Vegas Realty Check
Join hosts Trish Williams and Tiana Carroll every week as they provide comprehensive coverage of the Las Vegas real estate market. From market updates and current inventory to real estate news and expert opinions, this podcast brings you the latest information straight from the professionals in the industry. Unlike national news data, which can often be weeks or even months behind, Trish and Tiana provide real-time updates on what's happening in the local market each week. They also interview different professionals in the industry to provide a well-rounded perspective on a variety of real estate topics. Additionally, the podcast features bonus episodes, including "Community Spotlight," where a locally owned business is featured, and "Coaching Corner with Sharon Swanton," where listeners can learn how to improve their mindset to advance their career and personal life. Whether you're a buyer, seller, or investor, this podcast is a must-listen if you want to stay informed on the Las Vegas housing market.Trish Williams 702-308-2878 S.0175530 Tiana Carroll 702-379-9948 S.0178943Keller Williams the MarketplacesEach Office Is Independently Owned and Operated
Vegas Realty Check
Navigating HOA Documents and Contingent Sales Like a Pro
How do fluctuating mortgage rates and a nearly 5,000-unit inventory affect the Las Vegas real estate market? This week on Vegas Realty, we analyze current market conditions and shed light on potential mortgage rate drops expected in September. With insights into historical trends and the unpredictable nature of market shifts, we provide an informed perspective on how these factors could influence buyer behavior and change the landscape of inventory levels. Stay tuned as we break down last week's robust home sales and what it means for the future.
Ever wondered about the complexities of buying and selling homes simultaneously? We dive into the pros and cons of contingent upon sale transactions and leasebacks. Learn how timing and new rule changes can impact negotiations and what you need to consider when coordinating financing and closing dates. We also discuss the occasional unexpected chaos, such as flagged wire transfers, and how they can complicate the process. Plus, we explore the stress-relieving benefits of leasebacks and the importance of a post-possession addendum to protect both buyers and sellers.
HOA documents and CIC resale packages could make or break your home purchase. We emphasize the importance of thoroughly reviewing these documents during the critical five-day period, which allows you to cancel the purchase if unfavorable terms are found. Hear real-life examples of unforeseen events leading to significant homeowner assessments, and discover strategies for managing these costs. Finally, we stress the value of professional guidance in navigating these complex transactions to ensure you are well-informed and protected throughout your real estate journey.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
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Hey Las Vegas. Thanks for joining us back here at Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams and I'm Tiana Carroll.
Speaker 2:Welcome back. Thank you for joining us and, like always, make sure you like share and subscribe to stay up to date with all the Las Vegas real estate news.
Speaker 1:Yep, you hit that notification bell, yep.
Speaker 2:If you're on the YouTube channel, hit that notification bell. You don't want to miss a thing. We're here every Thursday.
Speaker 1:Absolutely. And we're here in August, third week of the month, wrapping it up, wrapping up the month.
Speaker 2:Next week it's nuts, right yeah, the end of summer. Well, end of summer for children. They're already back in school, but we still have our beautiful summer weather.
Speaker 1:Yeah, we got the school zones popping off again. That's great, always good for uh getting getting places on time yeah, the first week or two I'm like oh yeah, I forgot, this is a school zone, forgot this is a thing, um, but yeah, we uh, yeah, we're back here and, uh, this year is going by pretty quickly and our inventory, um, as we've been talking about over the last few weeks, has been going up a bit, so we are still under 5,000.
Speaker 2:Yeah, yeah, so that might be different next week. The way we're creeping up about 100, 150 a week, that'll change it, because today we're at 4,876 single-family residents available in the Las Vegas Valley.
Speaker 1:Yep family residents available in the Las Vegas Valley, yep, and, as always, rates have been driving activity and driving back activity also because we seen a little drop in rates a week or two ago, yep, and that just boosted, got a lot of people out there shopping. The whole week sounded like this ring, ring, ring, ring and then they leveled out and people and the activity kind of leveled out along with it.
