Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Vistana at Rhodes Ranch

Las Vegas Area Financing Nightmare Series: The Condo Certification

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.

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

 

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Comment balloon 17 commentsRenée Burrows • October 10 2010 06:17PM
Las Vegas Area Financing Nightmare Series: The Condo Certification
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