• The Pitfalls of Selling A House in a Seller’s Market- Low Appraisal

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    ajllc
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    Selling your house when the market is hot and demand is high is ideal! Sellers dream of multiple offers outbidding each other to get the seller to accept. The seller thinks, “Maybe I’ll get a cash deal. Maybe I’ll have someone pay lots more than my asking price!” But there’s some things one has to think about before choosing the right offer.

    When you’re selling in a seller’s market, know that the buyers are often tired of making offers and having them rejected. Some buyers get desperate and make offers they can’t even afford! One buyer recently had 3 offers rejected so on the next house, they decided to go BIG. And guess what, the seller bit! But the seller’s agent reminded the seller that this buyer was going to need a loan to buy the home and there would be an appraisal contingency. What if the appraisal comes in lower than the offered price? In the Las Vegas standard contract, there is an appraisal contingency that says the buyer doesn’t have to buy the home if the appraisal comes in low. So 2 weeks after they opened escrow, they could be cancelling it and having to go find another buyer. This can be heartbreaking for both parties and the seller may even be in contract on a house to buy and this can be a negative chain reaction. Sure, the seller could reduce the price to meet the buyer’s appraisal, but why put yourself in that situation when you had multiple offers on your house just a few weeks ago?

    So, what sellers will do in a case like this, is ask the buyer if they’ll, 1) waive the appraisal or, 2) pay cash up to a maximum amount to meet the appraisal. For example, if the buyer offers to pay $300,000 on a house, but we think the appraisal will likely come in around $285k, the seller will want to know if the buyer has $15,000 extra to make up the difference. If the buyer is a first time home buyer or using a 3% down payment loan, there’s a good chance that they’ll be tight on cash. An additional $15,000 may not be available to the buyer. So, what would the buyer be willing to pay? $5000 over the appraised value? If that’s the case, then really, the seller needs to gear his thinking to a $290,000 purchase price ($285k appraised value + $5000 cash from the buyer). The offer of $300,000 is not real. They might as well have offered $1 million. The $290,000 is real.

    I’d recommend getting proof of funds if the buyer agrees to pay some money over a low appraisal. Some buyers are looking to their family for help if they’re cash strapped, so make sure you’ve got assurances that the cash is readily available and not just a story.

  • First Time Homeowners in Las Vegas

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    ajllc
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    Having relocated from California, many buyers recognize how much more they’ll get for their money if they buy something in Nevada. Like so many transplants this family was excited to see they could actually buy a house with an attached garage for less than a condo in their former city, of San Diego.

    They decided to buy in an area that was a little older. It was an area that was developed in the late 80s and early 90s. This area suffered quite a bit during the recession in 2007 but has bounced back rather nicely because it’s very close to Summerlin.  The location is so important. There are a ton of stores, restaurants, banks and other services very close to this home. I think this area is going to do well in the coming years and I’m excited to see them grow their family and their new home. 

       
     

  • Walking Tour of a Big, Beautiful House in Henderson

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    ajllc
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    This gorgeous home is located in the prestigious Anthem Country Club in Henderson. It’s a guard-gated community that’s developed around a golf course. Streets are green and manicured. The public schools zoned for this area are rated some of the highest in Clark County by GreatSchools.org

    The home is 4 bedrooms with the master downstairs by the garden. Big open family room, formal dining room and a formal living area. Upstairs is a massive game room which has been customized and split into an office. The 3 remaining bedrooms are upstairs with 2 of them sharing a Jack n’ Jill bathroom and the last bedroom is like a mini master bedroom.

    One of the best features of this home is that you have NO neighbors behind you. The backyard is fully landscaped and has a covered patio.

    $620,000 for 3848sf. Crazy good value for a beautiful home in the Henderson hills.

  • Southern Highlands celebration

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    ajllc
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    Congratulations to my clients Stan and Chelsea on their beautiful new purchase in Southern Highlands. This is in a guard gated community developed by American West.  Baby will have her own room when she arrives!

     
      

  • Glen Taylor Elementary

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    ajllc
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    This school is located just off of Eastern Ave and Sienna Heights. I’m hanging out today watching a few kickball games with the elementary school kids.  

       

  • One of my favorite things to do

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    ajllc
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    One of the things I often do is pick up the keys for my clients after a house has been bought. Often my clients are out-of-state or unavailable when the actual closing happens. 

