NeonDVD asked:

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Kevin Bilberry asked:


With 1 in every 483 households in the U.S. facing foreclosure, it only stands to reason that us common folk aren’t the only ones affected by the housing crisis. It’s just as easy to create a mountain of debt by borrowing against a multi-million dollar estate, as it is for a moderately priced home. Here are some of the celebrities added to the country’s growing list of foreclosures.

Sadly Ed McMahon, former Tonight Show announcer, is facing foreclosure for $4.8 million dollars of mortgage loans on his Beverly Hills estate. Plagued with bad press, this luxury home overlooking Coldwater Canyon and Mulholland Drive has been up for sale for $6.25 million for the last two years. Initially McMahon faced problems due to mold infestation which he claimed killed his dog and affected the health of both him and his wife. Then he fell and broke his neck and was out of work for 18 months. How would any of us deal with a back mortgage and loans totaling $4.8 million after being unemployed that long? Ed, take this as a sign, maybe it’s time to down size and retire.

Evander Holyfield, former heavyweight boxing champion is facing foreclosure on his Atlanta, Georgia estate. This 104-room, 54,000 square-foot home worth approximately $10 million, goes up for auction on July 1.

Jose Canseco, former major league baseball player recently lost his 7,300 square foot home in Encino to foreclosure. As he stated, “It didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else.” He didn’t mention how much the home was actually worth, but he owed the bank $2.5 million on the house.

Michael Jackson – In 2007 after borrowing against it, to the tune of $23 million, the ranch valued at only $6 million faced foreclosure. Recently, however, a private equity group bought the loan on Neverland Ranch and is discussing the option of a Las Vegas casino gig as repayment.

In May of 2008, the $600,000 home of NBA star Latrell Sprewell went into foreclosure. This came only months after his 70-foot yacht, “Milwaukee’s Best” was also repossessed. Sorry Latrell, maybe you shouldn’t have turned down the $21 million contract extension Minnesota offered you.

Grammy Award-winning Aretha Franklin received a notice of foreclosure against her Detroit mansion after failing to pay a $162.14 tax bill dating back to 2005. Last we heard, the bill was cleared up.

Veronica Hearst, step mother of SLA hostage Patty Hearst, faced foreclosure on her 28,000 square foot, 52-room villa in Palm Beach. Her defaulted mortgage payments totaled about $33,000,000. It’s hard to believe the deficit was allowed to get that high before the bank stepped in.

Nicole Murphy was unable to make payments on the 11,158 square foot mansion she was awarded in her 2006 divorce settlement from Eddie Murphy. Last October the house was put on the market for the bargain price of $6,500,000.

IC asked:


The real estate market has been known to be the best kind of investment someone can initiate, compared to other forms of investments which are highly risky such as currency exchange and stock trading, real estate or the housing market tends to deliver better revenues at a much steady pace.

As we all know the US is currently going through a very difficult economic transition, some people may call it recession, however we can’t be completely sure if we are in one due to the fact that the definition of such term is not exact, in other words it is quite vague; in reality the effect hearing this word over and over by other people is what ultimately drives a nation into such economic chaos! Taking that in consideration many people who did not originally qualify for loans were given one and when the time for interest changes came, they were unprepared and couldn’t handle the financial stretch, therefore their properties were foreclosed, due to this housing sector many may consider using, and even over-using, the “R” word.

There are many reasons for a property to go on foreclosure but when it does a great opportunity is available for those who are smart investors. Due to the financial crunch banks have opted to accept “discounted payoffs” in order to recover some of their loses and not close the books with such huge revenue discrepancies. Just like all of us, banks rely on cash flow to keep their operations running, so a piece of property which is placed on the “current” market at a high price will most likely not sell due to the fact that no one is willing to pay such a high price, so they have no other option but to discount it until they find an equilibrium price according to current market conditions.

Taking in consideration this last thought, where some people see fear and despair, savvy investors see chance, they see opportunity and great revenues. Las Vegas is known to be a real estate powerhouse, in other words the rate at which this city is growing is incredible so the more the downtown expands the higher the value of nearby houses will be, this is not a speculation, it is a fact. Some casino owners have even opted to move away from the strip to “near by areas” which are usually a few blocks away from the strip, in order to build or re-build their gambling-fueled ventures. A great example is the “Palms” this casino is not located exactly at Vegas strip but non the less, its has great fame and draws a lot of attention, another example is the famous “Rio” which is some blocks away from the main action but it still grabs everyone’s attention; these super casinos which are built away from the strip tend to increase the value of any piece of property which is built near by, hence the brilliant value of Las Vegas real estate market.

