10 Questions to Ask When Buying Your New Condo (Part 2)

The other day I wrote about the first 5 questions you should ask when buying your new Las Vegas Condo.  Here are the other 5.

Question # 6: Has the condo unit been professionally inspected? It’s a good idea to include a contingency clause in your purchase offer for a profession inspection (you don’t want to be “surprised” by any defects). If the condo is a new-build, don’t rely on the buildings permit of occupancy (city building inspection) – the city carries no liability for defective or incomplete inspections.

Question #7: Is the condo soundproof? The main problem with condos is the lack of good soundproofing. It’s a good idea to view the condo in the afternoon or evening (when most neighbors are home). If they’re making noise (like watching TV, listening to music or talking), then you should be able to tell if the condo has good soundproofing. To reduce the chance of noise, try to buy an end-unit or top-floor-unit – this will limit the amount of neighbors (down to one) and therefore the amount of noise.

Question #8: Is the seller up-to-date with the applicable state statutes? If the condo was built before 1978, then a written lead-based paint disclosure report is required.  You may opt to have the condo professionally inspected (at your own expense). Additional local or state disclosures may be required for energy efficiency, building-code compliance, radon, and well-water quality; our agents know which disclosures are required in Las Vegas and Nevada.

Question #9: Are there any special contracts or long-term leases affecting the condo complex? You’ll want to find if the condo owners have control over the whole complex. Some new complexes still have titles (and contracts) through the developer, which gives the developer control – not the HOA.

Question #10: What are the key points to consider when assessing the condo complex?

• Floor plan
• Construction
• Parking
• Street access
• Location
• Property taxes
• Amenities (community center, pool, tennis courts, golf)
• Visual obstructions or sound concerns (power lines, factories or noisy railroads)

Buying a condo can be complex if you don’t know the right questions to ask. Hire a Shelter Realty agent to help you find the right Las Vegas condo at the best price and ensure that you’re asking the right questions. Call (702) 376-7379 to speak to one of our agents or browse our Las Vegas condos for sale.

Think buying a condo is easy? Think again. When you’re buying a condo, there might actually be more to consider than when you’re buying a home.  Just knowing what to look for (and ask) can be a challenge. Hiring a good Las Vegas real estate agent and asking the right questions is a start, so here’s a list of 10 questions to ask before you make on offer on your Las Vegas condo.

Question #1: What about the HOA? Most Las Vegas homes, whether they’re single-family or condos, have homeowners associations (HOAs).  Before you buy, you want to check up on that organization whose umbrella you’ll be living under.  Check out:

• Covenants, conditions and restrictions (CC&Rs)
• By-laws and rules
• Financial reports
• Minutes from most recent meetings

You’ll also want to ask: How and when might my association fees increase?  Is the HOA involved in any lawsuits? Are there any plans for major repairs (new roof or new pool) in the near future?

Question #2: What is the percentage of renters in the complex? Mortgage lenders tend to see condo buildings with more than 20 percent renters as a lending risk.  That means they’ll charge higher interest rates or won’t lend at all.  Plus, a higher proportion of renters to owners can impact how easy (or difficult) it is to sell your Las Vegas condo down the road.  It also often lowers market values (renters usually don’t treat the condo as well as owners). As a safe rule, look for condo buildings that have less than 10 percent renters.

Question #3: Is the complex professionally managed? All condos need regular maintenance and repairs and using a professional management company usually pays for itself.

Question #4:  Are the complex fees similar to other comps? For that regular maintenance and repairs, plus management of facilities like a pool, you’ll pay a monthly fee in addition to your mortgage payment.  Compare maintenance fees at the different Las Vegas condos you’re considering.  Given factors like the size and age of the condo complex and level of amenities offered, fees should be comparable.

Question #5: Has your condo seller prepared a defect disclosure report? Most states require a defect disclosure report (Nevada is one of those states).  If the seller discloses that something is wrong with the condo, get a professional contractor to estimate repair costs, then factor those costs in to your offer.

Buying a Las Vegas condo can be more complicated than buying a single-family home in large part because so much of your condo ownership experience will depend on those neighbors with whom you share walls.  From dealing with common area maintenance needs to reselling your condo, you’re kind of all in it together.

