Home repairs are an issue that many of us tend to dodge. We understand the necessity of the repairs; however when it comes down to it many of us do not have the time or money to fix everything. The following list of minor home repairs could end up costing you big money if you continue to procrastinate.

Home Sweet Home

• Rodent incursions – Rats, mice and other vermin love to chew through insulation and wiring and are suspects in many house fires.
• Soaring fuel bills – This is more than a pocketbook issue, since poorly functioning systems can cause deadly carbon monoxide buildup in your home.
• Peeling paint – Paint is like a home’s skin. It’s the first line of defense against incursions by water and pests. Water that seeps into wood can lead to rot.
• Flickering lights – It might be that the wiring in your house is dysfunctional or you have too many appliances hooked up to a single circuit. Either one can cause a fire.
• A water leak – Left unchecked, leaks can lead to rot, dry rot, mold and termite infestations. Water can cause roofs to collapse, foundations to buckle and all manner of expensive repairs. Water-related problems can also get your home blackballed by insurance companies worried about mold-related claims.

For assistance with finding reputable service personnel, call Frank Napoli at 702-378-3629 for a list of companies we have found to be of quality and integrity.  On line at www.NapoliGroupRealtors.com

Private Mortgage Insurance (PMI) is a financial instrument that can be used by potential homebuyers. Basically, PMI acts as a safety net for lenders who want to process a loan for a borrower who does not have the 20 percent down payment that is usually required to qualify for a mortgage.

The primary lender (the 1^st Trust Deed) will only lend up to 80% of what the home is worth.  This puts the burden on the buyer to come up with 20% down.  Not every buyer is in the position to do that and there are many that prefer not to.  These buyers, based on their credit rating, can still do that because of PMI.  If the buyer is credit worthy PMI will insure the difference of the down payment and the lenders required 20% down.  This assures the mortgage company that if the buyer should default, the mortgage company is still only in it for the 80%.  Lending is all about risk.  PMI reduces the risk to the primary lender.

Normally the lender that you are dealing with will provide you with information on a PMI policy and will secure it for you. The initial cost of the PMI can either be added to your closing costs or tacked onto your monthly mortgage payments. This mortgage insurance can range in price from ½ to 1 percent of the loan amount each year. Borrowers will need to continue to make mortgage insurance payments until they have reached the 20 percent equity threshold.

The Homeowners Protection Act passed in 1998 contains a number of provisions to protect the interests of PMI borrowers. The main provision of the act calls for the automatic termination of the policy when the borrower reaches 22 percent equity in their home (based on the original property value). There are also provisions that require the lender to provide the borrower with information on termination and cancellation of the policy.

If you would like more information on a Private Mortgage Insurance policy and how it can help you get into your dream house today let me know and I can recommend a qualified lender. Frank Napoli, 702-378-3629 or Napoli Group Realtors.

Whether you are buying or selling a home, it’s crucial to include a professional home inspection as part of the process. It might be tempting to save a couple of dollars by passing on a home inspection, however that approach could end up costing you big time in repairs.

 Consumers can only see so much when looking at a home.  In addition to

Home Inspections a Good Investment

seeing if the home suits their needs and “falling in love” with it; they also look at certain familiar aspects of the home to assure them that the home is or could be sound.  Mostly, it’s cosmetic.

A Home Inspector looks beyond cosmetic and gives the consumer a clear mechanical and structural look at the home.  The consumer will receive a approximate 15 page report on the home, which will include recommendations on what needs to be repaired now or in the future and recommendations for use and preventative maintenance.  These reports are easy to read and normally are explained by the inspector page by page.

Most consumers feel if the home is “New” it doesn’t need a home inspection.  What you need to know is that most of the inspectors’ write-ups on a pre-owned home are from when it was originally built.  To me, a new home “MUST” have a home inspection.

A major write-up on a home inspection places the burden on the Seller.  In most offers the buyer sets an amount of repair to cover home inspection write-ups.  A major repair can easily exceed the set standard or $500-$1000.  The buyer can insist the seller makes the major repair or the buyer will “Walk”.  Normally, the seller will make the repair knowing they will be faced with the same repair on the next sale and home inspection.

The bottom line is that a home inspection is not expensive and one of the best financial investment consumers can make.

