Legal News

How the Market Looks

David Otto Attorney at Law — Thu, 07 Apr 2011 21:10:00 GMT

I'll be blogging here on market news, legal news and maybe even some political news.

WHAT IS EARNEST MONEY? HOW DO I GET IT BACK IF THERE IS A DISPUTE?

David Otto Attorney at Law — Tue, 19 Jan 2010 11:36:00 GMT

Well, earnest money is the money you would put down to demonstrate your seriousness about buying that home. In order to prove your seriousness the earnest money must be large enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions).

If your offer is accepted, the earnest money becomes part of your down payment or closing costs
If the offer is rejected, your money is returned to you
If you back out of a deal, you may forfeit the entire amount
If either party refuses to execute the nessecary documents required to release the earnest money (See NRS645a.175 3.(a) very interesting )

*** NRS 645A.175 Duty to execute documents necessary to release money deposited in escrow; exception for good faith disputes; recovery of damages for failure to execute; award of attorney’s fees.
      1. Except as otherwise provided in subsection 2 or in the escrow agreement between the parties and the holder of the escrow, upon the close of an escrow for the sale of real property or on the date the escrow is scheduled to close if it has not closed, each party shall execute the documents necessary to release the money deposited in the escrow.
      2. A party may refuse to execute a document necessary to release the money deposited in the escrow only if a good faith dispute exists concerning that money.
      3. Except as otherwise provided in NRS 645.8701 to 645.8811, inclusive, if a party refuses to execute a document necessary to release the money deposited in the escrow within 30 days after the holder of the escrow makes a written request for the execution, the party injured by the failure of the other party to execute the document may collect from that party:
      (a) Actual damages of not less than $100 nor more than 1 percent of the purchase price of the real property for which the money was deposited in the escrow, whichever is greater;
      (b) The money deposited in the escrow which was not held to resolve a good faith dispute concerning the sale of the property; and
      (c) A reasonable attorney’s fee.
      (Added to NRS by 1995, 1527; A 1999, 1180)

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The Phone Every Real Estate Agent Should Buy!

David Otto Attorney at Law — Mon, 05 Oct 2009 14:53:00 GMT

MY PERSONAL RECOMMENDATION, THE HTC PRO2 (Watch the Video)

The HTC PRO 2 is possibly the most highly anticipated Windows Mobile device of all time. It marks the return of the tilting screen made popular by the HTC TyTN II (and its many variants such as the AT&T Tilt), plus the debut of some new technologies out of HTC that should very much appease the Windermere Real Estate professional. Introducing the HTC Touch Pro2. Form meets function. They tilt. A smart design, a speedy connection, and a big, bright touch screen that tilts. This is the smartphone you've been waiting for. The Touch Pro2's commanding design offers a 3.6 vibrant tilting touch screen. Slide out your screen to reveal a full-size keyboard to make email and texting faster.

The Touch Pro2 offers seamless integrated features that enable you to stay connected, informed, and in control with one touch. Put people at the center of your communication access all their calls, SMS, emails, and even status updates right from their contact card. Windows Mobile lets you manage your Word, Excel, and PowerPoint documents on the go. With

HTC's Straight Talk, you can turn your device into a professional quality speakerphone by the simple act of flipping it over.

It's not all business with the Touch Pro2 with instant access to YouTube videos and the ability to take and send video and pictures with a 3.2 megapixel camera, you'll find endless entertainment.

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Google Analytics - Must Have!!!

David Otto Attorney at Law — Mon, 31 Aug 2009 12:43:00 GMT

Looking for analytics to track data on your website?

All that a Windermere Platinum website user needs to do is create an account in Google, sign up for Google Analytics and paste a snippet of code into an appropriate field in your admin center. This is very easy to do…just go to http://www.google.com/analytics/ and if you already have a Google account for some reason, just use it. If not just follow the steps for creating an account and you are on your way.

Once you have created an account, you can then sign up for Google Analytics. Just a few more steps…and you will be done!

Once signed up a small snippet of code wil be displayed. You will need to copy the account number within this script of code and insert it into the appropriate place in your admin center…which will activate it.

[NOTE: Your Windermere Platinum Website has provided a manual to walk you through this whole process. Go into your admin center>website>website statistics>Google Analytics. Also take note of the field where you will paste in your Google Analytics account number. Then click the "Update Analytics" button and you are good to go.]

