BluefoxToday blog : Cash or Credit? Las Vegas Area REO Financing Profiles for June 2010 (includes Henderson & North Las Vegas)

Cash or Credit? Las Vegas Area REO Financing Profiles for June 2010 (includes Henderson & North Las Vegas)

las vegas area reo homes for sale

Las Vegas Area REO Homes for Sale

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!

Last Month's Las Vegas Area REO Financing Profile Report


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

 

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Comment balloon 7 commentsRenée Donohue~Home Photography • July 28 2010 03:44PM

Comments

Great information as always.  I am sure that the number as very similar in Northern Virginia.

Posted by Robert Earl -The Earl of St Pete, The Earl of St. Pete (St Pete LUXE Living Group) over 8 years ago

Renee

Interesting chart; truly cash is king. Lots of cash buyers

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... not only great imformation as always, but I love the charts.  I would expect that cash would be lesser as the home prices incease... just makes more sense.

jeff belonger

Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 8 years ago

Those cash buyers sure are sweet in my world.  My last few have been all cash.  Close them in two weeks, love it.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) over 8 years ago

Renee, same scenario going on here in Jacksonville. Condos can be very challenging to impossible to finance, especially the condo conversions. The result? They are going for a song. Rentals are more in demand because of the people who sold their house and now can't buy.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 8 years ago

Renee,

The orange CASH bar is surprisingly tall in the $175K - $250K category. That's a lot of cash to tie up in a home in an uncertain market.

Posted by Esko Kiuru over 8 years ago

Thanks all for the comments!

Frank & Sharon:  Same issue with condo financing here!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) about 8 years ago

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