Robyn Yates
Robyn Yates
Broker/Owner, Leader
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FHA Loan Limits dropping effective October 1, 2011

Posted on June 19, 2011
Unless there is Congressional action FHA LOAN LIMITS will revert back to the loan limits determined under the Housing and Economic Recovery Act (HERA) for loans insured by FHA on or after Ocrober 1, 2011.  As a result FHA loan limits would likely decline in 669 of the 3,334 counties or county equivalents that are eligible for FHA insurance nationally.
 
Since 2009, the maximum FHA loan limit for Clak County has been $400,000.  If there are not actions taken by Congress, on October 1st the new maximum loan limit will DECLINE to $287,500.  To remain at a 3.5 perent down payment, the maximum sales pice would have to be $298,000.  Any higher sales price and the down payment will rise dollar for dollar to keep the maximum loan at $287,500.
 
This may seem like a small issue because Las Vegas area prices ae so low.  However, it is very challenging to get HUD to raise the FHA limits.  FHA loans are a huge part of our of our market. 
 
Anyone who would like an FHA loan should act quickly in the event this decreas in loan limits takes affect.

New Nevada Laws passed to help homeownrs.

Posted on June 12, 2011
 
FORECLOSURES AND SHORTSALES

SB414 - With the Governor for signature

Makes it a misdemeanor for a bank to unreasonably delay responding to a short sale offer. It spells out the acceptance or rejection of an offer should be received within 90 days. It also prohibits a bank from getting a deficiency judgment if they agreed to a short sale (under certain circumstances). 

AB273 -  With the Governor for signature

Prevents the bank from "double-dipping" and going after the borrower for the full amount of the deficiency when they have received compensation from other sources. It will cap the amount a third party can be awarded if they bought the right to the deficiency for pennies on the dollar. It will reduce the amount of time a junior lien holder has to file for a deficiency form the current six years to six months, to be in line with primary lien holdersï timeframes. 

SB136  -  Expected to be delivered to the Governor shortly.

Changes the maximum length of time a state-chartered bank may hold real property that they acquired through foreclosure from 10 years to 5 years. Also removes the requirement that a bank annually charge off a certain percentage of the value of such real property. 

REAL ESTATE SERVICES TAX

AB569 - Did not pass

Would have required Real Estate commissions be taxed at 1%. The tax would have been paid by the consumer based on the purchase price of the services and would have taken effect on January 1, 2012. 

ENERGY AUDIT FORM OR WAIVER

AB432 - With the Governor for signature

This bill requires Energy auditors to be licensed by the Real Estate Division. Most importantly this bill repeals the section of NRS that mandates the seller to provide an evaluation of energy consumption of that property. Effective July 1, 2011. 

CELL PHONE USE WHILE DRIVING

SB140  -  With the Governor for signature

Prohibits the use of a cellular telephone or other handheld wireless communications device while operating a motor vehicle in certain circumstances.  Prohibits the use of cell phone without a hands-free device while driving. Prohibits typing/reading data texting, e-mail, IM, web browsing, etc. Violation is a misdemeanor with fines increasing with each offense and possible license suspension. July 1, 2011 - December 31, 2011, violators will receive a warning. Beginning January 1, 2012 violators will receive a citation.  

PROPERTY MANAGEMENT ISSUES

AB360 - Should be delivered to the Governor for signature shortly.

Mandates that local governments pass an ordinance to afford property owners at least 30 days to fix a nuisance or dangerous/noxious situation that was caused by the criminal activity or someone other than the owner, as long as the situation is not an immediate danger to public health, safety or welfare.  

AB226 - Is law and goes into effect October 1, 2011.

Adds functioning door lock as part of the definition of essential items and services. It also requires a notification to the tenant that a lockout will happen within 24 hours of the sheriff receiving the order from the court. 

PRIVATE TRANSFER FEES

AB271 - Law effective May 20, 2011

Regulates private transfer fee obligations that affect real property. A Private Transfer Fee is attached to a property as a covenant that requires the payment (typically 1 - 2% of the purchase price) to a private entity every time the property changes hands up to 99 years. 

