Everyone tells you to stop renting and purchase a home. It’s a sound, financial decision, they tell you. It’s a great investment, they cry. Wanting to buy a home and being prepared to buy a home are completely independent of one another, however.

Your desire to purchase a piece of Las Vegas real estate can easily become overshadowed by your inability to purchase one. Before calling a real estate agent, there are a few, important questions to ask yourself:

• Do I have a steady job? This is one of the first things a lender will want to know when you apply for a mortgage. Keeping a job for at least two years, or staying in a similar field for the same length of time, shows a lender that you are a good credit risk and that you’ll be able to pay your bills with a steady source of income.

Bottom line: if you’re in the market to purchase a home, now is not the time to change jobs. And if you haven’t achieved a steady work history, you’ll need to work on that before applying for a mortgage.

• How is my history of paying bills? A good credit history is a must when applying for a mortgage, as a lender needs to see a steady history of paying bills. And that doesn’t just mean your car and credit card payments. What about utility bills? Medical bills? Student loan bills? If any of these have fallen by the waist side, immediately get them up to date and establish at least six months worth of on-time payments before applying for a mortgage.
• How much debt am I carrying? Although you may be managing your debt and paying your bills on time, a lender will look at your “debt ratio,” which is essentially the ratio of money going out on loans and credit cards and money coming in through your salary. If your debt ratio exceeds a certain percentage (lenders vary on this), you’ll need to pay down some of your debt before applying for a mortgage.
• Do I have enough money saved for a down payment? Gone are the days of no-money-down mortgages. With the current credit crisis, most lenders require at least 10 to 20 percent down. Once again, if you haven’t achieved this, take another six months or so and continue to save money toward a healthy down payment.

Provided by the writing team of Richard Soto. Richard is a real estate broker who works in the Dallas Texas real estate, Alamo Heights real estate & Bexar County real estate markets.

Las Vegas has been named one of five “mega-politan” areas. These places are considered newly recognized super regions that combine two or more metropolitan areas into a single economic, social, and urban system.

Many experts predict that Las Vegas will continue to grow but will have to come up with solutions for water resources, education and infrastructure.  Las Vegas is already experiencing a construction boom on the Las Vegas Strip.  There are numerous projects under construction but none come close to the massive project on the south end of the Las Vegas Strip called City Center.  Project City Center is a project that consists of condos, hotels, casinos and retail district sitting within a 76 acre area.  You can easily say that Project City Center is a city within a city!

Even though home prices are still dropping in the Las Vegas Valley, you can rest assured that home prices will begin to stabilize very soon.  The reason I say that is because many foreclosures that are placed on the market for sale are receiving multiple offers.  When homes receive multiple offers, it usually means the property is priced below market value.  You can see why Las Vegas real estate is a great investment!

Las Vegas is poised for a strong come back in the years to come!  If you are looking to buy your first home or an investment property, you can’t go wrong with choosing a home in Las Vegas!

This past weekend I spent some time with a couple that just got married and are looking to purchase their first home.  They both have really good credit, high paying jobs and can afford a size-able down payment.  They have been approved for a FHA Loan Amount not to exceed $250K.  Even though they can afford a loan balance of $250K, they prefer to stay around the $175K price range.  Very smart!

A few of the Las Vegas Homes they picked out to see were short sales and required I call to confirm with the seller to make sure we could see the property.  All together there were 5 properties that were occuppied and required I called.  So following the request of the listing agent, I called all 5 properties well in advance of the times that we wanted to view the homes.  Out of the 5 properties, all but 1 of them gave me grief about the time we wanted to view the property.  I politely said to the sellers, I have a qualified buyer that wants to view your home today at this time, if you can’t work it in your schedule, I appreciate your time but I will not have my buyer work around your schedule and come back another day that is more convenient for you!  I mean come on, do you really want to sell your home?

We ended up seeing 3 of the 5 properties that were occuppied.  The other 2 would not let us see it at the times we were in the area?  I surmised that they really didn’t want to sell their home!

A piece of advice to sellers, we are in a buyer’s market, you have to be a little flexible when it comes to selling your Las Vegas Home.  If your home is priced right, you are going to have buyers that want to see your home at different times throughout the day and if you really want to sell it, you are going to have to allow these buyers to view your home.

You are getting ready to list your Las Vegas property on the market and you are just not sure what to fix and what not to fix. Will you get a return on your investment? Does it make sense to make certain home improvements or is it easier to just sell your home in as-is condition?

Many sellers are faced with these questions, yet there is no clear-cut answer. A seller’s market, for example, is usually in a seller’s favor regarding home improvements. Yet in a buyer’s market, when there is a large inventory of homes on the market, your house may be passed over for another one which needs no improvements.

The first thing you can do before embarking on a costly home improvement project is to research other Las Vegas homes and visit them during open houses. If most of the homes in the area have updated kitchens, for example, it may be well worth your while to spruce up your kitchen. And this doesn’t have to mean granite countertops and maple cabinets, either. