Las Vegas is a gambling town but even the pros know you shouldn't push your luck- especially with a sure thing. The $8,000 first time homebuyer tax credit is assured to any creditworthy person who has not owned a home in the past three years.  The main way to blow this pile of cash is to wait too long.  The November 30, 2009 deadline is fast approaching.  It may look like you have three months to play with, but this year there are other factors at play.  If you wait too long, you will loss $8,000.  This true anywhere but there are additional issues that are specific to Vegas.

Mortgage loans are available at historically low rates but getting one is trickier than in the past.  Just as the credit itself was put in play by depressed conditions in the housing market, sloppy credit practices in the past set the stage for current mortgage drama.  Lenders mandated to prevent the abuses of the past now have escalated the requirements to get a loan.  Requirements among lenders vary, so a smart buyer needs to be pre-approved for a certain dollar value of mortgage before even starting the buying process.  Buyers must present W-2s, paystubs, savings statements, perhaps credit card statements or other records of debt to the lender who does a credit check. The process is automated, but a buyer who meets the requirements has the bank's statement of how much house to look for.  A buyer who doesn't make it has to find another lender, find a way to improve their score, or postpone their plans.  All of this takes time while the clock for the credit is ticking.

A very few first time buyers buy a multi-million dollar started home, but most aim for more affordable, less expensive homes.  These are the homes that are moving first everywhere, but in Las Vegas, there is a lot of competition from foreign buyers or cash buyers who are aiming to invest in the same group of homes the first time buyers want.  This could result in a bidding war or a lost opportunity that signals the buyer to keep looking.  Finding a home in a desirable area that meets the bank's price range can be a time-consuming search.

Armed with a sales contract, the would-be buyer is closer to ownership but new Federal disclosure laws and new appraisal policies further elongate the process.  Intended to accurately assess property values and communicate the true value of the home and the true cost of credit, the new laws add three days here, five days there - a potential issue if it is getting close to November 30.   New appraisal regulations pose a whole set of issues we will discuss in an upcoming blog; suffice it to say that appraisers from out of the Clark County area could be inaccurately assessing Vegas properties with no input permitted from real estate agents or lenders.  The resulting appraisal could come in out of sync with what the bank is willing to lend for; this often means that the buyer is scurrying to lay hands on extra money or sent shopping for another appraisal or another lender. The risk here is even greater in Vegas where inflated housing dropped precipitously in value over the last couple years.   Both time and money are at stake.

The $8,000 tax credit is a sure-thing opportunity for buyers to offset their housing costs.  If you want to be winner in this unique tax-credit jackpot, it's time to get the process in motion. there's talk that the credit will be extended.  Right now, that is on on the table so you still need to act now.l

Yonas Woldu is ready to help you claim your prize.  He can help you find an affordable house in Las Vegas, Green Valley, or other areas of Clark Countyand  help you navigate the system. If you are looking to purchase a home, including a short sale or bank owned home, visit Vegas Real Property website and my new AskYonas website.

For every real estate problem, I have a solution. Now let's make it happen.