The Southern Nevada Real Estate Show

Wesley Knight 0:00
This is a KU NV studios original program. You're listening to special programming brought to you by ragana Cooman, Henry of Coldwell, banker, Premier Realty. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. You

Regana Kooman Henry 0:37
You welcome to the Southern Nevada real estate Show. I'm your host, ragana. I am a real estate agent and broker, associate with Coldwell Banker, Premier Realty. I have been a licensed real estate professional since 1991 I am also a full time licensed real estate professional. Some of my accomplishments are I am a quality service award winner. I am a member of the Veterans Association of real estate professionals. I have assisted in all types of real estate transactions over the years, from first time buyers to experienced sellers, and also corporate buyers and sellers transferring in and out of Southern Nevada. In just a moment, I will be interviewing a very knowledgeable and special probate attorney, delwyn Weber with Jones and labello Law Firm, delwyn will be talking and educating all you listeners out there about many things regarding probate and the probate process, and then later on in the show, I will be going over some important information for buyers and sellers, including how as a seller, you can get needed repairs and improvements done on your home before your home hits the market for showings to potential buyers without you having to worry about paying for the repairs and Home Improvements until the home is sold through the seller's closing proceeds. That's right, you don't have to worry about paying for the repairs until the home is sold. And I will also be going over the real estate stats for May in Southern Nevada. Yes, listeners, you will have an abundance of current and helpful information regarding the Southern Nevada real estate market. And good morning everyone. I hope everyone listening this morning is having a great weekend. And like I said earlier today, I have a very special guest on my show. Delwyn Weber, who is an extremely knowledgeable and experienced probate attorney with Jones and labello law firm here in Las Vegas, Nevada. Welcome to my show. Delvin, good morning. Thank you. Pleasure to be here. It's a pleasure to have you now. Delwin, tell me a little bit about yourself and your background.

Delwyn Webber 2:42
Um, I was born and raised in New Zealand, and my husband and I married there and had two beautiful daughters, and 2001 we moved to the Gold Coast in Australia, which is where I did my law degree, and then in 2005 we all moved up here and have been in Las Vegas ever since,

Regana Kooman Henry 3:01
wow, such an interesting life. And you are from where I would love to go. It's on my bucket list, actually, to visit these places. So wow, wow, that's that's a wonderful, wonderful upbringing and full circle adventure you've had. So Dave, let's get started. How long have you been a probate attorney?

Delwyn Webber 3:23
I started practicing law after passing the bar in august 2008 so almost 17 years. Okay,

Regana Kooman Henry 3:30
that's a long time. I bet you've seen a lot in 17 years. And what is the definition for the listeners out there that don't know what's the definition of probate? Okay?

Delwyn Webber 3:40
Prolate is a legal process that must be followed to transfer property to the heirs after a person has passed away. If there's a will, the court validates the will and ensures that the deceased person's estate goes to according to their wishes. However, if there's not a will, then the Nevada statutes, intestate statutes, govern and prioritize the beneficiaries of a decedent estate once somebody, typically, somebody, gets appointed as the administrator of the estate by the court, and then base the court oversees the entire process, from the first filing through creditor periods, through the distribution of assets to the heirs

Regana Kooman Henry 4:20
I see and good to know for any listeners out there that didn't know what probate is, and Dylan, what are some examples of how probate can be avoided. And I'm sure people would like to avoid it if they could do it over again. Sometimes they

Delwyn Webber 4:35
certainly should avoid it. The main way to avoid it is to create a trust, a family trust, and fully fund it with your assets. Certain assets can't go into the trust, so they all should have named payable on death beneficiaries. If a person doesn't want to go to the expense of maybe setting up a trust, then they need to have payable on death beneficiaries. They can also do. Deed upon death for their house, which will pass to their beneficiaries eventually. And there's also a form with the DMV, they can name a payable on death beneficiary for their vehicles. Those are pretty much the main ways to avoid probate.