Currently, interest rates have been brought down to an all-time-low, from the high 7-10% interest rates to 5% and the best part is that it will stay that way for a long time in order to alleviate the great housing deficit, these are all fixed rate loans so keep that in mind. Also, savvy investors know that during this time of financial need, banks are practically giving these properties away in order to get their cash flow going and keep their balance sheets from scaring stock holders so many will even provide no payments for up to 6 months, just so that the property can be sold, again this is not promotional/sales speech, these are the facts and because bad loans (no doc, etc) have been removed, investors know that the new “stated” loan requirements will take their interest rate related risks away. Taking all of these facts in consideration, property foreclosures in Las Vegas represent a great opportunity for buyers and and investors alike.

TourFactory asked:

http://www.tourfactory.com/s385695/r_www.youtube.com

The Ballen Group of Coldwell Banker Wardley Las Vegas urges you to view this great property in person. We have several wonderful agents available most any time of day. Contact The Ballen Group of Coldwell Banker Wardley Real Estate in Las Vegas today. This property is available for a limited time only, so call 604-7739 Visit us on the web at www.TheBallenGroup.com to see a virtual tour of this property and SEARCH THE LAS VEGAS MLS LIVE. You may also e-mail us: sold@theballengroup.com, or leave a voice or text message at 702.604.7739. The Ballen Group is here for you, and we get YOU results. The Ballen Group of Coldwell Banker Las Vegas, Specializing in Las Vegas Foreclosures, Las Vegas Shortsales and pre-foreclosures, and Residential Real Estate. HABLAMOS ESPANOL 702-277-1366

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zeusjohn asked:


A website that computes home values recently released reports that showed that one third of Americans owe more than what their homes are actually worth. These are the people who bought during the last five years. It also reported a 9.9 percent decrease in home values, the lowest median home price since the fourth quarter of 2004. Today’s median home price is at $206,919.

Zillow.com’s study showed that 29.1 percent of US homeowners have ‘underwater’ mortgage, meaning their debt exceeds the value of their houses. Other figures weren’t any better: 38.2 percent decrease in Stockton, California home values; 27.4 percent in Las Vegas; and about 20 percent in Phoenix, Miami and Los Angeles.

The alarming decline of home values spell disaster for homeowners and even the housing market in general. When home prices continue to go down, there is a very slim chance that homeowners who plan to sell their homes will even get profit. Last year, 75 percent of homes sold didn’t gain profit for the sellers. Negative equities and declining prices are the reasons why homeowners are having a difficulty in selling their properties.

Those who aren’t able to absorb the loss end up surrendering their homes to banks holding the mortgage. These then add to the other abandoned homes in communities hit by foreclosure. More unsold homes added in the market will have greater pressure on home prices.

It seems like the housing crisis has already affected everyone. If you’re one of those people who owe more than what your home is worth, it is recommended that you sell your property, even though it means you have to absorb the loss. Selling your home can actually have a positive effect in the housing market. It lessens the number of unsold homes in the market, which then affects home prices, and eventually the foreclosure rate.

Once more people do this, more unsold homes would be taken off the inventory and prices may start to stabilize. Spencer Rascoff, chief financial officer for Zillow.com, says that there are more sellers that are adjusting their hopes. They are now willing to absorb losses, and hopefully it’ll trigger more transactions in the future.

MortagesForEveryone.com < http://www.mortgages-for-everyone.com > – is a site that aims to provide information about mortgage-related concerns like refinancing your home, interest rates, using your home equity, down payments, home improvement loans, and many others.

Article source: http://www.mortgages-for-everyone.com/news/selling-properties-are-%E2%80%9Csigns-of-optimism%E2%80%9D-in-the-midst-of-housing-slump/

kendallsellslasvegas asked:

Beautiful executive home located in a gated community in Green valley Ranch. Plantation shutters, spiral staircase. Huge kitchen and soaring ceilings. 3399 sf. 4 bedroom 4 bath. THIS IS A STUNNING HOME!

