Following the 2013 Nevada Legislative session and the passage of Assembly Bill 300 are predictions of more homes for sale with more foreclosures.
According to longtime mortgage professional Rick Piette of Premier Mortgage Lending, AB300 will change a law passed in 2011 that significantly slowed the foreclosure process by requiring lenders to provide a notarized deed of authority to proceed with the sale signed by a lender representative with “personal knowledge” of who owns the loan’s promissory note .
“The new Assembly Bill 300 basically clarifies what information can be used to show the ‘direct, personal knowledge’ requirement,” Piette said, adding that the 2011 law greatly slowed the number of foreclosures released for sale. Before the 2011 bill went into effect that October about 4,000 notices of default were posted each month, compared with about 1,000 the following month .
“With this clarification, banks will proceed with more foreclosures, and I believe that our Southern Nevada housing market will become stronger after the foreclosures come out of the pipeline. We’ll continue to rebound just like in our valley’s median home-sale prices.”
June statistics released recently by the Greater Las Vegas Association of Realtors reflect continued increase in median home-sale prices. The median sales price of a single-family home increased to $175,000 in June, up 32.8 percent from $131,785 in June 2012. The median sales price of condominiums and town houses decreased slightly to $86,000, showing a 24.6 percent increase when compared with last year’s $69,000 median price tag.
“There are going to be more homes available for us Nevadans. And, hopefully, those sales will be to owner-occupants,” Piette said. “There have been thousands of our residents who have unfortunately lost their homes due to a foreclosure or short sale. We’ve met with many who now believe that they are stuck renting for years before they can become homeowners again. What they don’t realize is that they have options and can buy a home again immediately after a short sale or foreclosure, without a wait, with our Another Chance Nevada loan program.”
Another Chance Nevada connects individuals with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates.
Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.
An Another Chance loan may be used on the purchase of a resale or a new home. The lender is working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes and William Lyon Homes.
Piette encourages everyone who is interested in purchasing a home to meet with a full-service lender such as Premier Mortgage Lending and participate in complimentary mortgage prequalification process.
“It’s very important to meet with a full-service lender who is experienced and can offer different financing programs. Premier Mortgage Lending does this as we can lead you to many different types of mortgage programs that range from traditional 30-year fixed financing to portfolio loans and private lenders, as well as Another Chance Nevada,” Piette said.
For additional information or to schedule an appointment for mortgage prequalification, call 485-6600 or visit www.AnotherChanceNevada.com.
Premier Mortgage Lending, NMLS #393282, is at 8689 W. Sahara Ave., Suite 100 . It is a member of the Las Vegas and Boulder City chambers of commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.