Call Frank Napoli at 702-378-3629 (Toll Free 800-731-7998) with any questions or for a list of licensed inspectors in Las Vegas. Visit my website Napoli Group Realtors

Frank Napoli’s listing at 4103 Villa Rafael Drive, in the community of Tuscan Cliffs in Southern Highlands, Las Vegas is an exceptional opportunity for homeowners to buy a million dollar home for only $799,900.

Frank Napoli, 4103 Villa Rafael Dr., Las Vegas

 

A bank owned property, of approximately 5644 sq. ft, 5 bedrooms, and 4 full baths, 3 car garage on over a half acre.  This beautifully upgraded home is priced well below comparables. It includes custom cabinetry in the Gourmet kitchen, stainless steel appliances, huge Island and Granite Counters with full backsplash, Butler’s pantry and more.  The backyard boasts a relaxing in ground pool and spa off the covered patio. The large master bedroom with bath includes a jetted tub and steam shower in addition to the walk in closet and balcony.  Truly a property you need to see to appreciate.

Pool/Backyard 4103 Villa Rafael

Tuscan Cliffs – a guard-gated, mountainside community nestled in the master-planned community of Southern Highlands.  There are currently 6 built properties being offered by the developer starting at $1.4 million up to $2.3 million. The community includes the opportunity for you to purchase a social membership to the luxurious 13,000-square-foot spa at Southern Highlands as well as the dining clubhouse.  Revitalizing spa treatments are merely the beginning of this world-class experience you can indulge in every day. The 4,000-square-foot, state-of-the-art fitness room offers equipment for both cardio-vascular and strength training, along with a host of scheduled activities. Shape up with an invigorating Pilates, Yoga, Aerobics or Body Sculpting class. Dive into a refreshing workout in the 25-meter lap pool. Or play an intense game of tennis on the well-groomed courts. Afterward, relax in the oversized outdoor Jacuzzi or inside one of the private poolside cabanas.

To view this property or any other properties for sale in this community call Frank Napoli directly at 702-378-3629 (Toll Free @ 800-731-7998) or visit our website www.NapoliGroupRealtors.com.

REALTOR.com says that 80% of buyers search for homes using the Internet before they ever talk to a real estate agent.  When they do, they usually end up calling the sellers agent of properties they have seen on line.

There is a difference between a Buyers Agent and a Sellers agent.  A Sellers

Home Buyers

Agent has a fiduciary duty to represent the seller and as a result, to get the seller the highest price and the best of terms.

A Buyers Agent has the same fiduciary duty to the buyer, getting the best price and terms available.

The same is so when you go directly to a new home tract and work with the builder’s agent.  They are just that, the builders’ agent and not yours.

Next time you need information about real estate, call Frank Napoli at 702-378-3629 (800-731-7998) or visit our website www.NapoliGroupRealtors.com.  Remember you deserve to have the best representation for you.  Someone who is going to negotiate the best terms for YOU!

The Trails is a nearly 600-acre village that is home to miles of the Summerlin Trail System, several residential neighborhoods and one of Summerlin’s most popular retail centers. The Howard Hughes Corporation commenced development on The Trails village in 1993. 

The Trails, Summerlin, Las Vegas, NV

Among the communities is Mountain Trails.  Custom homes on half-acre lots; there are 102 lots in this guard-gated community.  The last sale recorded in the community was a home of approximately 4898 sq. feet with 4 bedrooms, 5 baths and a 3-car garage, which was built in 2000.  The sale commenced on April 4, 2008 and sold for $2,050,000, which was 13% less than the original asking price of $2, 335,000. 

Currently there are 8 properties available for purchase, including Frank’s listing at 9904 Moon Valley Place.   This stunning custom home includes lots of custom stonework, a basement with game room, Bar and Theater.  Amazing pool and spa, the property boasts both strip and mountain views from this elevated lot.  The master bedroom includes a marble bath and gym.  The Gourmet Kitchen will inspire the “Iron Chef” in you. 

Frank Napoli - 9904 Moon Valley

For more information about this community, Summerlin Real Estate or Las Vegas Real Estate visit my website at Napoli Group Realtors or call Frank Napoli directly at 702-378-3629 (Toll 800-731-7998).

One of the most confusing things for a buyer when first starting the process of buying a home is understanding their FICO score.  The most common credit-scoring model used by lenders, it is also known as a Fair Isaac score.  These scores range between 350 and 850.  They are based on information provided by your creditors to the three major credit bureaus’.

These credit bureaus, Equifax, Trans-Union and Experian don’t actually rate your credit, they just report it.  The rating refers to your historical activity on the credit account and comes from your creditors.

