a Tuscan mirage in the middle of the desert, and once again new home builders are taking the plunge to put it back on the map as one of the most desirable projects in the country.
Set on 320 lush acres with its own private lake, three hotels, a casino, the Lake Las Vegas Marina and home to the prestigious South Shore Golf … (0 comments)

las vegas foreclosures: Las Vegas HUD Auction – Only $100 Total Down Payment for Owner Occupants! - 10/17/11 06:05 PM
Christmas is coming early to residents of Las Vegas, Henderson, and North Las Vegas this year. Get in on a special Las Vegas HUD auction - only $100 total down payment for owner occupants! This is a spectacular opportunity to buy a Las Vegas real estate with a very nominal investment.Hudson and Marshall will be conducting two auctions of over 100 HUD properties around the Las Vegas Valley on Saturday November 5th, 2011 at the JW Marriott. Registration for Auction 1 will open at 9 am. Auction 1, starting at 11 am, is open to owner/occupants ONLY. Successful owner occupant bidders … (0 comments)

las vegas foreclosures: Bank of America Fires Bank of America?!! - 10/01/11 05:09 PM
Bank of America announced earlier this year that it plans to lay off more than 40,000 employees, many of them loan officers and processors. They also intend to close to close 10% of their branches nationwide and gradually get out of the mortgage industry. The layoffs have already begun in Las Vegas, and you know it’s affecting customer service when, literally, Bank of America fires Bank of America!A number of months ago, one of our agents listed a Las Vegas short sale and was fortunate enough to also find the buyer. The short sale bank was Bank of America and the buyer … (7 comments)

las vegas foreclosures: Las Vegas New Homes Under $70 Per Foot! - 09/24/11 01:27 PM
Who says you can’t buy brand new homes in Las Vegas under $70 per foot?! We get inquiries all the time from investors who are looking to purchase “fixer uppers” in this price per foot range. True, you can get more slightly square footage for a slightly lower price on resale homes that need some cosmetic help, but once you put the pencil to the paper, new homes can turn out to be a better value. For example, take a typical 1000 square foot home for sale (built since the year 2000 to compare apples to apples) that just needs carpet, … (0 comments)

las vegas foreclosures: Is B of A Finally "Getting It" on Short Sales? - 09/24/11 01:19 PM
Yes, it actually DOES look like Bank of America is finally getting their act together in the Las Vegas real estate market on short sales! We have seen a marked improvement in service and approval times over the past six months, and just recently B of A has rolled out two new changes to improve their image.The first big change is their new Bank of America Cooperative Short Sale program, similar to the government's HAFA program (but hopefully much more effective!) B of A is now allowing sellers to apply for a pre-approved short sale prior to listing their home with … (3 comments)

las vegas foreclosures: Las Vegas Home Sales Up, Inventory Down - 04/06/10 02:31 AM
Inventory has dwindled substantially in the Las Vegas real estate market over the past couple of months, and the volume of sales so far this year has been comparable to the volume of sales in 2005, a "boom" year. First time homebuyers and move up buyers are vying for properties that will allow them to cash in on the government tax incentives being offered through April 30th. But competition with cash investors has frustrated many would-be purchasers, especially for homes listed under $250k. To be eligible for the tax credit, the property must go into escrow by April 30th, and must … (1 comments)

las vegas foreclosures: Real Estate in Las Vegas - What is Included in the Contract - 03/07/10 04:52 PM
Real estate contracts can vary substantially from city to city or state to state. We are often asked what is included in contacts for real estate in Las Vegas, so below we have provided an overview. We do use the standard Greater Las Vegas Board of Realtors purchase contract which contains many provisions for the protection of both buyers and sellers. The only exception to using a standard GLVAR contract would be when purchasing Las Vegas new homes from a developer. In that case the purchase contract is supplied by the developer.
So when you have finally identified the perfect home for your family, your … (1 comments)

las vegas foreclosures: Las Vegas Home Sales Indicate Cash is King - 01/30/10 04:52 PM
Yes, Las Vegas is definitely having a half price sale! Prices have dropped on average of 59.2% from their all time highs in early 2006. But despite reports of doom and gloom in the local and national press about the Las Vegas real estate market, the actual sales volume stats for the year 2009 say something different. The total number of closings for single family homes in 2009 finished at 38,127, a 53% increase over closings in 2008. Condos and town home sales volume finished the year at 8752 closings, a 137% increase over 2008. In fact, total closings in 2009 … (0 comments)

las vegas foreclosures: MGM City Center Grand Opening - 12/09/09 04:45 AM
Finally, after years of construction and financial turbulence, the $8.5 billion dollar MGM City Center is making its grand debut on the Las Vegas Strip on 67 acres between the Bellagio and Monte Carlo resorts. Las Vegas residents are hopeful that an influx of tourists to the latest mega attraction and over 12,000 more jobs generated by the project will infuse new life into the Las Vegas real estate market and Las Vegas condo sales.This week MGM Mirage celebrated the openings of several key elements of its long awaited urban lifestyle mixed use development. The Vdara Hotel and Spa was the … (4 comments)

