[aardogfsu]

Originally Posted by CiDatak

+1 aardogfs

I worked my tail off, saved money by living way below my means, educated myself, took action by investing. So yes, I'm one of those cash investors buying stuff up back in 2011-2012 and prior, while my friends were buying nice cars, boats, vacations, and other things that I "choose" to delay.

That behavior should rub off, but it hasn't, so more money for investors like me.

Bravo to you!

A couple of my workers have to have the new iphone as soon as it comes out (I'm still using iphone 4) and buy cars with monthly payments that are way out of their budget and all have nothing saved.

Back in 2011 when a nice 2-bedroom condo was $40,000, had they NOT decided to live the way they do for so many years they'd be a cash investor.

Saving money and NOT spending is such an elementary behavior...yet our leaders don't even get it.

[von949]

Originally Posted by lvoc

The unfairness is that the first time buyer cannot compete. Can't get an appraisal for financing that is competitive with the investors. Over 50% of SFRs for sale will not take FHA or VA financing. Normally that would be under 10%. For Condos it is less than 25%.

What are the numbers looking like for available HomePath homes in the valley? That "primary home owners only" grace period is the only way we got this amazing home,


(╯°□°）╯ ︵ ┻━┻

[FWPeter]

Originally Posted by lvoc

The unfairness is that the first time buyer cannot compete. Can't get an appraisal for financing that is competitive with the investors. Over 50% of SFRs for sale will not take FHA or VA financing. Normally that would be under 10%. For Condos it is less than 25%.

How is that unfair?
Successful people that I know understand that when an opportunity knocks, you better be prepared and take action. The fact that some FHA buyer's weren't prepare is not anybodies fault other then themselves. Where were they in 2010 or 2011? They had the opportunity to purchase, but some choose not to, but now that the market is hot, they want to jump in like a herd of sheep's or complain that it's not fair?

There will be an opportunity for FHA buyers in the future, they just have to take action, and FYI, I know plenty of FHA buyer who were able to buy properties this year, they just have to work harder/smarter to get those deals or buy new.

[BBMW]

Especially in Vegas, how much is processed through the government? Do these even need to go to court in NV? I thought the private parties (banks mostly) did most of the paperwork.

Originally Posted by lvoc

Over a span of time. Probably require some increases to governmental budgets...So yes over a couple of years it could be increased.

May be some resistance on the part of governmental agencies as it is not a permanent change.

There will be lots of warning as the system gears up.

[lvoc]

Originally Posted by FWPeter

How is that unfair?
Successful people that I know understand that when an opportunity knocks, you better be prepared and take action. The fact that some FHA buyer's weren't prepare is not anybodies fault other then themselves. Where were they in 2010 or 2011? They had the opportunity to purchase, but some choose not to, but now that the market is hot, they want to jump in like a herd of sheep's or complain that it's not fair?

There will be an opportunity for FHA buyers in the future, they just have to take action, and FYI, I know plenty of FHA buyer who were able to buy properties this year, they just have to work harder/smarter to get those deals or buy new.

They could not purchase in 2011 or 2012 either. It is not impossible for a financed buyer to buy but it is difficult. The have to go homepath or HUD or such or new. That is perhaps 5% of the market and new below 125K is sparse. The better off might do OK...There is little trouble above $200K.

It has nothing to do with the preparation of the buyer. It is simply that appraisals are not to market but as much as 15% below. That is unfair. Even conventional fails some times as the discrepancy between the market price and the appraisal is too great.

[lvoc]

Originally Posted by BBMW

Especially in Vegas, how much is processed through the government? Do these even need to go to court in NV? I thought the private parties (banks mostly) did most of the paperwork.

There is substantial action in a few places...like the recorders office. I doubt very much it could double without new equipment and employees. Mediation would be another major hurdle. And simply certifying that the process has been followed will take work. BKs will accelerate causing other delays and work loads.

And then the banks have to scale up...and without screwing up....something they have been quite unable to do to date.

[Kevin_nlv]

Ooooo we should all feel sympathy now for this so called "investors" I wouldn't call them investors, they are VULTURES. Instead of coming here and opening new businesses, opening new companies, bringing other industries to Las Vegas those vultures came here to distort our housing market once again and to play Slumlords. Now Casino workers can't buy a house because of them and if they do are paying inflated prices. No one is making more money on the strip, casinos aren't increasing their salaries and wages.

And btw. The only people who are paying taxes correctly are regular working Joe's. You Vultures are taking all loopholes available to scam the system and not pay your share.

It's reapeat of 2004-2007 once again.

[djslakor]

Traderkev,

The distinction you're missing is that there is no rule anywhere that says homes can only be purchased by local workers. Homes can be purchased by anyone with the funds to do so, anywhere. Those are the rules of the game.

It seems to me a lot of your posts are just whining about the rules of the game. Maybe one day, our legal system will create new rules, but today, these are the rules ... whining about them isn't particularly constructive to anyone.

[Kevin_nlv]

Originally Posted by djslakor

Traderkev,

The distinction you're missing is that there is no rule anywhere that says homes can only be purchased by local workers. Homes can be purchased by anyone with the funds to do so, anywhere. Those are the rules of the game.

It seems to me a lot of your posts are just whining about the rules of the game. Maybe one day, our legal system will create new rules, but today, these are the rules ... whining about them isn't particularly constructive to anyone.

No wonder our country is going down hill and poverty is on the rise. Instead of building new companies, new industries, creating better jobs, creating better educational system in Las Vegas all this money is going into flipping homes or being a Slumlord.
Rules of the game won't change until Americans go on the streets.
One day it will happen.

[Onlyliveonce]

Originally Posted by Kevin_nlv

Ooooo we should all feel sympathy now for this so called "investors" I wouldn't call them investors, they are VULTURES. Instead of coming here and opening new businesses, opening new companies, bringing other industries to Las Vegas those vultures came here to distort our housing market once again and to play Slumlords. Now Casino workers can't buy a house because of them and if they do are paying inflated prices. No one is making more money on the strip, casinos aren't increasing their salaries and wages.

And btw. The only people who are paying taxes correctly are regular working Joe's. You Vultures are taking all loopholes available to scam the system and not pay your share.

It's reapeat of 2004-2007 once again.

If casino workers can't buy a house then they RENT. Where is it written casino workers are entitled to buy a house ? The casino worker can find other employment that may earn him/her the OPPORTUNITY not the RIGHT to purchase a home.

Not everyone works on the STRIP ! As a matter of fact there are homeowners that don't need to rely on local wages, as they have pensions , 401K, life savings, stocks, bonds ( you get the picture )

Every situation is different and you are only looking through the casino workers eyes, if you don't like what you see change careers.

I do agree local wages in GENERAL suck here in LV . Employers have their way with the local workforce, but an individual has FREE WILL and can change the situation through education, dedication, local connections, family support, taking risks, sacrifices ( you get the picture )

Las Vegas is a retirees paradise due to the local economy and the willingness of workers to offer their labor at much lower rates than other parts of the country.