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Las Vegas Area Financing Nightmare Series: The Condo Certification

10-10-10
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com: Real Estate Agent in Las Vegas, NV
  • view my blog
  • Office: (702) 966-2494 x0
  • Mobile: (702) 580-1783
  • Secondary: (702) 966-2494

Las Vegas Short SalesI am beginning another series about "Things That Can Make Your Las Vegas Financed Home Purchase *Blow Up* in the Middle of a Transaction."

My ultimate goal in this series is to make Las Vegas Home Buyers aware of the challenges of a specific home's eligibility for financing.

Congratulations! Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home!

Hold the phone here, *you* may be eligible to purchase a home but is the house eligible for financing? This series is designed for you to research a home's eligibility for financing.

DISCLOSURE: I am not a lender, title company, home inspector, contractor or appraiser. I am only speaking from personal experience by working with financed Las Vegas area home buyers. Hopefully you have hired a Las Vegas area real estate agentwho will be able to spot things that can *potentially* cause problems with your financing (mostly FHA/VA) before your contract to purchase a Las Vegas area home.

Much of Las Vegas is currently priced in fire sale status. Many times when you see unusually inexpensive homes there is a reason – they are not eligible for financing and the seller does not wish to rehabilitate the home to make it eligible for financing.

Today's topic at hand is the "Condo Certification". A Condo Certification is ordered by your lender from the Condominium HOA.

The lender is looking for certain things in the Condo Certification that will determine if they will lend money on that specific condo property:

  • Lenders want to see low investor concentration (rentals)
  • Low HOA delinquencies
  • No construction defect or other litigation against HOA or community

Las Vegas Condo financing is a huge challenge in our market and there is no telling when things will turn around to make it easier to buy a Las Vegas Condo using traditional financing methods. Many are priced very low and there is a reason for that - because they are all cash transactions.

HUD (FHA) does have an "Approved Condo List" where you can search online.

[contact-form 1 "Contact form 1"]

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Rhodes Ranch Area Active Listings/Sold/Rental & Resale Real Estate March 2009 Market Report

05-22-09
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com: Real Estate Agent in Las Vegas, NV
  • view my blog
  • Office: (702) 966-2494 x0
  • Mobile: (702) 580-1783
  • Secondary: (702) 966-2494

Rhodes Ranch Real Estate

Rhodes Ranch Area Resale Homes For Sale

This Rhodes Ranch Area resale market report:

  • Active Listings (4/14/2009): 349
  • Under Contract (4/14/2009): 271
  • Sold March 2009: 72
  • Months Inventory: 4.8

Rhodes Ranch Area Rental Homes

Rental Market Report:

  • Active Listings (4/14/2009): 129
  • Under Contract (4/14/2009): 17
  • Leased March 2009: 45
  • Months Inventory: 2.9

How to read my market reports (definitions and terms!)

Last Month's Market Report

Rhodes Ranch Area Resale Report

Rhodes Ranch Area Sold Price Trends

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area: http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.

702-966-2494 menu:

  • Option 1: Buyers wanting to purchase a Rhodes Ranch Area Home
  • Option 2: Renters wanting to rent a Rhodes Ranch Area Home
  • Option 3: Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
  • Option 0: Sellers wanting to sell their home in the Rhodes Ranch Area: We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
  • Option 4: Para español presione el cuatro.
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Blog_tag

Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated January 25, 2009

01-28-09
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com
Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com: Real Estate Agent in Las Vegas, NV
  • view my blog
  • Office: (702) 966-2494 x0
  • Mobile: (702) 580-1783
  • Secondary: (702) 966-2494

Rhodes Ranch Real Estate

Rhodes Ranch Area Resale Homes For Sale

This Rhodes Ranch Area resale market report was generated on January 25, 2009:

  • Active Listings: 445
  • Under Contract: 150
  • Sold 12/20/2008-1/20/2009: 77
  • Months Inventory: 5.8
  • Low: $59,900; High: $3,490,000; Median: $175,995(listing prices only)

Rhodes Ranch Area Rental Homes

Rental Market Report generated on January 25, 2009:

  • Active Listings: 116
    Under Contract: 12
  • Leased 12/20/2008-1/20/2008: 42
  • Months Inventory: 2.8

Median List Price for an area rental: $1272/month, Low: $725, High: $4500

Note: The resale market is losing steam and swinging back into a balanced market. The rental market is still a strong landlord's market.

How to read my market reports (definitions and terms!)

Last Market Report Generated January 5, 2008

Price Trend Graphs, Most Recent Market Reports, New Construction Listings, Rental Listings & Resale Listings for Rhodes Ranch Area.

Rhodes Ranch Real Estate

Rhodes Ranch Las Vegas NV

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information on the Rhodes Ranch Area: http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.

702-966-2494 menu:

  • Option 1: Buyers wanting to purchase a Rhodes Ranch Area Home
  • Option 2: Renters wanting to rent a Rhodes Ranch Area Home
  • Option 3: Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
  • Option 0: Sellers wanting to sell their home in the Rhodes Ranch Area: We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
  • Option 4: Para español presione el cuatro.

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