After this process is completed, you will be able to log into your Google Analytics account from any Web browser and see up-to-the-minute real time statistics on everything you could ever want to know about your site visitors and their behavior. All kinds of charts and graphs and information.

This powerful Web-based statistics package was once a stand alone product and cost $100’s/month before Google bought it awhile back, and now makes it available to anyone for free.

Website statistics are highly useful if you have the ability to a) understand what they are saying about your site’s ability or lack of ability to convert visitors to clients, and b) they can be used to help create a strategic plan of action.

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Windermere New Email System Info

David Otto Attorney at Law — Thu, 11 Jun 2009 20:01:00 GMT

When will my e-mail be migrated over?

Between June 1 and July 31, 2009, we will transition all associates with a Windermere.com email address to a new email system.

Windermere Email Accounts will be migrated on an individual basis.
We will not be migrating whole offices at a time.

We will no longer be publishing a schedule of associates with their migration date. All associates will receive at least 2 notifications prior to migration with notice about their upcoming migration.

Why a new e-mail system?
Email is consistently cited as the most important tool you use as part of your business. In order to ensure that you have the most current and scalable email, Windermere will be migrating our current webmail email system to an upgraded system offering you the advanced features you need to succeed in today's market.

What improvements come with the new system?
The new system is vastly superior to the current Windermere email system. Some of the upgraded features include:

1. Access email anytime, anywhere - from the office, at home or on the road.

2. Email, contacts, calendars and tasks can be automatically synchronized between the web and Outlook. Changes made at one location, are available in all.

3. Increased storage capacity equal to 10GB per account (compared to 50MB with our current vendor).

4. Share your calendar with other associates using the new system.

5. Mobile synching with BlackBerry, Windows Mobile and iPhone* at no extra charge.

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Short Sale Lender Submission & Processing Guide for Windermere Agents

David Otto Attorney at Law — Thu, 04 Jun 2009 16:49:00 GMT

SHORT SALE SUBMISSION REQUIREMENTS BY LENDER

Many Mortgage Companies and Servicing Institutions have their own unique requirements when it comes to Short Sale requests from borrowers. Select from the list below to see the general requirements of the lender/ servicer.
We have included downloadable forms and documents for those lender or servicers that require special forms and documents to be completed by the borrower. Certain of the forms and documents we have available have been scanned and the quality of the image may not be of good quality.

ABOUT US THE COMPANY
www.mresolution.com

Mortgage Resolution Services, Inc. provides a full range of services to the real estate community, all designed to support the efforts of brokers and agents working with homeowners overburdened with mortgage debt. As market conditions become more challenging and mortgage delinquencies increase, Mortgage Resolution Services, Inc. can help. By providing education, coaching and a comprehensive short sale processing service, Mortgage Resolution Services, Inc. is ready to help real estate professionals who are seeking to adjust their business plan to account for current market conditions.

SHORT SALE PROCESSING

As pre-foreclosure and foreclosure numbers continue to run at very high levels, we can show you how to find homeowners who need your help.
For those of you who would like to keep in touch with your "regular" real estate business and who want to avoid getting gobbled up by the demands of handling the processing of short sale files we have a solution. Mortgage Resolution Services, Inc. can handle the short sale processing and negotiating tasks on your short sale files.
You keep the client, you take care of the real estate side of the transaction and we will do the heavy lifting with the mortgage lenders and their loss mitigation departments.
Even before you ever take this listing, we can let you know if you have a short sale transaction that will likely be approved.
As an agent all you have to sell is your time and your expertise. Mortgage Resolution Services, Inc. can help by confirming you have an approvable short sale so you don't waste time on a transaction that will likely be declined and we can remove the day-to-day burden of chasing down loss mitigators.

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Listen Up Las Vegas... Use your $8,000 Tax Credit as Your Down Payment!

David Otto Attorney at Law — Thu, 14 May 2009 10:53:00 GMT

National Association of Realtors Applauds Use of First Time Homebuyer Tax Credit as Real Estate Down payment

Use $8,000 Tax Credit as Real Estate Down Payment. National Association of Realtors is Optimistic

By Sylvia Cochran

Today the National Association of Realtors comments on the change in the rules that allows the $8,000 tax credit to be used as a down payment for a real estate purchase.

$8,000 Tax Credit May Be Used For Real Estate Down Payment

The good news the National Association of Realtors was clamoring for, came in the form of an announcement from Shaun Donovan of the U.S. Department of Housing and Urban Development (HUD). The association's website reports that the FHA has given the green light to lenders for a change in the real estate down payment rules.

