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Old 03-02-2009, 11:38 PM
 
Location: Phoenix, AZ
108 posts, read 253,901 times
Reputation: 93

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REO's are fine but stay away from short sales unless you've got lots of time. We put an offer in on one a month ago today and are still waiting to see if the bank will accept it. The sellers agreed right away but the bank............. Fortunately I'm not in a big rush to move because we can't get outta here until May sometime, but I'd still like an answer one way or the other so we could start making plans.
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Old 03-03-2009, 09:00 AM
 
Location: Las Vegas
84 posts, read 130,077 times
Reputation: 41
Quote:
Originally Posted by nursewithgrace View Post
Hi all... I'm relatively new to the forums. I've spent the last few weeks lurking around but still have several questions. I, for one, am looking forward to living within driving distance of a Target again.
Wow Nurse, appears we're just about in the exact same boat. I'm currently in the military, living Germany gettting ready to head to Vegas come April of 2010 to work at Creech and looking for a house in the NW for the easy commute (and also because it seems like everyone here agrees that it's one of the nicer places to live). Hope you don't mind me piggybacking off your thread but I have a question for the RE guru's. I don't arrive to LV till April 2010 because i'm going to Honduras for a year first. The plan is for my wife to stay in Tucson while I'm in Honduras, however I don't want to miss out on these great home prices I'm seeing right now. Any speculation on whether these prices will stay down till next year or is the iron hot now?


Quote:
I, for one, am looking forward to living within driving distance of a Target again.
Lord have mercy, AMEN!!!
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Old 03-03-2009, 09:40 AM
 
Location: Las Vegas
84 posts, read 130,077 times
Reputation: 41
Also,

Nurse one site that I'm finding pretty usefull is http://www.zillow.com. Here you plug the address of the house that you're interested in and it'll pull up a google earth map with all the nearby properties and give you an estimate on how much they are worth. Also, you can find out when the house was built, how many times it was sold, what it sold for, as well as a linegraph that shows the home's value over a 1,5,10 yr period. Pretty handy.
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Old 03-03-2009, 09:51 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,953 times
Reputation: 952
Quote:
Originally Posted by nursewithgrace View Post
Are most banks willing to pay/help pay closing costs? I assumed they were still trying to get the maximum amount of money they could for every home they have on the books.
Banks are absolutely willing to pay buyer's closing costs. Many of them are contributing up to 6% (although VA only allows 4%) to seller concessions, even on below list price offers.

Quote:
Originally Posted by lasto View Post
Wow Nurse, appears we're just about in the exact same boat. I'm currently in the military, living Germany gettting ready to head to Vegas come April of 2010 to work at Creech and looking for a house in the NW for the easy commute (and also because it seems like everyone here agrees that it's one of the nicer places to live). Hope you don't mind me piggybacking off your thread but I have a question for the RE guru's. I don't arrive to LV till April 2010 because i'm going to Honduras for a year first. The plan is for my wife to stay in Tucson while I'm in Honduras, however I don't want to miss out on these great home prices I'm seeing right now. Any speculation on whether these prices will stay down till next year or is the iron hot now?




Lord have mercy, AMEN!!!
There are many differing theories on this, but I am of the opinion that we won't see home prices start to go up for quite a while.
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Old 03-03-2009, 09:53 AM
 
1,365 posts, read 3,911,666 times
Reputation: 450
I do not like Zillow. The house we are buying says recently sold, that is when the bank foreclosed on the home. Zillow also says only 3 housed in our new neighborhood are for sale, when there are at least 10. I was lucky enough to find the house, it had only been on the market for 2 days.

We went through Countrywide, and they were back to us within 3 days of the intial offer. We went back and forth for a couple of days, then they accepted a week after the first intial offer was placed. We got the home for $10,000 under the asking price. Also all closing cost are being paid by Countrywide, and a 2 year warranty is also being paid by them.
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Old 03-03-2009, 10:24 AM
 
Location: Las Vegas
84 posts, read 130,077 times
Reputation: 41
Quote:
Originally Posted by BUGBULLY View Post
I do not like Zillow. The house we are buying says recently sold, that is when the bank foreclosed on the home. Zillow also says only 3 housed in our new neighborhood are for sale, when there are at least 10. I was lucky enough to find the house, it had only been on the market for 2 days.

I've noticed a few discrepancies on zillow as well, namely what they say the home is selling for compared to the listing on realtor.com or the lasvegasreviewjournal.com. I wouldn't recommend searching to buy a home on that site but use it to get some purchasing history of the property.

Countrywide home loans huh? Thanks for the name, i'll check them out.
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Old 03-03-2009, 10:49 AM
 
1,365 posts, read 3,911,666 times
Reputation: 450
Here is a link to there properties Properties Owned by Countrywide - REO Homes. These are their REO Properties.
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Old 03-03-2009, 12:14 PM
 
Location: Las Vegas
444 posts, read 1,429,606 times
Reputation: 183
One more thought for your process of buying a home.

Either have bank who owns property buy a warranty for you or buy it yourself. It should be available for around $350 per year. Bank owned homes that sit vacant will have a few problems from non-use.

Our home sat vacant for 10 months. And eventhough it was move in ready, it had a couple of problems. 1) There was one circuit breaker that would not turn on. Turned out to be a short in 1 of the bedroom light switches. 2) Our water heater needed to be replaced 2 months after moving in. I'm sure this was due to either age (7 years) or local hard water sitting idle for 10 months.

Combined this could have cost us $2000 plus. With the $350 warranty in place the service calls cost us $60 each for the deductible per service call. We haven't found anything else, but we plan to keep the warranty in force. One call to the warranty company and the local (good) supplier was on the job quickly. I understand that VA will be tougher, but even they wouldn't be able to detect and repair a water heater problem.
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Old 03-03-2009, 12:34 PM
 
Location: Las Vegas
84 posts, read 130,077 times
Reputation: 41
Quote:
Originally Posted by RedRockAAAA View Post
Either have bank who owns property buy a warranty for you or buy it yourself.

That's something that I haven't thought of. $350 seems to be well worth it. Thanks for the heads up
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Old 03-03-2009, 04:10 PM
 
14 posts, read 33,900 times
Reputation: 11
Lasto, good luck with your tour to Honduras. My huz spent a bit of time down there many, many moons ago and really enjoyed it. Watch out for the "chicken" sandwiches that, shall we say, don't really have the bone structure of a chicken. You'll have a blast.

Daddy's, do you think that it would be better to forego a VA loan with all of the restrictions they place or is it just something that is usually a little irritating but everything works out in the end?

RedRock, great advice on a home warranty... thanks for that.
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