Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-01-2011, 11:01 PM
 
17 posts, read 28,026 times
Reputation: 21

Advertisements

Hello all,

I've been in here Vegas since Apr 2010, rented a house and the lease will expire in Apr 2011. So now my wife and I are ready to buy a house and would like to close out/move before end of my lease, Apr. 2011. What would be my best route if I want to get in a house within this timeframe? Foreclosures? shortsales? new home? My budget is around 250K, all inputs/opinions are appreciated, thanks.
Reply With Quote Quick reply to this message

 
Old 02-02-2011, 01:30 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
Reputation: 5057
No shorts. Get preapproved/qualified now if you haven't already. I would have started 3 mos ago. You can always buy new!
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 01:49 AM
 
Location: Las Vegas
14,229 posts, read 30,038,208 times
Reputation: 27689
You don't have time to do a short sale. Perhaps you could do a foreclosure. Maybe.

Providing you are already approved for the loan.
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 08:46 AM
 
2,076 posts, read 4,074,309 times
Reputation: 2589
I agree that you should start looking soon.

You should only be looking at conventional sales, foreclosures, or new homes. Short sales will usually take 5+ months and no guarantees that it will close.

It seems like there is lots of inventory hitting the market right now (although many are short sales) and not a lot of buying activity.
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 09:58 AM
 
Location: El Camino Real
990 posts, read 1,654,798 times
Reputation: 958
Can you convert your lease to a month-to-month? That would sure take the pressure off.
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 10:19 AM
 
17 posts, read 28,026 times
Reputation: 21
Thank you all for your quick responses, I'm already pre-approved and I do have the pre-approval letter with me. I am first time homebuyer and I'm just a bit cautious of rushing in to buy and then end up paying more later. Foreclosure is definitely a good market, although I have also heard investors paying cash and beating people like me who are just a traditional buyer. I'm looking at new homes as well but none of them are built, I like to physically look at the house rather than photos or just blue prints.

Tazz, thats a good idea, I'll have to talk to my landlord and maybe it will work out too.
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 10:23 AM
 
17 posts, read 28,026 times
Reputation: 21
Oh one more thing, does anyone know of a website that list just conventional sales? It seems hard to come by these days!
Reply With Quote Quick reply to this message
 
Old 02-02-2011, 11:20 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by Tobito01 View Post
Oh one more thing, does anyone know of a website that list just conventional sales? It seems hard to come by these days!
I don't know if any of the secondary sites can search on sales type but the MLS certainly can. Any RE Agent can set you up with searches that block shorts or foreclosures.

Most sales in your class will be FHA or conventionally financed. The cash investors are active lower in the market but not much at your level. 'Price is too high for a good rental.
Reply With Quote Quick reply to this message
 
Old 02-06-2011, 09:16 PM
 
241 posts, read 492,332 times
Reputation: 285
As others stated, avoid short sales and don't worry about the investors -- $250k is out of their range.

250k will get you a very nice home in Vegas, but the speed at which you buy is really in your hands. I bought two properties in the 115k range this week without even looking at them (just saw the MLS sheets)

If you already know the community you'd like, just call a broker and tell them to email you all the listings in that area that fit your criteria. Ask to physically see the handful you're interested in and pull the trigger on one!
Reply With Quote Quick reply to this message
 
Old 02-07-2011, 09:50 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,159,384 times
Reputation: 3900
Homepath. No home appraisal which cuts the move in process in half.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads

All times are GMT -6. The time now is 08:47 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top