Condos for Sale in Las Vegas Present Financing Challenges!

Condos for Sale in Las Vegas Present Financing Challenges

Take a peek at prices of condos for sale in Las Vegas.  It is no wonder not a week goes by the last several years that I get multipleCondos for Sale in Las Vegas inquiries from buyers who see $20K, $30K, $40K condos for sale in Las Vegas online.  These buyers are first time buyers, owner occupied buyers, investor buyers, second home buyers, vacation home buyers etc.

A very large percentage of these potential Las Vegas condo buyers also want to leverage these incredible bargains via financing.  This is a problem here in our valley.  It doesn’t matter what your credit score or income is.  It doesn’t matter if these buyers are highly qualified to purchase a $500K condo home and only want to spend $40K.  What matters to the lender or underwriter is the condominium certification.

There are several items in that condominium certification that could upset the apple cart and blow up financing on a condominium home sale.

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
Here’s the scoop about the condo market in Las Vegas:  we have an enormous amount of defaults here so you can scratch the low HOA delinquencies off most condo certification lists, we have a high amount of investors in our market so you can probably scratch the low investor concentration off most condo certification lists, we have hungry lawyers in town so the construction defect litigation on a newly constructed project is a possibility.

Of course there are ways to work around this such as through private money financing or Fannie Mae HomePath® financing.  Of course not every buyer or condo fits the underwriting mold for those either.

The moral of the story is if you are eyeballing a condo for sale in Las Vegas, you may want to make sure the cash is in the bank.

Click Here to See the Newest>>>> Condos for Sale in Las Vegas


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comment balloon 10 commentsRenée Burrows • December 09 2011 09:57AM
Condos for Sale in Las Vegas Present Financing Challenges!
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Condos for Sale in Las Vegas Present Financing Challenges Take a peek at prices of condos for sale in Las Vegas It is no wonder not a week goes by the last several years that I get multiple inquiries from buyers who see $20K, $30K, $40K… more