So stay tuned here tomorrow for the next 5 questions to ask when buying a Las Vegas condo, or go ahead and give the Las Vegas condo experts a call at (702) 376-7379 or view our lists of condos at www.shelterrealty.com.

If you’re a first-time home buyer or looking to upgrade to your dream home, there are 10 steps you’ll want to complete before you even start looking at listings of Las Vegas homes for sale.

Step #1: Figure out how much Las Vegas home you can afford. Figure out how much money you make and how much you’re able to use for your new home. A good rule of thumb is that your new home’s value should equal between two to three times your gross income (that means if you make $100,000, your new home should cost no more than $300,000).

Step #2: Create a wish list. Write down what you want in your new home. Do you want four bedrooms and three baths with granite throughout? A backyard big enough for pool and swing set?  Golf course views?  You’ll also want to prioritize your list. Write down (from top to bottom) what’s the most important to the least. Do you really need (or want) a fourth garage?

Step #3: Pick three or four neighborhoods. Drive through neighborhoods that seem appealing to you and your family. Do you like the way the homes are maintained? Are the neighborhoods close to school and work? Find out the neighborhood statistics like crime rates.  Find out about future developments (including road expansions) planned for the area.  Your Las Vegas real estate agent will help you get that information; we have some of it here on our website.

Step #4: Do you have enough money saved? Determine if you have enough money to cover your down payment and closing costs.  Depending on the type of mortgage you get, your down payment could be anywhere from 3% to 20% of the purchase price of the home.  Plus, you’ll have to pay closing costs, which typically run 2-3% of the loan amount (though many mortgage lenders will wrap those closing costs into the loan).

Step # 5: Check your credit. Make sure your credit is up-to-date and accurate. Get a copy of your credit report and go over every section of your credit history. Does your report say that you’re delinquent on a credit card when you actually paid it off? It can mean the difference in several points in your mortgage interest rate (which can mean a higher monthly mortgage payment).   To learn the ins and outs of your credit score, check out our recent blog Score High for Your New Las Vegas Home.

Step #6: What size mortgage do you qualify for? After you have checked your credit report (and had any errors corrected), you can approach a few lenders for a mortgage pre-approval (it pays to shop around.  Explore all the different loan options (ARMs and fixed rates, 15-year and 30-year).

Step #7: Get all of your documents in order. Since you’ll want to get pre-approved for a mortgage before you start looking at homes, have all of your necessary paperwork ready you give to your lender. The documents you’ll need to get started are:

• Pay stubs
• Bank account statements
• Tax returns

Step #8: Research if you qualify for any federal mortgage or down payment assistance programs. You may be surprised how the government may be able to help you buy your new home. There are specific restrictions with some programs, but the potential savings make them worth looking into (we can help).

Step #9: Calculate how much it’ll cost you to own (and maintain) your home. Some regular expenses to think about (other than your mortgage) are:

• Property taxes
• Homeowner’s insurance
• Home maintenance costs (landscaping, pool/spa, air conditioning)
• HOA fees (if applicable)

Step #10: Find an experienced real estate agent. Our agents at Shelter Realty can help make sure that you’ve completed all 10 steps and can help make your new Las Vegas home purchase as smooth as possible.  Call us at (702) 376-7379.

Hiring a real estate agent can be a confusing process, especially if you are new to the market and don’t already have someone you know and trust lined up to help. Yet whether you’re selling a Las Vegas home or buying a new one the right Las Vegas agent can make all difference.

When deciding who is the right person to help you find the right home at the right price (buyer’s agent) or the one who can get your home sold for the most money in the least time (seller’s agent), interview in person at least two or three agents.  Ask all of them these 10 questions.

1. How long have you been a Las Vegas real estate agent?  You can never underestimate the power of experience, though you’ll want an agent who’ll give you excellent service (and sometimes this can come from newer agents, who have fewer clients and more time to spend on you).

2.  Do you have experience closing your listings in a depressed market? Do you have at least 25 closed short sale listings (If  you’re considering a short sale). If you want to sell your home as a non short sale (meaning you owe less on your mortgage than the home’s worth), you’ll want to ask the agent how they plan to price, market and sell the home in an evironment of declining values.

