In today's market you have many options when purchasing your home:
1. You could by a resale or used home. There are several different type of sale types for a resale home:
a. Traditional Sale (the owners of the house are selling and do not owe more thanthe house is worth). This type of sale is not as common as it once was, although they do still exist today.
b. Short Sale (this is when the owner is selling and owes more than the home is worth.) For a short sale to be completed the bank or mortgage note holder needs to ultimately approve the sale. A short sale can take an extended period of time to be completed - with average time frame being 90 days; but I have heard of them taking as long as two years. Statistically only about 50% of short sales actually get approved and close.
c. Bank Owned/Foreclosure Sale - These take less time but can also be a more stressfull type of sale. Just like buying a used car you are ultimately buying someone elses problems. I foreclosed property many times has been sitting vacant for longer than a year before it is purchased.....this can have severe consiquences on the heating, cooling, and water systems in the home.
If you are considereing a resale house please make sure you use a good Realtor and do your homework. You can apply for an FHA 203K loan and finance the repairs of the home into the loan as well.
Or You Can Buy A New Home From a Builder like the one I work for. There are many advantages to purchasing a new home:
1. It is brnad new and build to higher energy efficient levels than a used home.
2. You get a 1 year everthing is covered warranty and 10 year structural warranty
3. We have Quick Move In Homes - these are built to dry wall, so you still get to pick your counters, cabinets, and flooring options to suit your personal taste. You can move into the home within 30-45 days.
4. You could choose a "Showcase" Home - these homes are complete and have some upgrades and amenities already included at a discounted pric. This can equal a pretty substantial savings and you can move in within 30-45 days.
5. Builders general have a promotion of some kind going on. Right now my employer is offering to buy down interest rates on a 30 yr FHA fixed loan and put money toward closing.
We love Realtors so if you hvae one please bring him/her with you when you stop buy for a tour. If I can answer any questions or help in any way please dont' hesitate to contact me.
Sales Associate â€“ Selling North & South Las Vegas
Richmond American Homes
1905 Magdalena Ridge Ave.
North Las Vegas, NV 89081