Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a challenge in the Las Vegas Area. Lenders want to see low investor concentration, low HOA deliquencies and no construction defect or other litigation against HOA or community. To determine if a condo is eligible for financing, a condo certification may be ordered from the HOA (this does cost money) and have it run by an underwriter.
Whether you are all cash or a financed buyer, you can search Las Vegas Area (Henderson & North Las Vegas too) homes right here for free and no obligation!
Great information as always. I am sure that the number as very similar in Northern Virginia.
Renee
Interesting chart; truly cash is king. Lots of cash buyers
Renee... not only great imformation as always, but I love the charts. I would expect that cash would be lesser as the home prices incease... just makes more sense.
Those cash buyers sure are sweet in my world. My last few have been all cash. Close them in two weeks, love it.
Renee, same scenario going on here in Jacksonville. Condos can be very challenging to impossible to finance, especially the condo conversions. The result? They are going for a song. Rentals are more in demand because of the people who sold their house and now can't buy.
Renee,
The orange CASH bar is surprisingly tall in the $175K - $250K category. That's a lot of cash to tie up in a home in an uncertain market.
Thanks all for the comments!
Frank & Sharon: Same issue with condo financing here!