BluefoxToday blog : Las Vegas NV Sold Terms & Trends for May 2010

Las Vegas NV Sold Terms & Trends for May 2010

Las Vegas NV Area Home Financing Trends - Cash, Conventional, FHA, VA

Las Vegas NV Area Home Financing Trends - Cash, Conventional, FHA, VA

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:

Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller.  FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other:  Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.  The "other" category INCLUDES auction terms!!

Last Month's Report

Most Current Report (scroll to bottom of page)


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 9 commentsRenée Donohue • June 21 2010 12:19PM

Comments

Where is all that cash coming from?  I'll bet it's from out of state investors who are gambling that LV gets hot again.

Posted by Jim Hale, Eugene Oregon's Best Home Search Website (ACTIONAGENTS.NET) about 8 years ago

Renee:  Many more "Conventional", solds in May than in April!   Just like here in California.

Posted by Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula, Realty Works Temecula (Realty Works Temecula) about 8 years ago

Renee - Not much to dislike about a cash offer. We have seen an influx in Conventional recently. Here's hoping your sales get as hot as the temperature there !

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

Renee - It's really cool that you have so many cash buyers in Vegas.  Not so in most places around the country.

Posted by Nevin Williams, Raleigh Mortgage Pro (Sierra Pacific Mortgage Raleigh) about 8 years ago

Renee - It's great that 42% of Las Vegas NV buyer's are still cash.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) about 8 years ago

Jim:  Could be ;)

Jane:  I like to see the high bid go to financed buyers ;)

Claude:  It got hot for a weekend and has been unseasonably cool the rest of the year!

Nevin:  It is a great thing - but not so much for the lenders!

Michelle:  I would say!  Number is shrinking although still impressive.

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

Renee,

 

Those 30% FHA buyers are going to be sitting on a goldmine if rates skyrocket because their loans will be assumable.....

 

Thanks for sharing,

Lori Cofer

Posted by Lori Cofer, REALTOR, Moscow Idaho Real Estate (Beasley Realty) about 8 years ago

Renee,

Cash-carrying investors have been all over the market for a long while now. They must have plenty of trust in a rewarding recovery down the road.  

Posted by Esko Kiuru about 8 years ago

Lori:  NO DOUBT that is what I keep on saying!  Some in the last two years have even done multiple streamlines to get their rate in the low to upper 4's.

Esko:  yes!  Let's see how the next several months play out!

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

This blog does not allow anonymous comments