BEST ANSWER
Hi Dhodg,
You have hit on so many areas It would take quite a while to address all of these issues. Here is some basic information:
1) Foreclosure process - Banks that own these assets do not want to be in the business of owning homes; so as soon as is practicable, they list them at a very competitive price and want to get them sold. Because they are often priced "under the market", they get multiple offers and there is some competition. Some have policies in place that state no investors for the first "x" days. So my question to you is are you going to occupy the home?
2) HOA - Now called CIC (common interest community). If you are purchasing a condo or townhome, there will likely be a CIC in place. Likewise many homes fall in that category although many range in the level of management. ie; some are landscaping management and some have community rules in place. And some homes do not have a CIC at all. Each community has it's own restrictions.
3) The tax rate for Henderson is approximately 2.9
4) There should be no hidden fees. Make sure you ask your lender for a good faith estimate and then a net sheet from your agent once you choose a home. You should have a pretty good idea of what your expenses will be going into the transaction. There are often expenses that are not thought about for first time home buyers like utilities deposits, and moving expenses so getting estimates and a little pre-planning can go a long way.
As a side note, it looks like the first time home buyer tax credit will be extended so if that applies to you it could help.
Good luck and happy hunting!
Thresa Goldberg
Prudential Americana Group
871 Coronado Center Dr Ste 100
Henderson, NV 89052
702-580-2287
Thu Oct 29 2009, 08:57
Fair Housing and Equal Opportunity