Soon I will be putting a home on the Market that will be a short sale. There is a tenant in place. I have done many sales of homes with tenants in the house. I understand how important it is to get the tenant's cooperation and keep everyone comfortable.
To sell a house you must be able to show it and hopefully make those showings easy for the potential Buyers. I have experienced the perfect scenario where you have a cooperative and understanding tenant and I have had tenants in properties that do not understand how necessary selling the property is to the owner, which results in a lack of cooperation. I have compassion for everyone involved. There is no doubt about it selling a house is stressful. A tenant doesn't understand why they must be disturbed and are anxious about their privacy and have the additional worry of finding a new home. The Seller is concerned about getting their house under a valid contract.
It is a pleasure to meet those who do not just think only of their situation and try to work with us while making plans for the changes they must incur. The one thing for sure in this day and age one must be flexible. Change is always coming.
With short sales the situation can be even more complex. For example, when should a Seller evict a tenant if they have a month to month rental agreement? In times past when you went into escrow you usually gave the tenant their 30 day notice. But now, with a short sale, the process can be months and months until you get to a conclusion. And, sometimes the end does not result in how you originally planned. A dilemma for everyone, for sure.
Some scenarios for short sale tenant situations are: If there is a lease in place the lease goes with the property. A good scenario for an investor. If the tenant is on a month to month situation than it can be required that the Buyer does not move in until the tenant has vacated. It can even be written so that it is the new Buyer's responsibility to remove the tenant. Since a short sale can take so long to get approval from the Bank one might want to consider on a month to month rental that the thirty day notice to vacate begin upon acceptance from the Bank. Usually after Bank approval the escrow moves along at a traditional speed.
One thing for certain, our new Real Estate World continues to have its complications.
Sunday, August 23, 2009
Monday, August 17, 2009
Thank You Wayne Pacelle and All Your Staff at The Humane Society of the United States
Last Thursday my family and I got the opportunity to hear Wayne Pacelle speak. He is the President/CEO of the Humane Society of the United States(HSUS). He spent Thursday evening with the animal friendly folks of Las Vegas. After that he visited our zoo which is creating quite a controversy right now. As it should. Maybe now there will be hope for the animals who are housed there. Then on Monday he met with our Mayor, Oscar Goodman. I hope some headway was made, although I have my doubts. I am sad to say Nevada has not shown much kindness toward our critters.
I have a great deal of respect for Mr. Pacelle and was so glad I got to hear him speak. He has been able to accomplish so much for our animal friends, an overwhelming task, for sure.
I care about all animals not just dogs or cats and feel they all deserve to be treated with respect and kindness. How difficult can that be? Well by the way many of them are treated it is obvious not everyone feels the same.
Orrin and I have three rescued dogs. Up until last month the count was four. Our little Missy passed onto the great kennel in the sky.
For those of us who care so much we can rescue animals until we are blue in the face. To really provide protection it is absolutely necessary to pass legislation that provides safeguards. The Humane Society is starting to enjoy some success in this arena. They are hard won fights that take tenacity and determination.
Animals feel love, pain, humiliation, the heat and cold just as we humans do. It boggles my mind that people don't understand this. All you have to do is look into their eyes.
As a Realtor I go to houses where family pets (why they are called that I'm not sure) are not allowed in the house. Everyone knows the extraordinary hot weather we have. But, many of our winter nights are extremely cold too.
Every year the Canadians have been violently killing white baby seals to sell their pelts. It is a brutal and obviously painful death. The HSUS (Human Society International) has been working with the European Union to limit or ban the sale of these pelts just about driving these slaughterers out of business. All I can say is it is about time and thank goodness. We have waited so long for this. Thank you Wayne Pacelle & all the HSUS staff.
I continue to marvel at the laws that You and your staff have been able to finally get passed. I know it is just the tip of the iceberg. I feel much better knowing that You and the HSUS never cease to work for the animal kingdom. http://www.hsus.org/
I have a great deal of respect for Mr. Pacelle and was so glad I got to hear him speak. He has been able to accomplish so much for our animal friends, an overwhelming task, for sure.
I care about all animals not just dogs or cats and feel they all deserve to be treated with respect and kindness. How difficult can that be? Well by the way many of them are treated it is obvious not everyone feels the same.
