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Old 08-19-2011, 03:08 PM
 
3,598 posts, read 4,951,640 times
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Then you came to the right city! ;-)
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Old 08-19-2011, 05:57 PM
 
2,724 posts, read 4,765,765 times
Reputation: 1042
Quote:
Originally Posted by olecapt View Post
You can bid against the cash guys if you choose to. You simply agree to put up any appraisal short fall in cash.
Why would anyone of sound intellect agree to that? Pay ABOVE what the property is worth in a declining market... is that really prudent???
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Old 08-19-2011, 06:00 PM
 
399 posts, read 694,352 times
Reputation: 629
I bought a home in North Las Vegas with a mortgage. I put 20% down and had excellent credit. I purchased the home as a second home but moved here in June. I went thru a mortgage broker and would be glad to recommend them to you if you need one.
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Old 08-19-2011, 06:01 PM
 
1,828 posts, read 5,315,111 times
Reputation: 1702
Quote:
Originally Posted by eventusstultorummagister View Post
Why would anyone of sound intellect agree to that? Pay ABOVE what the property is worth in a declining market... is that really prudent???
Against the cash guys it is. These would be (highly competitive) rental properties where the ROI is what matters.

Imagine a cash buyer that offers $105k no strings attached, you offer $108k with a loan but contingent upon the house for appraising for $108k. Of course they would take the cash offer.
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Old 08-19-2011, 06:11 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,218,665 times
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Quote:
Originally Posted by eventusstultorummagister View Post
Why would anyone of sound intellect agree to that? Pay ABOVE what the property is worth in a declining market... is that really prudent???
As is normal you have no idea what you are talking about.

There are any number of variables that can cause the value of a property to vary depending on its use. Owner occupancy value and investor value are not the same.
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Old 08-19-2011, 06:37 PM
 
2,724 posts, read 4,765,765 times
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Originally Posted by olecapt View Post
As is normal you have no idea what you are talking about.
And you do?

Investments? I couldn't possibly think of a worse person to ask for advice. I'll tell you one thing, you may possess a lot of anecdotal information about Las Vegas real estate but when you start espousing like a lunatic I want to cut my ears off with a dull knife.
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Old 08-19-2011, 07:06 PM
 
241 posts, read 492,447 times
Reputation: 285
Quote:
Originally Posted by eventusstultorummagister View Post
And you do?

Investments? I couldn't possibly think of a worse person to ask for advice. I'll tell you one thing, you may possess a lot of anecdotal information about Las Vegas real estate but when you start espousing like a lunatic I want to cut my ears off with a dull knife.
Olecept is right. As an investor, I avoid areas with master plan fees, but someone buying to live in a house would consider master planned communities.

Similarly, as an investor there are a lot of factors I don't put value in that someone who wants to live in a house would value, such as a pool or large lot. I view both as liabilities.
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Old 08-19-2011, 07:38 PM
 
1,983 posts, read 7,520,412 times
Reputation: 418
Quote:
Originally Posted by BWNLV View Post
I bought a home in North Las Vegas with a mortgage. I put 20% down and had excellent credit. I purchased the home as a second home but moved here in June. I went thru a mortgage broker and would be glad to recommend them to you if you need one.
I am putting 30% down for new construction, second home, just competed, appraisal came in fine. I close next week.
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Old 08-19-2011, 10:08 PM
 
2,724 posts, read 4,765,765 times
Reputation: 1042
If you pay substantially more than market value in a declining market your a boob. End of story. Why not just kick yourself in the testicles, same result.
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Old 08-20-2011, 08:15 AM
 
322 posts, read 565,580 times
Reputation: 314
Quote:
Originally Posted by eventusstultorummagister View Post
If you pay substantially more than market value in a declining market your a boob. End of story. Why not just kick yourself in the testicles, same result.
Ridiculous statement. The value to any one specific person has nothing to do with the current market/appraised value. An appraised value is more of an attempt at a "one-size-fits-all" value. The problem is that what something is worth to you is not the same as what it is worth to me as we have different needs, personal preferences, and financial limitations. In some cases a person could be boob for paying appraised value (or even less), and in some cases paying over appraised value can be a great buy to an individual.

Also no one can consistently and accurately predict future conditions. You cannot say with certainty that the market will continue to be a "declining market" moving forward.
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