How to Find Las Vegas Distressed Properties

No doubt, every investor in Las Vegas residential real estate is looking for the best of all deals; buy low and sell high properties. Obviously, most of the best deals will be found in distressed properties and motivated sellers.

There are many ways to locate these kinds of properties. Try the classified ads in your local newspaper, specialized publications, etc. Look at For Sale by Owner (FSBO) ads, pre-foreclosures, which would be listed under notices of default, foreclosures, (trustee sales,) and auction notices, (tax sale properties.)

Check public records at the county courthouse, where you can find leads through divorce records, real estate auctions, default notices, and probate properties.

Comprehensive internet property finding services can be a very time-saving and efficient way of locating the kinds of investments that best meet your criteria. Paying a monthly fee to these services can be a cost-effective way of finding properties. The web lists any number of these sites, so check them out and find the ones that best meet your needs.

Distressed properties such as pre-foreclosures, Tax sales, short sales, REO’s, probate, foreclosure and divorce properties are where you are most likely to find the hottest deals.

Check with lenders to find the agents who are handling their REOs, and/or www.reonetwork.com to locate bank owned real estate.

You , and the Realtor you work with, should maintain frequent contacts with bankruptcy, divorce  probate, and general real estate attorneys who can be excellent sources of information and leads to hot deals.

Properties up for auction can be located through various websites such as Realty Bid (www.realtybid.com) and Williams & Williams (www.williamsauction.com) among several others.

The Housing and Urban Development agency (HUD) is another source of finding distressed properties. Sign on to this website as an investor and you can bid on their listings.

Try the Veterans Administration (VA) listings as well. The county real estate tax authority, the Treasury Department, the Internal Revenue Service, and the FDIC (Federal Deposit Insurance Corporation) are additional resources that can be more than useful in uncovering distressed properties.

The United States Marshals Service is charged with the responsibility of disposing of seized properties, and can be another possible source of finding low-priced homes.

There are many methods and sources of locating Las Vegas Distressed Properties and hot deals, including even driving around neighborhoods to locate properties, although that is not the most efficient method of finding good deals.

Certainly, do not forget that your real estate agent is a most valuable source of information as well, and can keep you updated on properties of interest. Your agent’s broker and attorney contacts, as well as interaction with other Realtors will provide you with a constant update of relevant data.

If you have any questions about distressed properties in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

The term of “flipping” generally applies to buyers who purchase a property or properties, and then immediately put the properties up for sale, looking for a fast turnaround and quick profit.

Some scenarios involve “finders,” people who work with investors. Their purpose is to find and investigate properties for sale that meet an investor’s criteria, similar to a broker or Realtor, but unlicensed, and in many states illegal.

Since “finders” are basically engaged in the business of bringing buyer and seller together, they are, in fact, acting as unlicensed brokers. Furthermore, investors, knowingly working with “finders” may be skirting the law as well.

In fact, most are untrained and do not have the skills or resources needed to properly evaluate the fair market value or profit potential of a given property, as would a licensed Las Vegas Real Estate Agent or broker.

Although no knowledgeable investor would associate or work with “finders” some naïve investors think that through these finders they can buy and immediately sell real estate (or “flip”) for a fast and easy profit. Nothing could be further from the truth!

Buying properties and immediately selling for a quick profit requires exceptional negotiating skills, and an in-depth market knowledge gained through long experience. In fact, it is a market strategy that only the most skilled and astute of real estate investors can consistently profit from.

The real estate crunch of the past few years has unfortunately created a false impression among naïve dreamers that anyone at any time can become an overnight real estate millionaire.

There has also been a proliferation of so-called real estate “Gurus” who write books and conduct expensive seminars, that propose to show how anyone can gain financial freedom through real estate, buy property with no money down, etc.  A few may offer good advice, but others are just money making schemes for the authors and seminar holders.

Additionally, many fraudulent real estate practices have been  associated with flipping, as get rich quick schemers have evolved practices designed to skirt the law, such as using false appraisals to alter the real fair market value of a property, kickbacks, falsified loan documentation, quick claim deed manipulation, and more.