las vegas foreclosures: Proposed FHA guidelines may stymie Las Vegas home buyers - 12/07/09 07:23 PM
Buyers of Las Vegas homes need to be aware of several proposed changes to FHA guidelines that may soon be implemented buy the Federal Department of Housing and Urban Development which will impact their purchasing power. It is estimated that more than 71% of FHA's losses over the next five years will come from existing loans, prompting HUD to re-evaluate criteria for new loans in an effort to minimize further losses.Proposed changes to the current guidelines could include:* Reduce the maximum seller contribution towards buyer closing costs from 6% of the purchase price to 3%. The current level exposes the FHA … (0 comments)

las vegas foreclosures: Las Vegas Home Inspector Saves a Transaction - 11/20/09 02:37 AM
A few days ago I posted a letter on this blog from one our Las Vegas real estate inspectors, Spectrum Inspections. The letter addressed the responsibility of the listing agents to disclose known defects on Las Vegas foreclosures they were handling, despite the fact that the properties were being sold "as is, where is." In this particular case, the inspector was aware that the listing agent had ordered mold remediation done on the property prior to placing it on the market, though there was no disclosure about the remediation to the subsequent buyers. The inspector's quandary was whether or not to … (2 comments)

las vegas foreclosures: Can Las Vegas Foreclosure Listing Agents Avoid Disclosure - 11/17/09 04:04 PM
Here is a letter recently sent to us by Paul Donohue of Spectrum Inspections, one of the leading home inspection companies in the Las Vegas Valley. As usual, Paul keeps us informed of ongoing inspection issues that we, as Las Vegas real estate agents, need to be aware of. Paul sent us the information below just this past week which raises an interesting question: What responsibility do REO listing agents have to disclose defects that they are aware of? Recently REO agents have been hiding behind the "as is, where is" clauses inserted by sellers (banks) into their contracts. But this … (0 comments)

las vegas foreclosures: Deed for Lease Gives Second Chance for Las Vegas Homeowners - 11/07/09 12:31 PM
For Las Vegas home owners who have been unable to qualify for a loan modification and are facing foreclosure, a new Fannie Mae program would at least allow them to stay in their homes for up to a year if they are willing to sign over their homes to the bank on a deed in lieu of foreclosure. The bank would then lease the house back to the borrower at current market rate for up to a year. After the initial lease period expires, there's the possibility that the bank would extend the lease on a month to month basis.
The … (2 comments)

las vegas foreclosures: Existing Homeowners Happy about Extended Tax Credits! - 11/06/09 09:00 PM
Las Vegas real estate agents and homeowners alike are celebrating the news! It looks like the first time home buyer tax credit will be extended through April 30th of 2010, and more buyers than ever before are now eligible to take advantage of the new credit guidelines. Income caps have been raised from $75,000 to $125,000 for individuals, and from $150,000 to $225,000 for couples.  In addition, move up homeowners are going to get a piece of the pie as well. Any homeowner who has owned his home longer than five years can get up to a $6500 credit on the … (0 comments)

las vegas foreclosures: Financing for Foreign Nationals Discontinued - 10/24/08 02:22 AM
Once again the mortgage lending guidelines have changed with the wind. For a brief period there was a window for foreign nationals to obtain mortgage financing on investment and second homes in the United States with down payments as low as 25%, but now that window has been slammed shut along with a host of other "make sense" loan programs. (Don't even get me started on condo hotels that can't be financed by anyone with even 50% down!)Many of the foreign nationals who contacted us in recent weeks were willing to put down as much as 30% to 40% or even … (0 comments)

las vegas foreclosures: Las Vegas Home Inspections - 09/28/08 08:50 PM
I really must begin by thanking Diann Tonnesen for offering to allow me to blog on her site. In case you're not aware Diann is somewhat of an icon in the Las Vegas real estate community. To be offered to provide input for her web site is truly an honor. Thank you, Diann.Diann told me that I could write about anything I wanted to write so I chose something that has been needling me for quite some time now; the way people shop for a Las Vegas home inspector. Do you realize how most people shop for a home inspector? They … (0 comments)

las vegas foreclosures: Good News for Cosmopolitan Contract Owners! - 09/07/08 06:40 PM

To the right, the Las Vegas Cosmopolitan Condos and theBellagio Hotel and Casino, to the left the MGM CityCenter project.Phot0 taken September 5th, 2008.Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners have been holding their breath, wondering if the development would be completed. Or if they would get their money … (0 comments)

 
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The Tonnesen Team

Put a #1 Team to Work For You!

Las Vegas, NV

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Prudential Americana Group Realtors

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