Shame on the Banks & Mortgage Companies!

 Several days ago when I was having conversation with Renee Burrows she mentioned to me that (NO) Banks or Mortgage Companieswill finance customers to purchase (Condos) in Las Vegas Nevada!

 Why?

 I was in a hurry when Renee mentioned it to me so it went in one ear and out the other, "please try not to pick on my empty space between my ears!"

 It took me days later to realize how can anyone purchase condos in all these huge projects like MGM Grand City Center or Panarama Towers orQueensridge, etc-etc?

 Now when Renee mentioned that the Banks & Mortgage Companies won't finance customers to purchase (Condos) did she mean resales and older cheaper units?

 I know for a fact that people are purchasing very expensive (Condos) alone The Strip and in Summerlin and some of the other expensive areas.

 Do you really think that it's fair that the Banks & Mortgage Companies are catering to the (Rich)?

 If people in Las Vegas are losing there homes and want to down grade to a some thing that they can afford, do you really think it's fair that they can't because the Banks & Mortgage Companies won't finance them?

  Shame on the Banks & Mortgage Companies!

 I will be posting this blog to Renee's Las Vegas Group so she can get come over and give some feedback!

 Please leave a comment and let all of us know what you think of all this crap that is going on in Las Vegas Nevada.

 Is this kind of stuff going on in your cities?

 When I have a customer call me that wants to purchase a (Condo) in Las Vegas, should I tell them you can't get financed in Las Vegas for a (Condo) and that you need to go to another City & State?

 I am telling you in Las Vegas "When it Rains in Pours"!

 Post by Robert Swetz (Vegas Bob)

 

 
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5 Comments on Shame on the Banks & Mortgage Companies!

JUL
07
182,491 Points Localism Sponsor Outside Blog

BOB..I just posted a blog..settled a condo here all were happy and smiling ..no problemstweet

helpfulhannah your friend in Philadelphia

11:13pm • #1
JUL
08
203,938 Points 19 Featured Posts Outside Blog

Vegas Bob - Unless the project qualifies for FHA, it is definitely getting more difficult to finance new construction condo sales.  The guidelines keep changing and definitely not for the better.

3:00am • #2
534,108 Points 52 Featured Posts Localism Sponsor Outside Blog

Not all condos are unfinanceable but I did explain it in my blog in the last couple of months.  The problem is guidelines and condo certifications and what the lenders are looking for.  Litigation, HOA Defaults and Investor concentration has been causing major problems.  There is only one condo project in town (that I am aware of) that is able to be financed.

I usually let peoplw who are interested in condos know this and if they are financed and still insist on seeing a condo then they need to produce a letter from their mortgage officer stating they will finance the project before I show.  No one has taken me up on it.

It's not a "shame on you" to the banks perspective to be quite honest.  It is fannie mae guidelines tangled with our market conditions + risks the lenders must take.  As for the rich people getting loans but not poor.  Jumbo loans are being scrutinized worse than any other product.

8:46am • #3
534,108 Points 52 Featured Posts Localism Sponsor Outside Blog

Here is the article.  FYI, no mortgage lender has come forward with verifiable proof that they can close these transactions.

8:56am • #4
SEP
08
451,962 Points 8 Featured Posts Localism Sponsor Outside Blog

  I would like to thank every one for their comments and your comments are very important to me. If for any reason you ask me a question in your comment and I do not come back with a reply to your comment please send me a email.

  I write about so many different things and post so many photographs that I lose track. It's very important to me to interact with Activerain Members when they are commenting on my posts!

 Once again thanks for your comments and "Have a wonderful day"

               www.VegasBuildingsForSale.com

8:17pm • #5

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ROBERT A.SWETZ - Commercial Real Estate

Las Vegas, NV

More about me…

Commercial Real Estate - www.VegasBuildingsForSale.com

Address: PO BOX 26443, LAS VEGAS, NEVADA, 89126

Cell Phone: (702) 443-7156

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