Experts Say Now Is The Time To Buy

Many investment experts advise it's time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say. How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number. One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys. Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no. "You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."

Source: Forbes (08/03/2009)

*With homes at their lowest price in years in Las Vegas, now is definitely the time to buy and I can help! www.jennenesvegasrealestate.com

email: jennenes.vegasrealestate@yahoo.com

Warning! Fraudulant Property Tax Reduction Service

I am in the business of buying and selling real estate and I am also a homeowner in Las Vegas, Nevada. Therefore I have an interest in and a concern for, keeping myself and others informed about information relating to real estate. So, I wanted to post on my blog some important information regarding the surfacing of some recent fraudulant activity, relating to property taxes for homeowners.


I recently received a document in the mail that immediately became a red flag for me. I did some research and found out that it was a scam. Later I also received a notice from the GLVAR stating that it was confirmed by the Nevada Attorney General's office that it was indeed a FRAUD. It is important to me that I share this information in an effort to forewarn others not only within the Clark County region, but with everyone everywhere. Apparently these types of letters are surfacing in other states across the country too. Therefore, the following is more detailed information regarding the letter that I received and that was confirmed to be a FRAUD SERVICE:

The document states it is a: 2009 Property Tax Reduction Form -It states it was sent from: PROPERTY TAX REVIEW BOARD - Not a Government Agency - REGIONAL PROCESSING CENTER - PO BOX 98258 LAS VEGAS, NV 89193-8258 - (800) 581-0628

The form states in bold boxed letters "Notice for Clark County Property Owners" and it is designed to appear legitimite and to create a sense of urgency. There is an "estimated savings" box in the top right hand corner of the form, along with a due date. The service claims to be able to reduce your Annual Property Tax bill by a huge savings. An upfront fee of $189.00 is required and stated on the form. There is a frequently asked questions section on the back of the letter. There is also a deadline date and return envelope included for the fee.

Again, the Nevada Attorney General's Office states that this service is a FRAUD and has surfaced in numerous states. So please warn your family, friends, colleagues and clients about this document form.

House Extends High Limits for Federal Loans

Here is some good news worth sharing for prospecitive home buyers and families facing foreclosure:

The House Appropriations Committee approved an extension of the $729,750 loan limits for Fannie Mae, Freddie Mac, and Federal Housing Administration financing in high-cost areas through September 2010. Without this extension, the loan limits revert at the end of the year to $417,000 in the highest-cost areas. The spending bill also would extend FHA’s Home Equity Conversion Mortgage reverse mortgage program for seniors. And it provides $70 million to continue pre-purchase counseling for prospective home buyers and counseling for families facing foreclosure.

Source: Inman News (07/21/2009)© Copyright 2009 Information Inc.

New Federal Law For Tenants in Foreclosed Properties

There are a lot of people who are renting homes that are in the process of being foreclosed. Therefore, I am posting some helpful information for tenants who are occupying foreclosed properties. A new federal law protects the rights of tenants in this situation. Please click on the link below for detailed and helpful information on the new law. It is in pdf format and can be easily read and saved.

Tenants in Foreclosed Properties Will Benefit from New Federal Law

http://www.tenantstogether.org/downloads/S.896RenterProtections.pdf

Home Warranties for Buyers and Sellers

Recently, I read an informative article on Home Warranties so I wanted to share it with others here on my blog.

Home Warranties for Buyers and Sellers
The seller or the buyer can purchase a home warranty. This is usually paid for at closing time. Home warranties cover repair or replacement for appliances or other things associated with the home. Each warranty is specific to the home it covers. If you're looking at new home construction, most builders are required to provide at minimum a one year builder's warranty. This is in case of problems that can be encountered after closing. That warranty, however, is different than a warranty for an already existing home. Listed below are details regarding warranties for pre-existing homes.

Differences in Hazard Insurance and Home Warranty
A hazard insurance policy is different than a home warranty. A hazard insurance policy will replace items that are damaged by fire, wind, flood, or other covered events. Discuss with your insurance provider what specific events are covered, as these vary greatly by area. A home warranty will replace items that fail on their own, such as appliances.

Coverage
There are several kinds of "standard" home warranties. Some include coverage for appliances, plumbing, and heating and cooling units, while others cover the roof, etc. Study each policy carefully to understand their definition of standard coverage, as well as to understand what items are not covered. Some items can be purchased for an additional fee. Also keep in mind that coverage might differ for buyers and sellers. A real estate agent should be able to give you information about different providers, but if not, you can search the internet, ask friends or check your local listings.