The National Association of Realtors states that the $8,000 tax credit that home buyers would normally be able to apply for during their tax preparation may now actually be applied toward the down payment of the real estate purchase. A specially designed loan vehicle "pays forward" the tax credit and thus the real estate buyer borrows the funds for the down payment.

In the past, the use of borrowed funds for a real estate transaction was considered an unacceptable practice. Today, it might be the little extra nudge otherwise qualified real estate buyers require to make their dream of homeownership a reality.

First Time Homebuyer Tax Credit as Real Estate Down Payment is Not a New Idea

The US News Home Front Blog reported that already in January of this year, the state of Missouri was allowing the first time homebuyer tax credit to be turned into a down payment on a piece of real estate. The Missouri Housing Development Commission (MHDC) discovered a way of writing a second loan of up to 6% of the home purchase price, which would then later on be paid off with the first time homebuyer tax credit that is valued at 10% of the purchase price.

Consumers who repay the down payment loan will not be charged interest but instead only a processing fee. Those who fail to repay when they receive the first time homebuyer tax credit see their down payment loan funneled into a 10 year loan that is repaid - with interest - over a decade.

Is it time for the National Association of Realtors to rejoice nationwide?

Sources

http://www.bizjournals.com/atlanta/stories/2009/05/11/daily37.html; http://www.realtor.org/press_room/news_releases/2009/05/re_summit?lid=ronav0019; http://www.usnews.com/blogs/the-home-front/2009/03/30/the-first-time-home-buyer-tax-credit-and-your-down-payment.html

More resources

http://www.bizjournals.com/atlanta/stories/2009/05/11/daily37.html

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Las Vegas Listing Inventory Shrinks

David Otto Attorney at Law — Fri, 08 May 2009 16:05:00 GMT

Las Vegas Inventory shrunk to nearly 18,000 resale units through the end of April. Inventory levels were down 22.2% compared to the same week of the prior year.

In April, closings were 98% of the listing price. Homes that were listed and sold in less than 30 days sold for 101% of the listed price. Forty-six percent of the properties listed are selling for 101% of list price and closing in 30 days or less. This is an indicator that the majority of homes are priced at fair market value.

Agents are seeing multiple offers on properties with curb appeal that are surfacing on the market. First-time homebuyers are realizing their dream of homeownership. Investors are taking advantage of the low prices and placing cash offers on properties that they hope will turn a profit. Short Sales (loans on properties that are higher than the current market value) are getting bank approvals faster and closing escrow.

NEW MONTHLY LISTINGS YEAR-TO-DATE

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4 Ways to Court International Investors

David Otto Attorney at Law — Mon, 04 May 2009 17:05:00 GMT

The dollar’s plunge against many foreign currencies, along with softening real estate prices, have made U.S. properties extremely attractive to overseas buyers. Here are four ways to tap into this expanding market:

1. Join the club. Immigrants and foreign nationals often join social groups to connect with people like themselves. For instance, there’s a Canadian Club of Chicago, a Canadian Club of Washington, D.C., and a Canadian Association of New York. Looking to work with buyers from France? Try the Alliance Française in Washington, D.C. Wherever you are, find clubs that bring together people from around the world, and begin networking to generate referrals from overseas friends and relatives of local members.

2. Partner up. You may be able to find eager international buyers by teaming up with other professionals who’ve already built relationships with them. Search your area for attorneys, CPAs, and other professionals who work with international buyers. Interview them to determine their level of expertise and professionalism, and if they’re smart and capable, ask if they’re willing to send and receive referrals to overseas buyers.

3. Work the Web. Allow international investors to search for properties in their native language right from your Web site. How? Contact your state association first, because some, like Florida, offer the service to members. If your local association doesn’t offer that service, hook up with a capable Webmaster who can upgrade your site to allow foreign-language searches.

Also, make sure your advertising directs foreign buyers to a Web page that’s geared specifically to them. If you advertise in, say, Paris, include the address for a Web site that you’ve created exclusively for French-speaking visitors. Or put a French flag prominently on your Web page with a link that says, “View this page in French.” That helps international buyers feel as though you understand them and allows you to track responses to your ads.

And be sure your Web content incorporates the local dialect. Find an expert translator who can translate precisely and use common phrases and idioms familiar to buyers in their language.