Regana Kooman Henry 5:15
Okay, all right, sounds good to know. And okay, for example, what is the most common mistake with people regarding why probate even happens Darwin

Delwyn Webber 5:26
in Nevada, a lot of people believe that a will does not go to probate. Unfortunately, it does. Some states under the Uniform probate code, a will does not go to probate, but if they are Nevada residents and they have an out of state will, but they die here, and they have assets here, then that will does need to go to probate. Sometimes other instances are people that do go to all the trouble to create a living trust, and then they fail to fund it with all of their assets, which the funding is the transfer of the assets into that trust, and others just fail to put a payable on death beneficiary on their accounts or a contingent beneficiary on those accounts. So if the trust is funded or the beneficiaries are named on accounts, then that should be a way to avoid probate.

Regana Kooman Henry 6:18
Okay, all right, good to know, and you know, what is the difference between independent administration? People have heard that term. Maybe some haven't sale. What's it? What is the difference between the independent administration sale and also the general, special administration sell?

Delwyn Webber 6:36
In Nevada, there's varying degrees of probate. It depends on the value of the assets. So typically, most estates, the administrator or executor will open General Administration or a special administration. Under both of those administrations, they can also ask the court for under the independent administration of estates act. So within the initial petition for the general or the special they can ask the court for a special administration now that streams line streamlines the process of getting the assets more, particularly the sale of a residence to the heirs quicker and less expensive. Yeah, and under an independent administration, it's like the administrator is selling their own home. It's not a process through the court. Where is a general if it's not independent administration, then the court does become involved in the sale.

Regana Kooman Henry 7:31
Okay? All right, good to know. And also, what are the steps for a special administration sale? Dylan,

Delwyn Webber 7:39
for a standard sale through the court, obviously, the first step is the once someone is appointed, they retain the realtor, then they have to file a notice of sale with the court and publish it. And typically we use the Nevada legal news, Okay, once that's published, then a contract is entered into. That contract is another petition before the court called a return on sale. So there has to be a petition file with the court, and then the court will set a hearing date for that return on sale. The administrator obviously sent, has to notify all the all the heirs of the estate, sends out a notice and a copy of the petition, and then, assuming no objections are made on the hearing date, the court will order the sale. However, one of the possibilities there is that a third party can turn up on the day of the sale and outbid the buyer. Now

Regana Kooman Henry 8:39
delwyn, what are the steps for independent administration? Sal, under

Delwyn Webber 8:44
the independent Administration Act, it's a lot more streamlined. So obviously, the administrator retains the realtor. Once a contract signed, we prepare a document called a Notice of Proposed Action, which puts it includes all the details of the sale, and then we send it to all the beneficiaries, all the interested beneficiaries. That document gives those beneficiaries the option to either consent to the transaction or object. Very rarely, they object. If they don't, if they neither consent or object, then they're deemed to have consented. And the sale goes through, just through the title company, very, very simply.

Regana Kooman Henry 9:24
Okay, all right, good to know. And how long does it take for a general or special administration cell

Delwyn Webber 9:33
that typically depends on the closing date that the parties agree upon, but it pushes out a bit longer, because you have to petition the court on the return on sale to get a hearing date to get before the court first. So that's typically that may be four weeks out from when return on sale is presented to the court. It could be done earlier on request. So and again, typically in. In a perfect world, the court will order the sale on the day of the hearing, but again, if, if the buyers outbid, then the parties have to move forward and put together another order for the court so it can can delay things. So depending on the again, depending on the closing date, it could take six weeks to close.

Regana Kooman Henry 10:23
Okay, now in reverse, how long does it take for independent administration so that

Delwyn Webber 10:28
can take the Notice of Proposed Action? Typically, we could give them 10 days notice, and depending on the closing date, they can close pretty much straight thereafter. Or if, obviously, if the parties have agreed on a closing date 30 days out or 20 that's entirely up to them. It just takes away the need for the petition before the court and the waiting for the hearing date, so it is faster

Regana Kooman Henry 10:54
I see okay, and what are the important things a home buyer should be aware of when purchasing a probate home.

Delwyn Webber 11:02
Most often the biggest problem is a property is sold as is, so the buyer really needs to do their due diligence. The parties can agree to adjust the price. Obviously, if there's there's major issues. But again, the recourse is they're pretty much buying a property, as is sure. And the last, obviously, is that, again, they could be outbid at the closing of the sale, and the buyer's back to square one.

