Home Buying in Summerlin>Question Details

Max, Real Estate Pro in 90025

I am a cash buyer with a budget around 60k, I like to have condo in the sumerlin area..I have not been able to find a agent who can be fast enough

Asked by Max, 90025 Mon Sep 17, 2012

I am looking for a broker that have exclusives so we can make a purchase

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BEST ANSWER
Hello Max in Los Angeles! Yes there are no condo's in Summerlin for $60,000. That leaves you two choices if you still want a unit. 1. Raise the price you are willing to pay. 2. Get a condo just outside of Summerlin. We have sold quite a few condo's between Summerlin and Spanish Trails- Durango/Flamingo area. The area has lots of shopping, restaurants and has a low crime rate and is closer to the strip. Would you consider having a search just outside of Summerlin? You are within 2-3 miles of Summerlin and can still have access to the Summerlin ammenities without paying the fees.
I'd love to talk area with you if that's a option for you.
Thanks,
Kurt
702.656.1818
0 votes Thank Flag Link Mon Sep 17, 2012
Thank you all for your replies.
Iam willing to look at the areas you mentioned, as long as it low crime and good neighorhood while I get return of investment. Please tell me more
Flag Tue Sep 18, 2012
According to the search I just completed there are only 2 condos under $100,000 in Summerlin. Over there last three months there were 24 SOLD condos under $100,000, including 6 around $60,000. This is a better picture of what is happening in the Las Vegas market, and the trend is positive.

Tha'ts the kind of appreciation that happened in 2004-2006. Prices are moving up, demand and affordability are high.
GOOD NEWS



David Cooper Investor 702-499-7037
1 vote Thank Flag Link Mon Sep 17, 2012
good response.
Flag Mon Sep 17, 2012
There are NO condos in Summerlin for $60k. A few months ago there were a couple at Red Bluffs. These days, the listings are getting bid up over list price due to the lack of inventory. It is not a matter of your agent bing fast enough - it wil be a matter of luck in nailing the right price when the condo goes into a Highest and Best request situation.

Dawn's answer below is right on the mark.
1 vote Thank Flag Link Mon Sep 17, 2012
Good luck . It's not a matter of an agent who can be " fast enough" . There is NO inventory ! The price range and area you are looking in us highly competitive . Prices have increased exponentially and more than likely you're going to have to bid higher for something in that area .
1 vote Thank Flag Link Mon Sep 17, 2012
Hi, Max.

The agents below have given you a decent amount of information...and most are correct (with all due respect...unfortunately, some are not).

You must understand that when you see a property listed at 60-70k, it usually doesn't close at that price. Keep in mind that "CASH" is NOT always "KING". In the case of REO "Bank Owned" homes, many banks would rather have you finance than pay cash...depending on the bank that the buyer is using and which bank has it listed. They feel as though they will make more money in the long run in the event of another foreclosure, etc. Here are a few tips for making educated purchases in our dynamic market:

Why should I get financing (aka a mortgage)?

Better returns on cash. You will get better returns on cash if you get a mortgage. The average minimum required to put down is 30%. If you split your money into 3 properties, you will eek out about 50% more on your cash. Rents in Las Vegas support great returns and here are actual case studies showing cash verses loans.

You can hedge against a bad real estate agent. To get a loan, the property must be appraised by your lending institution. If your agent doesn’t do a good job finding you a property at or below market, you can cancel a typical deal as there is usually a contingency for the property to be appraised above the loan amount. Contact me if you want a list of pre-screened agents who won’t waste your time showing you houses above market.

Cash is not king. Many banks want the loans more than they want to unload the property. Even if you are the highest bidder with cash, a bank would rather take a lower offer if they can get the loan. Johnny Lunch bucket with a loan from Bank of America can cut you down if the property is owned by Bank of America. Smart agents will know which properties are owned by which banks. Investors go insane when they discover they lost an offer even though they were the highest bidder. Conversely, if you have a loan with a national lender, you can beat other cash offers.

Hard money loans are not the end of the world. Does anyone remember the days when mortgages were at 14%? Hard money loans are generally at 12% – stiff but not unreasonable. Even if you factor in a 12% loan, you will still get a better return on cash.

FURTHERMORE: You can succeed in buying bank foreclosures if you are prepared and hire the right agent.

First. Get your financials in order. Banks will not even look at your offer unless you have evidence you can purchase the property. Years ago, this wasn’t necessary and there are investors who are still hung over from the good old days where a good credit rating or signature meant something.