In a market of zero price appreciation, legitimate flipping, for the most part, can make money only on rare occasions, and only if handled by the most skilled of investors. As housing prices begin to rise, flipping becomes a bit more advantageous.

It pays to remember that even when the market is good, and flippers can make a profit, consideration has to be given to the fact that the property may take a more than anticipated time to sell, and if so, did the buyer pay cash or will there be mortgage payments to consider until the property is sold?

If the property is a rehab, what about the costs involved in repair?

Approach any real estate deal with caution, and remember, if a deal looks too good to be true, beware!

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

If you are a new player in the Las Vegas Real Estate Investment game, one of the first steps you should take as part of an investment strategy – that you have hopefully planned out meticulously – is to find a good real estate agent to partner with you.

Find an agent who is in sync with your strategies (some agents prefer not to work with investors,) and has the experience and expertise to help you achieve your goals. You need an agent who can help you find and qualify the good deals, handle much of the details, and one who has worked with investors before.

Although word of mouth is one of the best ways to find a qualified agent with a solid track record of success and great references, Las Vegas Real Estate Investment Clubs are another source.

When discussing your plans with an agent you are considering partnering with and who is interested in working with you as well, be sure to explain exactly what kinds of properties you will interested in buying. Assure the agent that you will both make money from this partnership, and that you are a high-energy, aggressive and eager investor.

Another thing to keep in mind, is that if your buying strategies involve sending out a flood of low-ball offers in order to consistently close deals, some agents would rather not work with you.

That is why it is so important for the agent or agents you are interviewing to understand what your investment strategies and goals really are. You have to be as forthright and honest with them as you expect them to be with you.

Now, what about buyers? Certainly, your strategy for investing in Las Vegas Real Estate has included contingencies for dealing with willing buyers who are handicapped with marginal credit.

Many of your buyers may be able to acquire a mortgage on their own, but buyers with a passable, but not very impressive FICO score, probably would not qualify with most lenders.

This is where another very important member of your investment team, your mortgage broker, steps in. If you are closing on properties monthly, you are going to attract brokers willing to work with you. Find a broker who has the expertise and lender contacts to obtain mortgages for people with marginal credit.

Don’t expect miracles, however. A buyer must meet certain, even minimal standards of acceptance, but if those criteria are not met, obtaining a mortgage will not be possible.

If you are a quick-turnover investor, you will need a broker who can close deals quickly, and will be available when needed. Assure the broker, as you did your real estate agent, that you want everyone on your team to make money. Consistently closing deals will be all the assurance they need.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Buying a home versus renting is a big decision that takes careful consideration.

While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion.

Yes, there are some tax advantages of owning real estate, as well as the potential to earn equity or pay a mortgage note off after several years.

However, let’s address some of the more obvious topics of discussion first.

Benefits Of Renting:

Lower Acquisition Cost –

Unless you’re able to qualify for a mortgage loan with zero down and have your closing costs paid for by the seller, a typical investment to purchase a home is around 3.5% – 7% of the purchase price for down payment and closing costs on an FHA mortgage, and an average of 13% – 23% for a home secured by conventional financing.

Compared to the cost of about 1-3 month’s rent payment, it’s obvious that renting a home makes financial sense in the short-term.

Lower Qualifying Standards –

While the FHA and other Government Insured mortgage programs have flexible credit / qualifying guidelines than most traditional home loan programs, there is certainly a lot less paperwork and personal invasive probing required by most landlords and property management companies.

Generally proof of employment / income and a decent credit history (or a good explanation) is needed to rent a home.

Freedom To Move –

It’s easy to find a home through a reputable property management company, move in that weekend and then leave a year later when the rental contract expires.  Not being tied down by a long-term mortgage liability is ideal for people new to a community, in a career that keeps them on the go or for parents with children that prefer a certain school district.

Plus, if you’re planning on moving in the next 3-5 years, then it may become cost-prohibitive due to the amount of equity you’ll have to gain in the short-run just to cover the cost of paying an agent, buyer closing costs, transfer taxes…. so that you can at least break even at closing.

Less Maintenance and Cost –

If something breaks, a simple call to the property management company will generally solve the issue in 48 hours or less.  Plus, renters don’t have to carry expensive homeowners insurance, pay property taxes or worry about interest rates adjusting.

