Home Buying in 89149>Question Details

nickelskar, Home Buyer in 89130

Is it possible to traditionally buy a home in the Las Vegas market right now with at least 1/2 down?

Asked by nickelskar, 89130 Tue Jul 17, 2012

Was pre-qual the first of the year..Do I need a "expert" in the short sale/ foreclosure process? I see some great homes going off the market that I would have liked to maybe make an offer on. I need to find a home soon. Thanks

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11
NEVER give HALF on a home...Makes no financial sense. Here's why you should ALWAYS leverage the bank's money:

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. This page has a list of Las Vegas hard money lenders.

http://lvpropertysearch.com/category/las-vegas-financing
0 votes Thank Flag Link Tue Aug 14, 2012
It's my experience that houses that did not sell during the "spring" buying season, which was the best sales in the last 6 years, must have had major issues. Why not focus on the newest short sales and bank foreclosures? What what were you qualified for and have things changed financially for you since then.

David Cooper Investor and Licensed Buyers Agent 702-499-7037
0 votes Thank Flag Link Tue Jul 17, 2012
Nickelskar,

You definately need to get your Pre approval updated so you will be ready to go right away putting in offers.

The market has changed since the first of the year and most of the homes that are move in ready traditional sales and foreclosures are getting many offers on them so you need to be prepared to put in your highest and best on your first offer. (see my blogs for more info).

Even short sales are getting multiple offers in some areas, so be prepared to possible offer more than the asking price.

Recently a buyer of mine had to put in an offer $25,000 above list price to get the deal. Now, that does not mean the home will appraise at that, so there could be some adjustment later or some sellers right now are telling buyers "if it doesn't appraise, you will have to pay the difference".
0 votes Thank Flag Link Tue Jul 17, 2012
Problem is, I don't want to have a lender hit my credit every 3 months to stay pre-approved. I'm not concerned about qualifying. I've been looking since January but it appears a lot of homes are already sold by the time they land on a listing that everyone can see. I'm looking in the $200K-$250K bracket. Just wondering if it might be wise to wait rather than overbid on a distressed home. Just a thought.
Flag Tue Jul 17, 2012
Hello,

Yes, absolutely. The hard truth though is that you will pay 5-10 dollars more per square foot if you want a non-REO or Short-sale property on the resale market or 20-40 dollars per square foot more if you want to buy brand new construction.

That is why, if they can afford to wait, many people choose to rent and attack the non-conventional market until something they like closes.

My team are experts in all types of sales. Please view our site at http://www.LasVegasRealEstateConnection.com.


Sincerely,



James Bellile
iProperties International
702-222-0815
0 votes Thank Flag Link Tue Jul 17, 2012
Based on the way your question was asked, the answer is yes. What can I do to help you? Perhaps a conversation? I am at 702-203-9645.
Ron
0 votes Thank Flag Link Tue Jul 17, 2012
It is absolutely possible to purchase a home in our current market given your situation. All of the other agents have made great points about what is going on right now with today's market climate. I would definitely get with your lender and update your pre-qualification. Please give me a call and we discuss any other questions you may have.

Thank you very much

Michael Stavinsky
Realty ONE Group
702-499-1754
0 votes Thank Flag Link Tue Jul 17, 2012
This article might help you discover which route is best for you, nickelskar: http://lvpropertysearch.com/las-vegas-financing/las-vegas-fi…
0 votes Thank Flag Link Tue Jul 17, 2012
...and here's a few more reasons why you should leverage your money instead of giving it all to the BANK:
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.
Flag Tue Jul 17, 2012
At no time did I suggest you do so. Feel free to read... My purpose was to provide you with some super useful information regarding Las Vegas Financing: http://lvpropertysearch.com/las-vegas-financing/las-vegas-financing-faqs.html
Flag Tue Jul 17, 2012
Not interest in renting or rent to own. Will move out of Las Vegas before I do that.
Flag Tue Jul 17, 2012
Sure it's possible! You will want to renew your pre-qual letter first.

These days, any Realtor in Vegas that's been in business more than a year has experience with short sales and foreclosures, but I do have a Short Sale and Foreclosure Resource certification (SFR).

Please be aware that if you're looking in the under $200k range, you will see multiple offers and the best properties will move quickly. Make your best offer up front.
0 votes Thank Flag Link Tue Jul 17, 2012
The answer to your question is yes. You can purchase a home in Las Vegas. You need a experienced agent who knows how to navigate the current market. I am avaiable to answer all your questions. Lets Get started.
Thank You
Suzie Marquardt
702-234-7653
0 votes Thank Flag Link Tue Jul 17, 2012
My wife and I are available 24/7 to help you. We specialize in helping only buyers and investors. We can assist with getting a great loan or we have a large number o sellers who will carry the note with min of 20% down. Call 702.501.0973 , thanks Matt and Kim
0 votes Thank Flag Link Tue Jul 17, 2012
Yes, it is very possible. I recommend securing a conventional loan approval before looking at homes - this will save you some time and allow you to be clear on what you can purchase. Also this will detail any contingencies needed to secure financing.

I would advise you to seek an agent who is experienced with REOs or short sales, as well as knowledgeable on current market conditions. My brokerage specializes in traditional sales (no REO or short sale) homes which offer quick close and MOVE-IN ready condition.

Feel free to contact me directly for further assistance.

Thanks,


Rakeisha Smitherman-Muiruri
Realtor®
Mobile: 702-415-3692
http://www.MotionProperties.com
0 votes Thank Flag Link Tue Jul 17, 2012
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