Real Estate Law Blog

With the poor economy and real estate market, few people are looking to buy a new home.  Thus, realtors are targeting what was once a sideline segment of their business — potential vacation homeowners — rather than traditional single-family homebuyers.

Many think of savvy investors as the primary market for foreclosure properties, but now buyers who plan to keep and use their properties as second homes or vacation homes are becoming increasingly common.  Those who buy foreclosure homes for the purpose of using them as vacation dwellings often feel that they …(read more)

Many people cannot sell their homes in our stagnant real estate market, and unfortunately, they cannot afford to wait for an upturn.  As a result, “short sales” are becoming quite common.  Short sales occur when a property is sold for less than the amount of the property’s mortgage.  With short sales, borrowers avoid foreclosure, and lenders recover at least some of the amount owed to them, while also avoiding the fees and hassles of yet another foreclosed property.

Unfortunately, the new short sale trend may leave sellers vulnerable to real estate …(read more)

Many families who thought that their dream came true when they were chosen to appear on ABC’s “Extreme Makeover: Home Edition” are now facing foreclosure because they can’t cover the upkeep of their expensive new homes.

In response to the anemic state of the U.S. real estate market and the wave of foreclosures sweeping the nation, the ABC reality show has made the decision to scale down its remodeling projects, which in the past have included bowling alleys, movie theaters, and carousels.

Often the remodeled homes’ huge size and grand accoutrements lead …(read more)

Based on data found a recent piece in the New York Times, of all the states struggling amid the so-called “great recession,” there may be none suffering worse than Nevada.  For a state dependent on tourism – and the revenue it brings – the economic downturn has been especially devastating.  Discretionary spending such as “recreational travel” has decreased dramatically.  The resulting lack of spending on casinos, hotels, and other venues has led to the worst unemployment rates in the country.  While national rates have remained steady at 9.6%, Nevada’s unemployment …(read more)