Benefits of Owning:

Pets Are Allowed –

Well, according to the rules and regulations of your county or neighborhood HOA, you can pretty much have as many domestic and exotic pets without having to pay extra deposits.

It may seem like a funny benefit to mention first, but the millions of dog and cat lovers would definitely rank this towards the top of their list.

Pink and Purple Walls –

Yep, you can paint the inside of your house any color you choose.  And depending on whether or not there is an HOA in place, you could probably do the same thing on the home’s exterior.  Landscaping, flooring, built-in shelving… it’s your property to renovate and grow in.

Peace-of-Mind and Security –

The only way you would be forced to move is if the bank forecloses on your property due to a default in mortgage payments.

So basically, you don’t have to worry about a landlord’s financial ability to make mortgage payments on time. Plus, you can stay in your own property as long as you wish.

Tax Benefits –

The US government has created certain tax incentives making it possible for many homeowners to exceed the standard yearly deduction.

*Disclosure – Check with your CPA or Tax Attorney to verify your own unique filing scenario*

The following three components of your home mortgage may be tax deductible:

a) Interest on your home mortgage
b) Property Taxes
c) Origination / Discount Points

Stability –

Remaining in one neighborhood for several years lets you and your family establish lasting friendships, as well as offers your children the benefit of educational continuity.

Appreciation of Property –

Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.

Forced Saving –

The monthly payment helps in repayment of the principal amount. Also when you sell you can generally take up to $250,000 ($500,000 for married couple) as gain without owing any federal income tax.

*Disclosure – Check with your CPA or Tax Attorney to verify your own unique filing scenario*

Increased Net Worth

Few things have a greater impact on net worth than owning a home. In a comparison of renters versus homeowners, the Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400.

While the available tax advantages and potential for earned equity are generally highlighted by most industry professionals as the top reasons to own real estate, it’s important to remember that markets go through cycles.

However, owning real estate that appreciates more than the rate of inflation may help contribute towards your overall investment portfolio, provided your maintenance and mortgage costs are kept low.

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Related Articles – Home Buying Process:

• Home Buying Process
• First-Time Home Buyer Credit Checklist
• Assembling Your Home Buying Team – Knowing The Players
• Seven Things Your Agent Should Know About Your Mortgage Approval
• Important Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
• Where Does My Earnest Money Go?
• HOA Hurdles to be Aware of When Looking at New Properties
• What You Need To Know About The Home Inspection Process

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property. A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection. However, the appraiser actually already has a good idea of the property’s value by the time they have scheduled an appointment to stop by the property. The good news is that you don’t have to worry so much about pushing back an appointment a few days just to “clean things up” in order to help influence the value of your property. While a clean house will certainly make it easier for the appraiser to notice improvements, the only time you should be concerned about “clutter” is if it is damaging to the dwelling.

The Key Components Addressed In An Appraisal

1. The Site: Location, view, topography, lot size, utilities, zoning, external factors, highest and best use, landscaping features.
2. Design: Quality of construction, finish work, fixed appliances and any defining features.
3. Condition: Age, deterioration, renovations, upgrades, added features.
4. Health & Safety: Structural integrity, code compliance.
5. Size: Above grade and below grade improvements.
6. Neighborhood: Is the property conforming to the neighborhood?
7. Functional Utility: Is the property functional as built – style and use?
8. Parking: Garages, Carports, Shops, etc..
9. Other: Curb appeal, lot size, & conforming to the neighborhood are obvious to the appraiser when they drive down into the neighborhood pull up in front of your home.

Keep in mind that when an appraiser enters your home, they are going to look at the overall design, condition, finish work, upgrades, any defining features, functional utility, square footage, number of rooms and health and safety items. Be sure to have all carbon monoxide and smoke detectors in working condition. Since the appraisal provides half the weight in any credit decision involving the security of real estate, the appraisal should be done by a qualified, licensed appraiser whom is familiar with your neighborhood, and the type of home you are buying, selling or refinancing.

If you’re interested in what specifically appraisers are looking for, here is a copy of the blank 1040 URAR form that is used by every appraiser in the country.