Duration of Coverage
Again, the "standard" warrant is effective for one year from the date of coverage, and often includes an option to renew. However, renewing usually costs more than the original fee paid for coverage.

Cost of Coverage
Cost will vary depending on what standards are included and the area of the new home. Average coverage could start at $350, but contact a provider for a more definite price. Try to compare coverage from several providers, prices, and what "standard" coverage actually includes.

Seller Benefits
If you choose to provide a warranty with the home you're selling, it instantly makes your home more attractive to a potential buyer. Also, although a buyer shouldn't contact you if something goes wrong after closing, they still might do so. If you have a home warranty, it will offer some peace of mind both to you and the buyer. Also, if the included appliances and other items are a little older, the buyer might not be as concerned about replacement. If you think a home warranty might help your home sale, consider several companies before choosing one.

Buyer Benefits
There are no specific rules stating who pays for a home warranty, buyer or seller. The seller might offer one as a tool to market their home, but a buyer can purchase one or ask the seller to do so, if there isn't one offered. As a buyer, you might consider that coming up with funds for purchasing and closing a home can leave you without a lot of extra cash. If you think there's a possibility an appliance will need to be replace within your first year, it's definitely worth considering a home warranty.

Policy Offerings
Remember to ask certain questions when inquiring about a package. Find out which items are included under standard coverage. Ask which items can be added on as needed. Question how much you'll be required to pay for the policy, additional add-ons, and inquire about the co-payment- most insurance's will cover the entire cost of the repair, after you've made the co-payment. Also, if possible, talk to other clients or customers to find out what kind of quality and resolution you can expect from a particular company. Good luck in your choice!

Source: www.yourmayflower.com/resources

Tips to Save Energy Today

Easy low-cost and no-cost ways to save energy.

• Install a programmable thermostat
to keep your house comfortably
warm in the winter and comfortably
cool in the summer.

• Use compact fluorescent light bulbs
with the ENERGY STAR® label.
• Air dry dishes instead of using your
dishwasher’s drying cycle.

• Turn off your computer and monitor
when not in use.

• Plug home electronics, such as TVs
and DVD players, into power strips;
turn the power strips off when the
equipment is not in use (TVs and
DVDs in standby mode still use
several watts of power).

• Lower the thermostat on your
hot water heater to 120°F.

• Take short showers instead of
baths.

• Wash only full loads of dishes and
clothes.

• Drive sensibly. Aggressive driving
(speeding, rapid acceleration and
braking) wastes gasoline.

• Look for the ENERGY STAR label
on home appliances and products.
ENERGY STAR products meet strict
efficiency guidelines set by the
U.S. Department of Energy and the
Environmental Protection Agency.

• Visit www.energysavers.gov for more energy-saving ideas

Source: National Association of Realtors

Free Annual Credit Report Information

Did you know that according to the federal Fair Credit Reporting Act (FCRA), you are entitled to a free annual credit report from each of the three major credit agencies? I am finding out that some people are aware of this and others are not, so I thought this information would be helpful to post.

Some websites and advertisements indicate that the credit reports are free but they require you to purchase something else, take a survey, subscribe to a service, or participate in some other activity in order to get your free reports. You have to be careful of those kinds of gimmicks when sharing your personal information. However, there is only one website (that I am aware of) that doesn't require you to do anything or purchase anything in order to get your truly free annual credit reports. The nation's three credit reporting agencies have teamed up and built a website to provide you with your free annual credit reports. The site is recommended by the government and your reports are available immediately, if you have the ability to download them. The website is: http://www.annualcreditreport.com/ . I use this website nearly every year and I have never had any problems and I have always gotten my reports truly free with no gimmicks. Give the website a try.

If needed, below are the three main agencies and their united and individual contact information:
Main Phone number to request all three reports: 877-322-8228

Equifax Information Services, P.O. Box 740241, Atlanta, Ga. 30374, 800-685-1111, http://www.equifax.com/.

Experian, P.O. Box 2104, Allen, Texas 75013, 888-397-3642, http://www.experian.com/.

TransUnion Corp., P.O. Box 390, Springfield, Pa. 19064, 800-916-8800, http://www.transunion.com/.

Jennene Shanholtz, REALTOR®
Email: jennenes.vegasrealestate@yahoo.com

Build-A-Bear Workshop ® Experience

I have had some really wonderful bonding experiences with my six year old granddaughter, Alexis at a place called Build-A-Bear Workshop ® and I wanted to share a little of them on my blog. I am sure that many of you have heard of Build-A-Bear Workshop ® since it has been around for nearly 12 years. I had been in the store before but never really lived through the experience of it until recently. My granddaughter and I love bears so much that we decided it was time to experience this fine establishment together.