Speaker 2:Yeah, and all the national news is like rates will be dropping in September. Rates will be dropping in September, so everybody's getting their ducks in a row so they could all jump into a feeding frenzy of purchase.
Speaker 1:Yeah, so there's that they had economic reports came out and they were not looking so good. Right, and they were not looking so good, and that is, I guess, the good thing about that is that is going to definitely motivate that rate decrease in September. So, because of that, we are still looking forward to seeing that. And there's, I mean, I've been hearing so many people. I had someone said called me yesterday and they said the market's dropping in October. Is that true?
Speaker 2:I was like, wow, I wish I knew You're like oh well, if I had a crystal ball, I would let you know.
Speaker 1:Yeah, I don't think we have a timestamp that says this day this is going to happen. But also, please, one thing to keep in mind is you're seeing these reports, as you're reading these reports, we have so many buyers on sidelines, and if we do see a decrease in those rates, those are going to pull those buyers back in the market, and pulling those buyers back in the market will prevent the market from dropping, and so it could go either way, and really it's unpredictable.
Speaker 2:Everybody has their own opinions, but they don't really mean much. Everybody is so optimistic in that the market is always going to crash and they're going to get a good deal. But you know, through summer we had low inventory, so that sustained our values. And then when the interest rates drop, then what's going to sustain our values is going to be competition.
Speaker 1:Yeah, and I do believe those interest rates dropping is also going to drop that inventory. So we're about 30 days away from that happening and seeing what's going to happen there. And, of course, what kind of adjustment are they going to make? I mean, is it going to be a major rate cut? Is it going to be just a little percentage of a point, like what are we talking about?
Speaker 2:So that's going to make a big difference as well, well, they drastically raised, but I don't think they're going to drastically cut. Yeah, I think if they get I don't know, I think if they just come down a little, they'll be like good enough, let's see how that goes for a month or two and then, you know, kind of revisit it.
Speaker 1:Yeah, and when they were doing the increases they were doing it at about half a point to a quarter, a point per increment. So I'm thinking those adjustments coming down are going to be about the same. But we'll see. We don't get to make those decisions they do. And also just another quick reminder it doesn't immediately. Sometimes it immediately affects the rates, the mortgage rates, because it's you know it's like the stock market. You know different activity will affect the rates in different ways. But sometimes it takes a few weeks for the Fed rate to pour over into the mortgage rates.
Speaker 2:Yep, yep. Okay, I'm like, yes, I'm with you on that. Yeah, no, it does take a minute and it's not always. Sometimes mortgages will get excited when the Fed cuts and they'll be like, hey, let's make a cut and keep the fires burning or whatever. But yes, it's them borrowing money trickling down to you, borrowing money from the lender. So it's going to take a minute.
Speaker 1:Yeah, absolutely, we've seen that. I think a lot of us learned that back when during COVID, when mortgage rates went to zero and then not mortgage rates, fed rates went to zero. And then everybody was calling us like hey, can I refinance my mortgage at 0%? We were like no, it's not the same thing, Not the same thing, not the same thing, not the same thing.
Speaker 2:So two different rates on money and on who's borrowing the money too.
Speaker 1:Right, okay, so back to our numbers. What did we sell last week?
Speaker 2:We sold 442 homes last week, which is a pretty good week.
Speaker 1:It's a pretty good week, a little bit, a little bit less than we were seeing a few months ago, but we just talked about why that's happening. Those price decreases dropped.
Speaker 2:I know I love that too. I was like oh, so that's a little competition going there, because the price decreases are at 542. So mid fives, when they were up into mid sixes, yes, so.
Speaker 1:And those under contracts are okay, a little bit less than we've been seeing.
Speaker 2:Yeah, less than we've been seeing, but they're definitely solid.
Speaker 1:Yeah, those are at 497 for the week.
Speaker 2:Yep. So all in all, our numbers sort of look like they're doing the same thing. Inventory is increasing, the amount of solds, and price decreases are ticking down Again. If those interest rates change, that's going to change, because it'll be sold, sold, sold, sold, sold.