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Related Appraisal Articles:

• Mortgage 101 – Appraisal Basics
• Five Myths About Home Values
• Understanding The Difference Between An Appraisal vs Neighborhood Comp
• How Do Mortgage Companies Value A Property That Hasn’t Been Built Yet?

Common sense will tell you that the nicer your home looks, the better your chances of selling at or close to the asking price. However, don’t go overboard and practically remodel the entire house before listing the property. Not only will a project of this scope cost you plenty, but you probably won’t recoup even half of your fix-up expenses.

Cosmetic upgrading and repair however should always be secondary to plumbing, heating/cooling and electrical repair. Roofing and structural repairs are an absolute must as well.

Certain upgrades and repairs designed to improve the property’s “eye appeal” include:

• A fresh coat of paint, inside and out, is a most effective way of making the home look newer and more inviting. Neutral colors such as beige or off-white seem to work best.
• If the interior of the home has wallpaper in some or all of the rooms, particularly if it has a worn look, strip it off and paint. Replacing the wallpaper with another design of your choice may not appeal to a prospective buyer, and could actually negatively influence a buyer’s decision.
• If any of the rooms are carpeted, and the carpeting shows signs of wear or discoloration, replace it. Use neutral colors, and medium shades, not too light or too dark. Carpeting and painting are cost effective ways of sprucing up the home’s environment, and can help increase the price tag by much more than the cost of material and installation.
• If the floors are hardwood, refinish if necessary.
• Replace chipped or cracked tiles. It is equally important to repair or replace grouting. If the grouting is in good shape, be sure it has been scrubbed clean.
• If you have Formica counter tops that are showing signs of wear, replace them with a do-it-yourself  kit, available at hardware stores, or if you are not inclined to tackle the job, which can be somewhat tricky, hire a competent handy man.
• The appearance of the kitchen can be a huge influence on the overall impression of the home, and is the most important part of the house to revitalize, if needed.

Although kitchen remodeling can most often return 100% of investment, it can cost a ton of money. However many kitchens can look their best by a simple resurfacing of the cabinets, if needed, and perhaps the installation of a new sink and fixtures.

• Replace or refurbish exterior siding.
• Examine and repair/replace window and door caulking.
• Replace doorknobs and locks if worn looking.
• Repair, refurbish or replace the front door if necessary.
• Fix or paint fences and backyard walls.
• Replace any old, outdated kitchen and laundry room appliances

Include a home warranty package as a “throw-in” if the home is ten years old or more. It’s a nice gesture to offer a prospective buyer a “piece of mind” package, and will go a long way toward establishing amicable negotiations.

If you have any other questions about getting your Las Vegas Home ready to sell, feel fee to give us a call at 702.376.0088.

The complexities involved in Las Vegas Distressed Property negations can be many, and an inexperienced investor without competent advisers might encounter major problems that could have many unpleasant consequences, including financial loss.

So, as a word of caution to the inexperienced, it cannot be said often enough that a thorough investigation and verification of all the factors involved in a purchase of this kind, by competent and trusted advisers, is the best assurance one can have of becoming a successful Las Vegas Distressed Property Investor.

In addition to a close and thorough inspection of the property by a licensed and experienced home inspector, other important issues must be investigated and resolved before committing to purchase a foreclosure or pre-foreclosure property.

Any additional encumbrances upon the property, in addition to monies owed to the lender, could cause unpleasant consequences for the buyer if a thorough title search and other investigations were not undertaken.

For example, the investor and advisers should have a thorough knowledge of all federal, state and county laws pertaining to the purchase of a distressed property from an owner, lender or government agency.

Outstanding utility bills, liens of any kind, and any title issues, such as the name or names appearing on the deed matching those on the title, etc., have to be examined and evaluated prior to any purchase commitment on the investor’s part

If a seller has declared bankruptcy, the seller no longer has the authority to deed the property to anyone. The proper filing through bankruptcy court and the disposition of the deed under the authority of the bankruptcy trustee is the final word on how a property is held or disposed of.

It is certainly advisable that the investor has satisfactorily checked out all of the above before making a purchase or no purchase decision. Use all of the safeguards at your disposal, (your advisory team, etc.) to protect yourself from any unforeseen consequences.

