http://youtu.be/1KhWCHeSVEU
Below is a quick note I received from our Las Vegas Mortgage Lender. Some interesting facts on how the new laws in Las Vegas will effect the Real Estate Market. If you are considering buying or selling in Las Vegas or Henderson call The Bush Team today!! 702-483-9620.
Hope you had a Great Christmas or whatever other Holiday you might be celebrating!
Here's a couple of things that I thought you might need to know about to figure out how to plan your 2014!
First of all with SB321, you can pretty much kiss most REO business away. It still makes up 5-10% of what sells but the banks that are selling the Inventory especially some of the GSE's are driving up their prices. If you do want to make an offer on one of them and your buyer is not paying cash you may have an issue with an appraisal. If you are going to buy a Fannie Mae property AKA Homepath, I recommend you use their Homepath financing as they treat that offer just like a cash offer. Also there's no MI, no Appraisal and as little as 5% down. Plus we can do the Homepath Renovation loan too.
If you're buying a HUD property, use a FHA 203k. You can get the house cosmeticallly or functionally fixed the way your buyer's want it and HUD will take your offer over investors in the pre bidding period.
Ok, SB 321. They will continue to lag on foreclosures for sometime as loan modifications, principle reductions and mediations become more prevalent! Back to equity sellers and that means you need a greta lender (that's me) to get your deals funded quickly. Typically, I deliver docs to title too fast!
The flippers! We know who they are. They are starting to lower their aquistiions because the banks got wise to the short sale offers and now they can't make the spread they need to make it a profitable business model for them. If it's a Fannie Mae backed loan, you can almost guarantee that it's going to come in high.
NEW HOME BUILDERS! They are going strong still, but leveling out to current demand. Keep in mind if you submit our prequal to most New Home Builders we can more than likely get you the same closing costs their inhouse lender provides. Also, we work for you and not the builder!
Have a great 2014, if you need anything I got you covered.
BTW, did I mention if you have a database I will call through it for you and hand you back your listings, cash buyers and for me I will prequalify your buyer's and scrub them and hand you a prequalifiied buyer. Does your lender do that? Does your lender close loans in under 3 weeks!
Maybe it's just time you work with our great team! Derek Parent - dparent@PRMG.NET
Again Thank you for taking time to read this info - If you have any questions on the Las Vegas Real Estate Market call us today 702-483-9620 or visit our website at www.bushteamsellsvegas.com
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