Once you have made the mental preparations necessary to “sell” your loan proposal to a lender, you, as a new investor, must be certain of the documentation and information required by a lender. The lender will require, at the very least, the following:

• A completed loan application form
• Copies of your past and present IRS income Tax forms. Ask the lender, prior to your visit how many years of IRS filings will be required
• Copies of your credit reports from all three principle credit reporting agencies: Experian, Equifax and TransUnion. Of course, the bank will pull their own reports, but bringing the reports as part of your loan application documentation will certainly enhance your credibility with the lender.
• The loan application form will require you to document your current source of income from any and all sources, employment or business, type of employment or business, debts and other liabilities, alimony, child support payments, if applicable, banking information; checking, savings accounts, etc. Read More

With economic conditions being what they are today, everyone and his brother is out there looking for a real “steal” in Las Vegas bank-owned properties, and besieging lenders with loan requests.

In addition to Las Vegas Investors looking to borrow funds, banks are additionally dealing with many real estate related issues forced upon them by current market conditions, such as foreclosures, loan restructuring requests, short sales, etc.

Unless you are financially well off enough to be an all-cash buyer, you are going to need a loan to finance/purchase your new found property, and since banks are, to put it mildly “running scared” in these unstable times, it’s going to take some skillful planning and preparation to convince a lender that you are a suitable risk. Read More

Buying a Las Vegas Home isn’t just about price, it’s about finding a residence that best suits you and your family’s overall needs and lifestyle. But as far as price is concerned, there are both wide and narrow cost of purchase differences between owning a private home or a condominium.

For example, a single-family home versus a condo home; which would suit your needs best? As far as the cost of purchase is concerned, an older two bedroom single family home would generally be more expensive than an older, two bedroom condo, but buying a two bedroom condo in an upscale building could often be as costly as a modestly expensive single-family home. A luxurious condo in a prestigious building can easily cost as much as a luxury home in an equally prestigious residential community.

Single-family homes offer a much wider choice of floor plans and architectural styles; ranch-style, two-story, split level, etc. Locations can vary as well, such as a corner property or cul de sac.

Carrying groceries into an elevator is often much more of a chore than simply unloading your purchases from your car.

A Las Vegas single family home is a better choice for families with young children, since a back yard offers more space for children and pets to romp and play, and a neighborhood of young families means more opportunities for the kids to find new playmates.

Single family home neighborhoods are generally closer to schools, playgrounds and libraries. A single family home offers more privacy and fewer restrictions than a condo. Storage space is far more generous. If you are handy with tools, you may want a workshop in your garage, or be able to work on your car, something that would not be feasible in a condo home.

The appreciation factor of condos versus single-family homes could be a consideration if you are buying strictly as an investment. On the average, condo buying/selling prices are much more sensitive to market fluctuations, and more volatile than private residences. Condo prices can often either rise or fall dramatically.

That means if your timing is right, your buy low, sell high strategy could make you a fat profit. But if you get caught in a down market, you may have to sit on the property for a long time.

If you are buying a single-family home as a place for your children to grow up in, and a place in which you will have become emotionally invested, then the appreciation factor is of less concern.

So, the appreciation factor of a condo versus a private home should be a consideration, but should not be a primary reason for your purchase if you are looking for a place to call home, and not just as an investment. Purchasing a Las Vegas Home should be about affordability, and what is a best fit for you and your family’s needs.