Orrin and I have three rescued dogs. Up until last month the count was four. Our little Missy passed onto the great kennel in the sky.
For those of us who care so much we can rescue animals until we are blue in the face. To really provide protection it is absolutely necessary to pass legislation that provides safeguards. The Humane Society is starting to enjoy some success in this arena. They are hard won fights that take tenacity and determination.
Animals feel love, pain, humiliation, the heat and cold just as we humans do. It boggles my mind that people don't understand this. All you have to do is look into their eyes.
As a Realtor I go to houses where family pets (why they are called that I'm not sure) are not allowed in the house. Everyone knows the extraordinary hot weather we have. But, many of our winter nights are extremely cold too.
Every year the Canadians have been violently killing white baby seals to sell their pelts. It is a brutal and obviously painful death. The HSUS (Human Society International) has been working with the European Union to limit or ban the sale of these pelts just about driving these slaughterers out of business. All I can say is it is about time and thank goodness. We have waited so long for this. Thank you Wayne Pacelle & all the HSUS staff.
I continue to marvel at the laws that You and your staff have been able to finally get passed. I know it is just the tip of the iceberg. I feel much better knowing that You and the HSUS never cease to work for the animal kingdom. http://www.hsus.org/
Thursday, August 13, 2009
Out With The Old, In With the New
When the Cash for Clunkers was offered Orrin and I thought it was a good idea. However, we didn't give it much thought on how it could affect us. Then, when they renewed it we realized we had a clunker and we should be thinking about getting rid of it.
So, out we went on the treacherous journey of looking for new cars. Since I have a Camry we started out at Desert Toyota where I purchased my car. My experience purchasing the Camry was a positive one.
Orrin was in the world of wanting a Pick Up. We quickly realized this wouldn't work for our price range and that the program would not benefit us to much for this type of purchase. Fortunately, as I was puzzling over this out loud the salesman was listening. He suggested we look at a Scion. I didn't even know what they were.
Jackpot. They had two models to choose from. The pricing with all the features was amazing to us. For those of you familiar with these cars we got the XB. It gives you the benefit of a car as well as an SUV. It came standard with everything that was important to us.
My daughter Michelle called this morning to see if we had Buyer's remorse. She commented right away that she could tell we didn't have any. No, we don't. This car really fit the bill to a T.
I can assure you, even though it was a faithful old car, we will not miss our 1996 Chrysler Concorde with over 140,000 miles on it. Here is some other good news. We were concerned about how much our insurance would go up. Because of all the safety features it barely changed.
Good bye old clunker.
Some Real Estate Tidbits
A few days ago I was talking to an appraiser. I was curious as to how much our prices were starting to go up because of all the multiple offers on properties. That is what happened before. To my surprise she told me they were not going up at all. Even though offers were coming in higher or that the Banks were countering higher and getting acceptances, the appraisals were not coming in. So, here we stay for right now.
So, out we went on the treacherous journey of looking for new cars. Since I have a Camry we started out at Desert Toyota where I purchased my car. My experience purchasing the Camry was a positive one.
Orrin was in the world of wanting a Pick Up. We quickly realized this wouldn't work for our price range and that the program would not benefit us to much for this type of purchase. Fortunately, as I was puzzling over this out loud the salesman was listening. He suggested we look at a Scion. I didn't even know what they were.
Jackpot. They had two models to choose from. The pricing with all the features was amazing to us. For those of you familiar with these cars we got the XB. It gives you the benefit of a car as well as an SUV. It came standard with everything that was important to us.
My daughter Michelle called this morning to see if we had Buyer's remorse. She commented right away that she could tell we didn't have any. No, we don't. This car really fit the bill to a T.
I can assure you, even though it was a faithful old car, we will not miss our 1996 Chrysler Concorde with over 140,000 miles on it. Here is some other good news. We were concerned about how much our insurance would go up. Because of all the safety features it barely changed.
Good bye old clunker.
Some Real Estate Tidbits
A few days ago I was talking to an appraiser. I was curious as to how much our prices were starting to go up because of all the multiple offers on properties. That is what happened before. To my surprise she told me they were not going up at all. Even though offers were coming in higher or that the Banks were countering higher and getting acceptances, the appraisals were not coming in. So, here we stay for right now.