Thomas Bladecki asked:


Many new investors thrilled by the novel idea of making money by buying and selling real estate, are persuaded by short sales or sometimes called “foreclosures”. Short sales are the real estate equivalent of repossession auctions.

Occasionally, homeowners are forced to sell their property for less than the mortgage they own on it. This is what a short sale is.

The main consequence of a short sale, for the property owner in particular, is that the bank sets the final guide price and the terms of sale.

Banks and other mortgage suppliers dislike short-selling so it can take a long time for them to approve any offer made on a short sale property. This usually amounts to a wait of up to six weeks for the mortgage-provider’s approval.

During this period, in the current market, mortgages will have changed. Interest rates will have risen and it is possible that you will be unable to buy the property that you bid on six weeks previously.

Obviously, for any sort of speculator, time is money. Even for buyers interested in personal property as a home, this is a lot of time on such a risky deal.

Fortunately, there are other strategies available to investors that allow for changes in the market.

Investing in a buoyant market such as the one in Las Vegas now, is sure to build a very positive portfolio in the years to come. There is no harm in buying property for a high price if you are confident that the value of that real estate will grow. A true investor understands this and so will usually avoid the temptingly low prices of short sale real estate.

In fact, Las Vegas provides decent profits for any sensible real estate investor for reasons pertaining to the current market. Constant developments and new employment opportunities make it a reliable market.

You are likely to find many examples of short sale properties in Las Vegas because to the current market conditions. There are a lot of people that paid too much for his or her property originally; or who has altered the real property state in a way that was damaging to its value.

The key point to take away from this article is while short sales are risky, the can be very profitable if you have patience in the market. The key is to find a buoyant real estate market like the one that exists in Las Vegas. Sensible investments in a good market will repay you with a nice profit margin. Equally, people buying real estate as a permanent home may want to ensure that they don’t waste their family’s time on short sales or markets that will lose them money.

I hope this has helped you in your efforts to make money from real estate.

BallenandBallen asked:

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The Ballen Group of Coldwell Banker Wardley Las Vegas urges you to view this great property in person. We have several wonderful agents available most any time of day. Call 256-4900 TODAY. Be sure to ask for a BALLEN GROUP agent for your personal tour. Ask for your free Coldwell Banker Las Vegas Home Buyers Guide when you speak with your Ballen Group agent. Contact The Ballen Group of Coldwell Banker Wardley Real Estate in Las Vegas today. This property is available for a limited time only, so call 256-4900 now.

Visit us on the web at www.TheBallenGroup.com to see a virtual tour of this property and SEARCH THE LAS VEGAS MLS LIVE. You may also e-mail us: sold@theballengroup.com, or leave a voice or text message at 702.604.7739. The Ballen Group is here for you, and we get YOU results.

The Ballen Group of Coldwell Banker Las Vegas, Specializing in Las Vegas Foreclosures, Las Vegas Shortsales and pre-foreclosures, and Residential Real Estate.

HABLAMOS ESPANOL — 702-277-1366

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Amelie Mag asked:


Many of the most popular wealthy people have made their fortune through real estate investing activities; also, many of those that take up investing choose real estate investment as the means to build their fortune, because of several aspects that make it safer than other forms of investment. A risk free leap in your real estate investment life would be property investing in Las Vegas.

As we have already mentioned, many of the most famous and wealthiest people have made their fortune through real estate investment. Clans like Trump and Hilton are two of the richest people in the world and they have built their fortune and passed it from generation to generation in the form of real estate. With a little inspiration and some financial education, each of us has a good chance to make a fortune through real estate investing.

Real estate, also called real property, is one of the safest investments there are. That is because it is the only type of property rarely diminishing its value. Other types of property usually depend on a great deal of variable factors that influence their stock price. Real estate only depends on a series of local factors the estimation of which is usually easy to undertake.

Experience of other successful businesspersons has shown that real estate investing in some of the most flourishing areas like Las Vegas can guarantee you a substantial financial leap. This is because property in such commercial locations will continuously increase its price as long as these locations go on with being commercial attractions irrespective of the national financial state.

