Marina Gulakova

It is possible, however, the transaction must be in cash. How much could you make? We usually seek out properties that are 30-40% (the more, the better!) below the market value. There are certain costs involved and there are certainly some risks as well. We go case by case in determining the feasibility of any given property.

It is not as easy as it might seem- there is a lot of research and market knowledge involved. With recent changes in foreclosure procedures in Nevada, the rate at which lenders are foreclosing will significantly slow down, so this opportunity most likely won't last long. Additionally, the first-time and repeat buyers credits definitely stimulate more purchases, but once again,there's a time limit- the credits will only apply through purchases that are in escrow by April 30th.

Please contact me with further questions. Marina 702.498.2664 or TheRussianRealtor@gmail.com

So, I received a phone call recently from a lady asking me to do CMA (comparative market analysis) because she wanted to find out the value of her home. As any Realtor would do, I've looked up the comps of what has sold in the neighborhood in the last 90 days. Surely, there were few foreclosures that went for $230,000 -$250,000 for the same floorplan. Once I called the lady back and told her that he home was worth about $230,000-$250,000 in today's market she practically told me that I was out of my mind.

NOW the question is: where is the logic??????? Her reaction: "We bought this house in 2003 for $355,000! We were selling it in 2007 for $615,000! That's impossible!" So what? Did it sell in 2007 for $615k? NO, it did not....you know why??? In case you missed the recent news, the housing market was ballooned and recently crashed. In case you missed that part and are not aware of the current situation - the foreclosed properties (and some short sales) drive the market values.

A market value is NOT what you paid in .... year, it is NOT what you are wishing to obtain, it is NOT what your neighbor/relative/mom/dad is assuming it to be, it IS what a willing buyer would pay in a competitive market. Therefore, a market value fluctuates depending on the amount of sellers & buyers, current inventory and its pricing. OF course, there are many more factors involved but ultimately this is what drives any market.

So, we have a 100% financing program back!!! It’s legitimate, it’s helpful, and it’s back.

Since the government decided to “kill” even further the real estate business with the cancellation of Nehemiah program, we thought that a big portion of folks won’t be able to afford homes any longer. Some may argue that if people can’t afford even 3% down payment (the requirement for FHA loans) and require assistance on paying the closing costs as well, then they shouldn’t be buying a home to begin with as they obviously can’t afford it!

Well, I think it’s just leveraging available cash: the less cash you put towards the purchase, the more you have left for renovating the place or acquiring more properties. It works simply as any other FHA program would. This 100% program allows you to borrow additional money to cover your down payment and /or closing costs at 2% higher rate than your APR up to $10,000 max.

Let’s look at the example: Say, you want to buy a property for $165,000.

Down payment of 3% required : $4,950 (although the new law states that the down payment should be at least 3.5%, some lenders are still lending with 3% down payment only)

Closing costs: $4,950 Inspection and appraisal: $350 + $250 = $600 (usually appraisal is reimbursed by seller, at this example we’ll assume it’s not)

Total cash required: $10,500 needed to purchase - Down payment and closing costs assistance of up to $9,900 = $600

Financing: $165,000 – $4,950 down payment = $160,050; this is the amount that needs to be financed under standard FHA program.The other $9,900 (for down payment and/or closing costs) will be financed for 10 years only and at a rate 2% higher than your APR.

****Let’s assume the APR rate is 6.5%, annual property taxes are $2,200 (I know it seems high, but currently it’s one of the problems with properties in LV – the prices have fallen, but the property taxes were assessed based on previous values of the properties which were higher; eventually, the property taxes should come down significantly or you can appeal to have your property taxes reassessed), the loan term is 30 years fixed.

Your payments for loans would be: $1,012 (for 1st loan) + $124 (2nd loan) = $1,136

Plus property taxes of $183, your monthly payment is $1,319. We should also add HOA fee to this equation, however, the HOA fees vary greatly. Let’s assume the HOA in this case is $20.

THE TOTAL PAYMENT IS: $1,339

This is not bad, as the rent for $165,000 home would be about $1,500/m.

This program allows you to have little or no cash upfront. If you’d like more information on this program, let me know!