Buying a Home vs Condo

So you’ve decided it’s time to become a homeowner, now what? Well first of all you will need to decide what type of home you want to have, and there in lies the dilemma about buying a home vs. a condo. So let’s look at both and what it is they have to offer, as each has positives and negatives.

Choosing between buying a Home vs Condo

comes down to what your choices are and what you want to get out of home ownership. Some people hate to be tied down to gardens, cutting grass, and other tasks associated with owning a house. While others, look forward to having their own yard a garden, flower beds, and the things a house offers, including that white picket fence.

It also depends at where you are in your life. Are you young with busy careers? Do you have a young family? Are you retired and want minimal tie downs? Your current lifestyle will reflect what it is you want in a home. If you don’t want to be tied down to your home then a condo can be a good choice. However, if you have a young family or are a regular home body than a house can be a good choice.

A condo will generally offer a great deal more free time than a house will because you have no yard work, now exterior repairs or upkeep, no sidewalks to keep free of debris, no fences, etc. A condo relieves you of all those responsibilities, and frees up a great deal of time, and often money. Then again if you love to putter and like the idea of having your own exterior space that’s bigger than a balcony a condo cannot give you that where a house can. In a condo all of these things are taken care of by staff and your monthly condo fees go towards upkeep and maintenance so you have no additional costs you have to worry about saving for.

One final consideration is price. If you are going to buy a house you are almost always going to be looking at a much larger purchase price than if you are going to buy a condo. House prices are greatly affected by the amount of land associated with the purchase. In addition, remember with a condo you will always have that additional condo fee, which can go up significantly over time. That means your mortgage payment plus your condo fees could actually total the same as the mortgage payment on a house.

There you have it – the pros and cons of both home and condo – now you must decide!

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

Buying a Home vs Condo, las vegas condominiums, las vegas foreclosures, Las Vegas Homes, Las Vegas Short Sales

Analysts are saying that the 2012 Las Vegas housing market is facing a daunting year with the subprime mortgage crisis that is currently hitting Las Vegas especially hard. The highest foreclosure rate in the US is in Nevada, and Las Vegas continues to remain in the top five.

This crisis poses a real risk for further development and growth because it creates a glutton of houses on the market, which in turn will slow the construction of new homes, and effect most property values. However, before we get too down and gloomy, we should recognize that is also creates an opportunity for housing that is more affordable for those who have in recent years priced themselves out of the market.

This crisis has lead to far too many homeowners facing foreclosure and the loss of their houses, because they cannot make their mortgage payment. This crisis is the result of lenders and banks approving loans that were risky, or giving subprime mortgages to those with poor credit scores or unstable finances.

These homebuyers were attracted by the low interest rates being offered. However, because so many of these mortgages were adjustable rate mortgages, also called ARMs. This meant that these same homeowners faced significantly higher interest rates in the future, and that meant payments were almost always impossible to make, which in the end lead to foreclosure. In addition, these same predatory lenders have been blamed for being unfair and making the situation worse by taking advantage of new buyer who were not informed.

There were also a significant number of investors who purchased homes right at the height of this market with the intent of flipping them to make a profit, only to watch the market decline. Las Vegas continues to struggle and grow even through these difficult times.

According to Moody’s Analytics, those Las Vegas home owners who were looking to sell may have to with 9 to get back 50% of their pre-recession value. Homeowners might see a 20 year delay before they are actually able to recover their full home price.

For those in the market to purchase a home the opportunities abound. With the number of foreclosures on the market, and the reduced market value this truly is a buyer’s market. As always, when real estate is involved the market benefits one side of the equation and is at a distinct disadvantage for the other side of the equation. For the time being and into the future analysts predict that it will remain the buyer who has the advantage.

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

henderson homes for sale, home sales in las vegas, housing market las vegas, las vegas, las vegas foreclosures, Las Vegas Homes For Sale, Las Vegas Real Estate, las vegas real estate market

Las Vegas Home Buying Requirements

 Las Vegas is a great place to buy a home. There are some excellent Las Vegas condos for sale, Henderson homes, for sale and just some all round good buys. If you’ve been thinking of purchasing in this area, you should talk with a Las Vegas real estate agent.

If you are using a FHA loan to purchase your Las Vegas home you should be aware of changes that have occurred for 2011. FHA is the Federal Housing Administration that insures loans made by the primary lenders like Bank of America or Wells Fargo. FHA insures the mortgage against losses that result should a borrower default. Let’s look at the new home buying requirements for 2011.

Las Vegas Home Buying Requirements

Credit Score Requirement

In 2011, the credit score requirement is one of the most important FHA loan requirements. Prior to 2011, it was mostly at the lenders discretion but this has now changed. Borrowers must now have a credit score that is a minimum of 500 to qualify for a FHA home mortgage. To qualify for the 3.5% down payment program the borrower’s credit score must be 580 or higher.

However, FHA credit score requirements are less than those of most lenders who will require you to have a credit score that is a minimum of 620 to qualify for a FHA home mortgage, and some banks such as Bank of America and Wells Fargo have recently increased theirs to 640. Expect to have to meet whatever the banks requirements are for the bank you are dealing with.

Down Payment Requirement

If you are using a FHA loan to purchase your Las Vegas home, you may be able to put as little as 3.5% down, which is also why the FHA mortgages are so popular. Seldom will it get less than this. However as we previously mentioned, your credit score must be 580 or higher to get this rate.

