Profile picture for 22justin

buy an REO home now or in January??

Hi there, looking to buy my first home, probably in Mountains edge, Las Vegas....looking at REOs around 130k.....do you guys think its better to buy now, or wait a few months until january, I hear that prices are expected to drop in LV for another 6 months at least
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October 07 2011 - Las Vegas
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Best Answer
If you're in no hurry, you may want to look at short sales now.  There is generally less competition among buyers on short sales so you may be able to find one in good shape at the right price.  They can take a while to close so you may be close to January when the approval comes in which is when you'd being doing your appraisal anyway.

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October 07 2011
I will start looking to buy right now. At the moment, prices are low and interest rates are low; no need to wait. If you would like to wait because you beleive prices and rates will drop you may have missed a great house because you were expecting for a drop. Let's say there is a drop, a rush of buyers will begin to buy and your competition will increase. So, if you like a house now buy it, you have nothing to lose. Remember, houses are a long term investment and always increase even though the market goes up and down in the short run.
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November 21 2011
we have several REO's in Mountain's Edge available to purchase priced  competitively...it's a  desirable area!

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November 21 2011
Huge miss, Justin.  Definitely should check with a CPA or the IRS. Even then I think there are a few variables.  
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October 10 2011
Taxable property values which tend to be lower than real values...are going up...it's all location, location, location!  
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October 10 2011
many short sales never actually sell. The bank goes ahead and forecloses anyways, so you wait and wait, only to have the deal killed.

Funny, you gave a best answer to someone who never even mentioned that rather important fact. I'd call that a poor answer...
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October 08 2011
Very good advice all around.  Even Hp (minus the sentiment).  I agree, if you are not in a rush, short-sales would be an excellent option. Another thing to consider, funding for most first-time home buyers programs comes in January. (often they run out of money by years end).   That could mean additional savings for you.  Speak with a professional who is versed in these programs.
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October 08 2011
Profile picture for 22justin
should have mentioned my company will be buying the house as an investment property so strictly cash deal. I was told that as a foreigner I would likely have to face a 30% tax when selling the home as a foreign person.....is this correct?
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October 08 2011
January through July is the best time to sell, there are plenty of buyers and the houses have multiple offers.
October thru december, people concentrate on upcoming holidays and as a result there are fewer buyers.
You decide when you are ready, and check your credit with a lender not just one of those websites where you pull your own credit, there may be things that you can do while you figure out what and when you want to look.
The changes you make can save you money over the next 30 years, if you are getting a mortgage, and the mistakes you make can cost you for that long also.
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October 08 2011
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There is no rush prices are expected to be flat/declining.  Interest rates are low, and will stay in a fairly tight range between now and January.  Find an agent that understands there is no rush right now, that forward you all new listing that meet your specifications and not hassle you if they do not meet your needs after you do your preliminary research, but will arrange a showing if you think they might meet your needs. 

I think you already realize that, now the trick is finding an agent to work with that will provide you the professional services you desire, while staying away from trying to create false urgency like they have been taught to do as a salesperson.

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October 07 2011
Hi to answer your question I would rather do a low interest rate which is now, as it will take about 30 to 45 days from start to finish to complete a contract unless you are paying cash..  Interest rates are low right now and you never know what congress is going to do, they don't know if we are coming or going at this point.  New homes are offering good incentives to buy there homes, and I have a good relationship with all the builders. Maybe a new home might be your best bet, as you can get a ready to move in home or one that needs to be built..  I will be more than happy to help you.  Have great day..
Regards,
Rosemarie Kudo - Realtor
[contact information removed by Zillow moderator]
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October 07 2011
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You have time to choose the right property. The market in LV is not expected to rise between now and early 2012. I would get everything in order for your financing, study the neighborhoods that you are interested in, have a local agents send you all the listings and then choose a property carefully.

I do not know how it is in LV, but in most areas the market gets really slow over the holidays from late November to early Jan so that can be a good time to look.
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October 07 2011
Hi Justin,

If you are buying cash, then I would wait until December and go find the deal of the year as I think things are slowing down right now too.  If you are financing you purchase, the difference between $10,000 that a price could drop and a .25-.5% that rates could rise comes out to a $20/month difference. 

If I were in your shoes and buying a home, I would just make sure I find a property that really fits my needs well, over the ability to save $5k.  Further, if you are working with a real estate agent that really knows that market, they can save you more than that and make the process easier for you. 
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October 07 2011
Hey Justin,
With prices and rates where they are, I wouldn't hesitate!    It may take time to find your perfect house, and no one can predict tomorrow - no matter what they say. Rates are awesome, prices are awesome, whatcha waiting for?? :)
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October 07 2011
Justin,
Prices are expected to decline for few more months but you should make your decision when you make that perfect home. Lots of properties are priced great already and you dont want to risk losing that perfect home.
Hope you have a good buyers agent to help you! Good luck
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October 07 2011
I don't know the market in Las Vegas, but I would caution against listening to folks who predict the market right now. No one has been right yet. The interest rates are at all time lows, under 4 percent now. Most properties drop their prices substantially through the end of the year. Just go for your best price and the best location and make the leap.
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October 07 2011
Keep an eye on interest rates. I would probably suggest you start to look now and then consider purchasing in December.
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October 07 2011
 
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