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Is the Vegas single home market too saturated with cash buyers to get a nice house using a mortgage?

Goal - Buy property in Vegas to live in for 2 years then rent it out, however I very well may stay 5-10 years.

Financial situation
Savings: $20,0000
Credit Score: 620, and improving rapidly as my debt $5,000 on a $10,000 limit and I have not missed a payment in over a year.  No outstanding debts.
Job:100% commission sales rep who travels a lot. I have made between 40k-50k.

Status: Single, no kids

Expectation:
-Quality over quantity - I'll take a nice 1350 sqft over a shabby 2,000 sqft
-Private pool is a must.
-My move in date is flexible (within the next 6-12 months)


  • December 24 2012 - Las Vegas
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Answers (7)

If you are financing you will need to have extra cash to pay the difference between the appraisal value and the purchase price. If you are financing and don't have that extra cash you will be wasting your time. In Feb 2013 the Legislature is meeting again to reconsider AB284 (which is the law that effectively stopped the massive amounts foreclosures hitting the market). If this law is thrown out or amended you can expect the market to soften. If (when) that happens you should have a better chance of being able to get a deal accepted at appraisal value therefore not requiring the additional funds. Please let me know if you have any other questions regarding the Vegas market.
  • January 14 2013
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Of course the first step is get pre-qualified with a good lender. Once you're pre-qualified and locate the home you want you need a good agent that will submit your offer swiftly. Even though you are competing with cash buyers you may have the higher offer or your offer could get accepted before any cash offers come in on the property. Find an agent that is very responsive to your calls and e-mails. If they are responsive in communicating with you, then most likely they will be able locate and submit an offer on the home you want quickly to beat out the competition. If you are still in need of an agent or just have a question feel free to contact me with no obligations. I can also refer you to one of my preferred lenders who have performed well for me on past transactions.
  • January 09 2013
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You can absolutely purchase a home with financing! It's definitely important for you to touch base with a local lender or several, and get a strong pre-qualification. Then, you want to find yourself a REALTOR to work with, with someone you feel comfortable with, so make sure to interview multiple agents. Feel free to contact me directly, and you can find other great agents here on Zillow.
  • December 27 2012
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Yes, its still possible to buy with a mortgage, however, most lenders want a 640 credit score.  I do have a program that is not credit score driven, zero down payment, zero closing costs, fixed rate (currently 3%) for 30 years.

Any money you have saved for a down payment can be used to buy down your rate.  For example, 1 point or 1 percent of the purchase price of $100,000 would be $1000 would buy down your mortgage rate 1/4% or making your rate 2 3/4%.  

If you'd like to know more, send me an email with your contact info and I'll be happy to share the details with you.

It is not a scam, nonprofit organization HUD approved, has been doing loans over 15 years.

Heather Peck
Realty 360
[email removed by Zillow moderator]
  • December 24 2012
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Absolutely.  It's all about the correct search metrics and speed of offers.  The offers must be written in a way that the seller (and maybe bank) appreciates.  You have to placate to the seller and know the best way to design the offer.  It's not just price or financing - it's the overall offer itself.   The pool will make the search more difficult, although still not impossible by any means.
  • December 24 2012
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It is still possible to get a home in Las Vegas when buying with a mortgage. I work with a great lender that can let you know where you are and what needs to be done to get the score up a little. HUD homes can be a great way to go. There are some that do not need a lot of work. Often times you have financing options with HUD homes (owner occupied) that you can finance the repairs in. I can go over how that works when we talk. My daughter is a HUD listing agent in Las Vegas and she has shared some great tips on HUD programs. There are other options also. Right now you need to talk with lending and see what you qualify for. Commission income can be difficult. I hope my answer helped and I look forward to answering any questions you have. Thank You Suzie Marquardt
  • December 24 2012
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I can't comment on the Vegas market but I can comment on cash buyers and how a seller looks at them. Think about it and see if you don't agree. Let's say you are a seller and two buyers come to you with offers on your $200k home. Mr Cash offers you $150k because they think your are desperate and they think cash is king. The other offer is for $190k and they need a loan which will take 45-60 days. Do you not think the seller will wait 3 weeks more for $40k more for the house?? That's the reality, cash is not as king as people think. If you got two identical $190k offers, then yes the cash offer is sweeter. Bottom line is you are still very competitive with a loan as long as you make the offer along with a prequalification letter from a lender saying you can get a loan.

Good luck. 
  • December 24 2012
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