We had heard the rumors that the Las Vegas market had fallen flat on its face, like the “bubble Burst” as they used to say in the real estate and mortgage business, just a month earlier. How would that affect me I wondered, but I was soon going to find out. Nobody wanted to buy homes anymore for a few weeks it seemed like homes in escrow were falling out of escrow, a big part of the reason was appraisals were not matching contract pricing, my buyers on my hot sheet list wanted to wait a while to see what was going to happen to the prices. The news on every tv channel and papers, internet was saying the “bubble had finally burst” and these over inflated home prices were going to adjust and start dropping fast! Well within weeks I received my 1st short sale listing opportunity, how to go about this was a total learning curve since I feel I was the 1st in my large office to have to deal with this. This first week I placed it on the market with the new price adjustment from what was owed to the lenders of both the 1st note and the small second note, I had 13 accepted offers on the table, all signed by my sellers. But wait a minute, how can you sell one house two 13 different parties? Had I broken the law? As a brokerage firm, my broker couldn’t give me any answers, so I was scrambling with our legal hotline for the real estate division and the National and state association of REALTORS. Well bottom line I had to contact all the agents and brokers of those offers and according to their time frames on our receipt of those offers and get them to send an addendum to be in a second and third place position and down the line.
Well I’m going to bring this segment of the story to a close and you will have to wait until part 2, were we will pick up from were I left off to complete this interesting and fabulous love story that is what I call “Living the Dream!”
Joey Machado, REALTOR, CA DRE#01998103/ NV RE#0061028
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
The drum of the realization of the promise is beating, we are sweeping the road to the sky. Your joy is here today, what remains for tomorrow? The armies of the day have chased the army of the night...
NMLS 1795154