If you’re looking to buy a home, you’ll need an agent with real experience in representing buyers on foreclosures, short sales, new homes and traditional sales, since you may encounter all four types when purchasing.

3. How are you going to sell my home or find me a new one?  If you’re buying a Las Vegas home, your agent should only show you homes within your price, location and need range (so you’re not wasting your time shopping at Wal-Mart, or Barneys, when Dillard’s is really your range).  As a Las Vegas home seller you’ll want your agent to design a marketing plan that will sell your property the fastest and for the most money.

4. Can you give me any references?  All agents have references, even if they’re new to the real estate business. If a reference had a good experience with the agent, then most likely you will too.

5. What are the top 3 things that separate you from your competition?  Any of these traits would be good to have in an agent: honest, trustworthy, assertive, a good negotiator, easily to contact, friendly, analytical, professional and most importantly a good communicator.

6. Will you allow me to review all documents before I sign?  A good agent should make all forms available to you. As a buyer you’ll want to see the Buyer’s Broker Agreement, Agency Disclosure, Purchase Agreement and Buyer Disclosure. As the seller you’ll want to see the Agency Disclosure, Listing Agreement and the Seller Disclosure.

7. Can you recommend additional professionals (mortgage brokers, title companies, home appraisers, home inspectors)?  Since you’ll most likely need the services of some or all of these professionals during the home buying or selling process, getting a referral can save you time (you won’t have to thumb through the yellow pages) and a good agent will be able to recommend other good professionals.

8. How much do you charge?  Generally speaking, real estate agents charge a percentage. Usually the percentage negotiated between the seller and the listing agent covers both commissions if there are two agents involved in the deal. Commissions and fees are fully negotiable.

9. Do you offer a guarantee?  Finding out if or what kind of guarantee an agent offers can help you decide if the agent is a good fit for you. Will you be able to cancel your listing/buying agreement if you are unhappy with your service? How does the agent’s company handle canceled agreements?  Has anyone else ever canceled before?

10. Is there anything that I forgot to ask you but need to know?  An agent should always have something to add (to make you feel confident in their service). After all, they’ll be representing you in your real estate transaction, so good communication is important.

If you’re looking for a Las Vegas real estate agent, you’ll want to call Shelter Realty.  With experienced, expert buyer’s agents and seller’s listing agents, we’re happy to answer questions.  To make your appointment today, give us a call at (702) 376-7379.

Do you really love your Las Vegas home, yet are finding it harder and harder to make your mortgage payments? A home loan modification may help you keep your home by lowering your mortgage payment.

Getting your mortgage payment lowered could mean the difference between staying in your home and having to move. If you can’t make your mortgage payments and don’t get a loan modification, you’ll either have to short sale your home or the lender will foreclose.  If that happens, you’ll probably have to rent for at least a few years (both a short sale and a foreclosure will negatively impact your credit score).

So if your money is getting tight and fear that you may not be able to pay your mortgage (or if you’ve already missed mortgage payments), then you should at least consider a loan modification. Loan modifications are changes made to the terms of your mortgage such that your monthly payments are lower.

Here are three home loan modification options:

Option #1: MHAP (Making Home Affordable Program).  This is a federal program designed to help American homeowners keep their homes, by making changes to qualifying mortgages (the MHAP programs come with restrictions and you must qualify in order to participate). Under MHAP, there are five programs that you may qualify for:

1. HAMP (Home Affordable Modification Program) can lower your payments so that they are no more than 31% percent of your pre-tax income.
2. HARP (Home Affordable Refinance Program) can lower your interest rate (although refinancing fees do apply).
3. 2MP (Second Lien Modification Program) can lower the principal balance on your second mortgage (if you modify your first mortgage through HAMP).
4. HAFA (Home Affordable Foreclosure Alternatives Program) allows you to get out of your mortgage without fear of a deficiency judgment (which is when the lender comes after you for the difference between your mortgage balance and what the market value of your home). Participating lenders only have to consider you for HAFA but are not compelled to approve your short sale under this program. A successful short sale can still be negotiated outside of HAFA.
5. HHF (Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets) can help you avoid foreclosure (especially if you’re under or unemployed).

