The District at Green Valley Ranch

The District at Green Valley Ranch is quickly becoming one of the hottest spots in the valley to shop, dine, gamble, and even live! With over 40 magnificent stores to choose from, and 15 different restaurants, this charming “Main Street” offers something for everyone!

Conveniently located next to Green Valley Ranch Station Casino, The District at Green Valley Ranch is a favorite among tourists and locals alike.

Along with some of the finest shopping and dining in Nevada, you can also enjoy live music every Friday and Saturday night from 6pm-10pm.

If you like to live where you play, The District at Green Valley Ranch is the place for you.  The lofts start at $300K for a 1 bedroom, 871 square foot unit to $1.4 million for a 3 bedroom, 1747 square foot unit.  Amenities include private underground parking, concierge services, work out facilities, meeting room with kitchen, roof top Jacuzzi and so much more.

For a private showing or for more information, please contact us today at 702.376.0088

Henderson, Nevada is the 2nd largest city in the State of Nevada and is located in Clark County.  Henderson has some of the most desired real estate in the Las Vegas Valley because of communities like Lake Las Vegas, Anthem Country Club, Roma Hills and MacDonald Highlands to name a few.  With numerous award winning golf courses, out door shopping and Casinos like Green Valley Ranch, Henderson is a place many would like to call home.

Obviously not everyone can afford to live in communities like Lake Las Vegas, Anthem Country Club and MacDonald Highlands but don’t worry there are many neighborhoods in Henderson that are affordable such as Green Valley Ranch, Seven Hills, Anthem, Tuscany, and Palm Hills to name a few.  Many of these communities have homes starting in the mid $200s.  If you like shopping, The District offers out door shopping, restaraunts and a place to hang out.

Henderson is known for it’s parks, walking trails and communities.  Many of the parks have play areas for kids, water areas and baseball fields.  Those that enjoy walking, running or biking, you can find trails all throughout the Henderson area.  There are also numerous community centers that offer swimming, classes, basketball and so much more.

If you interested in learning more about Henderson, Nevada feel free to contact us at 702.376.0088.

Meeting with a loan officer for the first time can be a quick and painless experience if you are prepared.

The following is a list of the general borrower information and conditions that need to be presented at the time of the initial mortgage application process for a full approval:

Personal Information

1. Full Name
2. Date of Birth
3. Social Security Number
4. 2 Yrs Residence History – monthly payment, rent or own, payment method
5. List of all Real Estate Owned – values, balances, monthly payments, taxes, and insurance
6. 2 Yrs Employment History – job title, yrs in industry, income / structure, contact information

Subject Property Information

1. Type of property purchasing – Condo, Single Family Residence, Las Vegas High Rise, New Construction, Re-sell
2. Residence Status – Primary, Second Home, Investment Property
3. Budgeted Down Payment
4. Budgeted Monthly Payment
5. Desired Program Type – Fixed, ARM, Negative Amortization, Reverse Mortgage
6. Names to be listed or left off of title
7. Estimated time in property
8. Goals with property

Conditions

1. Most recent 2 pay stubs
2. Most recent 2 Yrs. W2’s
3. Most recent 2 Yrs. Tax Returns
4. Most recent 2 Bank Statements, 401k, Mutual Fund, or other Investment Accounts

The application process is a time where your loan officer can help you structure the best mortgage plan of action that will fit with your long and short term financial goals.

Will the new federal housing bill help the Las Vegas Real Estate Market?  Without a doubt!  The federal housing bill should stop future foreclosures, stabilize home prices, encourage a wave of more home buyers and reduce the housing inventory.

The federal housing bill will allow distressed homeowners who might be facing an eminent foreclosure to refinance out of their existing mortgage and into more attractive terms.  According to the bill, financially distressed homeowners have the opportunity to reduce their mortgages to 90 percent of their home’s current appraised value. The newly created mortgage will be a 30-year fixed FHA loan at the prevailing interest rate.  In exchange for refinancing, the homeowner agrees to share a substantial portion of any future appreciation with the original lender and the FHA.

So this gives a homeowner two choices.  They could either go through with foreclosure and destroy their credit or refinance their home at 90% of the appraised value and share any future appreciation with the original lender and the FHA.  I think this is an easy choice, don’t you?

The Federal Housing Bill will reduce the amount of future foreclosures on the market, which is significant.  This means the current housing inventory will decrease at a quicker rate and home prices should stabilize because of the decline in inventory.  We have had 6 straight months of increased home sales and it has been making a small dent in the standing inventory because of the increase in foreclosures.  So with foreclosures decreasing because of the new bill, we should see a decrease in the inventory over the next 8 to 10 months.  With the decrease in inventory comes with the stabilization of home prices.  Home prices should start to level out over the same period.

I think this bill was exactly what we needed to help the Las Vegas Real Estate Market which will ultimately have a positive effect on the Las Vegas Economy.

