December 8th, 2011 by Harvey Blankfeld
We have all heard the doom and gloom being espoused about AB284. The legislation in general terms increases the responsibilities of the foreclosing entities. It asks them to provide a sworn affidavit and other elements with the intention of preventing incorrect and illegal foreclosures. The banks pushed back hard against this bill, but to no avail.
They have since been resistant and perhaps even defiant in wanting to proceed with foreclosures. That is the concern. Will the banks allow these additional requirements to impede their ability to get homes to market? While they may not be pleased with the process and it will cost them more time and money, I think they will get their procedures in order and eventually we will see the market stay on its course.
That means that while we are in the holiday season and approaching a new year, the number of foreclosures will remain low, but they will pick up in the first or second quarter of next year and the inventory will continue to remain at the levels we have seen in the last 30 months.
The impact on homeowners desiring desire to short sale their homes is still unclear, but the banks have all concluded that short sales are far more favorable than Foreclosure and this legislation will certainly not change that opinion.
Tags: AB284, banks, buyers, buying homes, downward market, economy, foreclosure, las vegas, lenders, market, mortgage, opinions, real estate, sellers, selling homes, short sales, trends
Posted in Las Vegas Foreclosures | No Comments »
November 21st, 2011 by Harvey Blankfeld
Short sales are unique in a lot of ways. One way they aren’t unique here in Las Vegas is that the bank holding the lien will want fair market value for the home. The lien holder will recognize that they need to offer some discount for the inconvenience, but that discount is usually in the form of buyer closing costs or a couple of percentage points off the fair market value.
When we receive a low offer on our listings, we will counter back to a price that we deem a good value to the buyer and reasonable to the lien holder. We also counter out the costs that we know the lien holder will not allow and we counter with information to the buyer and buyer’s agent that enables us to know that the buyer fully understands the nature of short sales. Sometimes the buyer decides to reject our counter. That’s OK because it’s likely that buyer wasn’t going to be patient enough to endure the process. We would rather leave the home on the market to attract another buyer that will endure and help us to close the escrow. If the buyer agrees to our counter offer, then we know we have a quality buyer that will be there when we get an approval from the lien holder.
When I’m working with a buyer that chooses to make an offer on a short sale, I will pull the comparable sales to evaluate the fair market value just like the lien holder will do upon receiving the offer. This gives my buyer the information well ahead of a counter we may get later in the process. My buyer will be prepared for the idea that the lien holder will likely counter back at a number that is close to fair market value and my buyer is prepared to accept that counter and proceed. If the lien holder doesn’t counter and accepts my buyer’s offer, even better! My buyer gets the great deal!
Tags: banks, buyers, buying homes, downward market, economy, foreclosure, hardship, inventory, las vegas, lenders, market, negotiate, negotiator, North Las Vegas, opinions, real estate, realtors, sellers, selling homes, short sales
Posted in Las Vegas Short Sales | No Comments »
November 14th, 2011 by Harvey Blankfeld
I truly enjoy my work. I enjoy getting my sellers the highest possible check at close of escrow and I enjoy finding my buyers a great home and getting them a great deal.
I also enjoy talking about my work. Whenever anyone finds out that I’m a Realtor, they invariably have questions for me. They usually are curious about the real estate market in general and will ask “How’s the market?” They might expect to hear how difficult it is or how bad it is, but what they hear back from me these days is how good it is. When our home prices were rising 5% per month, we heard how bad the market was for buyers, not how good it was for sellers. Now that are home prices are so low, we hear how bad it is for sellers but not how good it is for buyers. The newspapers and other media vendors sell more with bad news than good news.
I’m excited about the opportunities in our current market. We are seeing out of state and out of country investors buying up homes here at an un-precedented rate. The smart money is coming to town.
You might comment that sounds great for buyers, but what about sellers. I would suggest that any seller in this market should be buying as well. If you need to sell your home and your thought is to wait, then consider the market. If you wait till your home gets to a certain value, what do you think the home you are going to buy is going to do in that time? It’s likely going to go up too.
I had a client that is a grandmother and she wanted to move closer to her grandchildren so she could spend more time with them. She then let me know that she needed to wait to get a certain number before she moved. She waited for 6 months and then asked me about values. I had to tell her that they actually were continuing to drop. She knew that if she waited for the value of her home to get where she wanted, she might not ever get to live near her grandchildren. She listed the home and we were able to sell it quickly, then she took her proceeds and bought a home near her grandchildren. She let me know that the net effect to her bank account was $0. She was able to get such a great deal on her purchase that she was actually saving money every month. Money she could use to spoil her grandchildren.
Tags: agents, buyers, buying homes, downward market, las vegas, market, new homes, opinions, real estate, realtors, sellers, selling homes
Posted in Las Vegas Home Sales | No Comments »
March 10th, 2011 by Christina Yeakel
It was only 16 years ago that I relocated to the Las Vegas area. I feel like a native resident that has experienced a lifetime of changes to their once quaint town. The fluctuations in the real estate market have gone full circle. In 1995 we saw nominal appreciation with reasonable value to entice the newcomer. Just a few years forward in time the frenzy had started with values soaring to unsustainable highs, auction sales and the introduction of a new buyer to this community, the speculative investor. Today, the interesting fact that supports my premise is that we are now at median home pricing below the 1995 values, with still depreciating values in some areas. Where have the opportunists gone? Most of them have left the area through property abandonment, foreclosure or bankruptcy proceedings. Unfortunately many well-intentioned buyers have been left holding the proverbial real estate bag with little recourse, but they are attempting to hold onto the dream that once was to provide both a lifetime shelter and a lucrative retirement investment.