Regana Kooman Henry 11:30
I see, I see and Delwin, does a buyer have to pay any extra fees on purchasing a probate

Delwyn Webber 11:37
home? I'm not aware of any extra fees that they have to pay no,

Regana Kooman Henry 11:41
no. Okay, good to know for any buyers that are wondering. And Delvin, what are some challenges you or your clients have had going through probate? One

Delwyn Webber 11:53
of the biggest things is the family dynamics. If there's no will you have competing parties? You could have children, two competing children or siblings. They both have the same level of priority to petition the court to become the administrator. But if they can't agree, then there's competing petitions. It's before the judge. It's a big expense. It's a lot of money from the estate, and it can really tear families apart. So having somebody named, and you're having a will at least, and having your executor named is certainly a good step in the right direction. Other things, people contesting what the administrator is doing. Oftentimes it could be the final accounting, you know, and he is not happy. People become impatient. I call probate, hurry up and wait, because you file something, then you've got a waiting period, and then you can do the next step, then you got a waiting period. So it's just a process, and it really can't be pushed through. There's certain statutory dates, times that you have to abide by, and some people just don't understand that. Another thing missing errors, if you can't find the heirs, we publish a, you know, a notice to unknown heirs. But oftentimes it can take a long time, and the cost of going through an air search company, I'm currently working on a probate that's been two years, and air search two years, yes, and air search is still trying to find an heir, so it's a sad situation, but if they can't find it at the end of the day, the money is cheats to the state of Nevada for educational purposes and one other big one. And thankfully, I haven't had it happen a lot, but it's surprise errors, people that come out of the woodwork that people didn't, didn't know that they existed.

Regana Kooman Henry 13:47
Inks not even dry on the Dave certificate, right? Not at all, not

Delwyn Webber 13:51
at all. I'll give you an example of one I had. The decedent spent his entire life growing up with his cousin. Decedents mother was pregnant with him, and dad left. What we didn't know and no one knew was Dad went on to have another child shortly after he had left mum. So decedent was born. Him and his cousin spent their entire lives growing up together, like brothers. Decedent, when he got sick, cousin took care of him, cared for him, did everything for him. And then when the decedent eventually died, the cousin was as far as anybody knew, the next of kin. So he was in line to inherit. It was a $3 million estate. Before we got to closing of the estate, this stepbrother turned up. He came in, had enough evidence to show that he was the stepbrother, so he and he ended up with the entire estate. Wow, yeah, sad.

Regana Kooman Henry 14:52
I'm sure you could tell so many stories that we wouldn't even have time for a 30 minute show. Probably be like 30 days or more shows. Oh, there are a few Yes, yes, I'm sure yes. It's amazing how people turn when it comes to people's homes and money. Yes, yes. But anyway, Delwin, you've been such a wealth of information this morning. And you know, when it comes to probate, thank you so much for giving the listeners this morning, some very useful information. Now, Delwin, could you please give the listeners your full name, company name, and please say your contact number twice for the listeners.

Delwyn Webber 15:31
Okay. My name is Delwin Weber, and I work for Jones and lobello. We're on West Flamingo, just off the 215 and the phone number at the office is 702-318-5060, again, 702-318-5060,

