The Plaza Brand might be coming to Las Vegas very soon. Elad Properties which purchased the New York Plaze Hotel in 2004 is planning on building Plaza Hotels around the world, including in London, Shanghai and Las Vegas. It appears that the first Plaza Hotel that will be built outside of New York will be in Las Vegas.

The Las Vegas Plaza Hotel will be built on the site of where the Frontier Hotel and Casino used to sit before it was imploded on November 13th, 2007. The Frontier Hotel and Casino used to sit across the street from the Wynn Hotel and Casino.

The Las Vegas Plaza Hotel is expected to have over 3,000 hotel rooms and is projected to have a price tag of over $4 Billion.

Currently a trial is under way between Tamares Group, the owners of the Plaza Hotel and Casino, a 37-year-old hotel in downtown Las Vegas, sued Elad, alleging trademark infringement.

Elad Properties has a few hurdles to overcome in order to build the first Plaza Hotel brand in Las Vegas!

As home prices continue to decline in certain markets, home owners with adjusting interest rates face the obstacle of not being able to refinance due to their mortgage balance exceeding the value of their property.

The FHA Short Refinance program may be able to help if you are in this scenario.

There are a few options available when considering a FHA Short Refinance:

1.  Short Refinance - Also phrases as a Mortgage Write Down, the short refinance is the process of negotiating with your current mortgage lender to allow them to accept a payoff less than you currently owe.  Since banks are not excited about acquiring new property, they may be willing to look at this option knowing that they would have to sell the property for less if they were to proceed with a foreclosure.

2.  FHA Secure Refinance - In the case that you have a first and second mortgage, the FHA Secure Refinance would allow for the second lien to be subordinated while the first mortgage was refinanced at a lower loan amount.

3.  FHA Secure Short Refinance - Through a process of negotiating with your current lender, there is a possibility that a deal could be put together where they would write off a portion of the outstanding mortgage balance and arrange for the remaining unsecured debt to paid with new terms and rates.  This would help the bank in the fact that they are not at a complete loss on the total amount owed.

With any of the above options, it is important that you seek the help of an experience professional who knows how to work with lenders for a win win scenario.

Written by Mark Madsen, a Las Vegas Loan Officer.

If you are like most Las Vegas real estate agents in today’s marketplace, you are likely seeing your listings sit on the market longer. So, what are able to proactively do about your increased inventory?

1. Educate your sellers on the conditions of the market. It is up to you to help them understand market dynamics so that you can price their home aggressively. This will not only keep their price consistent and competitive with other homes on the market, but will also eliminate frustration and anger on their part when their home doesn’t sell.
2. With tip number one in mind, stay empathetic and understanding to your client’s concerns, worries and fears, and instead of arguing with them on who’s right and who’s wrong (which can be a losing battle with a stubborn client), show them market information so you can work together to re-evaluate their situation and make the right moves to get their home sold.
3. Use open houses to personally invite the neighbors and to do a neighborhood tour. Word of mouth is a powerful tool, and if you show the neighbors your client’s listing, you could very well achieve a word-of-mouth recommendation that will get your client’s home sold.
4. Stage your client’s home and make sure it sparkles. Clean, clean, clean should be your mantra. Also concentrate on arranging furniture to show off the home’s features and amenities, and encourage your clients to clear out clutter and give the home a good, deep cleaning. A clean, welcoming home will always sell faster than a dirty, disorganized or cluttered one.
5. Remember to change your attitude towards the market. If you remain positive and look for creative ways to sell your homes, then the buyers will find you! Remember that there are still buyers out there, and it is up to you to find them! Never stop looking for opportunities!

Author Bio:

VIP Realty specializes in Dallas real estate, with office that also service the San Antonio real estate and Highland Park real estate

Last week there was some very HUGE news in the mortgage industry with the U.S. Government bailing out both Fannie Mae & Freddie Mac as they were facing financial issues in today’s hurting mortgage industry.

Short Term - This was a must for the mortgage industry. If the government wouldn’t have stepped in and bailed out these two giants, what could have happened otherwise would have been catastrophic. High fives should be going around the house with this news. This is going to give our conforming industry back the stability it needs to continue funding loans and driving in new business. I wouldn’t be surprised if we see a drop in interest rates down to the 5.500% range and rally back and forth for some time because of this huge take over.

Folks, please also note that this is not the end of the mortgage crisis. All this is really going to do is allow us to still continue to move forward with the same crisis we were already facing in our mortgage and economic economy. Why is this good news then? Because if what could have happened if the government would not have bailed these giants out would of destroyed or us. Imagine for just a bit if the conforming lending had just the same if not worse restrictions on it as the jumbo loans do now. This could have and would of shut us down and caused worldwide effects.