Speaker 1:Yeah, we will see, we will definitely. I believe, without a doubt, without a doubt at all, we will see some definite changes in numbers and activity from rate increases.
Speaker 2:Yeah, yeah, yeah, yeah. I have to agree with that too, and I think it's going to happen fast, and I always advocate, like, if you are looking to get into the market, that right now is this little sweet spot, because you can start getting your ducks in a row and talking to your lender, getting your letter, maybe even doing some shopping, and by the time those rates do lock, you might be in a contract to where we can lock that rate in, and then you're avoiding the competition.
Speaker 1:Right, and the buyers that we've been getting in the contract lately have been getting some sweet deals.
Speaker 2:Sweet deals so many sweet deals out there.
Speaker 1:Concessions paid. It's been looking good. We got some happy buyers right now, so that is good. Definitely best time to shop is when everybody else is not.
Speaker 2:Right. So if you miss this, then come back and see us at Christmas. That'll be another good time to shop.
Speaker 1:We do, though, get those end of year buyers in. December, we always do and I'm like, who are these, the CPAs? I always hear this, like my CPA said I need to purchase a home before the end of the year and I'm like, wow, okay.
Speaker 2:That's my kind of CPA.
Speaker 1:That's my kind of CPA too. I like them. Okay, so we got some listener questions. If you are watching our show and you do have any questions on real estate, send us your questions Realtycheckvegas. There's a little tab there to submit listener questions. You can call us, you can text us, or hey.
Speaker 2:That's also our link tree, so if you ever want any information on us, you know where to go.
Speaker 1:Right, and a lot of questions that again, I gather just out and about with people and I'm like, hey, that's a good question, we'll talk about it on the show. You're like, let me write that in my notebook, yeah. So yeah, our first question comes from Michael and this is common, I'm sure we've discussed this so many times before, but legitimate question that many sellers have. Michael wants to Go ahead.
Speaker 2:Okay, I want to sell my house before purchasing and I don't want to move twice because moving is awful.
Speaker 1:Oh well, yeah, and if you're paying movers, it's costly, right? Yeah, that can be very expensive.
Speaker 2:Yeah, so I get this question all the time at listings, Like how am I going to, how am I going to sell this and then move into another house where I only have to move once and I don't want to be inconvenienced and all the all the yucky stuff that comes with having to get a new home?
Speaker 1:Yeah, so there's basically two options for that. Yeah, um first option would be the contingent upon sale.
Speaker 2:Yep, so we have a contingent upon sale uh addendum here in the Valley and that basically means, like I can buy your house as long as I sell this house. So then you're running a congruent escrow for both properties.
Speaker 1:So, pros and cons about that, contingent upon sale does help you prevent from moving twice. If everything works out and goes as to plan, it's a very convenient method to use. Right, I would say it's the most common. Yeah, I mean, I would say leasebacks are most common, but we'll get into that in a minute.
Speaker 2:Well, leasebacks I think were most common, like especially in the height of the pandemic rush, but I'm seeing less and less leasebacks now.
Speaker 1:Okay, yeah, so the contingent upon sell will have that when you submit your offer, and we always advise there's a few ways to do contingent upon sell. There's times and it depends on if the seller will even consider or accept it where people will submit an offer contingent upon sell without their home being an escrow first or they try and do it and their home's not even listed yet.
Speaker 1:Yeah, so very seldom do sellers accept those offers, but I've seen it happen. What that does, though, to the seller is it kind of backs you into a corner, right.
Speaker 2:Now you're stuck in a contract.
Speaker 1:Now you're stuck in a contract and you have a timeline of getting your home on the market, getting your home sold, finding a buyer, which means that you're kind of desperate for that buyer and it doesn't really help you in your negotiations because time is of the essence. So that does. I think that compromises the sellers in a way to do it that way. So what we recommend is the best time to go into contract on your purchase when you're doing a contingent upon sell, and what most sellers and listing agents will go for and look at seeing as something reasonable to take into consideration is after you've done your due diligence, Once your buyers have done their home inspections, your past due diligence. Some people say that they won't accept a contract until it's past appraisal.
