[ddrhazy]

Originally Posted by ilovegarlic

There is a glut of everything in LV, thanks to the over exuberance of the past decade.

Recently there was a law enacted that prevented banks from going forward with foreclosures and that led to a decrease in the number of available homes for sale. When that "artificial" stop gap passes, watch as prices for homes dip quarter over quarter again.

If you have cash in hand, stick around.

If her son is living with her, he can try to play a waiting game. If he's renting a place then that waiting game is costing him rent to the tune of 10k/year.

[von949]

Originally Posted by lvoc

I just closed a VA no money down on a 2 year old house in Providence for $230,000. It is messy but doable. Things like HUD and Homepath are often very helpful. Look for stuff that has been around a while. It is virtually always overpriced but you don't have to pay list...and you can make it clear it has to appraise.

For a VA loan, that's impressive. I have heard of VA not approving because of missing smoke detectors and missing water heater straps.

Very difficult.


Motorola DynaTAC 8000x

[lvoc]

Originally Posted by von949

For a VA loan, that's impressive. I have heard of VA not approving because of missing smoke detectors and missing water heater straps.

Very difficult.


Motorola DynaTAC 8000x

This one had a complex solar electric system...try getting that past VA.

[ddrhazy]

Originally Posted by von949

For a VA loan, that's impressive. I have heard of VA not approving because of missing smoke detectors and missing water heater straps.

Very difficult.


Motorola DynaTAC 8000x

I'm sure glad the regulatory board is making sure water heaters have earthquake straps. $175 to get a permit for a new water heater just so code enforcement can see that it's strapped to the wall.

[SportyandMisty]

Originally Posted by ilovegarlic

... I Love LV but let's face it, it is the land of shysters and spinners and scammers.

I don't understand; you say that as if it were a bad thing.

[von949]

Originally Posted by ddrhazy

I'm sure glad the regulatory board is making sure water heaters have earthquake straps. $175 to get a permit for a new water heater just so code enforcement can see that it's strapped to the wall.

Yep...

My home was also missing a smoke detector, I knew it would not appraise without it so I went out and bought one, right after the offer was accepted.


Motorola DynaTAC 8000x

[lvoc]

Originally Posted by von949

Yep...

My home was also missing a smoke detector, I knew it would not appraise without it so I went out and bought one, right after the offer was accepted.


Motorola DynaTAC 8000x

A few years ago a client was trying to buy a small home in El Dorado. But the kitchen sink faucet was gone hopelessly. So in we crept one afternoon and literally removed the old unit with a cold chisel and a hammer. After ten minutes of bashing that fixture we got it out and installed a shiny new one. . The property closed with no problem.

Then the contractor moved in and basically replaced the master bath and the kitchen...

[ilovegarlic]

Originally Posted by SportyandMisty

I don't understand; you say that as if it were a bad thing.

It's either good or bad depending on what side of the fence you're standing but to know LV for what it really is will save yourself from future marriage dissolution and bankruptcies and triple coronary bypasses, and that's just the stuff that won't kill you.

[von949]

Originally Posted by lvoc

A few years ago a client was trying to buy a small home in El Dorado. But the kitchen sink faucet was gone hopelessly. So in we crept one afternoon and literally removed the old unit with a cold chisel and a hammer. After ten minutes of bashing that fixture we got it out and installed a shiny new one. . The property closed with no problem.

Then the contractor moved in and basically replaced the master bath and the kitchen...

I have known friends and family that have had a hard time trying to convince their realtor into letting them fix something in a home after an offer acceptance but before an appraisal or closing. Mostly because if simple electrical wiring issues like exposed wiring.

Don't you just love those VA minimum requirements? How about a termite inspection on a 2 year old home? I guess they are looking out for veterans best interests but...


Motorola DynaTAC 8000x

[NoMoreRJ]

Originally Posted by Marioni888

My son moved from CA 2 years ago,got pre-approved by a mortgage lender for 250k (with 20% down),started looking for a house since jan 2013,every time they place a bid larger than the current price they get outbidded immediately by cash offer.

But most important thing is that every house is priced over appraised value (from 10.000$ to even 30.000$) . That means they have to pull additional cash from their pocket plus 20% and plus closing cost.

They won the bidding for one house last month (summerlin,240k listing price) and appraisal came in as $30,000 less than listing price. Seller didn't want even to discuss to reduce their price at least for couple of thousands .

They decided to wait,save some cash and purchase new construction maybe next year....

Has he looked at FHA homes? It's not open to investors at first only to owner / occupied folks so he may be able to find a house without multiple offers on those.