Nevada high court: Super priority lien extinguishes first deed of trust

Nevada high court: 

Super priority lien extinguishes first deed of trust

What does this mean? In short, taxes, sewer, trash and homeowners associations have a priority status over other liens. The Supreme Court just ruled this extended to mortgages. We have our attorney groups looking at this issue and expect to have a video out on its impact later week but here is the implications in a nutshell.

Investors have been buying properties that homeowners associations are foreclosing on at the courthouse steps for a fraction of what they are worth. Generally the sales price is the amount owed to the homeowners association. They have then been filing actions to quiet title in the District Court. When the banks did not respond, they were awarded the property despite large mortgages still being owed on them.

What the court has ruled is that this is proper. The HOA does take priority over the mortgage and that all that was required to stop this from happening was for the mortgage holder to pay up to 9 months back HOA dues as that is all that can be recovered.

Expect quite a bit of fallout for this as it was unexpected. Lenders could require impound accounts for HOA dues or make some other changes to their lending practices. We've not found the banks to be responsible so their could be a knee jerk reaction as well. Its just very hard to tell. At minimum, this will have repercussions until a solution is found and it could easily be legislation, as a prominent long time attorney told me this morning.

We'll update you on this, but look for our video later this week.

Written by David Radcliffe

(702)379-3401

www.DaveRadcliffeVegas.com

Ideal place to live, with the ideal interest rates, and payment

Ideal place to live with the ideal interest rates and payment

The real estate market is constantly changing and no one knows for sure what will happen with the potential of increasing interest rates. Summer is a great time to buy before rates do increase (and it’s likely they will) because you can lock in your rate for a 15 or 30 year loan and have a payment you can count on. So where do you buy? The choice is yours.

And if the feel of “downtown” is of interest to you, consider Summerlin. Summerlin is a master planned community in Las Vegas known for great resale values because of the high demand of people wanting to get into the community. Howard Hughes is working on a Summerlin project (scheduled to premiere October 2014) that will include 125 retail shops restaurants, entertainment, and offices in an open air environment. With nearby multi-family residences, which are designed to create a vibrant, walkable downtown in the heart of the affluent 22,500-acre master planned community, there is something for everyone.

Two new home communities by Toll Brothers (Montectio and Vista Dulce) have just opened up in the Summerlin community that we are very excited about. Toll Brothers is a well-known new construction home builder, known for building “lifestyles into its neighborhoods.”

Montecito community is located in the exclusive gated neighborhood in the Paseo Village. With views of the surrounding Spring Mountains, it offers luxury living and features three single-story homes models to choose from that range in the mid $500,000’s. Toll Brothers builds with open floor plans. Some of the features that lend to the open feel and are included in pricing and are 10- foot high ceilings, 8- foot doors, and all homes include a 12' multi-sliding door. With upgraded “millwork trim packages, all models are complemented with two tone paint.” If a gourmet kitchen is your style, you will appreciate the inclusion of granite countertops, an island, a stainless steel appliance package and walk-in pantries. Retreat to your oversized master suite that includes large closets and bathrooms. Additionally, there are numerous opportunities to personalize your new home to include an optional casita, bonus room, and wet bar. Enjoy the outdoors, as Montecito is just minutes away from Paseo Park and has access to the Summerlin trail system.

On a tighter budget? Vista Dulce is a gated luxury townhome community with views of the Spring Mountains in Summerlin. If simplistic living is your style, a townhome may be a great choice for you. With floor plans ranging from 1,588 to 1,889 square foot, you can choose a floor plan with private rear yards and full driveways. With the HOA maintaining the front yards, it leaves plenty of time to enjoy the exclusive homeowner amenities that include pool with cabana, parks and barbecues.

Love the idea of Summerlin? Searching for Resale or New Construction, make sure you have a Realtor, like Dave Radcliffe of the Radcliff Group at Keller Williams Realty Southwest, represent you in your home purchase. Dave keeps a close eye on property values and what’s going on in the market. Having someone represent you does not cost you more, what it does do is it protects your interest, as the representatives at the new home sites represent the builder. So before visiting, call Dave and he or a member of his team will tour with you and help you with all of the steps along the way including guiding you to choose a lender with home loan options that will offer you the best terms and interest rates, after all rates may be going up, and you will want to secure the best payment available.

Written by Nickel Lowman

 With Content shared from Toll Brothers 

Dave Radcliffe, CFAC, CDPE
The Radcliffe Group of Keller Williams Realty Southwest
702-379-3401
www.daveradcliffevegas.com
www.facebook.com/VegasLuxuryRealEstate

For

Dave Radcliffe, CFAC, CDPE

The Radcliffe Group of Keller Williams Realty Southwest

Cellular 702-379-3401 Secure E-Fax 702-543-5903

David.Radcliffe1@gmail.com

http://daveradcliffevegas.com/

http://www.facebook.com/VegasLuxuryRealEstate

- See more at: http://daveradcliffeltd.com/market-and-economic-update-for-las-vegas-valley-real-estate/#sthash.TFTDwaS1.dpuf

For

Dave Radcliffe, CFAC, CDPE

The Radcliffe Group of Keller Williams Realty Southwest

Cellular 702-379-3401 Secure E-Fax 702-543-5903

David.Radcliffe1@gmail.com

http://daveradcliffevegas.com/

http://www.facebook.com/VegasLuxuryRealEstate

- See more at: http://daveradcliffeltd.com/market-and-economic-update-for-las-vegas-valley-real-estate/#sthash.TFTDwaS1.dpuf

For

Dave Radcliffe, CFAC, CDPE

The Radcliffe Group of Keller Williams Realty Southwest

Cellular 702-379-3401 Secure E-Fax 702-543-5903

David.Radcliffe1@gmail.com

http://daveradcliffevegas.com/

http://www.facebook.com/VegasLuxuryRealEstate

- See more at: http://daveradcliffeltd.com/market-and-economic-update-for-las-vegas-valley-real-estate/#sthash.TFTDwaS1.dpufFor
Dave Radcliffe, CFAC, CDPE
The Radcliffe Group of Keller Williams Realty Southwest

Cellular 702-379-3401 Secure E-Fax 702-543-5903
David.Radcliffe1@gmail.com
http://daveradcliffevegas.com/
http://www.facebook.com/VegasLuxuryRealEstate
- See more at: http://daveradcliffeltd.com/market-and-economic-update-for-las-vegas-valley-real-estate/#sthash.TFTDwaS1.dpuf