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!
A Graphic display why cash is King. Kinda figured that for condo's. The price point is understandable.
Renee - Why don't I have all of this cash? Where did I go wrong?! LOL
Claude: Condos that can't be financed are dirt cheap!!
Nevin: Maybe if a bunch of us pooled together ;)
Indeed, cash is king. I love cash closings. :) It is a great way to buy.
Cal
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.
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
Renee
Cash really says it all; you have to love cash buyers ( I suppose some are not easy to work with at times though )
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.
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!
Renee:
Love the graphics ... and the information they contain. Great idea for a blog. Welcome back!