ASSET MANAGEMENT COMPANIES

SB314 - With the Governor for signature

Requires the registration, permitting, and regulation of asset management companies and their employees and agents through the Real Estate Division. In addition there is also a provision that removes the ability for the purchaser to waive the SRPD, and spells out that a seller may not require a purchaser to waive the SRPD. It also adds that is an asset manager knows of any defects in the property, he must give written notice of the defect to the purchaser 

For more information: https://nelis.leg.state.nv.us/76th2011

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For more information: https://nelis.leg.state.nv.us/76th2011

Windermere Real Estate wins prestigious 2011 Best Places to Work award

Posted on May 27, 2011
 

Foreclosures, short sales, REOs and every other real, or imagined, distressed properties are painting a bleak picture of the real estate industry. It’s hard to avoid getting a little “bad attitude” fallout on your shoes, even while going the extra mile for any worthwhile cause. One thing you’d certainly never expect would be a real estate company nominated as one of the “Best Places to Work” in Las Vegas. But, THAT is exactly what happened to Windermere Real Estate… only better because Windermere WON the Award!

Vegas Inc. magazine is the presenter of the Best Places to Work. This annual award was conceived in order to identify Southern Nevada’s best workplaces. Vegas Inc readers were asked to nominate local companies. During the nomination period a website was utilized (www.lasvegasbestplacestowork.com) to facilitate nominations. More than 75 companies and organizations were nominated. Employees from those entities were canvassed on multiple facets of their employer. Using analytical tools the companies were ranked and the winners announced on May 24, 2011 at the Silverton Hotel & Casino.

Robyn Yates, Broker & Co-Owner of Windermere Services Nevada, showed the kind of enthusiasm that would certainly helped make Windermere worthy of their 2011 Best Places to Work award. “We’re thrilled to be honored as one of the Best Places to Work in Southern Nevada,” Yates explained, “it is extremely satisfying to know that your people really love working for their company! There is so much negativity about the real estate market in general but we try hard to leave the negatives at the door and do our work in a professional, positive, caring and fun-filled environment. Being voted Best Place to Work lets us know that we’re doing things right for everyone who works so hard at their job. It is a validation that tells us that what we do does not go unnoticed or unappreciated. It is a wonderful feeling.”

Di Redman, Owner of Windermere Anthem Hills commented;” Being a Best Places to Work award winner makes us all very proud.” Dennis Yates, Co-Owner of Windermere Services added;” When great people work together, for the common good, at a great company, exceptional things can be accomplished.” Mr.& Mrs. Yates know a little about exceptional accomplishments. Since opening the Windermere doors in Nevada in 2004, some 150 experienced real estate agents have joined the Windermere Family. “I think the #1 reason why we’ve attracted the caliber of agent that we have is that we’re not for everyone,” Robyn explained. “Our agents are market-tested-tough. They can handle the difficulties that often arise in a real estate sale or purchase and they do it with a high level of professionalism, compassion and empathy.” “Windermere also offers a full technology platform designed to help agents handle complex transactions from anywhere in the world. Our agents aren’t stuck in the office; they can work productively from anywhere. It also helps that the company is completely paperless.”

As if the full-time rigors of conducting real estate weren’t’ enough, in Las Vegas, last year Windermere Real Estate distributed $25,000 to fight homelessness. Enough said, at the end of the day, Windermere fully deserves the 2011 Best Places to Work.

  

X Factor Tryouts!

Posted on May 12, 2011
It has been almost a week since I participated in the X Factor tryouts here in Las Vegas.  For those of you who don't know, the "X" Factor is Simon Cowell's new Realty Show which airs this fall.  The premise of the program is similar to American Idol.  My understanding of the two main differences are:  1)  Their is not an upper age limit and 2)  Individual singers as well as group singers are invited to audition.
 
I studied voice at Oklahoma State University and University of Montana as well as piano.  I grew up in a family that loves music and is very talented.  My Father plays guitar and piano by ear.  He can't read a lick of music but can play and sing beautifully.  Over the years he has played in country bands and entertained at family events.  My sister is also an extremely talented singer.  I have performed over the years in choirs, churches, weddings, funerals, events, musical plays, fashion shows, talent contests and of course karaoke. 
 
My husband talked me into auditioning....well it really wasn't that hard to "talk me into it."  Green Valley Ranch Stations Casino and Channel Five hosted the pre-event tryouts at the Green Valley Ranch Casino conference center Friday, May 6th.  The format was as follows:  
 
*  The first 250 qualified individuals and groups would be eligible to audition.
*  The sponsors (Green Valley Ranch Stations Casino and Channel 5) would send the top three acts to Dallas, Texas May 26th to audition in front of Simon Cowell and the other judges.
*  The lucky winners receive a front of the line pass in Dallas.  In other words the lucky winners do not have to wait in the stadium for hours and days with other hopefuls.
*  The participants could get in line at 5:00 a.m. on Friday morning...but not before.  Camping out was not allowed.
 
