Cash or Credit? Financing Profiles for REO Sales in the Las Vegas Valley February 2010

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

Las Vegas Area REO Financing Profiles

Las Vegas Area REO Financing Profiles

Cash or Credit for Your REO Purchase?

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!

 

Posted by

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

 

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Rainmaker
1,132,205
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

A Graphic display why cash is King. Kinda figured that for condo's.  The price point is understandable.

Mar 23, 2010 08:42 AM #1
Rainmaker
422,458
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Renee - Why don't I have all of this cash?  Where did I go wrong?!  LOL

Mar 23, 2010 10:05 AM #2
Ambassador
1,507,152
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Claude:  Condos that can't be financed are dirt cheap!!

Nevin:  Maybe if a bunch of us pooled together ;)

Mar 23, 2010 11:24 AM #3
Rainmaker
506,926
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Indeed, cash is king. I love cash closings. :) It is a great way to buy.

Cal

Mar 23, 2010 11:57 AM #4
Rainmaker
1,348,634
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

WOW, I love the graphs again... fantastic. I have to pull out your instructions. Tomorrow is QB day with Bookeeper. I knew you would sympatize with me. Rats.

Mar 23, 2010 12:26 PM #5
Rainmaker
422,458
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Renee - See that's the problem...you say pool and you think work.  I hear pool and I think rubber duckie, beer and barbeque!  I'm hopeless....: 0

Mar 23, 2010 02:56 PM #6
Rainmaker
1,891,893
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Cash really says it all; you have to love cash buyers ( I suppose some are not easy to work with at times though )

Mar 23, 2010 02:58 PM #7
Rainmaker
325,771
Esko Kiuru
Bethesda, MD

Renee,

Those who pay cash for property in Vegas today costing over $500K must be brave souls, even though they appear to get a good deal.

Mar 25, 2010 01:35 PM #8
Ambassador
1,507,152
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Cal:  Great and easy way to buy!

Cheryl:  LMAO.  Let me know if you need assistance!  I am swamped the next week but I will try to answer your inquiries.

Nevin:  OMG both you and Cheryl made me giggle in your remarks.  I don't like beer so I think "umbrella drinks and cabana boy"!

Tom:  Actually the ones I have worked with are fairly easy and they can close with less drama!

Esko:  I have seen some AMAZING 200-300K properties but I do agree with you that anything over $500K is a risk!

Mar 25, 2010 09:37 PM #9
Rainmaker
350,677
Aaron Vaughn | Builder | Investor
Conifer Homes - Buda, TX
If the deal makes sense, the cash will follow.

Renee:

Love the graphics ... and the information they contain. Great idea for a blog. Welcome back!

Apr 01, 2010 05:57 PM #10
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