Ron Johnson

Penny,

I would love to help you out. I have been a Las Vegas resident since 1974 and know the area extremely well. It is a fantastic time to buy and the pricing is very affordable.

Call me or email me and we can get going our finding the right home for you.

Ron Johnson
Elite Realty
702-595-9743
rjrenv@cox.net - Thu Nov 13 2008, 14:48

I think the appraiser might have just placed the dot in the wrong place on the map that was enclosed with the appraisal. The real question you are looking to answer is the property you have agreed to purchase located in a flood zone. I can attached a link to the clark county flood control website you can input the property address of this home and find out if it is in a flood zone.

The lender does not rely on the appraiser to determine if the property is in a flood zone they have to pull up a flood certification from a third party company.

Check out the link below to determine if the house is in a flood zone.

Ron Johnson
Elite Realty - Wed Nov 12 2008, 07:52

This is in a resort area right across from the Rio hotel and close to the strip. It is in a complex known as Cay Club aka Flamingo Palms. The complex is being operated as a Condo-Hotel. I have also seen other Realtors post that this complex is in litigation. Getting financing on a unit in this complex with these hurdles is going to be next to impossible right now. I think if you could pay cash it might be viable. Purchasing multiple units would not be a problem. There are currently 84 units for sale in this complex and 22 of those units are Bank Owned. The remainder are short sales.

Let me know if you need any help in your search. I am currently working with several out of state investors.

Ron Johnson
Elite Realty
702-595-9743 - Wed Nov 12 2008, 07:36

To purchase a second home the lender I work with requires 10% minimum down payment plus paying your own closing costs. This is also contingent on what your credit score is, fully documenting your employment, income and assets. The required down payment will be higher if you are not a A+ buyer with 780 or higher credit scores.

Let me know if you need any help. I work with an excellent lender that can per your preapproved for no charge. I also work with many out of state and some Canadian buyers right now.

The deals in this market are amazing right now.

Ron Johnson
Elite Realty
702-595-9743 - Wed Nov 12 2008, 07:14

This is a very popular question right now. I can answer how the process works.

When you bought your property (if it was an existing house and not a new construction home) it already had an accessed value. The property may have been accessed at a value of $285,000. The property taxes were limited to a 3% increase per year if your home is owner occupied. The county passed this cap on taxes when the property values were going crazy in 2004. You your house may have been assessed as worth $285,000 but the taxes might have only been $2,000 per year because of this cap. The county has been very slow to reaccess the property values to the current levels that homes are selling for today.
I have heard that they are overwhelmed by people requesting to have their accessed value lowered and their taxes reduced. They are also not lowering people taxes just because a Bank Repo house down the street sold for a cheap price. You had better have examples of many properties in close proximity to your house that have sold for well under what your home is accessed for.
I have attached a link below that explains the process. It may be worthwhile to try to dispute you homes value. I do not think it is worthwhile unless you are currently paying over $1,930 per year. This is approximately how much the taxes should be on a home worth $193,000.

Ron Johnson
Elite Realty - Fri Nov 7 2008, 07:14