Archives for the month of: June2012

The assembly bill known as AB284 became effective 10-1-11 and dramatically reduced the number of foreclosure filings in Nevada.       Just as a disclaimer, we’re not attorneys and don’t even pretend to explain nor understand the whole of the law.

To put it as simply as possible, the bill requires lenders to file an affidavit regarding the possession of the defaulting homeowner’s mortgage note & deed.  This affidavit would be filed along with the “Notice of Default” (aka NOD), and failure to comply is now a Class C Felony.   The NOD is the act that really allows the lender to physically foreclose at a future date.   So you can see that the whole thing is a domino effect – one must happen before the other, before the other, etc and the end result of an REO listing is directly affected by this new bill.

Literally thousands upon thousands of eventual-foreclosures are piling up on the bank’s books, while the banks work toward meeting the requirements of AB284.      “When” these will all hit is anybody’s guess.

Today, we have a staggering few 4,500+/- properties listed on MLS – – – 487 of which are ‘REO’ (foreclosed) properties.     All of the others are traditional sales, short sales, and/or investor ‘flips’.     This low inventory has caused a buying frenzy wherein the lower-priced properties are receiving multiple offers within hours of listing.   One of New Home Resource’s $210,000 listings received FORTY (40) offers!

The name of today’s game is overbidding and patience.    Buyers are regularly agreeing to pay over the appraised value to not lose the property they’ve come to love.  Gone are the days of sellers reducing their prices to meet low appraisals.       Every good buyer’s agent is counseling their buyers as to these facts of today’s market and the probability of paying more than appraised value to keep the home in escrow.

What does all this mean?   This is not all bad!!!      First of all, in recent years, property values have been horribly, horribly undervalued – – we’re simply bringing the market back into line, one property at  a time.    Even paying a few dollars more for something is well worth it – the property is being bought at a fraction of where it sold just a few years ago!    Even at these prices, we are stealing homes!!   Interest rates are at an all-time low where you can OWN a gorgeous home for less than rent.

Just make sure you’re using a knowledgeable, professional Realtor® who knows today’s market, has excellent relationships with fellow listing agents and who can give you the best advice for your situation.      You should be using a NEW HOME RESOURCE agent!    Call Joanna Piette, Denise Moreno, Penny Womack or Debbie Sullivan today!  702-365-1000


One of the simplest, most economical and also eco-friendly ways to provide lighting in your yard is to use solar lights. Solar lights can bring ambiance to your home and yard for all those summer parties and back yard entertaining.

There are a wide variety of solar lighting options on the market that can help you to create the right ambience for an evening on the porch, light your sidewalk and driveway, or simply illuminate your yard for aesthetic appeal.

Solar lighting is simple to install and uses the energy absorbed from the sun during the day to provide the power for nighttime lighting.  This means you can light your yard without affecting your energy bills.  There are a few different options you can use to create the lighting effect you are seeking in your yard.

Lighting Your Yard and Patio

The most commonly used solar yard lights are the classic stake lights.  They can be placed at the interval of your choice, and are great for lining flower beds, placing around the patio, or illuminating the path up to your house.  These versatile lights are perfect for just about any situation.  They give a very classic look that works in both the front and back yard and will fit in with most landscaping or architecture.

To add mood lighting to your patio, solar powered Tiki torches are a great choice.  Unlike traditional torches, there is no risk of fire and no messy oil.  Many even flicker just like a candle to create the same ambience that you would expect from traditional Tiki torches.

Lighting Your Driveway

Another option you might want to consider is driveway solar lights.  These flat lights are designed to light the edges of the driveway to make parking easier at night.  Especially for long or curving driveways, these are a great way to illuminate the way at night. There are two main types of driveway lights; the first type sits on top of the surface, while the second type is actually embedded in the driveway surface, leaving it level. Either type illuminates very well, but the second type will not be damaged if you accidentally drive over it, so if that is a risk you might consider the embedded type of driveway lights.

Solar lights give your home a warm glow at night and require virtually no maintenance.  Install them, let the sun do the work, and then enjoy them when the sun goes down!

Penny Womack, Realtor, ABR,SFR