Home prices in Las Vegas dropped 29.5 percent in May compared to a year ago.  This decline can be attributed to the abundant amount of foreclosures that are flooding the Las Vegas Real Estate Market.  Banks and Lenders are lowering prices to move these homes which is affecting home values all across the Las Vegas Valley.

First time home buyers, investors and those looking to buy 2nd homes are finding incredible opportunities.   A friend of mine is looking to rent a home and they forwarded me a property that was for rent and asked me to find out when it was purchased.  After doing a little research, this 3000 square foot house sold in December 2006 for $610K and just recently sold in May 2008 for $300K.  Talk about a great deal!  This one story, 3 car garage, 3000 square foot house sold for almost 50 percent less in less than 2 years.

What this means for buyers:

1. Excellent opportunity to find an affordable home.
2. More home for their money.
3. Banks/Lenders are paying your closing costs.
4. Interest Rates are still at all time lows.

Sellers are not in a very good situation right now and should avoid selling if they can and attempt to wait until home prices in the Las Vegas Valley begin to rise.  The rental market is doing very well right now and sellers should look at renting their home as a viable option before selling.  If you cannot wait and have some type of hardship, (divorce, loss of job, pay cut, etc…) you could always look into selling your Las Vegas home as a short sale.

What this means for sellers:

1. Banks/Lenders are driving down the values in neighborhoods.
2. Probably will owe more than the home is worth.
3. Hold off on selling if you can afford to wait for home prices to rebound.

If you are looking to buy or sell in Las Vegas, don’t hesitate to contact Sena & Associates for all your Las Vegas Real Estate needs at 702.376.0088.

Can you believe we finally got our Las Vegas short sale offer approved by the bank!  This just goes to show you that as long as the offer is reasonable, meaning within reach of the fair market value, the banks will approve the deal.  My client and I made the offer approximately 3 and half weeks ago and I received the phone call early yesterday indicating a full acceptance!  We are due to close on the property in two weeks.

There was an article that was recently published in the Las Vegas Review Journal that indicated only 30% of short sales actually close.  Some short sales can take up to 6 months before you finally get a response back from the bank or lender and by that time it is too late for the seller as the home will be only days away from foreclosure.  I try to forewarn all my clients that are interested in purchasing a short sale to be patient as it will take some time for an answer. Wish us luck!

What exactly IS a Las Vegas Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners who are 62 years of age or older to access the equity in their homes as tax free income without having to sell the home, give up title or take on a new monthly mortgage payment.

With a regular mortgage, money is borrowed to purchase the home and payments are made.  The difference between what you borrowed and the market value of the property is your equity.  As time goes on, the payments reduce the amount borrowed and hence, the equity enlarges.  A bonus is also the appreciation in value of the property over time which also contributes to your equity stake.

A reverse mortgage works in the opposite direction.  You use the equity in your home to receive cash, either as a lump sum, a line of credit, monthly amounts, or a combination of all three.  As time rolls on, the payments to you increase the loan amount and your equity in the home decreases

How do I qualify for a Reverse Mortgage?

• You must be 62 years of age or older and have equity in your Las Vegas Home.

How is my benefit amount calculated?

• The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

What properties qualify for Reverse Mortgages?

• Most property types are eligible for reverse mortgages.  These would include Single Family Homes, qualified condominiums, townhouses, manufactured homes and 1 to 4 family owner occupied residences are eligible.

How do I get my money?

You have three options on how to receive your funds.

1. Monthly Payments (made to you)
2. Lump Sum Cash to you
3. Line of Credit – unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.

What are the Benefits of a Reverse Mortgage?

• Funds from a reverse mortgage are tax free and do not effect your eligibility for regular social security and Medicare.
• Reverse mortgages allow you to access the equity in your home while allowing you to stay in the home.
• No monthly obligation of a mortgage payment.

A Reverse Mortgage borrower cannot be forced out of his/her home. Nor will he ever owe more than the value of his house. Reverse Mortgages are “non-recourse” loans, meaning in the rare case of drastic declines in home prices, the homeowner can never be held liable beyond the value of the subject home.

Requirements of maintaining a Reverse Mortgage

You continue to be responsible for payment of property taxes, hazard insurance and the proper upkeep of the home.  Any breach of these obligations renders the outstanding loan due and payable.

Similarly, any absence from the home of the last surviving borrower for more than twelve consecutive months terminates the agreement.  Selling or renting out all or part of the home or having liens attached to the home for whatever reason also means that all bets are off and the transaction ends.

What happens when I die?

At the time of your passing, the reverse mortgage comes due and payable in full.  At that time, your heirs have two options.  First, they can payoff the balance and keep the home.   Second, they can sell the home and they would receive any proceeds above the reverse mortgage balance.

If you are interested in receiving more information about a reverse mortgage or would like to speak to someone about a reverse mortgage, please call us at 702.376.0088.