I arrived at the line at 5:10 a.m.  Wow!  I was absolutely blown away.  I started walking down the line to find the end and it seemed to go on and on!  I got in line and began my wait.  Fortunately, my husband was kind enough to bring me a cup of coffee around 5:30 a.m.  Keep in mind, I had to get up about 3:30 a.m. to prepare for my audition.  This included getting "decked out" in my audition outfit, makeup and hair style. 
 
Registration began about 7:45 a.m.  I was registered at 8:45 a.m.and ready to wait for my audition.  By the way...I was number 216!  Remember, only 250 qualified auditions would be allowed.  I was in line at 5:10 a.m. and barely made the cut to audition.
 
We were all asked to wait in banquet rooms until our time to audition.  Five numbers were called at a time to stand outside the audition room.  While I waited in the holding rooms, I watched and listened to some very talented singers and groups!  What an experience listening to singers vocalizing, practicing their songs and performing for the waiting singers.  It was loud and the energy was through the roof.
 
I had decided to sing Faith Hill's - "It Matters to Me."  I like the song because I can sing it easily a cappella (without  accompaniment.).  I had practiced for a couple of weeks before the event and really felt I was ready! 
 
By the time I was called to audition it was nearly 2:00 p.m.   I was really nervous!  Sitting around waiting to audition is a stressful situation.  We were each given the following instructions:  1)  We would have 2 minutes from the second we walked into the audition room to when we walked out.  The most amount of singing you could do would be 90 seconds.  2)  We were instructed to Give our name, our audition number, song we were going to sing and our age!  Yeah...that's right...our age.  I was not happy about that part.
 
I walked into a huge Red X FACTOR wall that was light brightly with professional lights.  There were two or three cameras and a table of six judges.  The judges included a producer from X Factor, a former contestant from American Idol and the balance was local credentialed judges.  Very intimidating.  I said my list of required statements, and started singing....   wow!  I felt I did well and the judges told me I did a great job.  So, I waited for my call back....
 
Friday evening the final 20 were to be called back for an additional audition Saturday morning at 10:00 a.m. at Channel 5.  I waited...finally at about 9:00 p.m. I received a call from a long distant phone number that I didn't recognize.  I was actually in the movie but I picked it up because it might be the call!  It was my long time friend Lisa Hungate who had moved to New Orleans.  She was checking in to see how it went! 
 
During the entire time I was in line and waiting to audition, I kept all of my fiends up to speed via Facebook and texting.   What I had hoped to get out of my experience auditioning for X Factor was an opportunity to go to the auditions in Dallas with a front of the line pass.  What I actually got out of the experience was amazing interest and support from my friends, clients and fellow Real Estate agents.  What a blast!  My recommendation to each of you is to go for it!  Nothing Ventured, nothing gained!
 
 

Nine Options When Facing Foreclosure

Posted on April 6, 2011
You may be facing foreclosure, so what are your options? Try to look at the situation more from a financial standpoint rather than an emotional standpoint. This way you can more successfully analyze which option might best suit your needs and desires to move you toward resolving your financial difficulty. One very important thing to remember:

Time is of the essence! It is time to think through your situation and make a
decision. Then take action right away so you have enough time to complete the solution you choose.

Nine options when facing Foreclosure

1.Do Nothing If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Credit reports disclose this damaging information. Loan applications generally ask if the applicant has even been foreclosed upon.

2.Payoff/Refinance Completely paying off the entire loan amount plus any default amount and fees.  Usually this is accomplished through a refinance of the debt. New debt is normally at a higher interest rate and there may be a prepayment penalty. With this option, there should be equity in the home.

3. Reinstatement Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4 Loan Modification Utilizing the existing mortgage company to refinance the debt or extend or modify the terms of the loan. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5.Forbearance/Mediation The lender may be able to arrange a repayment plan based on the homeowner�s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6.Partial Claim A loan from the lender for a 2nd loan to include back payments, costs and fees.
 
7.Deed in Lieu of Foreclosure  Give the property back to the bank instead of the bank foreclosing.  Banks generally require the home be well maintained, all mortgage payments and taxes must be current. Banks must approve this option. Most loan applications ask if this has ever happened.

8.Bankruptcy This option can liquidate debt and/or allow more time. Speak with a qualified Bankruptcy attorney.

Chapter 7: (Liquidation) To completely settle personal debt.

Chapter 13: (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-years.

Chapter 11: (Business Re-Organization) A business debt solution.
 
 
9.Sale If the property has equity (money left over after all the loans and monetary encumbrances arepaid), the homeowner may sell the home without lender approval through a conventional home sale.
 