4. Ask for help. Treat international buyers no differently than you’d treat U.S. buyers—ask them for referrals. Also, get their opinions on the best places to advertise for buyers in their area, and ask if they’d be willing to make in-person introductions to brokers from their country with whom you can build a professional relationship.

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Do We Really Need to Use Technology...

David Otto Attorney at Law — Mon, 13 Apr 2009 11:49:00 GMT

If I haven't been able to convince you yet of where our industry, the worlds technology and whether you should be apart of it or not check out these numbers!

Do you know how many people are using search engines every day?

Do you know how many blogs are on the world wide web?

Do you know how many videos are actually on YouTube?

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TOP 6 MOBILE/CELL PHONES for Business Professionals

David Otto Attorney at Law — Mon, 13 Apr 2009 11:22:00 GMT

You're intelligent enough to know that carrying around a cell phone and a PDA is inefficient. Lighten your load by utilizing an all in-one device. Whether you use it as an organizer, an e-mail device, a cell phone, or all of the above, getting a smartphone is a smart move. Here are the top SIX picks for these phone-PDA hybrids; picked one for each major carrier, as well as one unlocked smartphone and one from out side the states.

TOP SIX MOBILE/CELL PHONES

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Las Vegas Home Closings on the Rise!

David Otto Attorney at Law — Tue, 07 Apr 2009 15:28:00 GMT

March home closings rose 21% to 2,720 compared to February closings. Buyers are taking advantage of the current market conditions and purchasing homes. Home closings are up 74% from March 2008. As foreclosures and short sale listings are still flooding the Las Vegas inventory, buyers are benefiting with the combination of low sales prices, low interest rates and high inventory. Foreclosed homes were 81% of the closings for March.

The average home price in Las Vegas dropped another 5% last month, or 43% since March of 2008. Multiple offers on properties are making a comeback as buyers are bidding on pristine properties at prices from 2002 and 2003 levels.

The Condominium market is up 25% from 441 sales in February to 554 in March. Compared to the same time last year, condo closings are up 164%. Condo foreclosures were 86% of the total closings for March. Condo short sales (the sale of a property that is less than the current loan amount) have steadily increased in 2009, showing that sellers are working with banks to sell their homes to avoid foreclosure.

The market is showing signs of strength when you factor in the contingent and pending sales of 9,220, many of which are waiting for bank approval. The number of closings, once bank approvals are received, could have a very positive market impact, decreasing inventory and further improving closing figures.
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Is Las Vegas Good for Investors?

David Otto Attorney at Law — Mon, 06 Apr 2009 18:03:00 GMT

Investors Corner

Savvy investors are snapping up condos, town homes and single-family homes. Property prices have fallen to a point in which many properties provide a positive cash flow. Rentals are still strong in the valley. In addition, the rate of return on these investments is exceeding Wall Street. An example:

A 1 bedroom, 1 bath condominium, being offered at $50,000 in the community of Latigo in Silverado Ranch, rents for an average of $750.00 a month. The monthly association fees are $120 a month. See chart for the cash flow and return on investment.

Additional considerations:

These calculations assume 100% occupancy.

Closing costs are not factored into the cash investment.

Additional returns could be made over time as the property increases in value.

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What is Web 2.0?

David Otto Attorney at Law — Tue, 31 Mar 2009 17:17:00 GMT

You’ve probably heard the phrase "Web 2.0". You may’ve even read some of the various definitions of it. And Web 2.0 does appear to mean different things to different people, so you would be forgiven for still feeling confused about the term.

Here are some of the definitions of Web 2.0 floating about:

Web 2.0 = the web as platform

Web 2.0 = the underlying philosophy of relinquishing control

Web 2.0 = globalization ("making global information available to local social contexts and giving people the flexibility to find, organize, share and create information in a locally meaningful fashion that is globally accessible")

Web 2.0 = an attitude not a technology

Web 2.0 = when data, interface and metadata no longer need to go hand in hand

Web 2.0 = action-at-a-distance interactions and ad hoc integration

Web 2.0 = power and control via APIs

Web 2.0 = giving up control and setting the data free

Web 2.0 = Trulia Voices, Amazon, Blogs, MySpace, Facebook, LinkedIn, YouTube and Flickr

While at first glance some of those definitions may be contradictory, we can distill from them certain characteristics of Web 2.0.