Buying REO properties at auction is one of the riskiest investment ventures a newcomer can choose to pursue. The dangers that a newcomer can face in the business of buying properties at auction, can easily be compared to jumping into a pool full of hungry sharks. The chances of survival are equally the same!

At auction you are bidding on “as is” properties, with no warranties or guarantees of any kind.  There could be liens or loans still pending.

There is always the possibility of a lawsuit by parties attempting to overturn the sale, there could be extensive repairs needed to get the property in saleable condition, etc.

Certainly, there are investors with a solid background of successful auction buying and selling, but if you are new to this phase of real estate investing, you most probably won’t be one of them.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Negotiating to buy distressed properties from a lender certainly shouldn’t trouble the conscience of an investor; however, some investors feel pangs of guilt when trying to negotiate a deal with a Las Vegas Homeowner in financial difficulty.

If you are a creative investor with a conscience, you are not trying to take unfair advantage of anybody. You are not a predator. Instead, you will be attempting to promote a win-win situation that relieves the homeowner of his/her burden, and creates a profitable deal for yourself. This can be done, and is frequently done.

Las Vegas Homeowners in financial difficulty, and who are in danger of losing their home, but are not as yet in a pre-foreclosure situation, would certainly welcome the opportunity to sell at a fair price, and the lender would equally be freed of the expense and difficulties involved in foreclosing and trying to recoup at least a part of their investment.

Seems only fair that the investor should earn a certain profit for his efforts and output of funds. Besides, depending upon the condition of the home, the investor may have additional expenditures for repairs and upgrades necessary to increase the property’s value.

If the homeowner is already in a foreclosure situation, the investor must contact the borrower first, and cannot approach the lender or learn details of the borrowers overall financial situation from the lender without written permission from the borrower.

Once the negotiation process has begun, the investor, regardless of whether dealing with a bank, private lender, or a government agency ( FHA, VA, etc.,) will no doubt have an exit strategy that will include contingency clauses in the proposal. These clauses basically gives the investor an “out” if, for example, the appraisal report is negative for one reason or another, or if a home inspection reveals certain serious problems, such as structural damage.

Additionally, the investor may -unless it is an all cash purchase- specify in the proposal agreement that the purchase is contingent upon the investor obtaining financing under specific terms and conditions.

We are only scraping the surface at this point, since there are many other factors to consider as an investor in foreclosure and pre-foreclosure property.  Since this type of real estate investing can be as complex as it is profitable, it probably should be avoided by a new player in the field, and left to the expertise of a more seasoned investor who conferences with advisers that have considerable experience in this specific area of real estate investment.

Negotiating the purchase of a pre-foreclosure, buying a property at a foreclosure auction, or purchasing the foreclosed property from a lender each take a different negotiating tactic which will be covered in brief in the second part of this article.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Finding a Las Vegas Home and location that best fits your requirements will be a lot easier if you first understand that you should be clear in your own mind as to what your priorities are.

Sounds strange, but any Realtor can tell you that some people are not really sure of what they want in a property, and have decided they will just keep looking at homes until they find a property in their price range that seems to be “a good fit.”

By establishing some firm guidelines as to what really suits your needs, and discussing with your appointed real estate agent what those needs are, you will have increased your chances of finding your ideal new home in a shorter time, and with less frustration on both your part and your Las Vegas Realtor’s.

After setting a price range guideline, you should analyze and then list all the requirements in a home and neighborhood that are most important and most suitable to you and your family’s needs and lifestyle. For example:

• One or two story construction
• Square footage –interior and lot size
• Number of bedrooms required
• Spacious eat-in kitchen or breakfast nook adjoining family room
• Formal dining room, or open floor plan dining room
• Extra bedroom (guestroom) or den
• Minimum number of bathrooms or half-baths
• Fireplace
• Garage size
• Roomy backyard
• Xeriscaped or lushly planted front yard
• Fenced, walled or open property
• Trees

Of course, some compromise will undoubtedly be necessary, but the guidelines you have established will certainly help in your decisions. Now, what about the Las Vegas Neighborhood?

