Selling Reno And Sparks Real Estate Blog

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AB 284 - You would think the sky is falling here in Las Vegas!

Not really but it makes good press.  The word on the streets is reactionary.  Basically AB 284 addresses the issues of proper recordation of assignments & substitutions and also robosigning.  Stuff that needs to be taken care of before close anyhow.

Here are some of the things I have heard from my peers about AB 284:

WE ARE AND/OR WILL RUN OUT OF INVENTORY!  Shenanigans.  We have been low on AB 284 & Las Vegas REO Inventoryinventory since the first time buyer tax credit in 2009 and Las Vegas real estate inventory has been falling for the last 11 months in a row.  If we go low on inventory it started happening well before this bill’s passage and implementation on October 1, 2011.  It also takes generally 3+ months after a Notice of Default (NOD) or Breach & Election to Sell has been filed before a trustee sale date is established.  See my Las Vegas foreclosure timeline.  We still have 50000 (ish) NODs to wade through with about 3000-4000 trustee sales posted monthly.

REO AGENTS WILL BE PUT OUT OF BUSINESS!  Boo hoo.  When the market shifted and a majority of the inventory was distressed, the listings were given out to a few.  This put many people out of business.  I am sure anREO agent who wants to stay in business is resourceful enough to find new business.  I have somehow managed to survive the last several years without getting into the REO or short sale listing business.

THIS WILL HELP SHORT SALES GET APPROVED!  Maybe.  Or maybe it would have to do with the legislation enacted in regards to short sales which was implemented in June/July.  Little items like shortening the length of deficiencies with junior lienholders & time frames for lienholder approval.

Notice of Defaults are VERY low right now since this has been enacted, HOWEVER we still have 50K-ish NODs in the hopper to burn through.  Another HOWEVER is that the trustee sale notice #’s have not dropped significantly.

What is my take on this?  The sky isn’t falling & foreclosures will not be stopping.  We will continue to have decreasing inventory (as we have been the last YEAR,) servicers will get their stuff in order and more revenue will come into the county via the county recorder’s office.

NOTE:  This is an opinion piece and I am not a lawyer nor do I play one on the internet!


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comment balloon 10 commentsRenée Donohue • November 22 2011 08:21PM

Comments


Renee - you are one smart professional.  There seem to be a lot of negative folks out there. It is good to know that there is someone like yourself that can put things in perspective  >>...What is my take on this?  The sky isn’t falling & foreclosures will not be stopping.  We will continue to have decreasing inventory (as we have been the last YEAR,) servicers will get their stuff in order and more revenue will come into the county via the county recorder’s office.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 6 years ago

Renee

You are always on top of it. Beauracacy can help and hurt at times

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) about 6 years ago

Renee,

For any REO agent that says to you they are going to go out of business without their REO's. I say to you tell them to contact a local Keller Williams Office and ask for a free copy of the book SHIFT by Gary Keller.

Gary wrote this book to teach agents that shifting their mindset to adapt to markets is the only path to a real estate millionaire.

I am with you when you say that only the privileged few got the REOS and basically got handed business for the last 5 years. 

Now boo hoo if they actually have to figure out how to list again without being spoon fed.

Posted by Florida Tolbert Team Keller Williams Advantage, Million $ Guild Member Cert Luxury Home Mkting Spc (Keller Williams Advantage III Realty in Lake Nona) about 6 years ago

Happy Thanksgiving Renee.  I hope you have had many blessings this year.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) about 6 years ago

Nice to see the voice of reason from a professional to combat the sensationalism of the public and the press.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 6 years ago

Renee - May you share great times with family and friends during the upcoming Holiday!....

HAPPY THANKSGIVING!

Thanksgiving

Posted by Doug Anderson, Bay Area Real Estate Views (Tucker Associates Real Estate Services) about 6 years ago

Renee, hope your distressed inventory is depleted, and can once again enjoy a healthy real estate market.    The strong will always withstand a market, no matter what is thrown in the mix!    Happy Thanksgiving to you and your family!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 6 years ago

Thank you everyone for the comments!

Kevin:  Shift was a great book and a good refresher when I am down with this market!  It was several years too late for us though :)

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) about 6 years ago

I think NV shot themselves in the foot with this one... I have a dozen Short Sales that the banks are no more responsive to get done. I'm not sure what the answer is here... but I hope the word gets out... YOU CAN STAY IN YOUR HOME INDEFINATELY in Las Vegas now that the banks are NOT filing NODs!!! (Maybe if enough people stop paying their underwater mortgage the banks will act to find a solution?)

 

Jeff Burnham- "The Wizard" Encore Realty Group, Las Vegas NV (702) 682-2002.

 

Posted by Jeffrey Burnham, The Wizard (Choice One Properties & Mgt) about 6 years ago

There's usually about a six month lag time after a government influenced change before you start seeing things taking shape one way or another.

Inventory today -- Lowest I've seen since June of 2004. That's really mind boggling considering there were entire Master Planned Communities not even built back then.

REO Inventory for sale  -- Lowest numbers since I started tracking them back in May of 2007.

It's a mess out there. No Sanity in Las Vegas real estate since 2003.

And we were so close to it last year.. Sigh...

-- Cheers!

Posted by Paul Francis, Las Vegas Real Estate Agent - Summerlin Homes (Francis Group Real Estate) over 5 years ago

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