[Daddys///M3]

Originally Posted by Gomezy3k

Back before the bubble burst and prices dropped, I did a search for homes that I could afford ($100K) and got NOTHING. Now I am getting daily emails of long lists of homes for $50K and up...

I am 58 years old and retired from the Air Force and am on SS disability so my income is pretty much static since it won't be going up much or have any chance of going up. My yearly income is about $30K (one of the reasons I can only afford a $100K home)...

Now that the greedy bastards who inflated the price of homes to stupid levels have gotten their undies yanked up over their heads, and home prices are now down where they should be, I want to buy a house. I am thinking of using a VA loan since being on disability, I do not have much savings worth using, plus what little savings I do have will have to go to buy furnishings for the house.

Presently I am sharing expenses ($700 bucks a month) with a friend and living in her Manufactured Home in a 55 and older Park. I am getting tired of her complaining about my stuff being in the way and wanting it moved so will have to rent a storage unit...

So asking what suggestions you all have....

It sounds like VA would be an excellent option for you. For one thing, if your disability is service related you will not have to pay the VA funding fee, regardless of loan to value of if this is a first time use of benefit or subsequent use (subsequent use has a higher funding fee). Also, if your SS income is non-taxable you will be allowed to "gross up" your income. What this means is that to calculate your income, an LO would take your $30,000 annual benefit and divide by 12 to get the monthly. Once the LO had the monthly salary they would figure out what tax bracket you are in, and what percentage of your monthly salary would go to taxes were the income taxable. The LO would then add that percentage to your monthly income for qualification purposes. Not to mention that there would be no Federal Income Tax witholdings required for calculating your residual income requirements. And of course the 100% financing is a bonus as well. Rates are a little bit higher now than they were 3 weeks ago, but still at historical lows and I did see some positive signs in the mortgage bond market yesterday and today.

Moderator cut: orphaned

[007 license to sell]

There are really good deals that aren't junk I have sold a home recently 1700 sq/ft 4bd 3 bath 2 car ggarage with a huge back yard in a nice neighborhood for $85,000 it originally sold for $298,000 two years ago. My buyer was a cash buyer there were 40 bids on this home.

Just a word to the wise, cash is king banks look at cash buyers first even if the bids are lower than the others it means a quicker close, then they look at conventional loans and then FAH and Va.
I know it's not fair but the banks are doing this.

[gtbguy]

Originally Posted by 007 license to sell

Just a word to the wise, cash is king banks look at cash buyers first even if the bids are lower than the others it means a quicker close, then they look at conventional loans and then FAH and Va.
I know it's not fair but the banks are doing this.

Not true, I am a cash buyer making bids 10%-15% less than asking and I keep getting out bid. Now, after saying that I might get one if a sale fall through. Banks are still being cocky.

[olecapt]

Originally Posted by gtbguy

Not true, I am a cash buyer making bids 10%-15% less than asking and I keep getting out bid. Now, after saying that I might get one if a sale fall through. Banks are still being cocky.

If you are looking at the nicer homes below 100K you are wasting your time.

There are going way over list sometimes 15%. And at the lower end it is virtually all cash.

I don't see the banks particularly favoring cash...but at the low end only cash can pay the required price.

You are into the value of the home as an investment versus its value as an owner occupied.

[ocean2026]

Gtbguy-- Your strategy is flawed for at least two reasons. 1 You might find the sale that fell through was for some not so obvious defect in the property. 2. 15% below today's price is only an arbitrary number - picked out of a hat -with no regards to rate of return.

Although opinions are always mixed (some people still like Bush (very few with education) the weight of the opinion, statistics, and evidence is that there will be further declines in the LV market. Had you been successful with your strategy a year ago - you would be under water in every investment you made.

[gtbguy]

Originally Posted by ocean2026

Gtbguy-- Your strategy is flawed for at least two reasons. 1 You might find the sale that fell through was for some not so obvious defect in the property. 2. 15% below today's price is only an arbitrary number - picked out of a hat -with no regards to rate of return.

1. If I have a chance at the property I will find the same problems because I WILL do an inspection.

2. I didn't provide enough information; I am making offers 10%-15% off asking price that reflets the selling price of the same or similar homes in the same neighborhood in the last 90 days. I am looking at homes between $150K thru $200K. I am trying to buy two so I'm just making offers right and left. As I said, cash is not making much of a difference here. I am sure it will work if I pay very close to asking or price list.

I have time I am just enjoying the "hunt" right now.

[RCCCB]

To me it looks like the LV home offerings have slowed substantially. Somethings got to give IMO.

[gtbguy]

Originally Posted by RCCCB

To me it looks like the LV home offerings have slowed substantially. Somethings got to give IMO.

More shortsales available than bank owned. Short sales are probably a waste of time. I have three that are "accepted" but I doubt I will end up with any of them. I think I will end up with a couple of foreclosures that end up being sold because I have cash and can close quickly. Lots of deals (where finanacing is requried) are falling thru for a variety of reasons and don't end up closing. The banks get frustrated and will sell (I think) to a lower bidder with cash than taking the chance on another buyer that needs finanacing.

As olecap says "interesting times" You gotta love it!

[RCCCB]

Originally Posted by gtbguy

More shortsales available than bank owned. Short sales are probably a waste of time. I have three that are "accepted" but I doubt I will end up with any of them. I think I will end up with a couple of foreclosures that end up being sold because I have cash and can close quickly. Lots of deals (where finanacing is requried) are falling thru for a variety of reasons and don't end up closing. The banks get frustrated and will sell (I think) to a lower bidder with cash than taking the chance on another buyer that needs finanacing.

As olecap says "interesting times" You gotta love it!

Unless there is a FLOOD of properties into the market, I don't really see it being so easy to get anything unless you at least offer prices comparable to the surrounding market for recent sales plus a % more.

In my experience, it seems things are going for at least 20% over list unless you are going for the higher end stuff.

I'm trying my best to get something as a vacation home but this has been busting my butt.

Interesting times, love Vegas and I hope things get better soon.

Never should have given no look low interest loans to renters who had no business owning IMO.

Government had to get involved making owning a home some right and causing this whole BS. Thing that gets me most outraged is the party and people that caused most of this were returned to power with an increase in numbers.....
Voter can be retarded and we do indeed live in "interesting times". :-)

[dano]

A agree with the above poster. I am currently looking for a primary residence between $350,000 to $400,000 in Summerlin. The lack of new listings, foreclosed or otherwise, has been very frustrating. At least we're not California where the state just imposed their own (anti-market-correcting) 90-day freeze on forclosures on top of Obama's.