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

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

REO Sales Las Vegas Valley

REO Sales Las Vegas Valley

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!

Last Month's Las Vegas Area REO Financing Profile Report

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

 

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Rainmaker
1,431,110
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I am seeing a lot of cash purchases around here and cash is King.  Is your market still picking up?

Jun 21, 2010 10:27 AM #1
Rainmaker
601,327
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Renee - While cash may still be king in Vegas too, it looks like FHA is making a dent in the market too.

Jun 21, 2010 02:11 PM #2
Rainmaker
564,223
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Renee,

Thanks for your Las Vegas market insights.  While our market seldom presents the low prices of Las Vegas the principal that cash-is-king still holds true.

Steve

Jun 21, 2010 03:13 PM #3
Ambassador
1,507,202
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Gene:  Slowing down a bit actually.  We need the inventory so this is a good thing, for now!

Donne:  Wouldn't we both just love to see those financed buyers finally get a home?

Steve & Joel:  Awesome news!

Jun 22, 2010 01:26 PM #4
Rainmaker
45,810
Lori Cofer
Beasley Realty - Moscow, ID
REALTOR, Moscow Idaho Real Estate

Renee,

 

Cash buyers are definitely in the driver seat.....

 

Thanks for sharing,

Lori Cofer

Jun 22, 2010 01:47 PM #5
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