Good Las Vegas Tenants Find Tradewind Property Management
High quality Tenants and Owners! Thank You from Tradewind.
We have to hand it to our wonderful Las Vegas tenants, out of about 475 properties we sent only one five-day pay or quit late notice this month! Good application screening by the Tradewind staff has certainly paid off as this really makes our work easier and we can focus on getting vacant units rented. We have a super low company 3% vacancy rate this month, thats 16 out of 475 properties. Our property owners deserve thanks as well for maintaining their properties to high standards and pricing their properties according to market conditions. High quality tenants are sensitive to signs of neglect. After all, the outside of the property (their new home) is the first impression that all their friends and colleagues will form when coming to visit. Rental signs, the internet exposure (especially social media) and local agents are drawing large call volume into us enabling us to rent quicker. During the lease term we can maximize the likelihood of attracting quality tenants by being responsive to their needs and showing we care about them when maintenance issues are dealt with in a timely manner. The result is tenants refering friends and family to Tradewind or staying with Tradewind when they move to another property. By request, we are creating a new program that will be launched in May that assists tenants transitioning to home owners. Approximately 75% of tenants want to eventually buy. Most need only 18-36 months as a tenant to position themselves into a purchase with as low as 1% down payments. This program is being designed to be beneficial to both the landlord and the tenant and we will be emailing info out to our clients. Stay tuned to this blog for updates and thanks again to you all.
Rumor MillIt has been estimated by the Government that between 300-350,000 homes will short sell this year. A major concern for home owners short selling their home has been the IRS. When debt is forgiven in a short sale, the amount forgiven becomes taxable income. A Federal law expired December 31, 2013 that excluded this phantom income. A new bill was just made it out of the senate finance committee and is being forwarded to the senate where it is expected to pass. The passage of this bill will allow home owners to sell under water homes without a huge tax burden and will be retroactive. Isn’t that nice of them? 3 minute Video on story here. The current tight housing inventory should loosen up as this process’s through to law and Sellers can be confident in the position they will have with the IRS.
Court House Foreclosure BuyingHere are the numbers from the daily court house steps foreclosure auction from 4-7-2014
Daily Recap: Total Entries:203 Opening Bids:96 Sold:25 Avg Sold Amt:$89,235.96 Back to Beneficiary:21 Postponed:117 Canceled:12 Thirty Day Trend Total Entries:1836 Opening Bids:751 Sold:281 Avg Sold Amt:$97,350.82 Back to Beneficiary:387 Postponed:608 Canceled:98There is still a mob of about 50 bidders showing up for 25 properties that sold 4-7-2014.
Lenders profits fall
Seems the noose is tightening on the lending industry. Most folks think mortgage lenders charge too much for the loans. Well, they used to but the times they are a changing.
The Mortgage Bankers Association did research on the profits of lenders. Its not what you would think at all. They are averaging $150 per loan and this is causing some lenders to exit the residential lending market. Here is the full story. As the competition rises we are seeing some serious changes in loan programs like these being emailed to us:
In anticipation of the Spring Purchase market that is beginning to heat up, here is a quick reference guide to the seasoning requirements (wait period) for your clients with a recent bankruptcy, foreclosure or short sale: FHA Chapter 7*——2 years
Chapter 13*——2 years (or 1 year into the payment period with all payments made on time)
Foreclosure—–3 years
Short Sale—–3 years (unless client was not late prior to short sale and was not trying to take advantage of the market)
VA Chapter 7*——2 years
Chapter 13*——2 years (or 1 year into the payment period with all payments made on time)
Foreclosure—–2 years
Short Sale—–2 years
Conventional Chapter 7*——-4 years from discharge or dismissal date (two years if extenuating circumstances can be documented)
Chapter 13*——-2 years from discharge date or 4 years from dismissal date (two years if extenuating circumstances can be documented)
Foreclosure—–7 years from completion date (three years if extenuating circumstances can be documented, loan to value rules are applied, purchase is for principal residence, or limited cash out refinance for an owner occupancy, second home or non-owner occupied property)
Short sale or Deed-in-lieu——-2 years at maximum 80% loan to value, 4 years at maximum 90% loan to value and 7 years at over 90% loan to value
*Multiple BK Filings If client has more than one bankruptcy filing within the last seven years, a five year wait period is required
Just for starters, we have FHA loans with only one credit score, FHA loans with FICO scores down to 580, VA jumbo loans (over $1 million) with a 620 FICO score, VA 100% cash out refinance loans, and adjustable rate loans with 5% down.
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