[von949]

Originally Posted by pommysmommy

Some disagree. Is the Next Real Estate Bubble Already Underway? | September 25, 2013 | Michael Braga | Inside Real Estate

Can people get loans with "stated income" now?

[von949]

Originally Posted by airics

or if you purchased with financing based on the libor, like myself, are at 2.25%

Nice.

[007 license to sell]

Now that properties purchased by foreign nationals are starting to hit the Las Vegas market you may want to know about FIRTPA IRS (Foreign investment real property tax act) . Also if your a foreign buyer you will want to know about Firpta as well. I am starting to see foreign sellers putting their properties on the market and they don't have tin #'s or even know about Firpta. And buyers need to know about this as well so that they don't get caught up in this . Some realtors aren't up on Firpta and fail to advise their sellers and buyers about this if there is a foreign national involved in the sale or purchase.

If you never heard the term FIRPTA(foreign investment real property tax act) before you may want to know it now. As we become more of a global world this is a term you need to familiarize yourself with whether your selling a home to a foreign buyer or if you a selling a home and you're a foreign national.



I wanted to share this info with you, If a seller is a Foreign person this sale is potentially subject to FIRPTA withholding rules for the buyer.
However, there is an IRS exception for any property sold for under $300,000. If the purchaser plans to live in the home as a residence for at least 50% of the time the property is in use for the first two 12 month periods, then there is no withholding required. Please see the instructions on IRS Form 8288.

If the buyers plan on using this as a 2[SIZE=2]nd[/SIZE] home will meet those requirements. Therefore there should be no withholding required and no forms necessary unless the buyer doesn't meet these requirements than the buyers will need to sign something to that affect.

If a buyer has changed their minds and do plan to rent the place out, then they will need to fill out the Form 8288 and 8288A with the Title Company information as the Withholding Agent. If the Seller does not have a TIN the instructions for the form say that the forms still need to be sent to the IRS along with the withholding amount within 20 days after the transfer is complete. Buyers should confirm their plans to live in the property as a residence for part of the year meeting the requirements.

Click on link below to view the IRS link.

http://www.irs.gov/Individuals/International-Taxpayers/FIRPTA-Withholding

[boboluv]

Originally Posted by Koozie

The best time to buy is when one can afford the home they're purchasing. That could be today, 2 years from now or even back in 2006. The Vegas market would be so much better off if people would start basing the time to buy on their savings account balance.

the person in 2006 would have been much better off waiting until 2012.

[airics]

Originally Posted by boboluv

the person in 2006 would have been much better off waiting until 2012.

not necessarily…


they would have blown 72,000 + on rent (minimum 1k per month)…. received no tax credits, etc..
and would they have even been able to get financed in 2012?

[lanb]

Or they could have given the same $72,000 to the banks in interest

As a buyer of a new home that is being built, I have been watching the market and it has definitely
leveled off or cooling down - at least in the Henderson area - from 2-3 months ago. Properties
are staying longer in the market and price cuts are more common.

My realtor also mentioned that one builder is offering 5% selling agent commission, which is usually
not a great sign of demand.

My reading of the tea leaves....

[SportyandMisty]

Originally Posted by Onlyliveonce

I purchased my primary residence here in early 2012. A few people in this thread constantly post prices are heading down. My homes value is up approx 50% since then, and I have an interest lower than 3% . I have been living life here in the Valley raising my kids. Life is good here in the Valley. Am I missing something ? I am in it for the long haul and living out my golden years here and I am only in my 40's. I really love it here.

Originally Posted by logline

I could have written that post myself. Totally agree.

If you don't mind my asking, what section of the Valley do you now live? or zip code? or near what major intersection?

[SportyandMisty]

Originally Posted by pommysmommy

It won't be a good time to buy until cash investors stop paying over the appraised values.

The cash investor didn't pay over the appraised value. The cash investor paid the true value. The appraiser did a poor job in his/her appraisal if it comes under the cash investor transaction price.

[SportyandMisty]

Originally Posted by Koozie

...If banks release inventory and home prices tank. ...

We've been hearing this logic from many people for years, and of course it hasn't materialized.

Because it hasn't materialized, I wonder just how accurate the underlying "facts" are. Just which banks own how many Las Vegas houses & where is the documentation to prove it? Is there any real data - or just a bunch of newspaper articles cross-quoting each other?

[Onlyliveonce]

Originally Posted by SportyandMisty

If you don't mind my asking, what section of the Valley do you now live? or zip code? or near what major intersection?

Anthem CC