Second. Find a good buyer’s agent. If you are truly an investor, you want to work with someone who only handles investors. There is a substantial difference in the purchasing process between a primary home and an investment property. A good investment buyer’s agent knows market rents, has resources for rehabbing properties and has the skills to find you a tenant. Contact us if you want a free list of pre-screened agents who have experience in purchasing foreclosed properties (702) 619-6214.

Third. Keep an open mind. Most investors who don’t live in Las Vegas are misinformed about which areas to purchase in and what types of properties to purchase. Probably the worst source is a friend or relative who lives in Las Vegas. Unless a bad agent is trying to show you their company listings, you should be open to suggestions.

If you have any questions regarding the process of securing a home for the best price, then simply give us a shout! We would be happy to assist you. Also feel free to use our MLS SEARCH ENGINE to surf a few on your own at:

http://lvpropertysearch.com/single-family.html

With you in mind,

LV Property Search
Info@LVPropertySearch.com
0 votes Thank Flag Link Mon Sep 17, 2012
Its all cash at closing to a bank regarding a foreclosure. I would be worried about HOA solvency possible bankruptcy of the association. Do you want to live in it or rent it out? Many, prob most HOA's in LV want to restrict rentals of condos so they can become eligible for FHA mortgages for buyers.
Realtytrac is a scam, makes buyers like you think they are missing out on something that will never happen at the price they post. They advertise on trulia a ridiculous low price when its not on market and all that has happened is a bank registered a notice of default. You want to buy a 80-100k condo for 60k because you have cash, ya and I want my wife to stop the dirty looks at dinner and get a booob job.
0 votes Thank Flag Link Mon Sep 17, 2012
Good luck! Prices start @$60,000 and end up a lot higher, only cash offers are accepted with multiple ofers.
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Max,
I just checked and there are over 30 condo/townhomes in Summerlin that are under $60,000. Many of my investor clients have been getting their offers accepted, even with the multiple offer situation going on. I can supply you with properties that fit your criteria the very day they come on the market but it will be up to you to let me know how quickly you can make an offer. We do not know the amount of the other offers being made on each property, but I usually have a pretty good idea, based on what other properties are selling for in the same neighborhood. It is a fast moving "seller's market", but if you are willing to "stay in the game", I feel confident I could help you buy a condo.
Thanks so much,
Carolyn Dahan
702-250-2739
Cdahan@cox.net
http://www.HomesByDahan.com
0 votes Thank Flag Link Mon Sep 17, 2012
A sense of urgency in this market is necessary. You may have the best offer however if you delay in getting it in, in this market, right now, chances are you will miss it.
So, in that respect, I can see why the customer mistook his agent for not being "fast enough". We in the industry know that your offer needs to be serious, but perhaps that was not properly explained to him.
Also, Howard, I don't know about "no need to say anything else." I think most often people just want some advice. Maybe a different perspective.
Best Wishes,
Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Mon Sep 17, 2012
Fellow agents here is the answer to this question no need to say anything else. It's not about being fast. It's not the first offer that wins it's the best offer that wins.
0 votes Thank Flag Link Mon Sep 17, 2012
I agree with agent below however some tips you can try which have been successful in my excperience.
1. Always have your agent talk on the phone to the lising agent. They should ask how many offers, are any of the buyers represented by that listing agent, are they cash or financing.
2. Have them ask the agent directly is your offer is on woth submitting. I've found in most cases they'll tell you.
3. Get creative!! Offer a seller incentive by offering to purchase some furniture for a few grand outside of and seperate of the transaction. Offer to pay for closing costs, or the warranty
4. If you're purchasing a $60k condo than you should be paying cash, ask your agent to solicit off the market deals for owners who may be in default or purchased between 2004-2008.
5. Chase For Sale By owners, they are out there.

Also, look for an agent who has integrity and is professional. If an agent is willing to work with you without a brokerage agreement than you are free to continue to shop the market and have no loyalty. If they can't get you to sign and agreement, why would you think they can get a seller to sign a purchase agreement?

If you decide not to work exclusively with one buyer's agent, than why work with any? Write your offer directly through the listing agent. Double their commisison and you double your chances of getting the property.

Best Wishes,
Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Mon Sep 17, 2012
I agree with Dawn, the only thing I would suggest is to do is write up an offer with a agent that meets the criteria you are willing to offer for a property so you may act fast. Make it so that you can just add a address/sign/submit, so to say, that is the only hope I could see! Hope this Helps!
0 votes Thank Flag Link Mon Sep 17, 2012
Good luck! It's not a matter of anyone being "fast enough" there are NO condos in true Summerlin for 60K. Move up your price point.
0 votes Thank Flag Link Mon Sep 17, 2012
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