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Las Vegas Real Estate News & Hot Buys
Hello Everyone, It's pretty much business as usual this week in real real estate. Getting pre-approved for a loan is still the first order of business. If any of you are using FHA or VA financing, you will have difficulty trying to get your offer accepted on a bank owned home but it's not impossible and rates are still very attractive. Don't let the talk out there scare you. There are still more homes being sold using financing than being purchased outright. First Time Home BuyingDid you know there are actually certain properties out there that the asset managers want to sell to a first time buyer or owner occupant before selling to a cash investor? Did you know that you can get into these properties for 3% down with a 30yr fixed interest rate? These are Fannie Mae owned properties sold through a program called Homepath. The links below provide an up to date list of available Homepath properties in ascending order. Homepath properties are also offering money towards closing costs or new appliances for properties that close before May 1st 2010. This offer is good on any Homepath property and is available for first time buyers and buyers who intend to occupy the home they are purchasing. Low rise CondosI still get calls every day about low rise condos and what's available for financing them. Unless you are purchasing a Homepath property, the financing options are next to nothing. This is primarily due to the low owner occupancy rate of condo developments as well as litigation and properties being deemed a condo conversion. Your best, and pretty much only bet for purchasing condos in this market is to purchase cash. Updated list of 2 br bank owned condos under $50,000 Vegas is #1Well, sort of. Las Vegas is now the #1 undervalued metro area in the United States according to CNN Money. This basically means you get more bang for your buck in Las Vegas these days. If you or someone you know is looking to make a low risk real estate investment, Las Vegas may be the place.
Las Vegas valley available housing inventory as of Monday is 10,262 units. Las Vegas valley pending sale housing inventory as of Monday is 14,633 units. Las Vegas valley available bank owned properties as of Monday is 1,613 units.
If you know of someone looking to buy or sell, referrals are greatly appreciated. |
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My two cents on Loan Modification
For those of you thinking about or are already involved in a loan modification, you may want to check this site to make sure the vendor you're using is a legitimate company who is looking out for your best interest. There are a lot of scams out there and a lot of companies that will take your money knowing they will not be able to modify your loan in the end. As many of you may have heard me say in the past, I am not a loan modification advocate due to the extremely high default rate after modification. I believe there is a very small percentage of people loan modification helps, but for the majority of the people out there that are severely under water, these modifications only hurt their wallets more with the high closing costs and/or non-refundable "retainer fees". I like to compare loan modifications to a person putting a bandaid over a broken finger. It may make you feel better for a little while, but eventually the break will need to be tended to. In other words, a new lower rate may give you some temporary relief but the massive amount of negative equity will still be there.
Thank you for the continued support and have a great week!
Travis Breton List your home for a 4.5% TOTAL commission rate!
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New Home Spotlight
KB Homes-Silver Hills in Mountains Edge. These homes have a central location with-in the ultra popular Mountains Edge masterplan. Silver Hills currently has brand new homes starting from $152,990 for a 3 bedroom, 2 bath single story with 2 car garage. This community is priced aggressively and sometimes has homes for quick move in. See a virtual tour of the 1438sf model priced at $152,990. Contact me if you would like more information on this or any other new homes community. |