Build-A-Bear Workshop ® is an innovative retail company and a family-friendly fun entertainment place. The stores are places where kids and adults have fun creating customized furry bears and other friends. To make their stuffed teddy bear or other furry friend, "guests" (i.e. kids and adults of any age) visit a round of bear-making stations.

We began our experience at the "choose me" station by having Alexis pick out her bear, well she chose a puppy to be exact. Next we visited the sound station where she was able to choose a sound or tune for her furry puppy friend. Then she proceeded to the "stuff me" station where the store associate or master bear associate as they call them, stuffs the furry friend but with the guest's foot assistance. Then the associate inserts a heart but only after a wish is made on it by Alexis. The associate then inserts a barcode so that if the animal is lost it can be returned to any Build-A-Bear Workshop ® and its owner (Alexis) can be identified. Then the associate inserts the sound in the animal's paw and stitches the animal up. Then Alexis proceeds to the "fluff me" station or spa where she brushes and fluffs her puppy. Then she heads to the "dress me" station where she can pick out an outfit for her new furry friend. There is a mirror and vanity for us to sit and try clothes on her new furry friend. Once we found just the right outfit, we then headed to the "name me" station. It is there that Alexis sat at a computer and decided on a name for her new furry puppy friend. She names her 1st new furry puppy friend "Angel" and later her second puppy friend "Abby". She then begins to type the name and other information on the computer for its birth certificate. Once completed, the birth certificate is printed and we head to the "take me home" station. This is where we pay for her new friend and all its trimmings. She also receives a stuff club member card, some matching bows for her furry friend and a cub condo carrying case for her new furry friend. We also learned all about buildabearville.com, an amazing and educational virtual experience for the guest and their furry new friend. That is a whole other wonderful and exciting thing to blog about! Build-A-Bear Workshop ® is truly a special treat or unique gift for any child of any age. During our visits we saw girls and boys of all ages having fun with this educational and fun experience. They have so much to offer and do. What a joy!

Las Vegas Breaks Record For Monthly Home Sales

Now here is a positive Las Vegas housing article to post on my blog!

Las Vegas breaks record for monthly homes sales
By Brian Wargo (contact) Wednesday, July 8, 2009 11:27 a.m.

What housing slowdown?
Las Vegas set a record in June with more existing homes sold than any other month in history, according to the Greater Las Vegas Association of Realtors. The group reported 4,702 single-family homes, town houses and condominiums were sold in June, topping the previous record of 4,414 sales in June 2004. Most of last month’s sales were existing homes, but the Realtors also handle some new homes.

In addition to the record number of sales, the median price of homes held its own for the first time in nearly two years. The median price of single-family homes sold in June was $140,000 — the same as May. That’s the first time there wasn’t a decrease in prices since August 2007 when they rose 1.7 percent. Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006. “I think it’s significant that we sold a record number of homes last month. We’ve been closing in on this mark for a few months,” Sue Naumann, president of the Realtors’ group, said in a statement. Naumann said it’s positive for the economy to have housing prices stabilize, especially when bank-owned properties are still dominating the market.
There is a strong demand from first-time buyers and investors, Naumann said.

In June, 3,785 single-family homes sold, a 16 percent increase over May and a 70 percent jump from June 2008. Also, 917 condominiums and town houses sold last month, a 24 percent increase over May and a 212 percent increase from June 2008. The median price of town houses and condos sold in June was $66,000, a 1.5 percent increase over May. The price is 52 percent below where it was a year ago.

Nevada Foreclosure Process - Steps, Timeframes and Resources

I’ve been getting a lot of inquiries about the timelines and steps in the foreclosure process, so I thought I would post some information here on my blog. The following information is excerpted from a foreclosure course taught by Arthur Marvin of Business Seminars for Success. Visit his website for more information and his ebook entitled: "21 Ways to Stop Foreclosure"

The Foreclosure Process in the state of Nevada typically takes about 6 months from the time the Notice of Default is filed to the Eviction of the homeowner.

Notice of Default starts the foreclosure process - it is prepared, recorded, mailed, posted, published and a copy sent to all parties (owner, all lenders, IRS, local, state, and federal tax agencies) who have an interest in the property.

Reinstatement Period (month 1) - starts on the first day the notice of default is recorded. This is a 35 day period in which the homeowner can reinstate the loan by making any back payments, foreclosure fees and other allowable expenses.

