Team Coldwell's Q&A

You need a Realtor to get you the actual value. Is this for a potential sale?

Nevada is a Deficiency state which means the banks can come after you for the difference. Even if they foreclose, there are rights for them to collect on the 1st. Have you thought about attempting a Las Vegas Short Sale first? Why just walk away?

You really want to contact a Las Vegas Realtor. You are not going to get accurate values on general real estate websites as they don't have all the data.[content removed by moderator for being self promotional]- Coldwell Banker WardleyShort Sale Specialists

Make sure you request Cash for Keys. They will pay $1000-$3000 on average for you to be able to find another place to go. In addition, you should consult an attorney, because they (the bank that is) have to honor your lease as it travels with the land, unless you come to an agreement otherwise.

In my opinion, it is the job of the Real Estate Agent to educate the buyer on the market. The agent should pull very accurate and recent comparative sold and pending properties (giving more weight to the solds) and determine the average square foot price for that property. If it is a bank owned or a short sale, you can count on the fact that bank will want fair market value. For example: The list price is $74,900Agent pulls comps which show:   Fair market value is $99,900The bank knows that too, and they are looking for $99,900 or very close to it. Often times the agents list low - it's really a starting bid to generate the traffic and then let it bid up to fair market value. If your agent is giving you accurate comps - that is your number. You don't need the agent to tell you how much to bid, the comps do that for you. Beware of the new "game" agents are playing. They will bid much higher than the fair market value, knowing that will put them in first position, and then let the appraisal bring it back down. It worked for a few weeks, but the banks are on to it now and they are now throwing out bids that are way over fair market value or asking for the buyer to come up with the difference in cash.Also, if you LOVE the house, and it comps at $99,900, but you want it so bad and know there are multiple offers - feel free to bid over the market value, but be prepared to pay for the difference in cash.That is my advice based on my experience on Las Vegas Properties.

Right now, the lenders are saying 2-3 years before you can get a new loan if you completed a short sale. That being said, it's best that you talk to a lender that specializes in that area.We wish you the best!

What do you need the evaluation for? That makes a difference.

I would STRONGLY suggest contacting your bank and discuss options with them. Don't allow somebody to convince you to pay them money up front to modify your loan. If they agree to charge you in the end provided they have success, that is perfectly legal and expected. Many people don't realize they can do the exact same thing with their bank.Good Luck!

They may be using the foreclosure commenced field directly from the Las Vegas MLS. This could mean that it is still owned by a regular seller but they are facing foreclosure. They could still make their payments and retain their home. Once a Las Vegas Notice of Default is filed, foreclosure proceedings usually start. I have seen them still take a year in crazy situations. They are probably Las Vegas Short Sales.

Hi Meekoh,You are not alone in your troubles. First of all, let me warn you to NOT use a company that tries to charge you money up front for doing a loan modification. They should be paid when the job is complete. Your best bet is to contact the bank yourself. Be honest, lay your hardship story on them very heavily. They will request a hardship package from you. Make it complete and get them everything exactly how they ask for it. Each bank is different as to what they want. Document everything - who you spoke with, extension or ID numbers, dates and times. In my opinion, the home owner is the best person to get a Las Vegas Loan Modification done.[ content removed by moderator for being self promotional]