Option #2: Interest rate reduction.  Even a relatively small change in your interest rate can lower your monthly payments dramatically, often by several hundred dollars a month (depending on your loan balance and interest rate of course). That can really add up over a year, and certainly over the life of your Las Vegas home mortgage.

Option #3: Loan balance reduction.  Unfortunately, loan balance reductions (also called loan forgiveness) – when the lender actually reduces the amount you owe on your mortgage – are rare.  If you can negotiate a loan balance reduction, though, it can have the same effect on your monthly mortgage payments as an interest rate reduction (reduce them) and also help you get back to positive equity.

If you’re having trouble affording your monthly mortgage payments, and a loan modification doesn’t work, another option is a Las Vegas short sale.  At Shelter Realty you can get cost-free advice regarding possible foreclosure alternatives. If you decide to do a short sale, we have the expert help you’ll need. Call us right now at (702)376-7379 or visit www.shelterrealty.com.

The Las Vegas neighborhood you choose can have a big impact on your lifestyle.  Safety, available amenities, and convenience all play their part in your decision. So here are six tips to help choose your next Las Vegas neighborhood:

Tip #1: Make a list. Write down all of the activities (health club, church, volunteering, movies) that you engage in regularly as well as the places (school, work, family and friends’ homes) that you visit frequently. See how far you would have to travel from each neighborhood you’re considering in order to take part in your most common activities. Is the neighborhood convenient?

Tip #2: Check out the school district. On our website we have the most up-to-date school information: test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future (statistics show that school districts impact home sales).

Tip# 3: Find out if the neighborhood is safe. Ask the local police department for neighborhood crime statistics (or check out the latest Las Vegas crime reports here). Consider not only the number of crimes but also the type – burglaries, armed robberies – and the trend of increasing or decreasing crime. Is crime centered in only one part of the neighborhood, such as near a retail area or more near homes?

Tip #4: Determine if the neighborhood is economically stable. Check with your local city economic development office (or better yet, your Shelter Realty agent) to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months? This could mean a declining neighborhood.

Tip #5: See if you’ll make money when it comes time to sell. Ask your Las Vegas real estate agent to get information about price appreciation trends in the Las Vegas neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good an investment your home will be. Your Shelter Realty agent can also tell you about planned developments or other future changes in the neighborhood (like a new school or highway) that might affect your new home’s value.

Tip #6: See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Take pictures and document what you see.  Are homes tidy and well maintained or are they in disrepair? Are streets quiet or busy with traffic? Pick a day (or time of day) that’s comfortable outside where you can walk and talk to neighbors in the area and see if the neighborhood gives a friendly feeling. A picture says a thousand words… but so do the neighbors.

Of course, our job as your Las Vegas real estate agents is to help you answer all of these questions as we work to find the Las Vegas home that is right for you.  Why go it alone, when you can have expert help? Call us now at (702) 376-7379 or contact us online.  You can also check out the Las Vegas neighborhood homes for sale.

There are currently 542 homes for sale in the Las Vegas 89149 zip code, which includes the master planned community of Centennial Hills. Centennial Hills is a newer master planned community located northwest of Las Vegas. Centennial Hills homes range in size from small single family houses (perfect for first-time home buyers) to mansions. Builders include Astoria Homes, Concordia Homes, KB Homes, Pardee Homes and Spinnaker.

Homes for sale in Las Vegas zip code 89149

According to public data records complied by Trulia, between May and July 2011, 631 homes sold at a median sales price of $119,995. That price is 11.8 percent lower from the same period (May-July) one year ago. In other words, if you’re looking to buy a home in Centennial Hills, now is a good time to get a great deal.

The median sales price of homes in the 89149 zip code (including Centennial Hills) was 4.16% higher than the median sales price for Las Vegas, NV (again, according to public data records complied by Trulia).