Web 2.0 is social, it’s open (or at least it should be), it’s letting go of control over your data, it’s mixing the global with the local. Web 2.0 is about new interfaces - new ways of searching and accessing Web content. And last but not least, Web 2.0 is a platform - and not just for developers to create web applications like Gmail and Flickr. The Web is a platform to build on for educators, media, politics, community, for virtually everyone in fact!

Web 2.0 is all of the above things - don’t let anyone tell you it’s one or the other definition.

Take a look at what the education community is doing with the Web, for example. They are not only starting to use the tools of Web 2.0 - blogs, wikis, podcasts, etc. They’re also adapting to a new generation of kids who are growing up on the Web, the so-called ‘Digital Natives’. The challenge for educators now and for the future is to learn and teach Internet literacy, converse and collaborate with their students using Web tools, and help our children make sense of the huge amounts of information and media that surround us.

Web 2.0 is about the people, when it comes down to it. So it has to be inclusive. The definitions of technologists, social scientists, web designers, philosophers, educators, business people, anybody - they all count.

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Windermere Services Nevada Quarterly Meeting Recap

David Otto Attorney at Law — Thu, 26 Mar 2009 14:11:00 GMT

Windermere Services Nevada Quarterly Event

Windermere Services Nevada held their first Quarterly Event for the year on March 24, 2009 at Bear’s Best Golf Club located in Summerlin. Over one hundred Windermere owners, agents, and sponsors were in attendance. Robyn Yates, V.P. of Marketing and Sales opened the event themed “Embracing Change”, introducing Walt Coffey and his International Team, who gave a presentation on their project Novo Cancun in Mexico.

Premier Directors Chana Anderson and Christine McNaught presented the Premier Properties Program and how to get more exposure for properties listed at $750,000 or more. They also explained the newly formed Premier Mastermind Network and invited more agents to join.   To apply as a Premier Member, Click here! Currently there is no charge to join.

Robyn introduced Windermere Owners, Steve & Di Redman, Windermere Anthem Hills, Heidi & Peter Kasama, Windermere Summerlin, Mike & Janice Davis, Windermere Southland, St. George.

The Windermere Services Leadership Team, Robyn Yates, Dennis Yates, Jeff Brick, Veronica Richards and Deb Shields worked very hard to bring the message of “Embracing Change”, as our market today has changed from years past and how to overcome and work through the challenges we face today.

Jeff Brick & Veronica Richards lead the audience in activities surrounding change and concluded with their first edition of “Windermere Hits the Streets” video! The Leadership Team went to the strip and proposed the questions to the public “How do you want to receive communication and what technology do you engage?”   This fun video entertained the agents, as well as brought the message home…that technology is here and it’s big. The public is using cell phones and texting more than using the internet.



Jeff Brick gave a presentation on Windermere’s newest technology tool, “Mobile Agent”. With mobile agent, buyers will be able to drive the neighborhoods and pull up any listing, complete with photos and view the property in detail. As an agent you will be notified as to which listings your buyer viewed. To sign up for this fabulous service and the most up to date cutting edge technology, click here!

Jeff also discussed Windermere’s Platinum website, With our website, agents will have a custom CMA in minutes that will also include school district with statistical information, neighborhood crime reports, and much, much more! To sign up for Windermere’s Platinum website, click here!

The event concluded with the event Sponsors giving a presentation on their products and services and raffle prizes.

A special thank you to all our sponsors:

Countrywide Home Loans

Direct Access Lending

Equity Title

Fidelity National Title

The Home News

Old Republic Home Protection

Pillar to Post

Pro Handyman

The Warranty Group

Wells Fargo Home Loans
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Gen X and Gen Y Rule the Buyer Market... Are You Ready?

David Otto Attorney at Law — Thu, 19 Mar 2009 16:36:00 GMT

The NAR Profile of Home Buyers and Sellers for 2008 reveals some important secrets Realtors can't afford to ignore. Here's the inside scoop.