Speaker 2:Yeah Well, there's all different scenarios, right? When it comes to that contingent upon sale. And then last year they introduced the contingent upon sale.
Speaker 1:They made a change to it where the seller isn't backed into the corner in the way that they used to, that they can accept another offer during that If it's better, they have to present it, show the terms and things like that yeah, and then also so when you're in that contingent upon sell, basically that just says the purchase of your home.
Speaker 1:If the sell of your home falls through, there's a certain date. That's usually your closing date or your buyer's loan contingency or something like that. If it falls through before that date, you're able to get out of the contract without basically any repercussions. You get your EMD back, all of that stuff. But another challenge that we see with that is if you're doing financing on your purchase and you're doing this contingent upon sale, you're selling your home. You're doing financing on your purchase and you're doing this contingent upon sell, you're selling your home, you're doing financing on the purchase. Most people need the funds from the sell to do their down payment for the financing of the purchase, but to schedule that all to happen by the exact closing date.
Speaker 2:Yeah, it's like walking a tightrope man. Yeah, there's so many. We're earning our money at that point. That's all I'm saying.
Speaker 1:Yeah there's so many unknown factors that could happen, you know. So, yeah, just one thing can throw a curveball to the whole situation and I mean, I've had it where we're like the wire, like we need the closing funds deposited right now or we're not closing in time and it's not really all about closing in time because the moving truck is sitting outside and ready to move into this new house and we need to close on time. So, yes, definitely so many factors. It can be stressful, it can be chaotic.
Speaker 2:Yeah, it can definitely be stressful if that were the situation.
Speaker 1:Yeah, and talk about stressing your realtor out.
Speaker 2:I don't think that people really realize how many people are in the sandbox playing during a real estate transaction, and so if you're having one house, it's a lot of people. If you're having two houses or even, at this point, three houses, where you're selling a house, a buyer is buying your house and you're buying another house, then you have three sort of complete groups of people in the sandbox, sort of navigating these waters and somebody has to keep them all on track.
Speaker 1:Yeah, and then every once in a while does not happen often, but does happen Fed flags a wire.
Speaker 2:Yeah.
Speaker 1:Randomly.
Speaker 2:Yeah, this is the one. You didn't have enough kinks in your transaction, let's just sprinkle sprinkle a little more?
Speaker 1:Yeah, Just for quality control you know, so they'll have it under review. So the wire transfer gets delayed and it's like, no, not now, but yeah, very stressful. So that is an option.
Speaker 2:It is an option and it can be incredibly stressful. Now all transactions aren't that stressful. I don't have wood to knock on, I'm knocking on plastic, tap, tap, microphone phone, whatever I can get. I've had pretty good luck with congruent sales.
Speaker 1:Yeah, and so have I. It's been good. So, even though if they may not be common with everybody right now, I'm not sure I would say about at least 50% of my sellers are doing leasebacks. Yeah.
Speaker 2:Leasebacks are a very good option. I do like a leaseback. I know there's a lot of things you have to protect insurance and things you have to put in place to make sure that the leaseback is done correctly and everybody is covered. But it does relieve the stress, at least for the seller looking to buy.
Speaker 1:Yeah. So, in summary, we have what's called a post-possession addendum. So this post-possession addendum, okay. So this post-possession addendum lays out the terms of leaseback. So you are able as a seller, and of course buyer has to agree to this. Some buyers say I just can't do it, I need to move in the house when I close. So the buyer has to agree to the terms and agree to the leaseback, which is all something we negotiate up front. And there's some sellers that say, if the buyer's not willing to offer a lease back, I'm not willing to sell the home to them. And that's very common and I've had many sellers in that situation.
Speaker 2:Yeah, and that's another spot where it's such a great a buyer's agent having those conversations with the list agent before offers are written, being like, hey, what would your seller really appreciate? And they'll be like a lease back and I'll be like I got you kid.
