RECENT BLOG POSTS
According to Bruce Alit, Chief Compliance Officer at the Nevada Real Estate Division, a licensee can negotiate short sales with lienholders providing the licensee is part of the real estate transaction, as evidenced by being on the "Duties Owed." Read the Division's position statement by Clicking...
03/13/2010
I was recently asked, "I have clients that have listed their properties as short sales.  They also have filed for mediation.  I'm not sure if the mediation will suspend the short sale process or if they'll both continue forward at the same time.  Do you know how the Nevada Foreclosure Mediation P...
03/11/2010
In a foreclosure, the senior lienholder has 6 months after the date of the foreclosure sale or the trustee's sale held pursuant to NRS 107.080. If there are any junior lienholders, aka "sold-out lienholders", they would have 6 years years under a breach of written contract in the State of Nevada....
12/01/2009
NRS 11.200  Computation of time.  The time in NRS 11.190 shall be deemed to date from the last transaction or the last item charged or last credit given; and whenever any payment on principal or interest has been or shall be made upon an existing contract, whether it be a bill of exchange, promis...
12/01/2009
Ask Steve! How can I find out if the house I'm renting is in foreclosure? Tina L.  Carson City, NV Contact a local title company and ask them to check their Notice of Default list, or go to:  www.rentalforeclosure.com.  On May 20th, 2009 President Obama signed Public Law 111-22 "Protecting Tenant...
07/27/2009
  Ask Steve! "Is it true that FannieMae has told banks (loss mitigators) to pay listing agents their  commission on short sales?"  What about FreddieMac?   How do I know if my seller/borrower has a FannieMae or FreddieMac loan?   Mike D. Las Vegas, NV                                             ...
07/21/2009
Ask Steve!  Why would a seller want to do a short-sale?" Bernard E.  Las Vegas, NV The seller can avoid having a foreclosure on their credit report; conceivably live in the property "mortgage free" during the lengthy short-sale process; and it's the "right thing to do" when in default.  Walking a...
07/21/2009
Leslie Carver, Team Carver, Prudential Americana Group, REALTORS, Henderson, NV, and a Certified Short-Sale Professional, includes the following contract language when representing a buyer.  This language allows a buyer to cancel the contract and receive their earnest money deposit ("EMD") back w...
07/04/2009
Nevada is a "recourse" loan state. It is not a "walk away state." Creditors could "go after" borrowers/sellers and seek a judgment for any deficiency for a home loan. Here's what two Certified Short Sale Professionals had to say when I asked them whether Countrywide or any other lenders were seek...
04/22/2009
Allan Herman from RE/MAX Benchmark in Las Vegas, NV says, #1 WORK WITH A SERIOUS BUYER! If you're working with "a low ball artist" it's time to move on.  Most offers are selling right around 97% to 98% of list price. Educate your buyer on what properties are selling for.  Show them the recent clo...
04/09/2009
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Steven Kitnick

Steven Kitnick, CFAC, CSP, CNE, GRI, RRG
local_phone(702) 255-8722
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