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Can You Handle The Truth About Buying Real Estate in Las Vegas Today?

Whether you’re looking for a income producing investment rental property or a home to live in, even if you have bad credit, I invite you to learn the truth about buying real estate in Las Vegas. 

All Cash Share Purchases of Homes In May 2015 Drops To Lowest Level Since November 2009.  Distressed Sales Discount at New High of 43 Percent.

Sellers are looking for the highest “net” offer.  This means the buyer who does not ask the seller to pay for buyers closing costs or a home warranty is in a better position to have their offer accepted.  If you really want the house, go all in and offer what you can truly afford with no regrets afterwards if your offer wasn’t accepted. When you see a home you love, be prepared to write your offer immediately and put all your cards on the table. 

Buy A New Home From A Builder Drive down any street and new home communities are popping up everywhere.  After years of intense competition from foreclosed homes, new construction is basking in the sun again.  With amenities focused on energy savings and optimized floor plans, there are some great opportunities.  Some builders are offering additional incentives of as much as $21,000 to buy their homes versus as competitors.  Remember, you want to take me with you on your first visit to any model home community, otherwise I can’t represent you.  Remember everyone working on-site at the new housing track is working for the developer!

As discussed earlier, the on-site agents (no matter how sweet they are) always represent the builder – they DO NOT and CANNOT represent you or your best interests.  It costs you nothing to have me represent you and negotiate on your behalf with a new home builder.

Expect A Realistic Return On Investment The majority of rental properties have an ROI of 5-7% – which is terrific compared to putting your money in a savings account, money market or the stock market.

To get the highest returns, you may have to compromise in your choice of location and age of the home.  We can help you find properties that offer a balanced approach to best fulfill your objectives and comfort level.

Properties owned by Fannie Mae Homesteps and Homepath Freddie Mac and HUD won’t accept offers from investors for the first 30 days they’re listed.  If you're an investor, don’t waste time looking at these properties when they come on the market, most will be gone before you can put in an offer. If you're searching for government owned properties, you don't need to pay for lists to these properties. Contact us and sign up to receive government owned listings for FREE.  

Get Creative As The Inventory Disappears

For investors, consider 2 bedroom homes.  Once the 3 bedrooms are gone, two bedrooms are a great option.  They’re better than a condo because you’ve got an attached garage and usually a front yard, back yard and lower HOA fees than condos.  Many two bedroom homes also have a den, which can be used as a bedroom or computer room.  A two bedroom home in a prime location equals a three bedroom home in a remote part of town.

It'€™s Cheaper To Own Than Rent Today!

Las Vegas is still one of the best places to buy instead of rent, as the study shows.  This is great news for buyers – if you have good credit and a down payment.  How cheap is it?  For a $250,000 home with 3.5% down FHA financing ($8,750) and getting a grant to pay your closing costs ($8,750) “ your monthly payment including principal, interest, taxes, insurance and HOA is usually $1450/month.  That'€™s for a 3 bedroom, 2.5 bath home built in 2005 or newer, in the Southwest.  You can barely find a three bedroom to rent for $1600/month today.

Financing Available For Bad Credit

Buyers with stellar credit are able to get an owner-occupied loan for under 5%.  2nd home buyers and investors with stellar credit can get a loan for just over 5%.

We work with the one lender who can give you a mortgage after a short sale if it was due to extenuating circumstances or if had a foreclosure (if you qualify.)   If you have had a short sale or foreclosure, you will have to pay for that €œevent€ to get a new mortgage.  Lenders will require you to put down at least 20% or 25% and your interest rate will be closer to 10%.

The truth is there is nothing worse than a foreclosure, as it'€™s considered a complete disregard for the last mortgage you agreed to pay.  

Currently, you will have to wait 4 years (on average) after a short sale. However, many people want to buy now.  Second chance financing may be a terrific option for buyers who have the down payment to take advantage of the program.

If you bought a $200,000 home with excellent credit, with 20% down, you'™d pay approximately $811 just for your mortgage principal and interest.  The same house, still 20% down, one day after a foreclosure or short sale, your payment (principal and interest) will be approximately $1,404.

That'€™s a difference of less than $600/month for the ability to own a home immediately.  The mortgage interest is tax-deductible and you can refinance in a few years.  We'€™re lucky to have a local lender who is making this program available.

Waiving A Home Inspection

I urge each and every one of my clients to have any potential purchase inspected by a licensed home inspector.  I'€™m asked, €œIf the home is being purchased as-is, what'€™s the point?€  To discover potential safety risks, especially for your major systems ie,;€“ plumbing, electrical, structural (foundation and roof) and mechanical (heating, A/C, water heater).  I have never had a buyer regret inspecting a home and rarely cancel a transaction due to the findings. 

Not Buying A Home Warranty

I am truly amazed when someone says they'€™re not getting a home warranty.  If you'€™re buying a pre-owned vacant or occupied property for less than $550, you have one year of coverage to minimize your expenses for repairs that could add up to thousands of dollars.  I have yet to have a client that did not use their coverage during the first year, which more than covers the cost of the warranty.

If you'€™re an investor, the home warranty company becomes an integral part of your team to help you efficiently manage any unexpected repairs and expenses related to your tenant'€™s occupancy.  I can'€™t stress the importance of this coverage enough.

Next, I'll talk about what sellers need to know to sell quickly in a competitive market as more inventory becomes available.

Need cash fast?  Get an instant CASH offer at a fair price on your house located in Las Vegas!  Call 702-677-8796 Today!

We have established relationships with 100's of Ready Willing and Able Cash Buyers, some with multi millions of dollars, ready to pay you CASH for your Las Vegas house in 'AS IS' condition, in any location and all areas of Las Vegas, Nevada. You Select The Highest & Best Offer And Close On The Day Of Your Choice.  Close in 5-10 days To Get Instant Cash For Your House!

Here is an overview of what you can expect when you retain my services to help you sell or buy a house in Las Vegas, Nevada.

When buying or selling great Las Vegas homes, as an experienced real estate professional and real estate marketing specialist, I adhere to a code of ethics and a higher level of standards. I am well connected and tuned in to the Las Vegas housing market.  I will:
  • Review your wants and needs and location desires.
  • If needed, make an introduction to seasoned loan officers.
  • Assist in resolving issues or concerns regarding title issues.
  • Guide you through the maize of paperwork for a smooth transaction and successful closing.
  • Prepare and submit purchase offers on your behalf.
  • Estimate settlement costs associated with each contract.
  • Negotiate with the buyers and sellers or their agents.
  • Coordinate inspections and walk-through of property.
  • Communicate the status of your transaction at every step of the way while in escrow.
  • Hand the keys after closing!

Contact Us 702-677-8796

 Las Vegas Realtor, Linda Strasberg, Las Vegas Real Estate Home Sales & Real Estate Marketing Specialist

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