The neighborhood has a direct influence on property values, so the area in which you choose to live is of equal importance to your choice of a home.

Again, you need to list in order of importance what neighborhood values are necessary and what compromises you and your family are able and/or willing to accept. For example:

• Distance to work (driving time) and easy access to major thoroughfares and freeways
• Availability of public transportation
• Nearby schools and quality of the school district
• Higher educational facilities within reasonable distance
• Overall appearance of the neighborhood; regardless of income level, whether blue-collar, middle or upper class, neighborhood homes should have the appearance of being well –maintained and neatly landscaped
• Any repeated sightings of neglected, or abandoned homes are a definite RED FLAG!
• Check with your Realtor to get the neighborhood stats on short sales and foreclosures before you decide to make an offer on a home in the area.
• Crime statistics are another vital piece of information you should have before committing to a property

So, without a real understanding of what would be a best home and neighborhood fit for you and your loved ones, you could wind up spending fruitless hours scanning MLS listings, to no avail, and driving your poor, dedicated Las Vegas Real Estate Agent crazy.

The Negotiation Process

The price may be right, and there is an enthused and qualified buyer, and an enthused and eager seller, but the deal falls apart. Why would this happen when all the right elements are in place? These situations can often occur, much to the frustration of all concerned.

There may be many possibilities to consider regarding what might have caused the collapse of the deal. Possibly a problem arose between seller, lender and buyer, such as an appraisal dispute, or a buyer’s -intentionally or unintentionally- undisclosed debt uncovered by the lender.

But, guess what? If there were no problems with the appraisal or issues between buyer and lender, then the real problem may have surfaced during negotiations between buyer and seller.

Negotiations between buyer and seller can most often be a sensitive process that often uncovers certain demands and refusals by either party that can lead to an impasse. In situations such as these, an experienced and knowledgeable Las Vegas Real Estate Agent’s people handling skills can very well be the key to solving the dispute.

A real estate agent’s success in his/her profession is dependent not only upon knowledge of the business, but equally based upon an understanding of human nature, and the ability to arbitrate disputes.

It has been said before, but an agent’s ability to foster an atmosphere of trust and cooperation between buyer and seller during the negotiation process is often the answer to resolving disputes and clearing the way to a successful closing.

Forging an understanding that neither party is going to get everything they want, and that some concessions must be made, or the buyer will not get the house he/she had wanted to buy, and the seller’s property will have to be put back on the market, can be a convincing argument for both parties, and can lead to the acceptance of a give and take attitude that is needed to close a deal.

Buyer and seller must be made to understand that a win-lose scenario in which only one party gets what they want can rarely work in a real estate deal, and a win-win situation in which each party is given options for mutual gain is the best route to take.

Fear, anger, distrust and anxiety are some of the negative emotions that might surface during the negotiations, and the Realtor must be alert to these feelings and help to dispel them.

The skilled real estate negotiator must first start with an understanding of his client’s real wants and needs. Wants and needs, for example, are not always “set in stone,” and the agent must assure both parties that a solution must be reached that is fair to both parties, and that would be the only way  differences can be  resolved.

Located off Rainbow Boulevard and the I215 Beltway, Coronado Ranch offers a number of neighborhoods of single family homes and townhomes with views of the Spring Mountains during the day and the Las Vegas Strip at night.  Home prices in this delightful master planned community currently range from $101,000 to $399,000.  The builders who contributed style and design to the community are Carinao Homes, American West, Astoria and Pacific Southwest Development.

• The Resort is a rental community of flats and townhomes with a 24/7 guard gated entrance.  Amenities include pool, spa, fitness center and concierge services.  Six floor plans offer units from 788 to 1,310 sq.ft. with rentals from $850 to $1,395 per month.  Apartment amenities include a fireplace, ceiling fans, 9 ft. ceilings, private balcony or patio and more.

• Paseo Homes range from 1,347 to 1,718 sq. ft. priced from $169,990 to $186,990.  This community offers an active, outdoor lifestyle geared to young families and singles.  Amenities include a front yard paseo, which is a place to gather and socialize with neighbors, several parks, three pools and four playgrounds with tot lots for the little ones.