Friday, August 7, 2009
A Simple Thing Called Love
I am always writing about Real Estate or some Las Vegas Trivia. Today, I'm going to write about my family and how lucky I am.
It all started this morning when I got an email from my brother Phil after he read my daughter Sharon's blog. I have always encouraged her to write. She so beautifully puts her thoughts on paper so to speak. I'm giving away my age. My daughter Michelle is just as creative and has brought so much joy to me as well.
Phil read a blog that Sharon wrote about me. He emailed me and told me I should be very proud. I went back and reread this blog. I must admit it brought tears to my eyes. Both by the caring things Sharon said about me and the happiness I got by having my brother read her blog.
I will admit family is the most and I do mean the most important part of my life. And in this department I hit the jackpot. After the years of raising my children and the trials, tribulations & joy my 39 year marriage to Orrin has brought me I am reaping the benefits of hard work and time. My children are successful and happy in their lives. That is what a parent strives for. Orrin and I cared for them, supported them and never hesitated to give them advice. We are now fortunate to have two wise daughters to go to when we need a bit of counsel.
You never stop being a Mom but now I am also a friend to them. I'm sure there is a limit to what they will share with me. That's as it should be.
Michelle my oldest daughter and Sharon are sometimes my advisors. Michelle has given us a wonderful son-in-law Edgar and two fabulous grandchildren. Two year old Cruz and 3 month old Kendall. The joy and exercise they bring into our lives is endless. Sharon's husband Brian and his son Austin have been a most wonderful addition too.
To my brother, Phil, yes I am extremely proud. I'm very glad my daughters have such a good Uncle. Please know you are important to them. I am thankful to say that Michelle and Sharon have the same value for family as their Mom and Dad.
It all started this morning when I got an email from my brother Phil after he read my daughter Sharon's blog. I have always encouraged her to write. She so beautifully puts her thoughts on paper so to speak. I'm giving away my age. My daughter Michelle is just as creative and has brought so much joy to me as well.
Phil read a blog that Sharon wrote about me. He emailed me and told me I should be very proud. I went back and reread this blog. I must admit it brought tears to my eyes. Both by the caring things Sharon said about me and the happiness I got by having my brother read her blog.
I will admit family is the most and I do mean the most important part of my life. And in this department I hit the jackpot. After the years of raising my children and the trials, tribulations & joy my 39 year marriage to Orrin has brought me I am reaping the benefits of hard work and time. My children are successful and happy in their lives. That is what a parent strives for. Orrin and I cared for them, supported them and never hesitated to give them advice. We are now fortunate to have two wise daughters to go to when we need a bit of counsel.
You never stop being a Mom but now I am also a friend to them. I'm sure there is a limit to what they will share with me. That's as it should be.
Michelle my oldest daughter and Sharon are sometimes my advisors. Michelle has given us a wonderful son-in-law Edgar and two fabulous grandchildren. Two year old Cruz and 3 month old Kendall. The joy and exercise they bring into our lives is endless. Sharon's husband Brian and his son Austin have been a most wonderful addition too.
To my brother, Phil, yes I am extremely proud. I'm very glad my daughters have such a good Uncle. Please know you are important to them. I am thankful to say that Michelle and Sharon have the same value for family as their Mom and Dad.
Thursday, August 6, 2009
Is There a Blizzard In Las Vegas
Today Las Vegas is in the 90's with a little wind.
I love to swim so I went over to the Summerlin Trail's Swimming Pool. It is so nice, lots of shade trees and very well cared for.
When I got there and found I was almost the only person there besides the Life Guard crew.
Could a little wind wimp everyone out from this glorious activity? Where were all the kids that are usually there? I must tell you, I was puzzled.
I hate to be on of those that say "When I was a kid" but it is true when I was a kid a little wind would not have kept us home. Can this day be compared to a blizzard. By the absence of everyone at the pool, you would think so.
Oh well, I had this Olympic size pool almost all to myself. There were a few others that braved the elements. I got a great swim in and now I have energy to spare. Swimming really does invigorate me. I highly suggest swimming for one of your exercise routines..
I love to swim so I went over to the Summerlin Trail's Swimming Pool. It is so nice, lots of shade trees and very well cared for.
When I got there and found I was almost the only person there besides the Life Guard crew.
