BluefoxToday blog : Cash or Credit? Financing Profiles for REO Sales in the Las Vegas Valley February 2010

Cash or Credit? Financing Profiles for REO Sales in the Las Vegas Valley February 2010

Las Vegas Area REO Financing Profiles

Las Vegas Area REO Financing Profiles

Cash or Credit for Your REO Purchase?

Cash is the obvious dominator with overall Las Vegas Area REO Purchases.  Cash not only dominates but CRUSHES financed purchases under $75000.  The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing. 

Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)

Condo financing is currently a challenge in the Las Vegas Area.  Lenders want to see low investor concentration, low HOA deliquencies and no construction defect or other litigation against HOA or community.  To determine if a condo is eligible for financing, a condo certification may be ordered from the HOA (this does cost money) and have it run by an underwriter.

Whether you are all cash or a financed buyer, you can search Las Vegas Area (Henderson & North Las Vegas too) homes right here for free and no obligation!

View other REO Stats for the Las Vegas Valley!

 


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comment balloon 10 commentsRenée Donohue • March 23 2010 02:16PM

Comments

A Graphic display why cash is King. Kinda figured that for condo's.  The price point is understandable.

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) over 8 years ago

Renee - Why don't I have all of this cash?  Where did I go wrong?!  LOL

Posted by Nevin Williams, Senior Mortgage Advisor (Fairway Independent Mortgage Corporation) over 8 years ago

Claude:  Condos that can't be financed are dirt cheap!!

Nevin:  Maybe if a bunch of us pooled together ;)

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 8 years ago

Indeed, cash is king. I love cash closings. :) It is a great way to buy.

Cal

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) over 8 years ago

WOW, I love the graphs again... fantastic. I have to pull out your instructions. Tomorrow is QB day with Bookeeper. I knew you would sympatize with me. Rats.

Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge www.GoldenResults.com) over 8 years ago

Renee - See that's the problem...you say pool and you think work.  I hear pool and I think rubber duckie, beer and barbeque!  I'm hopeless....: 0

Posted by Nevin Williams, Senior Mortgage Advisor (Fairway Independent Mortgage Corporation) over 8 years ago

Renee

Cash really says it all; you have to love cash buyers ( I suppose some are not easy to work with at times though )

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 8 years ago

Renee,

Those who pay cash for property in Vegas today costing over $500K must be brave souls, even though they appear to get a good deal.

Posted by Esko Kiuru over 8 years ago

Cal:  Great and easy way to buy!

Cheryl:  LMAO.  Let me know if you need assistance!  I am swamped the next week but I will try to answer your inquiries.

Nevin:  OMG both you and Cheryl made me giggle in your remarks.  I don't like beer so I think "umbrella drinks and cabana boy"!

Tom:  Actually the ones I have worked with are fairly easy and they can close with less drama!

Esko:  I have seen some AMAZING 200-300K properties but I do agree with you that anything over $500K is a risk!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 8 years ago

Renee:

Love the graphics ... and the information they contain. Great idea for a blog. Welcome back!

Posted by Aaron Vaughn | Builder | Investor, If the deal makes sense, the cash will follow. (Conifer Homes) over 8 years ago

This blog does not allow anonymous comments