Speaker 1:I put it in the listing, yeah, especially if it's mandatory. I'm like this is what we need. But the lease back gives you the option to close on your home, have that money deposited to your account. So there's no unknowns, no like is it going to close? Is the appraisal going to come in low? What if the money's not what I thought it was going to be? It's already there and leasebacks we can do. Most buyers that are financing their loan will let them do a leaseback for up to 90 days. A lot of buyers don't want to do it for that long, so I'd say 30 to 60 days is more common of what we see for that.
Speaker 2:Yeah, and that's good, because our market is like a 30 to 45 day market, so even if a seller didn't do anything until the house closed, they should be out of that house within that 30 to 45 days in a new home.
Speaker 1:Yes, and the leaseback also. We have that addendum. So what the addendum states is that the seller gets to stay in the home as a tenant. Usually they pay rent to the new buyer. Those are all items of negotiation.
Speaker 2:I was going to say that's negotiable, because a good buyer's agent will get you in there for free.
Speaker 1:Yeah Well, it depends on the terms, right? So there's factors, and then there's a deposit, a deposit holdback. Always recommend the deposit holdback. It's just a security deposit. Things can happen.
Speaker 2:Yep, and that's held in escrow. So we got a third party who is making sure that that money is protected, yep.
Speaker 1:The security deposit and if there's rent involved, the rent is also held back in escrow, so you're not trying to chase down the other party after closing. Correct held back in escrow, so you're not trying to chase down the other party after closing. This leaseback addendum states that the seller does not have Nevada tenancy laws, so it's not like you're going to have to give the seller a 30-day notice to get out. It's exempt from that and that's what this post-addendum explains is that that is not the case here. Right, that? This is the terms of the agreement. It's a temporary agreement and the dates are firm dates.
Speaker 2:Right, because the seller of the house isn't signing a new lease to be a tenant with them. This is just the terms of the actual purchase of the house.
Speaker 1:Yes, and then also, the seller is responsible for any maintenance. That dishwasher breaks during the leaseback, the seller still has to fix it, even though they are no longer the owner of the house. Yep, and they have to carry insurance. And they have to carry insurance, they have to carry renter's insurance during that term. And the buyer? There is a term in that post-addendum that says that the buyer has no liability for anything during that leaseback period. So post-addendum is very important. I have seen agents that talked about leasebacks but glazed over the post-addendum and I'm like whoo whoo whoo.
Speaker 2:No, that's a pretty good form. Let's keep that one. Let's keep that one and do not.
Speaker 1:That's good protections y'all, Even if it's a day or two. Yeah, even if it's a day or two. We do not want a lease back for um. If you do not have that, that post addendum because that is a protection for all parties and um. Most sellers, um, when they're doing this by purchase whatever, after the appraisal is done, after everything's done, they move forward with their purchase and I see that 90% of the time, the sellers don't even need the full term.
Speaker 2:So we always do up to, yeah, up to, because, yeah, they just want the peace of mind that they're not going to be rushed and that they can shop for their home and that they can get everything their paperwork in and everything they need to do to purchase without that added stress.
Speaker 1:Right and Michael, I didn't know that your question was going to take most of our show.
Speaker 2:No, that's okay, and then we didn't even really talk. There's also, if you want to avoid that post-addendum, there's also something that you can talk to with a lender and it's a bridge loan. And so if you want to get a bridge loan, you can pull the equity out of your existing home to use that and purchase the home before you sell your home.
Speaker 1:Absolutely yeah, and there's some companies like Woffet offers that. So, yeah, different companies here that offer that. I didn't even think of that.
Speaker 2:Good note. Yeah, A bridge loan is a really good way, because then you don't have to that having three full houses or escrows in a contract. This is just an easy way for a seller to, you know, purchase their next spot.
Speaker 1:Yep, absolutely, and don't have to move twice.
Speaker 2:Yay, which moving twice is a nightmare. Absolutely All right. So now we have, is it Lonnie, lonnie?
Speaker 1:Lonnie.
Speaker 2:Lonnie, I heard I should homestead my home Trish. What does that mean?
Speaker 1:Yes, Homestead is. We recommend it. We're not allowed to give legal advice, so let's just open with that.