So Short term, this is great news because we can continue to move forward. What we have to keep our eye on is the long term effects. There are still major companies in economic shambles and the government can’t help them all out. What will happen to these companies, and how will that continue to affect our economy?

Regards,

Fred D. Williams, Jr.
Mortgage Advisor
Mid Valley Financial Service
(559) 256-3645

If your a homeowner that purchased a home a few years ago using the 100% purchase financing, because of the fall in home values you’re probably one of the many that fall into the issue of being whats called “Over Encumbered”. This basically means that you owe more on your house than what it is worth.

Now with the credit crunch and the lenders tightening up a lot of their guidelines, this may have you in a position where you are not able to refinance so your stuck with only few options:

Sell/Short Sale
Foreclosure

You need to know that the government has been working to put organizations in place to proctect you and with the passing of HR 3221 you will likely see more. Here are just a few organizations that perhaps you should look into if you are having trouble making ends meet on your mortgage and you fear that you may lose your piece of California:

1. HUD HELP FOR HOMEOWNERS FACING LOSS OF THEIR HOME
2. HOPE NOW ALLIANCE
3. HUD-APPROVED FORECLOSURE PREVENTION HOUSING COUNSELORS
4. HUD’s “TIP’S FOR AVOIDING FORCLOSURE”
5. UNDERSTANDING FORECLOSURE PREVENTION OPTIONS
6. DEBTADVICE.ORG
7. RELIEF OPTIONS FOR FHA LOANS

I hope that the information will guide you towards security giving you and your family the information that you deserve to know.

Regards,

Fred D. Williams, Jr.
Mortgage Advisor
Mid Valley Financial Services
(559)256-3645
fredjr@mvfs.com

Are you currently in the process of looking to purchase a home for the 1st time? Do you have clients that may be struggling to come up with the down payment to purchase a home? If so, you need to be aware of one of the many benefits that will take effect due to the H.R. 3221 Bill that was singed by President Bush on July 30, 2008.

Within the H.R. 3221 Bill there is a provision that allows first time home buyers to have up to $7,500 as a tax credit for purchasing a house. The max is $7,500 or 10% of the purchase price, which ever is less. So as long as you have a purchase price over $75,000 your tax credit will be $7,500. This $7,500 tax credit is looked at as a loan and will need to be paid back over a period of 5 years. The exciting part is it is less than $42 a day and it is interest free money.

There are income restrictions on this money if you are single or married. If you are single you will not qualify for the full $7,500 if you make more than $75,000 a year. If you are married your combined income can not exceed $150,000. If for any reason your income does exceed these amounts when filed, your tax credit will be reduced from the full possible amount of $7,500.

You will need to pay your tax credit back in full if you decide to rent out the property while you still owe on your tax credit. They only way to get out of not paying this money back is if your number expires and you were to pass way.

Take advantage of your tax credit today by getting a loan from a family member! If you can’t wait until tax time to get your tax credit Perhaps a family member would be willing to gift you a down payment for your purchase today (with possible interest) and pay them back in full once the tax credit is recieved at tax time. If this is a plan that they decide to go with, please make sure to talk to a CPA who has possibly filed there taxes in the past. If they are an individual that usually has to pay on there taxes, they better be prepared to not get the entire $7,500 tax credit or what ever is due to them (Uncle Sam gets his slice of the cake before anyone). So if you were to file your taxes in 08′ and it turns out that you owe $1,500 and you were also expecting a tax credit  of $7,500. Your amount due to you will drop to $6,000. 

So if you are going to borrow from a family member with the anticipation to pay back at tax time, be sure that you know where you stand with your CPA.

I hope that this has shed some light on the new tax credit that is coming our way from the H.R. 3221 bill. 

Regards,

Fred D. Williams, Jr
Mortgage Advisor
Mid Valley Financial Services

Las Vegas Home prices have dropped throughout 2008 and the trend could continue through the fall and winter.  As more and more foreclosures hit the market, banks will continue to offer these homes at prices below market value in an effort to get them off of their books.  So with that in mind, you have to determine if it’s the right time for you to sell your Las Vegas Home.

If you determine the time is right to sell because of divorce, loss of job, job relocation or any other reason, it’s important to understand the Las Vegas Real Estate Market.  Unless you purchased your home before 2003 or put a substantial amount down, it’s unlikely your home has any equity and is most likely worth less than you owe.  This means, you have two options:

1. You can pay the difference that you owe at close of escrow
2. You can attempt to sell your home as a short sale

You have the option of selling your home and paying the difference at close of escrow but that amount could be substantial!  Not only do you have to factor in the difference between the offer amount and what you owe but also have to include real estate commissions, closing costs and taxes.