How Credit Scores Work?

There are 5 major categories that make up your credit score.  Payment history, amounts owed length of credit history, new credit and types of credit used.  Each category makes up varying percentages of the whole score. 

It’s important to consult a knowledgeable lender when starting the home buying process.  You can order your FREE copy of your credit report from http://www.annualcreditreport.com/.  This is the government mandated website hosted by the three major credit bureaus and is the only one that is absolutely free to everyone once per year. Remember they will charge a fee if you want to see your credit score associated with each of your three credit reports.

* The above information taken in part from The Credit Workshop, by John Ingram. www.MyLoanWithJohn.com

Newport Lofts, Downtown Las Vegas

This ever-changing economy has led to huge price reductions throughout the entire Las Vegas marketplace.  One such example is the Newport Lofts, located in Downtown Las Vegas. There are currently 3 resale units, 2 available for sale and one in contingent status.    All three are subject to bank approval of the short sale. Each of these properties was purchased in the $400,000 and up price range but is now listed at $199,000 and lower.  It is important to note that although the owner has reduced the price drastically, it does not mean the bank is taking a $200,000 loss.  For example:  The owner put 30% down on the purchase, thus $400,000 less $120,000 means a mortgage of $280,000.  If the property is approved for a short sale at $180,000, the difference to the lender is only $100,000.  So it is important for buyers to understand this when writing offers on such properties.

With no resale closings to date, it is unclear where the banks will settle on final sales price.  The issue at hand is how much less than owed will the banks accept.  In situations like these, banks will rely heavily on the appraisers evaluation.   Appraisers use clear guides of past sales, surrounding area and like structures to create their reports.  In addition, the builder is offering some specials on new units starting at $179,000. It will be interesting to see where these properties close out.

Newport Lofts, Rooftop Spa, Downtown Las Vegas

 

Newport Lofts in Historic Downtown Las Vegas is urban lifestyle living and is accessible to the famous Freemont Street Experience.  Also nearby, the Clark County Amphitheater host great outdoors concerts.  Shopping nearby includes the Las Vegas Premium Outlets Mall, Caesars Forum Shops and World Market Place.  Part of the Downtown redevelopment, it is home to the Downtown Arts District and First Fridays where the pedestrian friendly streets transform to a huge block party including, ice sculptors, fortune tellers, entertainment and many local artists.

For more information on purchasing or investing in loft style living in Las Vegas call Frank Napoli directly at 702-378-3629 (800-731-7998) or visit our website Napoli Group Realtors

On Wednesday, March 4, 2009 – The White house released the details of who is eligible and how the loan refinancing and loan modification programs will work.  The program, also known as, “Making Home Affordable” is summarized below.  For full details on the program go to FinancialStability.gov.

 

Refinancing: for homeowners who are paying their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home.

 

Modification: for homeowners struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. 

 

Who is Eligible?

Use the Self-Assessment tools provided on this website to see if you are among those homeowners who can benefit from the plan.

 

Remember, there is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.  Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.  Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

 

Additional Resources:

 

www.WhiteHouse.gov

 

www.HUD.gov

 

Visit our website for information about selling your home in Las Vegas at Napoli Group Realtors or call Frank Napoli directly at 702-378-3629 (Toll 800-731-7998)

This 2 bedroom, 3-bath unit #703 encompasses 2638 square feet.  Located in the One Queensridge Place high-rise, it boasts views of

One Queensridge Place, Las Vegas, NV

the Las Vegas Strip, the mountains and golf course.  Luxury living in the sky, this unit included stainless Viking appliances and granite counters in the kitchen, formal dining area and private elevator just to mention a few of the appointments of this unit.

Built in 2006, One Queensridge Place offers amenities such as 24-hour security, business center, concierge, Roman Spa and much more. Located in the master planned community of Summerlin, its near Boca Park Fashion Village, Red Rock National Conservation Area and the Red Rock Station Casino.  The area is surrounded by great golf courses Tournament Players Club, Badlands Golf Course and Angel Park. 

One Queensridge Place is conveniently located near the Summerlin Parkway that lends easy freeway access to all areas of Las Vegas.

 

There are over 30 units available for sale ranging from just under $1,000, 0000 and up.  Penthouse unit is currently available.  For more information on One Queensridge Place contact Frank Napoli directly at 702-378-3629 (Toll 800-731-7998) or visit our website Napoli Group Realtors.