Speaker 2:In case you didn't know, we're not financial advisors and we're not lawyers.
Speaker 1:Yes, absolutely, but homestead is something that I always recommend. I do send the homestead document to buyers at closing with instructions on how to prepare it, because it is so simple yeah.
Speaker 2:Why not? It's one form. It's check a box here, check a box here, property address, your name and then notarized.
Speaker 1:Yeah, notarized. You submit a recording fee, which I believe is like $47 with the county. Oh, isn't that high. I thought it was like $30.
Speaker 2:It raised a little, a little bit.
Speaker 1:Yeah, they've raised it over the last couple of years. But you submit it, you can mail it in, you could drop it off in the office, you could do whatever. They record it on the property. It's done, it's there. There's no renewing the fees every year, it's just there. If you refinance, do something like that, you may have to record it again, but other than that, it stays there on the property.
Speaker 2:Yeah, and a homestead basically protects your owner-occupied home from creditors. I don't, so if we didn't say that already, that's what it is yeah, that was the next section. Oh, okay, Okay, I thought you were going to the next question because we spent a lot of time on Michael's. I'm like wait, we should at least tell you what the homestead's for. Why do I need a homestead?
Speaker 1:Yeah, so per the county that had the homestead instructions. So the homestead protects your primary residence equity from general creditors up to $605,000. Correct, general creditors are things such as unpaid medical bills, bankruptcy, charge card debts, business and personal loans, accidents, but Homestead does not protect general creditors from seizing or forcing the sell of your residence. Yeah, so it doesn't mean you could just like not pay anybody and not worry about it, right, that's true.
Speaker 1:There definitely can still be repercussions, but the Homestead does offer a small bit of protection there and for a one-time recording fee I think it's definitely something that you should do. Primary residence only has to be your primary residence in order for you to qualify for a homestead, and you cannot have a homestead on more than one property in Nevada.
Speaker 2:Yep, yeah, all right, I think we finished up that one. So, danielle, what are special assessments in HOAs and why are they so high? Okay, so we kind of talked about special assessments like a few episodes back, so you might want to go hit that one up, but we'll cover a lot of that, right now Do you want to start?
Speaker 1:Yes, I hate special assessments. Danielle, I'm with you. I hate HOAs. So there you go. Yeah, this is one thing that I would say is very important when you get your HOA documents, those CIC resale package.
Speaker 2:When you're purchasing in a community, you're going to get a resale package. You have five legal days to review that package. It's going to have all sorts of information in it about the health of the community, so go ahead.
Speaker 1:And yeah, during that five days, if you do not agree with certain things that are in the HOA package, you do have the right to cancel and retain your EMD. So very important, don't glaze over that package. Very important to look through it. One thing that could be a good indicator of a potential upcoming issue that you could see in that package is looking at the HOA's reserve fund.
Speaker 2:Yes, because in that packet you are going to have all the finances for the HOA, if there's any litigation, and what their reserves look like. And reserves are so, so, so important.
Speaker 1:Yes, so what reserves are? Just like anybody else in a regular homeowner's reserves is like what do you do? If your roof goes out, you know you have. You have to have some type of reserves fund to help you know with, with certain things that are unexpected. Well, hoas have this as well. Right, and it could be a various number of items. Yeah, and if the reserves are not that stable, and even sometimes that they are, because sometimes the unforeseens are more costly than anybody ever foreseen them being- Right, right, right, right.
Speaker 2:Yeah well, life, right Things happen.
Speaker 1:Yeah, there was one HOA that I seen in particular that had a fire burned down two units. The HOA covered it was a townhouse community. Hoa covers all the buildings in the community. Those two units burned down. Hoa insurance had to take care of that and those buildings and do the coverages on that. And after that, as a repercussion from that happening, what happens when you file an insurance claim? Your rates go up right.
Speaker 2:Indeed indeed.