 
10.
Short Sale Also known as a pre-foreclosure sale, a short sale can be negotiated with your lender bya Real Estate Professional if what is owed is more than the properties value. The lender can agree to accept less than what is owed on the property as pay-off of the loan obligation.

Short Sales and REOS Continue to dominate Las Vegas Real Estate Market

Posted on December 27, 2010
 
 
Significant Changes are occurring in the Las Vegas Real Estate Market.  Short Sale Listings in the Greater Las Vegas Association of Realtors Multiple Listing System passed the 50% mark for the first time.  This occurred in November, 2010.
 
In November there were 951 Bank Foreclosures, less than half of the 2,195 we saw in October, in fact, less than the half of the 1,900 average for the first ten months of this year.  The reason is the "robo-signing" scandal which broke in September and October.
 
It is anticipated that bank foreclosures will not snap back to the previous normal level of 1,900 because banks are finally realizing that they are better off pursuing short sales than they are pursuing foreclosures.
 
The International Credit Rating group, Fitch Ratings, indicates; "Loss severalty's are expected to increase between 5% and 10% on residential mortgage-backed securities in 2010 as loss mitigation costs and foreclosure expenses go up."  This is a national trend, and is part of the solution to our current housing crisis. 
 
November, 2010 sales in the Las Vegas Market:
 

Short Sales                              824                           $125,000 Average Sales Price

Auction Sales                          308                           $ 91,000 Average Sales Price
 
REO Sales                            1,597                           $111,000 Average Sales Price
 
Non-Distressed                   1,187                           $119,900 Average Sales Price
 
  • Short Sales - A short sale is when the investor who hold the note agrees to take less than is owed.
  • Auction Sale - A sale on the courthouse steps (in Las Vegas this occurs at the Nevada Legal News).  The lender who holds the note sells the property for cash to a willing buyer.  Property is purchased "as is" with no warranties.
  • REO Sales - REO stands for "Real Estate Owned" and is a sale in which a lender who holds the note on the property has foreclosed on the property and listed it with a Real Estate Broker to sell the property.
  • Non-Distressed - This is a typical seller who is not selling their property as a short sale.
 
Note from the chart above that Short Sales have the highest average sales price when compared to all other sales.
 
It is likely we have at least another two years of distressed property sales coming in the Las Vegas market.  Currently 16% of homeowners are more than 60 days delinquent on their mortgage payment and 75% are underwater.  Prices are likely to remain suppressed for the foreseeable future.
 
With so many homes underwater and so many homeowners delinquent, why aren't banks foreclosing more quickly.  Banks seem reluctant to foreclose on homes expeditiously, and many people are still living in their homes months even a year or more after they stopped making their payments.  Banks sense the very precarious nature of the housing crisis.  They realize that aggressively proceeding with foreclosing as their first remedy would be self defeating, driving prices down both lower and faster.  That is the reasoning underlying the short sale.  Leave the homeowner in the home, let him maintain the home, and help him out of his underwater condition.
 
With that in mind, why wouldn't the bank "short sale" the home to the homeowner who is living in the property?  If anyone has the answer to this let me know!
 
 Thank you to James Fifield, Old Republic Title Company of Nevada for his fast facts!

More Blog Entries
Ten Tips to Mental Toughness! - Posted on December 7, 2010
Take a Minute for Michael's Monday Minute! - Posted on November 22, 2010
FORECLOSURE MORATORIUM OPINION FROM DISTRESSED PROPERTY CONSULTANTS - Posted on October 18, 2010
Windermere Real Estate to Donate $25,000 to Hopelink - Posted on June 3, 2010
FORECLOSURE VS SHORT SALES - Posted on April 2, 2010
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) - Posted on February 24, 2010
Short Sale approvals by banks increase dramatically while foreclosures slide - Posted on February 10, 2010
Take Back your Power! - Posted on November 26, 2009
SHORT SALES - WHAT EVERYONE NEEDS TO KNOW - Posted on August 30, 2009
A Special Message From Robyn Yates - Posted on June 17, 2009
Las Vegas - Obama Signs Measures to Help with Troubled Mortgages - Posted on May 27, 2009
Hey Las Vegas & Henderson Residents… Installing energy-saving technologies is a great way to save money! - Posted on February 10, 2009
Las Vegas Existing-Home Sales Show Strong Gains In December - Posted on January 28, 2009
Short Sale Myths and Facts - Posted on April 20, 2008
 
Windermere Prestige Properties | 2200 Paseo Verde Pkwy., Suite #160, Henderson, NV 89052 | 702-432-4600 | Email: ryates@windermere.com
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