Ca$h or Credit: Las Vegas NV Area REO Financing Profiles for December 2011 (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 101-606 (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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Topic:
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Location:
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Groups:
Foreclosure Talk
Foreclosure Education Forum
Nevada/Las Vegas REO, Fourclosure, Short Sale Specialist
City and State
Las Vegas Foreclosures - Homes, High-Rises-Condos
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Rainmaker
2,304,177
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Renee: Cash is king in the Las Vegas REO market, especially in the lower price points.  Good indicator of what your market is experiencing.

Feb 12, 2012 06:39 AM #1
Rainmaker
4,083,916
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Renee, your stats for cash buyers is much hardier than here in Denver.   Cash is still king, and fairly prevalent among higher-end sales!

Feb 12, 2012 06:54 AM #2
Ambassador
3,990,679
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Renee

Pretty interesting data, but not really surprised about the cash. We see lots of it here, too. I should look at the data, too - no doubt it would prove interesting in certain market segments. We see lots of it at the lower end (under $400K) but also at the high end.

Jeff

Feb 12, 2012 07:09 AM #3
Rainmaker
509,824
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Renee - I hadn't thought about the condo financing side of the equation...  Are you seeing a lot of condos unable to get/renew eligibility for FHA financing?  In this area, FHA really dominates purchases under $350K and an association that can't qualify is looking at lost sales.

Feb 12, 2012 09:40 AM #4
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thank you all for the comments!

Yes AJ - it's true - we barely have condo financing here and that is why condos are dirt cheap!

Mar 17, 2012 08:45 AM #5
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