Home Buying in Summerlin>Question Details

Investorabro…, Home Buyer in Summerlin, Las Vegas,...

Need to validate funding question and find an Agent familiar with foreclosures and short sells in Las Vegas.

Asked by Investorabroad, Summerlin, Las Vegas, NV Sun Jul 8, 2012

I am an American currently living abroad, but interested in purchasing an investment property in Las Vegas. My credit score is in the high 700's and I am looking to put down 30% of purchasing price. Any issues with securing funding for the rest given I'm paid in Euro? Also, I'm interested in finding an Agent that is very knowledgeable in foreclosures and short sells. - thanks

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7
Thank you everyone - I will review my options and follow-up with the appropriate people.

Thanks!
1 vote Thank Flag Link Mon Jul 9, 2012
We look forward to hearing from you...Thanks again for posting!

http://www.LVPropertySearch.com
Flag Mon Sep 17, 2012
Hello, Investorabroad...and thank you for your inquiry! Perhaps we can help.

Bank Foreclosure Listings in Las Vegas

If you want to buy a home in Las Vegas to either live in yourself, vacation at or rent out a Bank Foreclosure List is a great way to see what the prices are today, what is available in the areas of Las Vegas that you are interested in, and find properties to bid on and ultimately purchase.

Beware! Many foreclosure lists are out of date or contain errors. There are many web sites like Trulia.com can be used to get a feel for what prices are in the Las Vegas area but the information is not updated often enough to be reliable. We suggest you get a custom foreclosure list that is less than a week old from a real estate agent that is experienced in buying foreclosures in Las Vegas.

Don’t Waste Time! A custom foreclosure list that draws from the most current MLS data will save you tons of time because it will not contain all kinds of homes that are already under contract! When we first started out we wasted time on several online foreclosure web sites and found out the hard way that they were a complete waste of time.

Las Vegas Short Sales

Short Sales are probably the most dynamic component of the Las Vegas real estate market. First of all, there is nothing “short” about them and it’s a bit of mystery of how or why that term came about. There are real benefits to these types of distressed property sales.

What are they?
In summary, a short sale means that the bank is taking a loss on a mortgage to get rid of an asset. For example if Johnny owes $100k on a house and finds a buyer willing to purchase it for $70k, Johnny is asking the lender to take a $30k haircut. This is where you step in and can make money, if you do it right.

Try to focus only on the “approved shorts” that fall out of escrow. This is juicy ripe fruit that just hit the ground. The problem is that you have only a couple of days to pick it up. Your experienced buyer’s agent will keep you posted on these. On average, one falls out of the tree about every 3 days.

Be patient. Both the listing agent and the buyer’s agent have absolutely no control over this transaction. Some 18 year old at some remote lending institution is making all the decisions. There is no rhyme, reason or timeline that makes sense to anyone. If you call your agent to ask what is going on, they will say “no idea.” Banks don’t return phone calls, emails or have any sense of urgency. If the property actually closes, you will get 48 hours notice to jump through fire and cough up the entire balance.

Be prepared to pay more. 90% of these types of sales involve a last minute “we want more money” from the bank. They have strung you out for several months and they figure that if you held out this long, you will be willing to throw more chips on the table to stay in the game. This is the point where most investors want to pull their hair out. Right or wrong, legal or not, the bank has the investor by the leg and they know it….

If you have any additional questions in this area or any other in Real Estate, we are the team to talk to. Also, you are welcome to use our MLS SEARCH ENGINE to browse actual MLS LISTINGS on your own:

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
Hello LV property Search, in Las Vegas, there is escrow companies? Here in California, we open Escrow, get title insurance and close it. Vegas is similar to California?
Flag Mon Sep 24, 2012
Given plenty of experience with international American citizens, you should be 100% fine, in fact, 20% down payment may be acceptable. I started my real estate career as a loan officer in 2005 and then a full time realtor in early 2008. I've been a full time buyers agent for over 4 years and always top 10% of our industry in the worse real estate market we've hand in Las Vegas history. Full resume is on my website http://www.LasVegasRealEstateConnection.com.

If you'd like to skype, we can communicate in detail. I can find you solid investments and my broker/partner is a professional property manager if you'd like this service as well. Both of us have 2nd to none reputations as knowledgeable and ethical agents.



Sincerely,



James Bellile
iProperties International
702-222-0815
http://www.LasVegasRealEstateConnection.com
0 votes Thank Flag Link Sun Jul 8, 2012
My wife and I have combinced experience of 35 years as profesional agents and investors here in Las Vegas. We are also a property management company with 350 homes/condos under contract and have only 13 vacencies currently. We can assist with your funding needs, finding you the homes that fit your needs, repairs or renovation and property management. Please contact us by email or call any time after 8am MST. We look forward to working with you. Please use our web site to search for current listings untill we can create a custom search for you. Thank you, Matthew and Kim.

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Sun Jul 8, 2012
Investorabroad,
All agents in Las Vegas are (or should be) very knowledgeable in short sales and/or foreclosures. It has been our entire market for 4 years! The question you are asking is for a lender, and also needs to be less vague. I would suggest you find an agent you want to work with and either work with their preferred lender or go to your bank or financial institution in which you have an established relationship and request for a loan. This will let you find out what you are capable of purchasing and you will have a solid foundation for your search! Thank you for posting, great question! Raina Musser
0 votes Thank Flag Link Sun Jul 8, 2012
Hello investorabroad,

There will be no problem purchasing in Las Vegas. A high percentage of Buyers are from outside the country, so you being an American purchasing from outside the US is not an issue. The fact that your Credit score is measurable (for one who is outside the country) and so high is an indication of fairly smooth sailing with regard to obtaining a loan here. The fact that you are paid in Euros is also not an issue. Lastly, your high down payment should also solidify your ability to get a favorable rate on a loan.

I have been in Real Estate for more than 33 years, and specialize in Foreclosures (listing homes from the Banks),and negotiating Short Sales. If you will send me your criteria, I would be happy to send you a daily list of homes as they come on the market that fit your investment profile.

Best of luck, and thanks for reading.

Steve Matthews
Prudential Americana
Steve@reovegas.com
702491-4663
0 votes Thank Flag Link Sun Jul 8, 2012
I would be happy to answer any questions you may have. I have a great lender that I have worked with for over 16 years. We can ask her about any funding questions. I have completed over 100 short sales and my partner Dave Fahrny studies the foreclosure crisis on a daily basis. He has become an outspoken advocate for homeowners rights. His level of expertise on the subject is amazing. Dave and I also offer a service that is very helpful for long distance investors. We can usually video potential properties,upload the video and send the video link to you. This will allow you to do a video walk through of a potential property. It is a great way to get a feel for the property that photos do not provide. I am always available to help in any way I can. I look forward to talking with you.
Thank You
Suzie Marquardt
SuzieM@RealtyOneLV.com
702-234-7653
0 votes Thank Flag Link Sun Jul 8, 2012
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