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

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

las vegas area reo homes for sale

Las Vegas Area REO Homes for Sale

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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Rainer
142,913
Robert Earl -The Earl of St Pete
St Pete LUXE Living Group - Saint Petersburg, FL
The Earl of St. Pete

Great information as always.  I am sure that the number as very similar in Northern Virginia.

Jul 28, 2010 08:58 AM #1
Rainmaker
1,899,959
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Interesting chart; truly cash is king. Lots of cash buyers

Jul 28, 2010 03:40 PM #2
Ambassador
749,413
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Renee... not only great imformation as always, but I love the charts.  I would expect that cash would be lesser as the home prices incease... just makes more sense.

jeff belonger

Jul 28, 2010 04:00 PM #3
Rainmaker
388,619
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Those cash buyers sure are sweet in my world.  My last few have been all cash.  Close them in two weeks, love it.

Jul 28, 2010 05:27 PM #4
Rainmaker
1,079,073
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Renee, same scenario going on here in Jacksonville. Condos can be very challenging to impossible to finance, especially the condo conversions. The result? They are going for a song. Rentals are more in demand because of the people who sold their house and now can't buy.

Jul 28, 2010 05:35 PM #5
Rainmaker
325,771
Esko Kiuru
Bethesda, MD

Renee,

The orange CASH bar is surprisingly tall in the $175K - $250K category. That's a lot of cash to tie up in a home in an uncertain market.

Jul 31, 2010 02:54 PM #6
Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thanks all for the comments!

Frank & Sharon:  Same issue with condo financing here!

Sep 11, 2010 08:18 AM #7
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