1. Gen X and Gen Y Rule the Buyer Market

If you're working with buyers, you can no longer ignore the fact that 60 percent of today's buyers were born after 1964 (i.e. are members of Gen X and Gen Y). In fact, 54 percent of first-time buyers are in the 25-to-34 age group. For Gen X and Gen Y, the primary motivations for buying was their desire to own a home, a job-related relocation or move, the desire for a larger home, or a change in their family situation. Opportunity: As 75 percent of all first-time buyers are currently renting an apartment, consider marketing to tenants in high-end rentals. For buyers ages 18-24, 62 percent used social networking sites several times per week. That number drops to only 33 percent for buyers ages 25 to 44. To earn the right to do business with this growing group of young buyers, become an active part of the online conversation. This does not mean promoting your services. Instead, consider sites such as Facebook and Twitter to be similar to a social gathering where You meet others who share common interests. Gen X and Gen Y want to get to know you in a social environment prior to doing business with you. Dump the vanity marketing that focuses on you and your accomplishments. Instead, show up as an interesting, fun person who also happens to be a competent and likeable real estate professional.

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Qualify for Refinance?

David Otto Attorney at Law — Thu, 19 Mar 2009 15:16:00 GMT

Do you qualify for refinance or any other aspect of the President's new Help For Homeowners Program?

Go here to find out.

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Las Vegas Home Sales Improve

David Otto Attorney at Law — Sun, 15 Mar 2009 01:31:00 GMT

Las Vegas is number 15 in improved home sales nationwide. That's a bit of hope based on the 89131 zip code.

Go here for more.

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Nevada Foreclosure Process - What Is It?

David Otto Attorney at Law — Fri, 06 Mar 2009 17:27:00 GMT

Foreclosure

Foreclosure Process

Given that this is such a common occurrence and such a common word these days, I thought my readers might like some information on Foreclosure in Las Vegas and Nevada.

How Does a Foreclosure in Nevada Work?

Some Terms you'll need to know:

1. Judicial Foreclosure - A foreclosure that is accomplished when your lender files for a foreclosure in the Nevada Court System.

2. Non-Judicial Foreclosure - a covenant, provision or contract term in your mortgage loan agreement, promissory note or deed of trust which provides that the lender can foreclose upon you without going to court. This is the most common method of foreclosure in Nevada.

3. Power of Sale Provision, or Trustee's Power of Sale. See number 2 above, a contract term in your loan documents which allows your lender to foreclose upon your house without filing against you in court.

4. Deed of Trust. Without getting too technical, the Deed of Trust is, in essence, the same as a mortgage. Essentially it is a trust that says, the homeowner owns the house, but owes the lender money, if the homeowner stops paying the lender, the lender can take the house back.

Nevada allows both judicial in court or non judicial out of court foreclosures. If your loan documents contain a power of sale provision, or if the deed of trust or mortgage on the house contains a power of sale clause, the bank will most likely pursue foreclosure without petitioning the court to do so. Most deeds of trust or mortgages in Nevada do contain a power of sale clause. This is a big benefit to the banks. By obtaining a foreclosure out of court, the bank saves both time and money. ...(Continued)...
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LOAN MODIFICATION.... No Longer a Scam?

David Otto Attorney at Law — Tue, 03 Mar 2009 22:30:00 GMT

Our beloved House of Representatives, the most 'responsive' of our legislative branch because they are elected every two years - may be doing something that will get homeowner's relief by way of loan modification, without forcing homeowners to file bankruptcy and hope for a Cram-Down. It might just help. Go here to read more.

If you need help negotiating with your bank on a loan modification - when, and if, this law passes both houses of congress and is signed by the President - call David Otto & Affiliates, PC. Until then, be careful about giving anyone money to do a loan modification.

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Should I BUY or Should I RENT now...

David Otto Attorney at Law — Tue, 03 Mar 2009 15:45:00 GMT

Market conditions play a huge part in any decision about when to buy. Housing market values have varied widely from region to region in recent years. While the Florida market has seen meteoric rises in home values, Las Vegas has seen its real estate prices go into negative territory in the last year. Do not buy high and sell low. It's all about you! The top three reasons people file for bankruptcy are change of job status, divorce, and unforeseen health expenses. If you face any of these challenges and don't have a financial cushion, this may negatively impact your ability to pay a mortgage. Big life events dictate your readiness to buy now or to wait for a little more stability.

Potential signs that you should NOT be buying now:

Will you be moving within the next five years?

Will you be having kids soon?

Will you be making a job change?

Have you recently filed for bankruptcy or is your credit score below 630?

If you answered YES...

...to any of these questions, or you are experiencing other life-changing events like illness, marriage, divorce, or breakup, you may want to wait.

On the other hand, if you are willing to buy a home that needs a bit of work and, over time, you can afford to get it done, your home could appreciate faster, strengthening your financial position. If you are willing to take on a roommate or renter, you can also soften the expense of a mortgage, which almost always costs more than rent. Buying a home is a risk, and it's worth asking yourself hard questions about what you're willing to do to protect yourself from getting in over your head.

