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

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Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

REO Financing Profile for Las Vegas Area

REO Financing Profile for Las Vegas Area

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

Learn More About Buying Las Vegas REO

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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

 

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Comments (19)

Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Rene

Amazing; just goes to show you the power of cash

Sep 11, 2010 08:52 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Renee - Love the graphs and the colors you choose.  It appears cash still remains king in the Las Vegas NV Real Estate market.

Sep 11, 2010 09:05 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I will not pass GO, I will not COLLECT $249,999.  What Sellers have been overheard saying on the "Strip".   

Sep 11, 2010 09:15 AM
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, Cash is always King and there are people that still have some. :)  I hope you  got my email.  Let me know. 

Sep 11, 2010 10:00 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Renee,

Cash has so much to offer for a seller. With the challenges of appraisals, cash is a sure thing.

Cal

Sep 11, 2010 11:28 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thanks all for the comments!

Kevin: LOLOL You always crack me up!

Debbie:  Can you please resend it?  Yahoo crapped out on me this week and I have a new email address.

Sep 11, 2010 12:51 PM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Renee,

Your great market report is being replayed across the nation for precisely the reasons you stated.

Steve

Sep 11, 2010 03:44 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Renee - Cash is still king here too and getting more prevalent as well.  I just posted my first market report in my blog and it looks ok if I do say so.  Of course, they're not as fabulous looking as yours but I'm working on them and hopefully I'll be able to incorporate some color in my next one

Sep 11, 2010 05:27 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

The saying cash is king certainly applies to these kind of homes. I can see why condos may be more difficult to sell!

Sep 12, 2010 02:48 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

The lenders are making it an investor's game by always selecting the cash buyers.  First time homebuyers rarely have that much cash saved.

Sep 12, 2010 04:07 AM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

Do you know anything about getting a VA Purchaser approved in a complex which to date may have not had any VA Purchasers before the current price drops? It has been a research project to try to get an answer.

Sep 12, 2010 06:37 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Donne:  I will have to check it out!

Cheryl:  Once you get the answer to that one you need to write about it!  Condo complexes are tough to finance all the way around in my market these days.

Thanks everyone else for the comments!

Sep 12, 2010 06:51 AM
Kenny Salame
All Western Mortgage Broker # 14210 - Las Vegas, NV
NMLS ID 313873

Renee

Great post. As a lender I'm always asked for financing for condos from Realtors. I'm amazed that so many are unaware of the problems associated with getting Condo approved with lenders. I had a Realtor state that a Condo was Homepath loan eligible and when I showed that it was not on Fannie Mae Approved Condo list for Nevada and would not have a lender approve the loan without it being approved by Fannie Mae, she got angry.

Sep 12, 2010 07:10 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I've had too many buyers get outbid by the cash people. It can get really frustrating.

Sep 12, 2010 09:10 AM
J. Philip Faranda
Howard Hanna Rand Realty - Yorktown Heights, NY
Associate Broker / Office Manager

Cash will always be king. But it is encouraging to see the market share of FHA mortgages also- that means people are getting a home of their own. Warms my heart. 

Sep 13, 2010 01:51 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Cash has an advantage with asset managers, as the quick closing ability helps them get more settlements into a month, and their compensation package is usually set up so that the more they do in a month the more they make.  Unfortunately, as Norma stated, it generally works against the first buyer or owner occupant.

Love the graphs as always!

Sep 14, 2010 08:27 AM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Renee,

After seeing Karen's re-blog of your post, I just had to cruise on over here.

Like you, I'm seeing more cash sales with investor/investor pools than ever before. I've had more myself (along with others in my office) so far this year than any other in decades. Many of our FHA buyers are getting beat out time and time again.

Sep 15, 2010 04:20 PM
Esko Kiuru
Bethesda, MD

Renee,

Cash has a surprisingly large chunk of the Vegas real estate market between the $175K to $350K range. Some seem to have money to burn.

Sep 16, 2010 03:18 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

John:  LOL!  I thought those were out of business already ;)

THanks all for weighing in!  I appreciate all comments and additions to my posts!

Oct 13, 2010 06:54 AM