Arina S. Hanciulescu

What is 'Buy & Bail" practice? Is the result of buying a new home with the intention of bailing on the old one... It is considered mortgage fraud.

With the home price falling and inability to pay heir "old mortgage" some owners find an alternative... Buy a new home with the new drastically reduced price and bail out from the old home. A home bought few years ago in the range of $500.000 today is worth little over $250.000. The home owner is locked into a home mortgage that no longer can afford and more importantly doesn't reflect the true market value. In Las Vegas this practice is quite spread.

NEWS - LAS VEGAS REAL ESTATE UPDATE - BUY & BAIL

To turn off the sound please click on - II - above

"Buy & Bail" practice? ... It is considered mortgage fraud.

However, it does not change the fact that Buy and Bail constitutes mortgage fraud and is against the law. Read more >>> What is Wrong With Buy and Bail? By Elizabeth Weintraub, About.com

As a result of buy and bail practices, Fannie Mae guidelines now require buyers to qualify for mortgages on both homes at loan inception, unless the existing home has plenty of equity. That's because a home owner with plenty of equity would be foolish to walk away from it.

Read more>>> FHA Moves to Prevent 'Buy and Bail' September 22, 2008 By MortgageDaily.com staff

• All new FHA loan submissions must be considered excluding any rental income on the current residence.

"The exclusion of rental income from property being vacated is being instituted on a temporary basis while FHA further analyzes this situation to determine whether permanent measures may need to be taken," the letter said. "Although the property being vacated will not have a mortgage insured by FHA, surrounding properties may and, thus, FHA may be indirectly negatively affected should that property result in a foreclosure."

• Borrower can make payments on the full debt service of both mortgages.

"This will assure that a homeowner either has sufficient income to make both mortgage payments without any rental income or has an equity position not likely to result in defaulting on the mortgage on the property being vacated,"
 

The government agrees. New rules will require future buy-and-bail suspects to show real income to cover payments on both homes. Foreclosures also sting more than they used to. Defaulters can't apply for a mortgage for five years. It used to be four.

These are the Hollywood's young and famous who left behind the famous Sunset Blvd nightlife to find more refined and exciting places on Las Vegas Strip. But this is not only interest they have, more and more are buying real estate in the hottest high rise condominiums on the Strip. (and elsewhere in Vegas). Las Vegas's new Panorama Towers have become home to quite a list of celebrities: Pamela Anderson and Toby McGuire, Leonardo DiCaprio had purchased not one, but two condos in Panorama Towers ( He purchased two adjacent condos -on the 33 floor- which he plans to join to make one super condo), Andrew Sasson and many others.

The list of celebrities who for the past few years made Las Vegas one of their homes and where they hangout enjoying all the city can offer is long... I only painted it with a light brush. It's been a long road - from the early years of Las Vegas - celebrities like: Siegal, Howard Hughes, Liberace, Frank Sinatra, Rat Pack, Elvis Presley, Wayne Newton, The Beatles, Siegfried & Roy, Barbra Streisand... They all left their mark of excellence and build the fame of this city.

Las Vegas is back on the map and hipper than ever.

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Interested in the Las Vegas Condo Market? Whatever your needs, whether you are buying your first Las Vegas home, are selling a home, or are investing in Las Vegas real estate, I can help!
I look forward to helping you relocate to Las Vegas. I can assist you with a variety of property types: residential single family, new homes, condos, townhouses, luxury homes, golf course homes, gated community. I can also help you with high-rise condos, and investment property.

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Las Vegas has a unique quality of raising up from economical hardship ... For many years in the past the economy's ups and downs did not affect Las Vegas in any major ways. The history of Las Vegas shows it will find a way to adapt and survive. Historically, Las Vegas is able to withstand the problems of the rest of the country. When people face hard economic times, they come here to get away from their problems. In the US, people are escape artists, and they deal with problems a little differently from the rest of the world. As always Las Vegas strength comes from the tourism, gambling and entertainment industry. The recent economy downfall was different and Las Vegas was leading the national foreclosure. There are many opportunities for investors in this real estate market environment but with the mortgage banking crisis in United States made more difficult for U.S Citizen to obtain mortgage financing... International investors (with the exception of Canadians) can no longer obtain loans from mainstream US lenders for residential real estate. With the week dollar value, smart money from all over the world is pouring in to take advantage of deeply discounted residential properties while they still exist. Most attractive are the High rise Condominiums on or out of the Las Vegas Strip. Savvy aggressive investors are seduced by incredible opportunities they don't have a second guess about the long term return on investment. There are cranes everywhere this days in Las Vegas - specially on the Strip - With the high price of foreign real estate, investors are bargain shopping in the United States to take advantage of the favorable rate of exchange while it lasts. Las Vegas is the primary market. Check out some of our fabulous high rise condos below! Or to receive more information with the latest updates go to: REQUEST FORM

If you liked what you've seen so far and like detailed information about any of the Condos listed above don't hesitate to contact me. Check out the: Trump Towers, Panorama Towers, Boca Raton Condos, The Meridian and more. Pricing ranges from the low $400s for a small studio to the millions for luxury 5,000 square foot penthouse suites with incredible views. There are two different kinds of high rise condos being built: residential for long term living, and condo hotels for short term rentals. Visit our main web site at Las Vegas Condos for the latest updates. Please Request Information on any other condos on the Las Vegas Strip: Sky Las Vegas, Turnberry Towers, The Cosmopolitan, Allure Las Vega sand all other luxury high rise condos of Las Vegas. You can search all Las Vegas properties for sale and Las Vegas Nevada rental properties including , Las Vegas houses for sale, Las Vegas Nevada homes for rent Las Vegas apartments for sale Las Vegas homes for sale, high-rise Las Vegas condos for sale or rent, land for sale in Las Vegas NV, Las Vegas commercial real estate and all other types of Las Vegas NV properties and Las Vegas rentals, for free. The Condo Hotel remains attractive today mostly to a small segment of the real estate market — wealthy vacationers who want a more upscale version of a time share and long-term equity. Why stay at a noisy, congested hotel if you can live in a quiet, fully equipped Strip-front condo — and rent it out when you’re not in town? ***************************** CALL NOW FOR IMMEDIATE ANSWER TO ALL YOUR QUESTIONS! (702) 856-6680 FREE INFORMATION! NO COST & NO OBLIGATION! * * * REMEMBER * * * AS A BUYER OUR SERVICES ARE 100% FREE TO YOU! THE SELLER/DEVELOPER OF THE HOME YOU ARE PURCHASING PAYS OUR FEES DON'T WAIT! GET PROFESSIONAL REPRESENTATION ABSOLUTELY FREE Call for private viewing or to view any other high rise rental properties!! ***************************** Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

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