If you answered NO...

...the life-change questions, and have the down payment or equity from your current home, you still need to look at interest rates and at how buying affects your taxes. You can't time the stock market, but you can time interest rate hikes, as they are a little easier to predict. If they are going up fast, you can jump in before they rise too far; if they are already high, you will have to calculate how refinancing in the future affects your budget. What to do first? If you are anxious to get moving, be patient.

You have a few things to do first:

Go to open houses - get the lay of the land

Talk to a mortgage broker to get pre-approved, discuss your payment comfort level and purchasing ability.

Interview and select a Reputable Real Estate Firm and agent

Review credit report and scores with mortgage broker to determine if any repairs are needed

So take a moment to breathe in today's economic environment and realize it does not need to stress you out!   Proper advance planning with the Right real estate professional will make this whole experience exciting and easy!

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Could ‘Mark-to-Market’ Mortgages Save Las Vegas’ Home Market:

David Otto Attorney at Law — Mon, 02 Mar 2009 12:22:00 GMT

U.S. President Barack Obama’s $75 billion plan to help families avoid foreclosure should be bolder. While it is a meaningful rescue attempt that may help 9 million Americans, it could be doomed unless mortgage issuers have to write down principal to reflect current market values. The odious (to lenders) concept of a “mark-to-market” mortgage might be one way to put a floor on home-price declines.

Why not give those in or facing foreclosure a haircut on principal? About 20 percent would be fair, reflecting the national decrease in house prices. And, what about the diligent souls who have been paying their mortgages all along?   Lower mortgage rates reflecting the Federal Reserve’s cost of funds -- about 1 percent, plus 2 percentage points of profit for the lenders -- would be beneficial. That may boost new-home sales, re-sales and refinancing.   A strong new mortgage law could limit write downs before a foreclosure hits the overcrowded court system.

To avoid abuse, mark-to-market would be used only as a last resort; after all other options are exhausted. In its current form, though, the Obama mortgage bailout relies mostly on voluntary interest-rate modifications for relief through Fannie Mae and Freddie Mac, the government-seized mortgage companies. Designed to keep people in their homes; the plan calls for reducing rates so that monthly payments are eventually no more than 31 percent of household income.

The plan has shortfalls; if Congress sanctions mortgage write downs or “cram-downs” in bankruptcy court each judge may be allowed to forgive as much principal as deemed appropriate. Even if a homeowner avoids bankruptcy and heads straight to foreclosure, a bank that repossesses the home can lose 40 percent or more in fees, commissions and discounting when the lender finally resells it. Marking down 20 percent in principal would be a relative bargain.

That’s where a write down cap would come in. Index it to local real-estate prices. When there’s a recession, you are more likely to get a break. If you have positive equity, it’s unlikely you will write it down. Mandatory Counseling: combine the write down and bankruptcy provisions with mandatory counseling and screening. That might stem future defaults, which have been occurring in 57 percent of Fannie’s and Freddie’s loan modifications.

Everyone has a stake in a sensible solution to the crisis. If your neighbor’s home goes into foreclosure, it will depress your property value and often lead to an increase in crime. The whirlpool of defaults also contributes to lower consumer spending, constricted bank lending and even lower home prices, which dipped almost 19 percent in December. Hard times require bold systemic changes!

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How to Claim the $8,000 Home Buyer Tax Credit of 2009

David Otto Attorney at Law — Thu, 26 Feb 2009 11:17:00 GMT

Thanks to the American Recovery and Reinvestment Act of 2009, formerly known as the “stimulus bill,” first-time home buyers are eligible for a refundable tax credit of up to $8,000 this year. Here is what you need to know in order to claim the credit.

Who qualifies as a first-time homebuyer? A “first-time homebuyer” is anyone who has not owned a home in the past three years. This credit is intended for people who live in their own houses, not house flippers or speculators.

What is a refundable tax credit? When tax professionals and the IRS talk about “refundable tax credits,” they do not mean that you have to pay the credit back to the government. A refundable tax credit means that if you owe less tax than the amount of the tax credit, you will receive a refund—even if you have no other tax liability for 2008. That’s not a bad deal. In other words, if you owe $200 to the government before claiming the credit, and you qualify for $8,000 for the first-time home buyer credit, rather than paying the government, you will receive a check for $7,800. Even if you had no income in 2008, owed no tax, and purchased a qualifying house in 2009, the government will send you a check for $8,000.