Neighborhood schools in Centennial Hills

There are a number of schools within the Centennial Hills 89149 zip code. Most of the public schools received ratings of 8 out of 10 from GreatSchools. Northwest Career & Technical Academy received the highest rating of a 10. That’s a big plus for owning a home in this desert community (even if you don’t have school-aged children, the quality of neighborhood schools do affect a home’s resale value).

Here’s a list of the schools in the Centennial Hills 89149 zip code area:

Source: GreatSchools.org

Things to do in and around Centennial Hills

Centennial Hills has a new 110-acre Town Center that claims to be “the largest regional park in the Las Vegas valley.” Town Center features include two dog parks, two lighted soccer fields, ten lighted volleyball courts, a water play area and numerous picnic areas. Convenient shopping, dining and entertainment venues are located at or near the 900,000-square foot Centennial Center.

If you want to be closer to nature (from golf to skiing and everything in between), your favorite activity is within 35 miles of Centennial Hills. You and your family can enjoy:

Painted Desert Golf Club: You’ll want to play your next round of golf at this desert-style 18-hole golf course. It was one of the first Las Vegas courses to embrace and use Nevada desert landscaping. Take your first swing with gorgeous mountain views as your backdrop.

Floyd Lamb State Park:  You’ll love this 680 acre desert oasis that’s teaming with wildlife, lush vegetation, lakes (great for fishing) and views of the Sheep and Spring Mountain Ranges – a far cry from the sights and sounds of the Vegas strip. While you’re there, stop in at the historic Tule Springs Ranch where you can learn about a traditional working ranch and early Las Vegas lifestyle.

Mount Charleston: Just 35 miles northwest of Las Vegas, there’s no reason why you can’t visit this alpine attraction during any season. Your eyes will feast on panoramic views of the Toiyabe National Forest – at 12,000 feet the mountain has the distinction of being the third-highest peak in Nevada. Mount Charleston is also home to a variety of campgrounds with some 180 campsites and 150 picnic areas.

Whether you’re looking to sell your Centennial Hills home or buy one there, the real estate experts at Shelter Realty can help.  Give us a call right now at (702) 376-7379 or you can view our Centennial Hills listings at www.ShelterRealty.com.

Recent Homes For Sale In Centennial Hills

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I am thrilled to announce that Las Vegas real estate agent and property manager Atsuko Winston has joined the Shelter Realty team.

We are really excited to welcome Atsuko to the Shelter Realty family.  Fluent in Japanese and English, she brings invaluable expertise to our clients.  For eight years she has specialized in working with Japanese real estate investors (and others) looking to buy Las Vegas real estate.

Atsuko will also provide Shelter Realty’s professional property management services to our Japanese clients looking to invest in Las Vegas real estate.  Atsuko offers a truly complete real estate investment package for Japanese real estate investors.

To set up an appointment with Atsuko please call (702) 376-7379.

If you’re facing the possibility of losing your Las Vegas home to foreclosure and wonder if your bank can come after you for the remaining balance of your mortgage… yes it can!

Nevada home loans are known as full recourse loans, meaning that lenders can pursue deficiency judgments against homeowners who default.  In other words, after a foreclosure your lender can sue you for the difference between what you owe on your mortgage and the price that the bank sells the home for.

When you got your mortgage, you used your Las Vegas home as collateral on the loan, meaning that the bank can take the home if you fail to uphold your end of the deal (pay your mortgage on time every month).  But in Nevada (the laws are different in every state) that’s not the only recourse the bank has if you fail to meet your obligation. . . the bank can also get a deficiency judgment against you for any deficiency between the mortgage balance and the value of the home (what it sold for).

And that difference may be a lot. If you have a mortgage of $400,000 and your Las Vegas home sells in a foreclosure sale for $200,000, your lender can obtain a deficiency judgment against you for $200,000 as long as the lender files suit within six months of the foreclosure sale.

What should you do if you think you might face a deficiency lawsuit?

Remember lawsuits are expensive – even for mortgage lenders. So, just because you may be facing a foreclosure doesn’t mean you’ll be sued for a deficiency judgment. The reality is that if you don’t have enough money to pay your mortgage, you probably don’t have any assets for your lender to go after (so the lender might not even try). In most cases, if you cornered a lender in secret, they’d probably tell you they would prefer to settle on a short sale rather than the risk the expensive path of foreclosure.

