Luxury Homes of Las Vegas Nevada News
How to Read Zillow, Trulia and other online home price websites - by WSJ.com
by Author on 11/13/11Interesting article from the Wall Street Journal on the positives and negatives of using online home price websites to figure out the value of your home...here.
Jumbo Loans in Nevada - Michael A Birk MBA, CSA, RFG
by Author on 11/07/11
A Jumbo Loan exceeds the conventional loan amount established by Fannie Mae and Freddie Mac. If you are purchasing a Las Vegas Nevada single family home, the conventional loan limit is $417,000; any amount greater than $417,000 will qualify as a Jumbo Loan. Nevada Super Jumbo Loans begin at $1,000,000.
Jumbo loans in Nevada are available on primary residences and second homes up to $3 million with 40% down payment and $1 million with as little as 20% down. Investment properties have financing available to $900,000 with 40% down. There are many mortgage options from the standard 15, 20 or 30 year fixed rate mortgages to 1, 3, 5, 7 and 10 year ARMs, many have interest only options as well. Credit scores start as low as 620, but the higher the score, the better the terms and the more you can borrow.
For more information please contact Michael Birk at:
Flagship Financial Group
1349 Galleria Drive, Ste 110
Henderson, NV 89014
w: 702-997-9521
C: 702-301-9798
F: 888-241-6441
mbirk@ffglasvegas.com
Distressed luxury homes
by Author on 11/07/11
Searching for a luxury home in the Las Vegas valley?
Las Vegas had been hit hard by the current recession and it will take a number of years for it to recover.
Along with regular "for sales" and "short sales", right now there are many foreclosed homes (also called REO or bank-owned, these are homes that the bank has foreclosed on and now own) on the market.
So there is a lot of opportunity for value purchases!
When it comes to buying short sale or bank-owned homes, there are some important things to watch out for. Remember that you are buying a home that the owner stopped paying for and it may have been neglected. Performing a home inspection is important to reveal problems with any property but it is especially important when buying a short sale or foreclosed home.
Many of the distressed luxury homes have been impeccably cared for, others have been let go, still others may have been vandalized while vacant.
Las Vegas short sale and bank owned luxury homes are typically sold as-is; meaning that even if the home inspection reveals damage, the owner (home owner or lender) typically won’t repair it. After the home inspection, get an estimate of what those repairs and replacements will cost. The sales price should reflect the repair expenses you’ll have to pay for after the sale is complete.
During any home buying process, doing a thorough check to ensure that the title is free and clear is important as there may be a lien (or liens) on the property, often from unpaid back taxes or homeowners association (HOA) fees or unpaid contractors bills, utility bills etc. That is one of the jobs of the title/escrow company - research clouds on the title and have seller deliver clean title at close of escrow.