Debt to Income Ratio

Debt to income simply means the amount of money you earn compared to the amount of debt you have. Your gross income (amount before taxes are deducted) is used to calculate these ratios. There are two important ratios:

1. Housing Ratio (front ratio):  It lonely looks at your mortgage related debt. Your mortgage payment should not consumer more than 29% of your gross monthly income. Take the total amount of the mortgage payment (principle, taxes, interest, and insurance) and divide by your gross monthly income. If the number is greater than 29% you could have trouble qualifying for a FHA loan.

2. Back End Ratio:  This ratio includes all your debt (mortgage, car loans, credit cards, lines of credit, etc.). Take this number and divide by your gross monthly income. If the number is higher than 41% you may not qualify for your loan.

It is important to note that these debt to income ratios are not rigid. They are FHA guidelines but for buyers that are qualified in all other avenues allowances can be made. For example if you have excellent credit and a stable income you may still qualify. That said the debt ratio is a key requirement for FHA home loans.

These are exciting times to be considering purchasing a Las Vegas home with plenty of excellent buys that a Las Vegas real estate agent can help you with . Home buying requirements are getting tougher so now would be a good time to consider making that purchase. Talk to an experienced Las Vegas real estate agent today to find out more about the many Las Vegas home and Las Vegas condos that are currently on the market.

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

Allinace Las Vegas, how to get a home loans las vegas, Las Vegas Condos For Sale, las vegas home loan requirements, las vegas home loans, Las Vegas Homes, las vegas loan officer, las vegas mortgage loan requirements, Las Vegas Real Estate

For Rent Las Vegas

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

aliante property management, aliante property managers, aliante real estate agents, aliante realtors, henderson property management, henderson property managers, Las Vegas Homes For Sale, las vegas property management, las vegas property managers, Las Vegas Real Estate, north las vegas property management, north las vegas property managers, property management

Las Vegas Short Sale Guide

This article will guide you step by step on how to complete a short sale with your lender(s). It really is not all that complicated, you just need to be very persistent with your lender. What is a short sale? A short sale is when the sale of your property will not cover the entire mortgage(s). AKA “being upside down” in the home. This article will outline what the steps will be in doing a short sale, and the documentation required to complete one.

Instructions.Things You’ll Need:
Patience!

1.1
Contact your lender! I’m amazed at how many times I hear from a client and it’s just too late. They have buried their heads in the sand and ignored the calls from the collection department. Please do yourself a favor and at the first sign of struggle contact your lender! Ask for the Loss Mitigation or Loan Workout department and tell them about your situation.

2.2
Next you need to contact Anthony Shaw a Las Vegas Broker with Alliance Properties who specializes in Las Vegas short sales and is a Certified Short Sale and Foreclosure Specialist. We will guide you through the remaining steps.

3.3
Put the home up for sale on the MLS and begin gathering financial documents. Each lender has different requirements, but in general you will be asked for:

* 2 years past tax returns
* 2 months bank statements (including brokerage accounts – you do NOT need to include retirement accounts)
* 2 most recent pay stubs
* Current HOA statement (if applicable)
* Hardship letter documenting the reason payments can no longer be made.
* 2 Most recent mortgage statements (from all lenders)
* Financial Statement – view an example at: http://www.SacramentoStopForeclosure.com/forms/freddiemac1126.pdf

Make sure to include anything else your lender asks you for. These documents along with an offer from a buyer will complete your “package”. It is crucial that you submit a completed package to your lender at one time. If they have to chase down a document here, or a statement there, your file will get set aside. We will help you ensure that your file is ready to be submitted.

4.4
After your agent with Alliance Properties has submitted a complete package to the lender, they will be calling them 2-3 times a day, at least 3 days per week. Busy agents do not have time to sit on hold for hours to hear from a lender regarding the status of your file. The successful short sale agents have assistants and negotiators dedicated to dealing with the banks it’s the key to success. Alliance Properties has a full short sale team and negotiators to handle the task of dealing with the banks numerous demands and strict timelines.

5.5
Approval. Once you have heard this from your lender, you typically have 2-3 weeks to close escrow. Your agent should then be changing the status of your home to “Pending” on your local MLS (Multiple Listing Service). You will now proceed to your normal escrow closing procedures outlined in your purchase agreement with the buyer: inspections, disclosures, etc.

6.6
Closing. You arrive at the title company and sign paperwork to close the deal. After receiving paperwork from title, your lender releases the lien on the property subject to your written agreement with them. We will be the 1st contact regarding the approval process from the bank and after a successful negotiation we move towards getting the property closed ASAP!

Las Vegas Short Sale Guide

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

How to Sell Short Sales Las Vegas, Las Vegas Condos, Las Vegas Real Estate, Las Vegas Short Sale Guide, Las Vegas Short Sale Information, Las Vegas Short Sales

Las Vegas Homes and Condos For Sale~ Las Vegas Real Estate

View all available Las Vegas Homes and Condos For Sale

Find out all the information you need to know about Las Vegas Homes and Condos for sale below.  View all active listings in the Las Vegas Area for sale.  To Search all available Las Vegas Homes and Condos for sale use our exclusive Las Vegas Home Search System.  Please continue to visit our blog at www.alliancelv.com to keep connected with up to date information about the Las Vegas Lifestyle and Real Estate Market.

Las Vegas Homes For Sale

Be Sociable, Share!

• 
• 
• 
• 
• 
• 
• 
• 
• 

• 
• 
• 
• 
• 
• 
• 
• 
• 

Alliance Las Vegas, Las Vegas Condos, Las Vegas Condos For Sale, Las Vegas Homes, Las Vegas Homes For Sale, Las Vegas Real Estate