Selling your home as a short sale is not guaranteed!  A short sale is when your lender agrees to accept an offer for the purchase of your home at a price less than what is currently owed.  A short sale usually requires some type of hardship like divorce, loss of job or job transfer.  A short sale package has to be completed and submitted to your lender for approval and this can take anywhere from 3 weeks to 16 weeks!  Having an experienced Las Vegas Real Estate Agent that specializes in Las Vegas Short Sales is a must if you decide to sell your home as a short sale.

If you can afford to hold off on selling your Las Vegas Home in this market, I highly recommend it!  The Las Vegas Rental Market is doing very well and you have a greater chance of renting your home than selling.  Having an experienced Las Vegas Property Management firm representing you is important.  With so many homeowners losing their home to foreclosure, they are being forced into the rental market.  Completing a credit check is very important to determine the potential credit risk of your tenants.

Obviously your situation will play a key decision on whether you can afford to rent your Las Vegas Home instead of selling it in this real estate market.  Feel free to contact us at 702.376.0088 to discuss your situation or visit us on our website at www.SenaSellsVegas.com.

Are you having a hard time making your payments on your Las Vegas Home because your interest rate adjusted causing your payment to increase hundreds of dollars a month?  You’re not alone as many Las Vegas Homeowners are facing the same dilemma.  Instead of letting your home foreclose you have a few options.

1. Contact your lender and see if you can adjust your payment
2. Refinance - New FHA Guidelines allow you to refinance your house up to 90% LTV (loan-to-value) on current market value
3. Short Sale

You can contact your lender to see if they will lower you payment but the chances of them lowering it any substantial amount is slim.  From what I have heard from my clients, they usually will lower the payment by $100 to $200 a month.

FHA has just updated their guidelines which will take effect on October 1st, 2008.  So if you are interested in this refinance option, you will have to wait till October 1st!

Your best option might be attempting to sell your Las Vegas Home as a short sale.  A Short Sale is a special transaction that allows you to sell your home - even when your mortgage debt is higher then the value of your home.  Lenders are motivated to approve short payoffs if it makes sense.  The foreclosure process for a lender is very costly, takes a long time, and exposes the property to vandalism, deterioration, and declining market values.

If you have never been late on your payments and have a true financial hardship or compelling reason to sell your home (relocation, loss of job, hospitalization, divorce) the bank will still consider a short sale of your property. YOU DO NOT HAVE TO BE LATE ON YOUR PAYMENTS TO SELL YOUR HOME AS A SHORT SALE!

We will need to present to the bank a short sale package. Most banks request the same documentation, yet there are some that may require their own forms filled out and different actions. We will provide you with a package to fill out complete with a check list of documents needed.

Typically short sales can take anywhere from 45 business days to 120 days to complete from the time the offer is received. Contrary to popular belief, short sales are any thing but short in time. The true name is a short payoff when the lender is taking less than the full balance of the loan.

If you are interested in selling your home as a short sale or have questions about the short sale process, feel free to contact us any time @ 702.376.0088 or visit us on our Las Vegas Short Sale website!

Finding a qualified real estate agent to assist you with the sale of your Las Vegas home should be your first order of business when selling your home.

You may want to ask friends, family or neighbors for referrals, or take note of the lawn signs and ads in your neighborhood. Interview several real estate agents and come to the table with a list of questions, such as:

How many homes have you sold in the past year?

Find out what type of properties the agent has sold, as well as the location of those properties. This should give you a good idea regarding his or her experience and knowledge of the local market conditions.

What is your commission and is it negotiable?

Real estate commissions are not fixed, either by law or by local real estate associations. Your agent may charge a percentage of the final sale price of the property, a flat fee or an hourly fee.

How will you market my home?

Ask the Las Vegas agent how he or she plans to get the word out about your home. This may include using the MLS, newspaper ads, open houses or other promotions.

Can you provide a list of references?

Get the names and phone numbers of clients whose homes the agent has recently sold. Ask them if they were satisfied with their agent and how well the agent communicated with them.

Get it in Writing

Once you have made your decision and chosen an agent, he or she will ask you to sign a listing contract or agreement. Make sure to carefully read this agreement and ask questions about anything you don’t understand. Also make sure that everything you discussed is clearly outlined in the contract.

Review the termination clause, the agent’s commission rate, the terms of the sale and the asking price before signing the contract.

Author Bio:

Richard is a Dallas real estate broker, with offices that specialize in the Fort Worth real estate & San Antonio real estate markets.

The St. Regis Residences, a planned 632 foot tower at the Venetian Palazzo will have 398 residences and willl be situated between The Venetian and Palazzo on the famous Las Vegas Strip.  The $600 million condominium project is expected to be completed in 2010.  According to the Las Vegas Review Journal, “Residences will range from 1,700 square feet to more than 10,000 square feet for a duplex villa with private pool. Total sales for all units could reach as much as $2 billion.”

I will be following this project and will keep this blog updated with the progress of The St. Regis Residence.