Christmas is coming early to residents of Las Vegas, Henderson, and North Las Vegas this year. Get in on a special Las Vegas HUD auction - only $100 total down payment for owner occupants! This is a spectacular opportunity to buy a Las Vegas real estate with a very nominal investment.
Hudson and Marshall will be conducting two auctions of over 100 HUD properties around the Las Vegas Valley on Saturday November 5th, 2011 at the JW Marriott. Registration for Auction 1 will open at 9 am. Auction 1, starting at 11 am, is open to owner/occupants ONLY. Successful owner occupant bidders will be eligible for special FHA financing with only $100 total down payment (instead of the typical 3.5% down payment). Plus they can ask the seller to pay 3% in closing costs.
Registration for Auction 2 will open at 2pm. Auction 2, starting at 3 pm, will be open to both investors and owner occupants, but investors will not be eligible for special financing.
Open houses of all auction properties will be held prior to the auction sale date. Open house dates are October 22, 23, 29 and 30th from 11 am to 3 pm. They may also be viewed on other days by special appointment with your Las Vegas real estate agent.
Members of the Tonnesen Team are registered buyer’s representatives with Hudson and Marshall. We will walk you through the auction process, provide sales history and comparable sales for any properties you are interested in bidding on, get you totally pre-approved with a lender, and accompany you to the auction. To receive a complete list of the properties being offered for sale, please email us at: sold@greatlasvegashomes.com and put “Hudson and Marshall Auction” in the subject line.
In order to register of Auction 1 or Auction 2, each bidder will be required to submit a prequalification letter or a certification of cash funds which must include:
1. Bidder’s name(s)
2. Amount of prequalification and type of financing (FHA, conventional, etc.) or total amount of cash funds available - you MUST be preapproved for a loan if financing
3. Verification of income (for financed purchases only)
4. Verification of credit check (for financed purchases only)
5. Bank or lender’s letterhead and contact information
Bidders registering as owner occupants will also be required to certify that they have not purchased a HUD-owned property within the past 24 months, and that they will occupy the property as their primary residence for at least 12 months after the closing. Other registration requirements must include presentation of a valid photo ID as well as a $500 cashier’s check or money order payable to HUD. (For buyers taking advantage of the $100 down payment FHA financing, the balance would be refunded at close of escrow.) The check is not collected unless you are the highest bidder on the property.
Please note that Las Vegas auction properties are sold “as is where is.” You must view the property prior to the auction date to determine its condition, as the sellers will not make any repairs and sales are NOT contingent on inspections or obtaining financing. You are agreeing to close on the property when you successfully bid on it. If you are not certain you want the property or that you can obtain financing, do not bid! The $500 earnest deposit is non-refundable should you not close as agreed in the sales contract.
**All Las Vegas foreclosures offered in the auction will have a reserve. This means the seller must approve the high bid, and the seller has the right to accept, reject or counter the highest bid on a property.
Monday, October 17, 2011
Las Vegas HUD Auction – Only $100 Total Down Payment for Owner Occupants!
Thursday, October 06, 2011
Tired of Losing out to Cash Buyers?
Tired of losing out to cash buyers on the Las Vegas homes of your dreams? You must get completely pre-approved for a loan before submitting an offer, and you must be able to close quickly once that offer has been submitted. So we found a mortgage lender who could help our clients compete in multiple offer situations.
Southern Fidelity Mortgage, one of the Tonnesen Team Preferred Lenders, wants to earn your business and help you compete with all cash offers. They will guarantee:
- They will be ready to fund and close any loan within 15 days. Just submit your completed loan application with required documentation and then go house hunting with one of our experienced real estate agents. When you can close as fast as a cash offer, you have a much better chance to get your contract accepted in multiple offer situations. Banks consider preapproved financed purchase offers with two week closes to be as strong as cash offers.
- Lowest rates and fees in town! Southern Fidelity guarantees to meet or beat any legitimate loan quote, so you can save money AND qualify for a higher loan amount.
- The best customer service around. After your loan closes, you will be asked to complete a short survey on your customer experience. Your lending team only gets a bonus if YOU are a happy customer!
Saturday, October 01, 2011
Bank of America Fires Bank of America?!!
Bank of America announced earlier this year that it plans to lay off more than 40,000 employees, many of them loan officers and processors. They also intend to close to close 10% of their branches nationwide and gradually get out of the mortgage industry. The layoffs have already begun in Las Vegas, and you know it’s affecting customer service when, literally, Bank of America fires Bank of America!
A number of months ago, one of our agents listed a Las Vegas short sale and was fortunate enough to also find the buyer. The short sale bank was Bank of America and the buyer was obtaining a mortgage loan from B of A to fund the purchase.
The property was placed into escrow and the fun began. The seller’s documents for the short sale were submitted to B of A for approval of the sales price. Within 40 days, the full approval was received, not bad at all on a short sale! Everyone assumed there would be smooth sailing ahead for the rest of the transaction - usually the approval is the hard part of any Las Vegas real estate transaction.
But things quickly deteriorated from that point on. The buyer’s employment verification was lost twice. By the time the verification was obtained, the credit report had expired and had to be redone. Incorrect figures were submitted for the sales price and loan amount. And oopsy! Someone forgot to order the appraisal.
After four extensions to the escrow due to lender errors and oversights, Bank of America’s short sale department finally issued an ultimatum - they would only issue a fifth extension if the buyer used another Las Vegas mortgage lender besides B of A! (The good news is, the buyer actually scored a better interest rate and lower fees with their new lender.)
Conclusion: Bank of America really IS trying to get out of the mortgage industry, and they are doing one heck of a job!