What if I bought the house last year? If you purchased a house in 2008 and were a first-time buyer, you qualify for the older refundable tax credit with a maximum of $7,500. This does require that you pay the $7,500 tax credit back over the course of fifteen years, starting two years after the date of the purchase. This is still a good deal. As time goes on, thanks to inflation, you are paying back this “loan” with money that has smaller purchasing power.

To qualify for the new credit with the maximum of $8,000, you must be a first-time home buyer and the sale must take place between January 1, 2009 and November 30, 2009.

Do I qualify for the full $8,000? The actual credit you will receive is 10% of the purchase price of the home or $8,000, whichever amount is lower. If your modified adjusted gross income (MAGI) as a single taxpayer is over $75,000 or if your income as a married couple is over $150,000, your credit will be phased out. The credit will be eliminated if your income is above $95,000 (single) or $170,000 (married).

How do I claim the home buyer tax credit? You can claim this credit when filing either your 2008 or your 2009 income tax return. For example, if you believe that your income level in 2009 will be too high to qualify for the credit but you already know that your 2008 income is low enough to qualify for the full amount of the credit, you can claim the credit on your 2008 income tax return.

Complete IRS Form 5405 to determine the credit amount. Here is the official revised copy of Form 5405 [pdf] that takes the new $8,000 home buyer tax credit into account. Take the bottom line amount on Form 5405 and enter the number on line 69 of your Form 1040. Not all online tax preparation software has been updated to include instructions for this new credit.

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Windermere Services Nevada Announces a Major Breakthrough In Technology...

David Otto Attorney at Law — Tue, 24 Feb 2009 16:18:00 GMT

Mobile Agent - Mobile Search for Real Estate

Empowering and Connecting Buyers and Agents

The only mobile real estate search tool that allows you to...

Provide a higher level of service with property information on demand

Convert more leads to buyers by giving them a tool they will use

Keep your buyers calling you and NOT your competition

FINALLY A REAL ESTATE AGENT CAN BE IN TWO PLACES AT ONCE

The evolution in real estate information access is here with Mobile Agent, the industry's first consumer mobile search tool for real estate. Mobile Agent takes home searching to the next level. It allows the consumer to go mobile and puts the agent in their hand.

With the advent of the Internet, property information quickly became accessible to the masses through IDX and Broker Reciprocity. This same experience is now available through a cell phone. Home buyers can search any home on the market by sending a text message. The buyer can now drive neighborhoods and shop for homes from their car or while they stand in front of any home for sale. And the agent stays connected.

Buyers send a text message to Mobile Agent with an address, neighborhood, or street name. Within seconds, the search results are sent to the consumers cell phone along with the property details including address, price, beds, baths, photos and MORE.

Stay Connected and Convert More Leads

With Mobile Agent agents can:

Retain and convert more leads

Gain a competitive advantage

Assist buyers 24/7 any time, any where

Attract more buyers with mobile searching

Offer a higher level of service

IMPORTANT PLEASE READ!!!

ATTENTION: AGNETS THAT HAVE SIGNED UP FOR THIS SERVICE, WE ARE HAVING A SPECIAL MEETING LOCATED AT SUMMERLIN NORTH OFFICE AFTER THE SALES MEETING @ 11AM. WE WILL BE GOING OVER HOW TO ORDER YOUR SIGN RIDERS, BEST PRACTICES AND A SPECIAL WEB "N" R WITH THE CREATOR/DEVELOPER/ENGINEER OF THIS AMAZING TECHNOLOGY, MARK FORD!

Click Here to Sign Up Today

Currently in Las Vegas, Henderson & Boulder City
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Mortgage Stimulus

David Otto Attorney at Law — Mon, 23 Feb 2009 10:38:00 GMT

Are you entitled to a Homeowner Mortgage Stimulus? Can you get some of the Billions of Dollars being doled out to Banks and Businesses?  Should you take it if you can?

Check some details of the Obama Administration's Homeowner Affordability and Stability Plan to see if it will offer assistance to you. If you want to see pretty much all the information available publicly at this time follow this link to go to the White House Blog

Once there, click on the Executive Summary, Fact Sheet, Housing Example Sheet and the Q&A links for a great explanation and examples of who can benefit.

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