The real estate picture to some is bleak; to others it once again presents opportunity. Investment perspective, insensitivity to risk aversion, and timing influence our real estate decisions today more than ever. No one can afford to make an ill-conceived financial move of this magnitude. The ability to recover from poor decisions may take a lifetime, or for some will never be achieved. Now more than ever, the perspectives of those who have experienced the ups and downs of this outrageous market are invaluable.
When I began writing this article my intent was not to commercialize the services of the Realtor. However, I have seen over the years that people who have been successful in business and investments surround themselves with those that they trust and have the expertise to provide constructive, objective and knowledgeable advice. It is no different if your intentions are to sell, buy, or even rent property in today’s market. Take advantage of the know-how that is available to you, even if you believe that an individual situation is beyond the abilities of the real estate professional. Keep in mind that they also surround themselves with the best available experts that support the industry and are available to facilitate and most importantly “make clear” your decision path.
Tags: agents, beliefs, buyers, buying homes, downward market, economy, foreclosure, las vegas, market, opinions, real estate, realtors, sellers, selling homes, trends
Posted in Las Vegas Foreclosures, Las Vegas Home Sales | No Comments »
November 9th, 2010 by Leticia "Tish" Gonzales
I’m writing to let everyone know it might be the right time to let the bubble burst. Open your search for the “American Dream” and consider a new home. Most builders struggle in the end of the year to “make the numbers.” This means getting rid of their inventory homes and getting them off the books. Quite a bit of builders will be giving some great incentives to close homes by the end of the year. Some may even consider offers (great time to be a buyer!). How many of us love the smell of a new car? Just imagine the smell of a new home. The hassle free of waiting months for an answer if your deal was accepted and walking away from the sales office knowing you have a deal.
Make sure you take your REALTOR® with you on the first visit so they can make sure your needs are met. Your REALTOR® can also find the search that meets your criteria for that perfect home.
Happy shopping!!!
Tags: buyers, buying homes, downward market, economy, inventory, las vegas, market, real estate, selling homes
Posted in Las Vegas Home Sales | No Comments »
October 11th, 2010 by Harvey Blankfeld
Subject:Las Vegas Realtor
Dear Willa –
I saw your message in today’s ePro email regarding a buyer for Las Vegas. I referred one of my buyers to Harvey Blankfeld, CRS, ABR. He’s with Prudential Americana and his team is the Brown Blankfeld Group. His phone number is 702-203-1165. His email is Harvey@BrownBlankfeld.com. My client loved Harvey and is very happy with the purchase she made in Las Vegas. I think you would be very comfortable that your client is in good hands with Harvey.
You’re welcome to call me if you have any questions at 310-791-3620. If I don’t pick up, please leave a message as I will be paged and will respond as quickly as I can.
Cordially,
Karen Williams
Prudential California Realty
Los Angeles
Tags: agents, buyers, buying homes, downward market, las vegas, market, real estate, realtors, referral, sellers, selling homes, trends
Posted in Las Vegas Home Sales | No Comments »
October 5th, 2010 by Harvey Blankfeld
Inventory is increasing due to a growing number of REO’s (Foreclosures). Activity has fallen off since the tax credit has expired. Las Vegas home prices are holding steady but we believe that prices may fall over the next several months as inventory continues to grow and activity continues to decrease as we head into the holiday season. Short sales still remain predominant listing type in our multiple listing service. While the banks are becoming more proficient at short sales, they are still dealing with many, many changes.
Tags: buyers, buying homes, downward market, inventory, las vegas, market, real estate, sellers, selling homes, short sales, trends
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
September 3rd, 2010 by Harvey Blankfeld
Inventory is increasing slightly. Prices remain stable. Short sales continue to dominate the market. We expect inventory to continue to grow as demand has decreased somewhat.
Tags: buyers, buying homes, downward market, inventory, las vegas, market, real estate, sellers, selling homes, short sales
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
August 2nd, 2010 by Harvey Blankfeld
Inventory is slightly increasing. Activity is also slightly off since the tax credit incentive expired. Short Sales continue to dominate our market.
Tags: buyers, buying homes, downward market, inventory, las vegas, market, real estate, sellers, selling homes, short sales
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
July 23rd, 2010 by Harvey Blankfeld
As a Realtor that takes pride in personal development, I find it important to continually get educated. I have recently taken a number of very comprehensive courses related to Short Sales and I find my head spinning with all of the various acronyms and other abbreviations.
Consumers are hearing about HAMP, HAFA, FNMA(fannie mae), FDMC(freddie mac), REO, Prom Note, etc. As Realtors we are given designations for taking these classes. I am now a CSP, CSAA and PSC. Now I take pride in the fact that I have taken the additional course work to garner these designations, but I don’t believe any agent that works in our business and takes pride in their work worries about a designation. I wish to add that each class added to my knowledge and each class will help me and my clients as we continue to work through this economic mess.
One of the most important things I learned was that I have to continue to monitor the changes that are coming our way in the area of Short Sales. We have seen short sales handled in so many different ways the last several years and the process is ever evolving. I don’t believe we will ever find any specific method that can be used universally and that is a challenge. But, that is truly the challenge with any Real Estate deal. No two are alike.
We face many challenges as Realtors, but none greater than our current market. Values have dropped so much that Short Sales will be a major part of Real Estate for the next decade. I will continue to add to my personal alphabet soup as long as it continues to allow me to serve my clients better.
Tags: agents, buying homes, downward market, hardship, las vegas, Personal Development, short sales
Posted in Las Vegas Foreclosures, Las Vegas Home Sales, Las Vegas Short Sales | No Comments »