Could a little wind wimp everyone out from this glorious activity? Where were all the kids that are usually there? I must tell you, I was puzzled.
I hate to be on of those that say "When I was a kid" but it is true when I was a kid a little wind would not have kept us home. Can this day be compared to a blizzard. By the absence of everyone at the pool, you would think so.
Oh well, I had this Olympic size pool almost all to myself. There were a few others that braved the elements. I got a great swim in and now I have energy to spare. Swimming really does invigorate me. I highly suggest swimming for one of your exercise routines..
Tuesday, August 4, 2009
The Winds of Change
When I first started selling Real Estate about twenty years ago the Las Vegas Market was rather boring. Oh, to have those days back. Property only appreciated about 1% to 2% a year and there was usually only one Buyer for a house.
Then, kaboom, about five years ago the Market starting appreciating by leaps and bounds. We all were shocked. The investors came in droves to purchase. They did not buy to rent as in the past but to flip it. After all, flipping was the big thing on the home improvement TV stations. I think those days could be compared to when there was gold in them thar hills.
I don't know if the gold dried out as quickly and as much as our Market, what a roller coaster. When the decline started short sales began popping up. But when the Banks never closed the sales the foreclosures began to take over. At first the Bank's resisted going to low on their prices and poo pooed offers that they felt were not sufficient. For example, I wrote an offer for a Buyer on a property and we were practically laughed at. Well, the joke was on the Bank, because by the time they got it sold to someone else it was for about $20k less than we offered.
Most of you know that we are the foreclosure capital of the U.S. In order to get these properties sold and I add usually they are in terrible condition, the Banks finally had to get realistic. And, now most houses are down by about a $100K and many down about $200K. It doesn't seem possible, but that is what has happened in Las Vegas.
Then, this last month we have seen many multiple offers on properties under $300K causing an upsurge in prices. However, how much is not clear yet. By the numbers I just gave you, you can see we have a very long way to go.
The investors are back. In June, 2004 investors made up 39.4% of our Buyers and this last June they made up 37.5% for the second highest June this decade. There is a change however, The investors are now purchasing to rent instead of to flip. Source: In Business Las Vegas, Brian Wargo, week of July 31-Aug. 6, 2009.
After reading this cheerful blog you may feel like you need an outlet for stress. Well, here is one. I just watched a movie called For Your Consideration. It is done by the same folks that did Best In Show. All I can say is that these people have terrific senses of humor. It is about a low budget film being made in Hollywood called Home For Purim. If you want a laugh, rent it. You will find yourself chuckling at the silly satire.
Then, kaboom, about five years ago the Market starting appreciating by leaps and bounds. We all were shocked. The investors came in droves to purchase. They did not buy to rent as in the past but to flip it. After all, flipping was the big thing on the home improvement TV stations. I think those days could be compared to when there was gold in them thar hills.
I don't know if the gold dried out as quickly and as much as our Market, what a roller coaster. When the decline started short sales began popping up. But when the Banks never closed the sales the foreclosures began to take over. At first the Bank's resisted going to low on their prices and poo pooed offers that they felt were not sufficient. For example, I wrote an offer for a Buyer on a property and we were practically laughed at. Well, the joke was on the Bank, because by the time they got it sold to someone else it was for about $20k less than we offered.
Most of you know that we are the foreclosure capital of the U.S. In order to get these properties sold and I add usually they are in terrible condition, the Banks finally had to get realistic. And, now most houses are down by about a $100K and many down about $200K. It doesn't seem possible, but that is what has happened in Las Vegas.
Then, this last month we have seen many multiple offers on properties under $300K causing an upsurge in prices. However, how much is not clear yet. By the numbers I just gave you, you can see we have a very long way to go.
The investors are back. In June, 2004 investors made up 39.4% of our Buyers and this last June they made up 37.5% for the second highest June this decade. There is a change however, The investors are now purchasing to rent instead of to flip. Source: In Business Las Vegas, Brian Wargo, week of July 31-Aug. 6, 2009.
After reading this cheerful blog you may feel like you need an outlet for stress. Well, here is one. I just watched a movie called For Your Consideration. It is done by the same folks that did Best In Show. All I can say is that these people have terrific senses of humor. It is about a low budget film being made in Hollywood called Home For Purim. If you want a laugh, rent it. You will find yourself chuckling at the silly satire.
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