But even if it’s not likely (and how likely it is depends on a myriad of factors) that you are sued there’s a good chance you’ll lose to your lender if they go to the trouble. If awarded a deficiency judgment, your lender can garnish your wages (take money out of your paycheck) and place liens against any of your other properties (second home, boats, motorcycles). You may be able to work out a payment plan to pay your lender back.

A deficiency lawsuit can be a scary possibility for any Nevada homeowner.  If you’re struggling to pay your mortgage, selling your Las Vegas home may be the best option.  No matter your situation (even if you owe a lot more than your home is worth) we can help. Call us right now at (702)376-7379 or visit www.shelterrealty.com.

Disclaimer: Neither I nor my colleagues at Shelter Realty are attorneys. Nothing that we’ve written here or elsewhere on www.ShelterRealty.com should be construed as legal advice.  If you’re facing foreclosure in Nevada, you should consult with a legal professional.

What’s in a number? Your chances of getting your new Las Vegas dream home – that’s what! Your credit score can be the one thing that keeps you from owning your next home, so let’s look at how your score is determined and how you can keep (or get) your score up.

The whole point of a credit score is to offer lenders a quick and easy way to estimate the risk associated with lending you money.  If lending you money is riskier (because you’re more likely than someone else to default), the lender will charge you a higher interest rate to compensate for that higher risk (or will simply not lend to you at all).  The most commonly used credit scoring method is the FICO score.

Here are the five factors (and their relative importance) that determine your credit score:

#1: Payment history (35%). The payment history factor is fairly simple to understand: it takes into account how you’ve paid your bills.  After all, your history of debt repayment is an excellent indication of whether or not you’ll pay your future debts on time.  Payment history includes delinquencies, foreclosures, bankruptcies, as well as how many accounts were paid late, the amount(s) that were paid late, and how recent those delinquencies are.

#2: Amounts owed (30%). Almost as important as how you’ve paid your bills is the amount of debt you hold.  That’s because the more debt you hold, the riskier you’ll become – the more debt you have, the more likely it is that you’ll default on one or more of those debts.

#3: Length of credit history (15%). The longer you’ve had accounts open, the more debt repayment history there is for potential lenders to look at.  And the more on-time debt repayment history you have, the more confident your lender can be with your ability to repay your debts on time.  If you’ve just begun to establish your credit history, on the other hand, your lender has less “past behavior” to judge you on.

#4: New credit (10%). Research has shown that people who take out a lot of new credit at one time pose greater credit risks than those who have not taken out new credit lately.  The “new credit” factor incorporates, for example, the number of recently opened accounts you have in proportion to older accounts and the number of times you’ve recently applied for new credit.

#5: Types of credit used (10%). This factor considers the types of debt you have – installment debt (like a mortgage) and revolving debt (like credit cards).

Why does it matter? Your credit score will affect not only whether you’re able to qualify for a Las Vegas home mortgage, but also the rate you can get.  The following table is an example of how much less a person with a higher credit score might pay each month:

Source: MyFICO.com

On a 30-year fixed rate, $150,000 mortgage, a Las Vegas homeowner with the highest credit score would pay $150 less every month – and $54,133 less over 30 years – on their Las Vegas home than a homeowner with a fair (620-639) credit score.

At Shelter Realty, we understand numbers (like your FICO score, the price of your new home or your new zip code) and how important they are.  So call our agents today at (702) 376-7379 or visit us at www.shelterrealty.com and let us show you our numbers.

A tenant application is like applying for a job. Here, an applicant has to prove that they will be a good renter (pay on time, take care of the property, be considerate of neighbors). So how does a landlord (or the landlord’s property management company) know if they’ll be a good renter?  Same way a prospective employer would – by checking up on (and interviewing) the applicant.

At Shelter Realty, we have a 6-step Las Vegas tenant screening process that determines an applicants overall score.  Prospective renters must be cleared on all 6 steps and obtain a certain score before they can sign any lease.  Here’s what an applicant can expect during our tenant screening process:

Step 1: Credit check. Credit checks reveal the applicant’s financial history. We check to see if they have defaulted (failed to pay) on any loans (mortgage, car, school, etc…) or credit cards. If they have recent collections for utilities as this is an indicator that the applicant most likely won’t pay their rent on time.  If an eviction in the last 5 years is listed on their credit report, it’s an automatic denial.