Regana Kooman Henry 15:54
thank you so much for sharing your probate knowledge with the listeners, and you have quite a bit of knowledge and things that's happened over the years when it comes to probate with different situations. Thank you, Dylan and Dylan, could you please stick around and give your contact information one more time for the listeners that may not have had the opportunity to write it down just now, absolutely okay. We will talk to you again at the end for your contact information. Now to the listeners out there on another note there you have heard me talk about the program that allows sellers to have repairs and improvements done on their home up front before the home goes on the market, and the seller does not have to pay for the repairs or improvements until the home is sold and closes. That's right. Listeners, not until the home is sold and closes. For anyone that feels stuck and they want to sell their home for the top market price, however, they don't have the money to make sure that the home looks and functions at its best. And let's be real this morning, with prices being higher, interest rates being higher than people got, than people are used to, and very spoiled when rates for 3% buyers are looking to not have to do a lot of work and repairs to a home. You know, after paying a pretty penny for the home, and also assuming higher interest rates these days. So this is going to guarantee that you could get the top market dollar for your home through this program. And for more information on this program, you can reach me at 702-596-1267 that's 702-596-1267 now I am going to talk about the stats like I always do for each show for the month of May, for Southern Nevada, as I mentioned in my previous shows, these stats are for resale homes only, and not new construction homes, and the stats are from the Las Vegas realtor association. So here are the stats for May. There were 2087 single family homes that sold in May. $480,000 was the median price of homes that sold. There were 3591 new single family home listings, $532,140 was the median price of new single family home listings, $560,185 is the median price of all available single family home listings, both new and not new on the market. And 61.3% of sold single family homes went from available to under contract with a buyer in 30 days or less. So things are still selling. Now let's switch over to townhomes and condos combined. There were 559 townhomes and condos combined that sold $307,000 is the median sold price of all townhomes and condos combined that sold 11 103 is the number of new condo and town home listings. $299,000 is the median price of all new condo and town home listings. $280,000 is the price of all available town homes and condos, both new and not new on the market, excluding offers. And 54.9% of all condos and townhomes went from available to under contract with a buyer in 30 days or less, 30 days or less, you know, so things are still selling. It really is taking, on average, a little bit longer for homes to sell than it used to be because there is a bit of influx of homes on the market. And for the longest time, we were between like two weeks and one full month of inventory. So you know, you couldn't put the homes fast enough on the market. They were just selling and flying off the shelf, so to speak. Now we. Have more sellers hitting the market, and that is why the program that I was talking to you listeners earlier about is so essential. It's so very important. Because I know there's a number of people out there that say, oh, I want to sell my home, but I just don't have the money to make it work, because I know buyers are going to be very particular these days when it comes to condition and function ability of the home. So it's very important that you people that are listening, you listeners that are listening this morning, all of you listeners, all the people out there that's thinking about selling the home, you know, it's still a good time, and don't feel like you can't do it. And again, for more information on the program, it is. My number is 702-596-1267, and also, I'm going to be putting like home buyer seminar type deal together. You're welcome to call me if anyone is interested in possibly attending a home buyer seminar, and I will have my mortgage loan officer present for anyone that may be hesitating because they feel that they just can't do it. A lot of people are under the impression that, you know, they have to have 20% down. Because in the olden days, our parents and parents before them had to have at least 20% down. And that's simply not the case. There are programs that do down payment assistance. There's all kinds of programs that were not out there a long time ago. So for more information on that, again, my number is 702-596-1267, now, for the listeners out there listening to Delwin talk this morning, she has seen so many things in her 17 years of practice here in Southern Nevada. And you know, one thing I'd like to say is, be kind to each other. Just be kind to each other. Don't wait for something to happen, to show up, you know, at a funeral, pick up the phone and talk to people while they're still doing okay. You know, even if they're not doing okay, see how they're doing. You know, what disturbs me about a lot of things that I hear in general regarding probate, and what I see in my career of selling probate homes is, you know, the deceased never seen these people. Family said they never even came around until after they're gone, and they everyone has now their hand out for something that they're hoping was left behind, you know, by the deceased thinking that they're entitled to it. So don't wait for that. Be kind to each other. You know, we have one life to live. Let's be good to each other. You know what goes around comes back around, and don't just look for what you can gain financially from a loved one. You know, visit them when they're alive, not after they're gone, trying to see what you can get from them. That's all I have to say. Just be kind in general. And I hope all you listeners out there were able to receive some useful information for either you or someone you know that could benefit from my show this morning, including you know the probate and probate process now, Delvin, please say your name, company, name and contact information again for the listeners out there that may not have had a chance to write it down earlier, and please say your phone number

Delwyn Webber 23:24
twice. Okay, it's Delwin Weber, the law firm of Jones and lobello and the office number is 702-318-5060, again, 702-318-5060

Regana Kooman Henry 23:41
thank you so much, delwyn for being on my show this morning. You're a wealth of knowledge, a very, very knowledgeable, experienced attorney and very approachable. You know this lady? She's very, very good at what she does. And I am regana Cooman, Henry with COVID banker, Premier Realty, your host for the Southern Nevada real estate show that airs every third Sunday of the month at 8:30am my number Is 702-596-1267 that's 702-596-1267 and my license number is BS, 27880, now you can follow me on Facebook, Instagram, Tiktok and YouTube. Thank you so much for listening to my show, and I wish everyone listening a great Sunday and a great week. You

Transcribed by https://otter.ai