Speaker 1:Based on the amount of the claim. So the insurance rates for the community got so extreme that it turned into a $500 assessment per homeowner to recover that. And on top of that sometimes those assessments will have a time limit, such as this assessment will only run for 12 months, and whatever that happens. But in this particular case the assessment is due to the insurance rates, which in commercial insurance can last two to five years, yeah, so those assessments will be there a minute.
Speaker 1:Yeah, so they are. It's kind of unknown how long that assessment's going to be there and all the HOA can provide is that every year we will review and try to reapply and try to find better insurance. But this is in place until those rates come down. And as a homeowner in a common interest community, you are a common interest owner in everything in that community and that also means you're in common interest with the fees and assessments that are assessed to that community.
Speaker 1:Exactly, yeah, we've seen some HOAs in the Valley. One of them in particular, which made the news quite a few times, was the one that had someone was, I believe, killed at the gate for a malfunction of the entry gate. No one expected that happening. Right, that doesn't happen often, yes, but the homeowners and the community are all paying for the assessments, legal fees, everything that came with that, and then, depending on how big the community is, that gets dispersed to all the homeowners in the community and it's you know, if you have a larger community, that disbursements probably you know that amount per house is probably less.
Speaker 1:Yeah, chunked down a bit yeah, but in a smaller community that can get pretty costly.
Speaker 2:Yeah, and I just want to say she said why are they so high? High is kind of a relative term. Right, it depends, because sometimes they're not. Sometimes a special assessment might only be, you know, $20, $30 a month more, and I have seen them be quote unquote so high where they're like three and $400 a month more, which is shocking to some people.
Speaker 1:Yeah, no, I've seen them be very extreme and I think the lowest I've seen was $32. And I was like, yeah, and they actually had a time frame. I called the HOA before the buyer purchased and was like, hey, how long is this happening? And they said it's going on for 12 months and they had a set date. There was a certain amount of money that they needed to cover for the assessment and they had a date of how long it would take for if they assessed each homeowner, to recoup that money for their reserves.
Speaker 2:And that can be an issue for buyers with financing the loan Absolutely, because they'd have to qualify for that special assessment.
Speaker 1:Yes, and I did run into a situation where we had to work that out for a buyer on a purchase recently, had a timeframe, had a set amount. We negotiated the seller to pay the total amount to pay off the reserve or the special assessment. The assessment that was assessed to that property so that monthly assessment would not be relevant, paid it in full, showed a confirmation to the lender. They didn't have to incorporate it into the payment. So all was good and everybody was happy. So that's an option too.
Speaker 2:Yeah, and there's actually tons of options. I hate this term, but there's more than one way to skin a cat, and we always talk about being a protected consumer, hiring a professional, making sure that somebody is there guiding you and leading you, because if you've only done one or two real estate transactions, bought one or two houses in your life, you're not really going to have an understanding of all the different moving parts. But having somebody who knows hey, listen, when you get this CIC package, we're going to want to look at the finances and make sure that the reserves are good and we're going to want to make sure this and that Just that guidance is so valuable in these transactions.
Speaker 1:Absolutely. And to get that guidance, how do people get a hold of you?
Speaker 2:Well, if you want to meet a guide, you can call me at 702-379-9948.
Speaker 1:If they have questions and want to talk to you. Trish, how do they get a hold of you. My phone number is 702-308-2878.
Speaker 2:308-2878. We're going to say it one more time 702-308-2878. I forgot my own number, Wow, Well listen, I'm surprised I'm even here today functioning after the week I've had. So you know, kudos to you.
Speaker 1:Yeah, definitely. And, guys, if you're watching the show, go to our link tree, realtycheck Vegas. You can find everything about us, you can contact us.
Speaker 2:You can follow us on social.
Speaker 1:You can send listener questions. You can just get everything about us, about the show, all in one spot. So make sure to check out that link tree and that is Realtycheckvegas Realtycheckvegas.
Speaker 2:So we appreciate you guys tuning in and if you haven't yet, make sure you like share, subscribe, hit the notification button, do all the things so you can stay a part of our community and what is going on in real estate in Las Vegas. We're here every Thursday and we appreciate you coming out. Yes, guys, thanks, bye, have a good week, bye.
