Home Buying in Las Vegas>Question Details

z9648, Home Buyer in Las Vegas, NV

what are some off the dangers of buying a home for cash needs to look oot for??

Asked by z9648, Las Vegas, NV Thu Jul 25, 2013

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Phillip Scheinman’s answer
I don't like to use the word danger when in the context of buying. The more educated you are the more likely you will make a great decision and maximize your money whether for investment or you new home to move into. I prefer to educate my clients.

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Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose Parkway Ste. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337

0 votes Thank Flag Link Tue Jul 30, 2013
Buying in cash is certainly an option. However, the interest rates and programs that are available can really benefit you greatly. First off, if you pay cash you will have zero interest to write off come tax time. If you are making enough money to buy cash, then I can only assume you could use a write off. If you call me today, I would be more than happy to share the benefits of why being more diverse through using a mortgage as a tool would benefit you greatly. I look forward to hearing from you.


Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator
City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
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1 vote Thank Flag Link Fri Jul 26, 2013
Thanks, Nathan. Why anyone in the 39.5% Federal Tax Braket plus State Taxes thinks a "zero" mortgage is a good idea, especially when 30 mortgages are available for 4.5%. Put 50% down, and get some tax releif.

David Cooper Helping You Invest in Las Vegas Since 1994
READ MORE http://www.lasvegaswinner.org
CALL 1.888.616.6226
0 votes Thank Flag Link Fri Jul 26, 2013
Get the home inspected before your due diligence expires. More importantly, beware of inexpensive Home Inspections, there are a lot of unlicensed inspectors out there. Visit my website for more information and free downloads. We are here to help.

Best wishes,
Lee Taylor
0 votes Thank Flag Link Fri Jul 26, 2013
Not putting in an appraisal contingency in the contract as well as a home inspection contingency.
0 votes Thank Flag Link Fri Jul 26, 2013
How much cash are we talking about? The biggest danger I see is NOT taking advantage of the lowest interest rates in history. Never pass up a great deal, and a 30 year mortgage at 4.5% is the deal of a lifetime. I would take a 50% mortgage at these low rates, and diversify the additional funds in other investments.

David Cooper
Investing in Las Vegas since 1994
READ MORE http://www.lasvegaswinner.org
0 votes Thank Flag Link Fri Jul 26, 2013
There is no dangers to pay cash. with that said real estate is all above leveraging your money. Paying cash or finance you go through the same process with the exception of getting an appraisal done on the property for the bank.

We are in a limited inventory at this time and you need a agent that will think outside the box. Higher price may not necessary be the right answer, I have had many of my buyers get the home without being the highest price.

I look forward to working with you. Call me 702-236-6266

Dawn Houlf
The Force Realty
0 votes Thank Flag Link Fri Jul 26, 2013
You have fewer dangers because there is no lender involved. Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent.

Best of luck!
0 votes Thank Flag Link Fri Jul 26, 2013
(1) make sure you are not overpaying (but right now the inventory is so limited that everyone is overpaying). (2) get your inspections done. (3) most importantly - you can buy more properties if you use your cash as down payments rather than paying in full.
0 votes Thank Flag Link Fri Jul 26, 2013
Good Morning! There are no dangers as long as you do your due diligence. That means to have an inspection done, and to make sure that you have your realtor check comparable sales. You can also have an appraisal done, but most sellers in Vegas are currently having buyer sign an appraisal waiver regardless. The market is crazy, low inventory, and prices on the rise. As long as you arent paying way over comps, you should be in a good position. In this market, buying cash is the best way to actually get a house, as the competition is fierce! Feel free to contact me with any ?s
Marilyn Mattson
Remax Advantage
0 votes Thank Flag Link Fri Jul 26, 2013
There are no more dangers in buying a home with cash than with a mortgage.

All buyers should have an experienced buyer broker working for them and no buyer should buy a home without having it properly inspected by a qualified and experienced home inspector.
0 votes Thank Flag Link Fri Jul 26, 2013
Simply stated....all buyers should take advantage of their opportunity to have inspections done on the property and a title search conducted.

0 votes Thank Flag Link Fri Jul 26, 2013
None if you have experienced agent to help you with accurate current market value, cost of repairs, accurate offer price and inspections by a very qualified inspectors. Call us any time after 8am if you'd like to talk Real Estate. We manage over 400 homes, in Real Estate in Vegas since 1985, Top 1% Agents in Vegas. Call anytime after 8am. Matt and Kim - 702.501.0973 Prominent Realty Group LLC.
0 votes Thank Flag Link Fri Jul 26, 2013
I think that there are a few things to look for. Most importantly- value.. Is the value there. Many homes aren't appraising and sellers are waiting for an investor paying cash so appraisal won't be an issue. Next, when paying cash and wanting to refi, in order to get the tax write off on the interest, you have to refi within 6 months. Also it then becomes a "cash-out refi" which is a harder loan to get. Then appraisal may be an issue too. If you have no desire to refi or pull monies out, the transaction becomes an ordinary transaction where you want me as your Realtor to protect your investment. In my "before real estate" life 15 years ago, I was a Nevada Professional Engineer telling builders how to build. When buying a resale home, I am continually looking for the flaws in a property and when buying a new home, I do weekly construction monitoring free of charge for you. If protection your investment is important to you, I can be reached at 702.656.1818. You need a plan of action to buy a house in Las Vegas right now. Lets strategize!
0 votes Thank Flag Link Fri Jul 26, 2013
It will be the same as a financed offer. You will be more likely to get your offer accepted as long as it's competitive.
0 votes Thank Flag Link Thu Jul 25, 2013
The same things you would look for if it was financed.
0 votes Thank Flag Link Thu Jul 25, 2013
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