It is only natural for an international attraction site like Las Vegas to be the best place for real estate investment activities. It is a fast growing city; it has increased its surface and population at a rapid pace, climbing seven places from the twenty-ninth to the twentysecond rank in the top largest cities in United States in just six years. Some of the greatest commercial centers in the United States and in the world are currently under construction in the area.

The only problem is that these real properties are very expensive. Therefore, it is nearly impossible for a beginner in real estate investment to start straight with property investing in Las Vegas. Nevertheless, if you have started real estate investing for some time now and you have managed to make a good profit, you have a good chance to add a substantial profit to your fortune if you begin getting interested in property investing in Las Vegas.

The dream of every real estate investor should be to get his or her hands on such a location. The concept that supports this choice is that it is much more profitable to buy good quality real property than a large quantity of poor real property. Any businessperson will confirm the profitable experience of property investing in Las Vegas. Set this type of transactions as you goal and start your own real estate investing.

This might seam out of your reach but it is not so. All you have to do is start small, settle for realistic plans first; get plenty of general financial information and real estate investment education. After some successful experiences, you will be able to afford some of the best locations in the country and even such real estate jewelry as Las Vegas property is.

You can step on the footpaths of some of the wealthiest people of the world if you make some bold and inspired real estate investments such as property investing in Las Vegas. These business conceptions have proved to be profitable for some years now, so, with minimal risks, you can make a considerable fortune yourself by investing in real estate.

Clifton Waldrep asked:


The friendly state of Nevada, it could be a place you call home or one of your favorite vacation spots. Either way, it’s a great place to be looking for an investment property. Prices are dropping a little, and interest rates are still at a 40-year low!

There is a lot of ways to make money with Las Vegas real estate. If you are a first investment buyer, then seek out a qualified real estate agent. Las Vegas is Nevada’s world famous city. Today it remains one of the top real estate investment locations in the United States with the ever-increasing tourist traffic and convention traffic flooding into the area. There is consistent growth with the population, buildings, and jobs. Which makes for a great place to invest.

With so much to offer and a steady influx of new residents due to the cost of real estate in Las Vegas it is predicted that even with a cooling off of the current market the demand will remain steady for some time. Remember real estate goes in cycles, and Nevada is the perfect city to see this take place like no where else in the nation.

While many rushed into the market to make fast money the cost of real estate eventually topped out, and the slow down of buyers stabilized the market. Most real estate professionals believe that there is still a significant room for growth in the Las Vegas real estate market.

Over the past couple of years the Real Estate Market has taken center stage breaking national sales records with record appreciation rates. Find a good Las Vegas real estate agent, they will probably know more about real estate in Las Vegas than you do. Other services your agent might provide that can benefit you when buying Las Vegas real estate include providing connections with an affordable mortgage lender, experience in foreclosures, repossessions and estate homes, and experience in corporate relocation.

By making intelligent decisions about your Las Vegas real estate, you can assure yourself of economic advancement. A Las Vegas real estate attorney will play the role of a watchdog that can guide a client through the details and paperwork necessary for any house sale in Las Vegas. Whatever your financial goals are, buying Las Vegas real estate will probably be profitable to you.

When looking to invest in residential real estate, notice the neighborhood that the real estate is in. With some basic knowledge of Las Vegas real estate suburbs, you should be able to make a more informed decision.

Choose a Las Vegas real estate agent that will carefully research each new home to fit perfectly, with what you want. Since Las Vegas is such a dynamic city, it is hard to find real estate that cannot be put to profit-making use. The real estate market in Las Vegas has been appreciating at an incredible rate, and will continue to do so in the near future.

Las Vegas real estate suburbs are also good investments. Las Vegas real estate can be affordable if you look just outside of town, away from the strip, unless you are searching for land to build your very own casino? Then you would already have enough experience and would have no need to be reading this article?

There are projects that are breathtaking in design and integrate the best of Las Vegas, with Strip, Valley and mountain views, and true to the style and luxury of Las Vegas.

Also, living or operating in Las Vegas will exempt you from paying a state tax. This transformation has resulted in Las Vegas becoming a mature city. Nevada real estate agencies offer a selection of properties available for purchase and this is helpful to the real estate investors.

If Las Vegas is your dream, then get out there and buy yourself a little piece of Nevada you can call your home. This really is, the time to start buying real estate in Nevada.

As the saying goes: “Buy when everyone else is selling, and sale when everyone else is buying.”