• Heritage Homes, built in 2007/8, range from 1,165 to 1,853 sq. ft.  Floor plans include five single and two story homes with two to three bedrooms and a two car garage.  Some homes feature island kitchens, game rooms or a study.

• Pinnacle Peaks is a gated community built in 2004 with ten single and two story floor plans.  Homes were built with three car garages and up to six bedrooms and range in size from 1,800 to 5,400 square feet.  Some homes offer a basement and large lots ranging in size from 9,000 square feet to approximately 1/4 acre.

• Woodbridge homes range in size from approximately 3,435 to 4,770 square feet with four to six bedrooms and three car garages.  Built in 2007/8, homes offer two to three stories.  Some homes offer a library, elevator, dry bar, game room, fireplace, study, dual master suite and more.

Spanish Trails Real Estate

Spanish Trails is a luxury community located in the southwest section of Las Vegas close to Tropicana and Rainbow not far from the Strip.  Developed in the 1980’s,  Spanish Trails covers 640 acres with 1,252 homes in eleven different neighborhoods.

This master planned community was one of the first actual private guard gated golf communities in the Las Vegas Valley.  Visitors to this gorgeous enclave must pass through one of two elegant guard gates boasting waterfalls and palm trees.

Among the many amenities offered in Spanish Trails is a private 27 hole golf course designed by Robert Trent Jones, Jr. which is a visual delight for players with numerous lakes, streams and waterfalls as well as views of the mountains.  Spanish Trails also offers a tennis center, two pools and spas and a fitness center.

Residences on the golf course include town homes from $300,000, semi-custom homes from $500,000 and custom estate homes beginning at $1,000,000.

If you would like to take a tour of one of the many master planned communities in Las Vegas, feel free to give us a call at 702.376.0088.

As Las Vegas Real Estate Agents, we are all well aware of the pros and cons of the Home Valuation Code of Conduct (HVCC) and how this piece of legislation was initially intended to insure the purity of the home appraisal process and the integrity of all concerned.

Apparently, something went amiss during the drafting of HVCC, and in the confusion, and as a direct result of HVCC’s requirements, many seasoned home appraisal professionals have been leaving the industry, primarily due to regulations which have negatively impacted their income.

It’s not the intent of this article to microscopically analyze the problem with some of the legislative negatives inherent in this bill, since there are many articles, blogs, whatever, that have addressed, and are still addressing these issues.

Basically, this article is intended to offer an overview of the appraisal process to the first-time home buyer, and to point out how important the results of this process is to all concerned; buyer, lender and realtor.

• A professional appraiser is a person who has undergone a specific educational regimen which has trained that person to have the skills and knowledge to render an opinion as to the market value of a property.

• The appraiser’s written report as to the current market value of a property, is of primary importance in the decision making processes of the property owner, prospective buyer, and lender.  A negative report, for example, stating that the property is worth less than the asking price, would cause many reactions; the buyer or lender backing out of the deal, the Realtors loss of commissions, etc., Or a possible re-negotiation to lower the asking price to reflect the assessed market value.

• The appraiser’s report reflects many things that would positively or negatively impact the property purchase negotiations, such as the property’s overall condition, upscale or deteriorating neighborhood for example, number of homes in the neighborhood in decline, in foreclosure etc., or if the home is a showpiece in a neighborhood of lower priced homes, or a lesser type home in a neighborhood of more expensive homes.

Certainly, there are numerous factors that the assessor is trained to consider; however, it is important to understand that if the appraiser is unfamiliar with the area, the appraisal report could be faulty.

Under the rules established by the HVCC –which we are not going into in detail here – an appraiser not familiar with the area could be assigned to inspect a particular property on behalf of a lender, and the result may well be a flawed report.

Of course, the potential buyer could appoint an appraiser more familiar with the neighborhood in which the seller’s property is located, and if the buyer’s report, for example, differs with the lender’s appraisal report, the buyer, seller and lender could negotiate to save the deal, such as ordering a third report, and reach an agreeable compromise. The buyer and seller may agree to split the appraisal costs, etc.

However, until the issues that have encouraged experienced and competent appraisers to abandon their profession is resolved, appraisal headaches will apparently remain.