Aliante is the first master planned community in the North-West area of the Las Vegas Valley.  With an amazing1,165 acres being dedicated to residential development, Aliante will have the perfect home for everyone.  Aliante is ideal for those who enjoy an outdoor lifestyle.  With an outdoor theater, a championship golf course, several parks and over 24 miles of concrete walking trails this community caters to those with a flare for excitement.  Children’s activities are abundant at the interactive dinosaur discovery area and the water play area.  Aliante has dedicated an additional 100 acres to shopping, dining and other entertainment.  Builders that have planned communities in Aliante include: Astoria Homes, Del Webb, D.R. Horton, KB Homes, Lennar Homes, Pardee Homes, Pulte Homes and U.S. Homes.

With the drop in Las Vegas Home prices, there are many bargains to be had in Aliante!  Contact us today for a tour of the Aliante Community and let’s find your new home.

What is your Las Vegas Home to you? To some it’s a place to put your head at night. To others it’s a place to relax and put your feet up after a long days work. We can all agree that your home plays several functions in our busy everyday lives. Remodeling your home can enhance the visual impact of your environment as a homeowner. It can also increase the resale value of your home as well as improve energy efficiency (by investing in new appliances and such).

Is remodeling your home easy? Some people may say yes because they may have the experience, the equipment, and the assets to do so. What if you don’t have the time? What if you are not mechanically inclined and you have to have someone do it for you?

Remodeling can be a very hard time for the homeowner. It can be a big time investment and it might create the headache of living in a middle of the construction project. Why not start with simple remodeling. Painting and changing light fixtures is an example on how you can modernize your home by enhancing the appearance. Color coordinating your towels, putting matching toiletry holders by your sinks, and changing your shower curtain is an easy way to change the overall theme of your bathroom. Investing in new appliances in your kitchen and coordinating a theme to it can brighten your atmosphere to the most visited room in the home. If you are into the latest fashion and trends of the kitchen this would be a very fun project for everyone in the household to enjoy.

Some of those little tips are just a few ways to making remodeling simple. By remodeling your home; you can change the aspect of your life in a direction where it can make you happier and comfortable.

Almost everyone in the country knows that the real estate market is in a slump and that foreclosures are abundant.  Many of these foreclosed homes have been damaged by the previous owners, have had appliances and fixtures removed and are need of new flooring and paint.  Because of the numerous foreclosures for sale in Las Vegas, banks and lenders have had to drop the prices of the home to get them sold.

These low home prices have made it an excellent opportunity for first time home buyers and investors to pick up some great deals on Las Vegas Homes.  But recently I have come across a few issues with these foreclosed homes.  Appraisers not appraising the home high enough?  How can this be?  Las Vegas home prices are at record lows and they are accepting offers below the list price, so how can it be that these homes aren’t appraising?  The issue appears to be that many of these homes do not have an oven or kitchen sink which causes the value of the home to drop and unless an oven and kitchen sink is present, the appraiser will not show the full value for the home.  Without the appraisal coming in at the agreed upon sales price, the buyer cannot receive a loan!

Here’s the dilemma.  The buyer does not own the home and we know the bank or lender is not going to spend money to put in an oven or a kitchen sink.  So we are at a stand still, unless the buyer is willing to take the risk of paying for an oven and a kitchen sink and having them installed into a home they do not own yet, the deal cannot move forward.

What gets me is that the appraiser has to know the bank or lender is not going to install an oven or a sink and in order for someone to inhabit the home, they will most likely install an oven and a kitchen sink.  Luckily my clients have installed the necessary items and were able to get a loan and close on the home but I have to imagine that others might not have been so lucky!

Looking to purchase a Las Vegas Home or High Rise Condo in the near future?  If so, make sure you are completely aware of the Covenants, Conditions and Restrictions of the homeowner’s association (HOA).  Many homeowner associations can regulate where you park, what you can plant in the front yard and even what color your home can be.  On the other hand homeowner associations help maintain your property value.

HOA fees for Las Vegas High Rise Condos can be very expensive.  Usually the HOA fees for the high rise condos cover the costs of maintaining amenities like swimming pools, spas, clubhouses, workout facilities, entry gates, concierge services, insurance, garbage etc…

Just remember if you choose a Las Vegas Home or Condo that has an HOA, you are giving up some rights in exchange for the protection of your property value.

When you are looking for up to date Las Vegas Real Estate News, where do you get it?

Do you search through Las Vegas Real Estate Blogs looking for a site that caters to recent real estate market updates? From my experience it is difficult to find quality up to date information on your local real estate market.  Sites like Inman.com, Rismedia.com and RealtyTimes.com cater to a national real estate market which means local articles are few and far between.

Many of the local sources talk about different aspects of the entire market which might be what you are looking for but most of the time its not.  Many web surfers already have an idea what they are looking for and they usually have to spend many hours combing through the different Las Vegas Real Estate blogs to find it.  I would suggest doing specific searches, for example, say you are interested in the high rise condo market.

I would do a search for “Las Vegas High Rise Condo Market” to gather the exact information you need.