Step 2: Criminal background check. We check to see if they have ever been arrested (any kind of criminal history may be a warning sign, especially felony arrests).  We want to protect our client’s property and the neighborhood.

Step 3: Employment verification. We check to make sure that the applicant is honest about their employment (and that they are in good standing at work). After all, a good employee usually makes a good tenant.

Step 4: Income verification. While a steady stream of income (employment) is critical, we also need to know how much an applicant makes – that they have enough income to cover the rent and their other expenses. We look at their current pay stubs and/or bank statements (factoring in additional obligations that take away from their income).

Step 5: Rental history verification. Does the applicant have a good history of paying on time or multiple late payments?  Did the applicant leave their last residence in good condition or was the landlord left with a large repair bill?

Step 6: One-on-one interview. We want to meet the applicant (usually in person, but on rare occurrences, over the phone) and get to know the applicant better than we could just based on the tenant application alone.  By meeting and discussing the results of the screening process, it allows us to verify the information obtained and sometimes discover discrepancies.

Of course, throughout the process we honor the fair housing laws and consider all of the information that we’ve been given.

At Shelter Realty, we have a full staff of property management professionals who can make the rental application process as smooth as possible. Call us today at (702) 376-7379 get started on the tenant application process or visit our website to see our huge selection of Las Vegas rental properties.

You’ve come to the realization that you owe more on your Las Vegas house than it’s worth, so now what? You don’t want to foreclose (when the bank repossesses your home) but you want to get out of your house and mortgage. Short sales can be a viable option for you – but if you are unsure of the process, then it’s time we had a talk.

Working with a true short sale specialist (like Paul Rowe, the managing agent for the short sale division at Shelter Realty) is the one of the best ways to boost your chances of a successful short sale.  In fact, a real estate agent with proven experience with Las Vegas short sales can mean the difference between a successful short sale and a foreclosure (which is typically a far worse black mark on your credit than a short sale is).

When you find a short sale agent, you should have an open and honest conversation about what to expect. Will the short sale take one month, three months, nine months? You should ask as many questions as possible, because after all, you are the one who is drowning in your house.

As you consider whether to short sale your Las Vegas home, keep these three points in mind:

• With the right short sale expert, your Las Vegas short sale doesn’t have to be painful.  (We can’t guarantee success, but we won’t make the process complicated).  A short sale is a complex transaction that demands a real estate agent with expertise and diligent follow up systems, and having personal relationships or internal connections with lending institutions are invaluable.  The right short sale agent will take care of those complexities; for the seller, the short sale process shouldn’t be difficult.

• Patience is required. Once you’ve made the decision and started the short sale process, then you just have to wait. It can take at least 30-60 days to get your short sale approved – which we know seems like a long time. Sometimes, though, the process can drag on much longer, when the mortgage holder drags its feet. Because no two shorts sales are the same, times vary.
  
  While you wait for the short sale approval, this is the time when the process can feel really daunting. It can be frustrating not knowing the status of your mortgage – and that’s compounded when you don’t have good communication with your agent. It’s another reason having a great short sale agent is important.

• A Las Vegas short sale specialist with proven success is invaluable. Why hire any agent when you could hire one who is in the top 5% of real estate listing agents in the nation with regards to short sale closings. A real estate agent who has been trained to know how to make the short sale as efficient as possible will make your life easier (some agents, like Paul, work exclusively with short sales and have perfected their process).

The Las Vegas real estate market, the economy, the banks, short sale rules, and laws governing short sales and foreclosures can change from week-to-week (or hour-by-hour), which is why it is important to work with real estate professionals who are experienced with short sales and who have the most up-to-date knowledge.

Let us get you out of your submerged house and onto dry land. To set an appointment with Shelter Realty’s Short Sale Genius, or simply to learn more about how our short sale process can be your lifesaver, call us today at (702) 376-7379 or visit www.shelterrealty.com.