[ruready1st]

I just love the title of this article.

Read it.
Lunacy in Las Vegas Housing - Realty Check with Diana Olick - CNBC.com

Stealing the key. How low can you go? I tell you Vegas can be the pits. That Realtor is real ethical. I'm thinking I would have found a new Realtor and reported her. I don't care how much you need or want a house or to sell one, you don't steal or break in.

I won't even get into the living mortgage or rent free. You can read lots of opinions on that on the following thread: I'm Walking away from my home in Las Vegas

[olecapt]

Originally Posted by ruready1st

I just love the title of this article.

Read it.
Lunacy in Las Vegas Housing - Realty Check with Diana Olick - CNBC.com

Stealing the key. How low can you go? I tell you Vegas can be the pits. That Realtor is real ethical. I'm thinking I would have found a new Realtor and reported her. I don't care how much you need or want a house or to sell one, you don't steal or break in.

I won't even get into the living mortgage or rent free. You can read lots of opinions on that on the following thread: I'm Walking away from my home in Las Vegas

She has a right to get into the house. So it is not a "breakin" And mostly these houses open up with little trouble. I remember one day on a low end sale where three different houses were opened other than with a key.

You do what you have to do...

Taking the key is an apocryphal story. It may have happened once somewhere but practically every agent has heard of it but never experienced it. I would suspect this is another of those.

[kelbel09]

I have been searching for a home for the past month and have been rejected on 17 of the 18 homes I have put offers on simply because there are either 17 offers on a property or it's taken by a cash offer. This past week I went and looked at 11 homes and 4 of them were missing the key. The week before 1 house was missing the key. It seems to me it's happening more and more frequently the closer we get to the Nov 30th deadline.

[olecapt]

Originally Posted by kelbel09

I have been searching for a home for the past month and have been rejected on 17 of the 18 homes I have put offers on simply because there are either 17 offers on a property or it's taken by a cash offer. This past week I went and looked at 11 homes and 4 of them were missing the key. The week before 1 house was missing the key. It seems to me it's happening more and more frequently the closer we get to the Nov 30th deadline.

Sounds like you are working the low end. If so the only real hope is a HUD home. See MCBREO.com. And that only works if your financing is not FHA. We have apparently decided not to sell homes to owner occupants below 100K unless they have 20% or more down...or qualify for a VA.

[ruready1st]

Originally Posted by olecapt

We have apparently decided not to sell homes to owner occupants below 100K unless they have 20% or more down...or qualify for a VA.

Who is the WE? Banks, realtors, FHA?

[olecapt]

Virtually all the above. The local HUD broker is no longer taking FHA. That leaves only VA if you need to finance a HUD home. And that only works with HUD homes.

Nothing else is generally available unless you are prepared to bid above appraisal which mean high down conventional or cash.

The reason the HUD broker is not taking FHA is that the lenders have been turning down the FHA approved collateral. Thus you cannot get an FHA loan on an FHA property at the FHA appraisal .

Basically the situation makes it difficult or impossible to buy a property below the median unless you have significant cash.

Whose fault? Nobodies...just nobody cares.

[Tiger Beer]

Originally Posted by kelbel09

I have been searching for a home for the past month and have been rejected on 17 of the 18 homes I have put offers on simply because there are either 17 offers on a property or it's taken by a cash offer. This past week I went and looked at 11 homes and 4 of them were missing the key. The week before 1 house was missing the key. It seems to me it's happening more and more frequently the closer we get to the Nov 30th deadline.

What happens on Nov. 30th?

[airics]

bet they extend the credit.

[e36geoff]

Originally Posted by Tiger Beer

What happens on Nov. 30th?

First time home buyers tax credit ends.

This all seems like BS to me... I moved into an apartment complex in Summerlin and there are two units that have been for sale the whole time I've been here. Both are in the 50-100k range and neither have been snapped up.

I don't see why a cash offer would take priority over someone that has a loan approved. Maybe someone can educate me? I've been approved for loans in the past, was cut a check, deposited it in my bank account then wrote a check to the company/person I was buying the car or whatever from.

[007 license to sell]

Originally Posted by e36geoff

First time home buyers tax credit ends.

This all seems like BS to me... I moved into an apartment complex in Summerlin and there are two units that have been for sale the whole time I've been here. Both are in the 50-100k range and neither have been snapped up.

I don't see why a cash offer would take priority over someone that has a loan approved. Maybe someone can educate me? I've been approved for loans in the past, was cut a check, deposited it in my bank account then wrote a check to the company/person I was buying the car or whatever from.

Cash buyers generally don't require a appraisal, banks get their money faster. On financing the process takes longer and if the appraisal comes back lower the sellers don't want to lower the price to the appraised value and are having the buyer pay the difference or they won't sell in some cases. Usually folks that get loans wont' have the additional money, and anyone in their right mind won't pay more than the home is worth unless they really love the property. And believe it or not I have had clients pay more than the appraisal by $5000.00.