    This particular home was in Sun City Summerlin. I’m really excited about this buyer because they’re starting their retirement with the purchase of this home. 

     Friday favorite thing to do!
      

  • Death Valley Wild Flowers

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    ajllc
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    Just a 2 hour 20 minute drive from Las Vegas is  North America’s lowest elevation and one of the hottest places in the U.S. For even someone like me who works all the time, you can afford a day trip to check this place out. They say camping is the way to go since the night skies here are as dark as our ancestors witnessed. “The clear, limpid atmosphere brings [the stars] very close. You feel you could reach up and pull them down,” said Bessie Johnson. The International Dark Sky Park has designated this #3 and the largest on their list. 

    The inspiration for this trip was the super bloom I had heard about. Let’s be clear, this is not tulip fields in the Holland but the beauty of these flowers is still astounding when you see that they’re growing out of rock and dirt. 

    On our way to the national park we pulled over to an amazing field of flowers.  desert gold flower 

    field of desert flowers
         

    Our next stop was Dante’s View inside the park. The view of Death Valley is from more than 5000 feet above the valley floor. 
     

      

    Zabriskie Point

     
    All of our stops were quick and easy. No hiking and parking lots. This is a trip grandpa could have taken with us. 

    We took  the route home through Beatty. It’s a funny little town just a few miles away from the ghost town of Ryholite. It’s an area that’s remote but has a cool factor to it. It’s because of the nearby open air Goldwell Museum and the fact that you can hang out and soak in a hot spring at Bailey Hot Spring. 

    We were gone for 8 hours total and were home to watch Saturday night UFC at home. It’s great to feel like you’ve had an adventure or accomplished something but still come home to sleep in your own bed. 

     

  • Pear and Gorgonzola gelato

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    ajllc
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    You heard right. Gelatology in the SW area of Vegas near Rainbow and Windmill is the place to be. The owner of the shop used to have a shop downtown but sold it and moved to the hot Southwest.  

      
     This is a place that gets 5 stars for service and food. Cause gelato is food – real, good food- in my belly. 

      
    You’ll find exotic flavors like pear and Gorgonzola, Doritos, green tea Kit Kat and lemon poppyseed. It’s all delightful including the old standbys like Chocolate. 

    This place is just down the road from Penn Jilette’s old house, The Slammer. The home was for sale and I hope it becomes an Atheist community center in the future. The group raising money to buy it is the United Church of Bacon. Talk about universal love!

    The owner of Gelatology will let you taste the flavors until your heart is content. Just do like I did and try many and then order practically 1 quart of mixed flavors to take home. I felt guilty with the 6th flavor I tasted but I spent $21 on gelato by the time I left. 

    Gelatology, 7910 S Rainbow Blvd., Unit 110, Las Vegas, NV 89139  (702) 914-9144

  • Dumpling Head

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    ajllc
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    Lately my daughter has been wanting dumplings nonstop. So instead of boring myself by going to the same restaurants to satisfy her, I’ve been driving out to other neighborhoods and eating at some great places. 

      

    The Noodle Man is located just off the 215 on South Rainbow. It’s open for lunch and dinner and packed on the weekends. The noodles are made fresh in-house and you can see into the kitchen to watch them prep your meal.   
    Some of our favorite dishes include pudding tea- a drink when you suck egg? pudding (more like a light custard) through a large straw floating in cold tea.    

     A5. Spicy pork wonton topped with green onions and chopped peanuts. An appetizer that’s hard to share.   

    C3. Homemade Zha Jiang Noodle with ground pork, bamboo shoots, dry tofu, black mushrooms, cucumber, carrots and bean sprouts.  

    A4. Steamed pork and leek dumplings. She’s going in for the kill.  

    And a favorite, recommended by Sabby Shin, the vegetable pancake with egg, leeks, dry tofu and sweet potato vermicelli.   

     
    This area of Las Vegas is really developing into a destination for food. There’s a lot of great Asian options out here. This is one place that I highly recommend and one I tell my new transplants from other cities who move to the Southwest. 

    Noodle Man,  6870 S. Rainbow suite 101, Las Vegas, NV 89118, 702-823-3333 (what a lucky phone number!)