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| Working With a Realtor |
If you decide to pursue a foreclosure purchase, you’ll want to work with an experienced real estate agent who can educate you on the process. He or she can help you crunch the numbers, determine a logical purchase plan, avoid potential setbacks and assist you with all the unique processes and paperwork involved with foreclosures.
— Short Sales
The short-sale buying option is becoming more common in places where homeowners paid higher prices for their homes a few years ago than the homes are currently worth now. Short sales are an alternative to a foreclosure. When the borrower can no longer make the mortgage payments as agreed, he is faced with many decisions. One is to allow the lender to foreclose. Another is to get the lender to agree to accept a payoff of less than the balance owed on the loan.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs significantly can erode their equity, especially if the property sits idle for many months. Auction sellers effectively can pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified ABR® or REALTOR®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she also can help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
BUYING REAL ESTATE IN NEVADA
Real estate taxes and laws vary greatly from state to state. If this is will be your first property purchase in Nevada, it is best to get acquainted with a few of these common regulations and factor them into your homebuying decisions.
— PROPERTY TAXES
While there are fewer taxes in Nevada than other states, all property is assessed at 35 percent of its current appraised value. This amount still represents one of the lowest property tax burdens in the United States. It’s the job of the Clark County Tax Assessor to value all property in the county to be taxed and is required by Nevada law to discover, list and value all property within the county. To calculate the tax on a new home that does not qualify for the tax abatement, assume a home located in the city of Las Vegas has a taxable value of $200,000 with a tax rate of $3.50 per hundred of assessed value (0.035). To determine the assessed value, multiply the taxable value of the home ($200,000) by the assessment ratio (35 percent): $200,000 X 0.35 = $70,000 assessed value. To calculate the tax, multiply the assessed value ($70,000) by the tax rate (0.035): $70,000 X 0.035 = $2,450.
The tax moneys collected pay for schools, police and fire protection and roads along with the other services that a taxpayer demands and desires from his local government. These tax rates vary depending on the type of services provided to an area. You can learn more by visiting the Clark County website at www.clarkcountynv.gov. On the left-hand side click on Services and select Assessor Data Files or Assessor Reports.
— PROPERTY-TAX EXEMPTIONS
The Nevada legislature provides for property-tax exemptions to individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, blind persons and church or fraternal organizations. In addition, the state of Nevada has a Senior Citizens’ Property-Tax Rebate and Rental-Assistance Program.
An exemption may be applied to real property tax and personal property tax, which includes business personal property and manufactured housing. The tax dollar amount of the exemption varies with the taxing district in which you live. These programs are administered by the assessor’s office. More information is available by calling (702) 455-3882. Questions regarding a tax amount for a specific property should be directed to the Treasurer’s office at (702) 455-4323.
— DEED RESTRICTIONS
You may decide to live in a subdivision or a master-planned community with deed restrictions, which appear in the real property records of the county in which the property is located. They are private agreements and are binding upon every owner in a subdivision. All future owners become a party to these agreements when they purchase property in deed-restricted areas. That’s why it’s important to review the deed restrictions in a restricted subdivision or community you’re considering so you’re aware of the residents’ obligations and responsibilities.
— Short Sales
The short-sale buying option is becoming more common in places where homeowners paid higher prices for their homes a few years ago than the homes are currently worth now. Short sales are an alternative to a foreclosure. When the borrower can no longer make the mortgage payments as agreed, he is faced with many decisions. One is to allow the lender to foreclose. Another is to get the lender to agree to accept a payoff of less than the balance owed on the loan.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs significantly can erode their equity, especially if the property sits idle for many months. Auction sellers effectively can pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified ABR® or REALTOR®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she also can help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
BUYING REAL ESTATE IN NEVADA
Real estate taxes and laws vary greatly from state to state. If this is will be your first property purchase in Nevada, it is best to get acquainted with a few of these common regulations and factor them into your homebuying decisions.
— PROPERTY TAXES
While there are fewer taxes in Nevada than other states, all property is assessed at 35 percent of its current appraised value. This amount still represents one of the lowest property tax burdens in the United States. It’s the job of the Clark County Tax Assessor to value all property in the county to be taxed and is required by Nevada law to discover, list and value all property within the county. To calculate the tax on a new home that does not qualify for the tax abatement, assume a home located in the city of Las Vegas has a taxable value of $200,000 with a tax rate of $3.50 per hundred of assessed value (0.035). To determine the assessed value, multiply the taxable value of the home ($200,000) by the assessment ratio (35 percent): $200,000 X 0.35 = $70,000 assessed value. To calculate the tax, multiply the assessed value ($70,000) by the tax rate (0.035): $70,000 X 0.035 = $2,450.
The tax moneys collected pay for schools, police and fire protection and roads along with the other services that a taxpayer demands and desires from his local government. These tax rates vary depending on the type of services provided to an area. You can learn more by visiting the Clark County website at www.clarkcountynv.gov. On the left-hand side click on Services and select Assessor Data Files or Assessor Reports.
— PROPERTY-TAX EXEMPTIONS
The Nevada legislature provides for property-tax exemptions to individuals meeting certain requirements. Some of these include veterans, disabled veterans, surviving spouses, blind persons and church or fraternal organizations. In addition, the state of Nevada has a Senior Citizens’ Property-Tax Rebate and Rental-Assistance Program.
An exemption may be applied to real property tax and personal property tax, which includes business personal property and manufactured housing. The tax dollar amount of the exemption varies with the taxing district in which you live. These programs are administered by the assessor’s office. More information is available by calling (702) 455-3882. Questions regarding a tax amount for a specific property should be directed to the Treasurer’s office at (702) 455-4323.
— DEED RESTRICTIONS
You may decide to live in a subdivision or a master-planned community with deed restrictions, which appear in the real property records of the county in which the property is located. They are private agreements and are binding upon every owner in a subdivision. All future owners become a party to these agreements when they purchase property in deed-restricted areas. That’s why it’s important to review the deed restrictions in a restricted subdivision or community you’re considering so you’re aware of the residents’ obligations and responsibilities.
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Nevada consistently ranks high among the favored states ...
