[jhiker1o]

Originally Posted by las vegas drunk

This is probably the only post you have ever made that I totally agree with. If I managed to get that condo for $10,000, and it was worth $8,000 next year, I could totally care less.

Once you fully paid your mortgage loan if you ever get into a condo, you have equity on it. If you want to take out a loan, you can use your home as a collateral. Investors and flippers want instant cash and could not care less about the home or the community.

[007 license to sell]

Originally Posted by RCCCB

Question for our Realtors?

How's getting people qualified for loans going?
If you work and have a history, is it still tough to find financing these days?

I ask because I keep reading that it is tough to get home loans these days.

Yes it is tougher to get clients approved for loans not impossible but allot tougher. I have clients with over 800+ credit scores with 25% down that have to really jump through hoops and provide much more documentation than ever before. I have a client that purchased a property for $250,000 he makes 6 figures hardly any debt but still had to provide financials showing access to additional monies.

I had a doctor with over 800 credit score and he had a heck of a time but we got it done.

I just got an engineer qualified for a loan made tons of money but had to produce tons of paper work. He is pre-approved but just because you have great credit or good credit score expect to have to jump through hoops to get approved.

Also I had a client that closed escrow and 1 hour later after clsoe of escrow the bank was going to pull the loan because they said they were missing a document, needless to say they did have the document we immediately faxed over the document they said they didn't have and soon after they apologized and said they found the original one we had sent months earlier in the loan process.

When getting a loan you have to have your ducks in a row and give all the documentation that is asked for. Even though your working with a loan officer it's the underwriter that makes the decision, and mortgage regulations seem to be in a constant flux.
Even if your approved when it actually comes time to close something may have changed that could disqualify you from getting the loan afgter all like the credit scores. If the new reg requires a different credit score than yours and if yours doesn't fall in that range you could be out of luck. Plus there are allot more scenario's to mention. Hope this is helpful

[jfkIII]

Originally Posted by jhiker1o

You do not put a price tag on a life time of memories created in a home and once a home is paid for after 30 years or however long it takes, a true homeowner will be satisfied with the experience, accomplishment and memories created in that home. Investors worry about the value of a property. True homeowner purchase a home to have a roof over their head and provide shelter for a family and not think of it as an ATM.

Again...nice to have all that...plus appreciation.

Ice cream is good...and two scoops havel lots of nice memories. Appreciation in value just adds the whipped cream and cherry to the top.

It's like getting to keep all the good memories...and getting paid to experience them.

[jhiker1o]

What you don't understand is when you OWN a property free and clear you can use it as a collateral in TIMES OF NEED if in case you needed extra cash for whatever reason. True homeowner think of a home as a shelter and a roof over their head investors think of it as a money making venture. An investor worries about the value of a property whether it's depreciation/appreciation.

[RCCCB]

http://www.cnbc.com/id/41019790

Should maybe look a little better sometime in 2015 maybe.

[Robustus]

How much is Vegas down from the peak? 50%? 60%?

[tony soprano]

Originally Posted by RCCCB

When was the bottom again?
Some were predicting the bottom so many times I thought this was a gay porn thread. :-)

December numbers are in and the SFR median of $132K is a new post-bubble burst low.

December homes sales increase in Las Vegas as prices drop - Wednesday, Jan. 12, 2011 | 12:37 p.m. - Las Vegas Sun

[logline]

Originally Posted by Robustus

How much is Vegas down from the peak? 50%? 60%?

Try 77%

[Robustus]

Originally Posted by logline

Try 77%

From this article I see that the peak was June 2006 at $315,000 avg sfr price, so we're 58.1% off the peak.

[logline]

Originally Posted by Robustus

How much is Vegas down from the peak? 50%? 60%?

Originally Posted by Robustus

From this article I see that the peak was June 2006 at $315,000 avg sfr price, so we're 58.1% off the peak.

Sorry, you're right. I was speaking from my own personal experience. There are still deals out there which are even cheaper than 58% off their peak, but yes, overall it's just under 60% off the peak and according to a recent article, won't be back to its peak until the year 2032. Yikes.