Redemption Period (months 2-3) - starts on day 36 from the recorded date of the Notice of Default. Now the homeowner is now responsible for paying the remaining loan balance along with all foreclosure fees and other allowable expenses. It should also be noted that approximately 10 days before the end of the redemption period, the trustee will notify the lender for permission to prepare the Notice of Trustee Sale for publication.

Publication Period (month 4) means the Notice of Sale must be published once a week for three consecutive weeks (21 days) prior to the Trustee Sale.

Trustee Sale (month 5) is the final step in the foreclosure process and it is extremely important to remember the homeowner has no right of redemption after the sale is finalized. If there is a successful bidder at the sale, the new owner will purchase the property in "as is" condition with no warranties. If there are no bidders at the sale, the lender becomes the sole owner as an REO (Real Estate Owned).

Eviction (month 6) process starts after the Trustee Sale is finalized. The eviction process is initiated by posting a 3 day Notice to Quit on the property. If there is no response, the new owner will file a 5 day Eviction Notice with the court. If there is no response by 5pm on the 5th day, the Constable will evict the resident.

Additional Resources:
Nevada Foreclosure Help Useful resources and info from Nevada Department of Business & Industry
Nevada Revised Statutes - Chapter 107 - Deeds of Trust
Nevada Foreclosure Law Summary
Jennene Shanholtz, REALTOR®
Email: jennenes.vegasrealestate@yahoo.com

Low Cost Tips For Increasing Your Home's Value

Here are a few small low cost tips that you can make to your home, to help increase its value.

Home Improvement Tips: Under $100
Tip 1: Spend an hour with a pro. Invite a realtor (Jennene in Las Vegas) or interior designer over to check out your home. Many realtors will do this as a courtesy, but you will probably have to pay a consultation fee to a designer. Check with several designers in your area and usually for less than $100 an hour, they can give you lots of good ideas for needed improvements. Even small suggested improvements, such as paint colors or furniture placement, or just storing some of your personal items, can go a long way toward improving the look and feel of your home.

Tip 2: Inspect it! Not every home improvement is cosmetic. Deteriorating roofs, termite infestation or outdated electrical systems or plumbing should be checked. Afterall, you can't fix it if you don't know it's broken. So hire a home inspector to check out the areas of your home that you don't normally see. They may discover hidden problems that could negatively impact your home's value. Small problems (such as a hidden water leak) can become big, expensive problems quickly; the longer you put off repairs, the more expensive those repairs will be.

Tip 3: Paint, paint, paint. One of the simplest, most cost-effective improvements of all is paint! Freshly painted rooms look clean and updated and that shouts value. When selecting paint colors, keep in mind that neutrals appeal to the greatest number of people; therefore, making your home more desirable. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, painter's tape, drop cloths and brushes. So buy a few gallons and get busy painting!

Tip 4: Find inspiration. An alternative to hiring a designer is to search for remodeling and decorating inspiration in design-oriented magazines, books, TV shows and websites. Simply tear out or print off the ideas you want to try and start your to-do list. Always keep it simple especially when remodeling on a tight budget, do-it-yourself projects are best option.

Tip 5: Cut energy costs. The amount of money you spend each month on energy costs may seem like a fixed amount, but many local utility companies provide free energy audits of their customers' homes. They can show you how to maximize the energy efficiency of your home. You may not realize how much leaving that computer on 24 hours a day costs you. An energy-efficient home will save you money now, which can be applied to other updates, and is a more valuable and marketable asset in the long run.

So before you decide to sell your home, maximize its value by doing these few low cost home improvements tips.

Where To Get Foreclosure Help

Since there are so many dubious assistance programs and out-right scams preying on homeowners facing foreclosure, it can be difficult to find legitimate help. So I thought it might be helpful if I posted some legitimate resources for assistance here on my blog.

Here’s a list of programs that are either operated by the U.S. government or have its seal of approval:
To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
Call (888) 995-HOPE, the Homeowner’s HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.

Visit NeighborWorks America’s Web site at www.nw.org/network/home.asp
Go to this Web site for information on federal mortgage modification and refinancing programs: http://www.makinghomeaffordable.gov/

The Controller of the Currency’s consumer information site for banking-related questions is http://www.helpwithmybank.gov/

OCC Customer Assistance Group and consumer assistance site: www.occ.gov/customer.htm

Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

NeighborWorks America: http://www.nw.org/

HOPE NOW: http://www.hopenow.com/

Source: Controller of the Currency (04/21/2009)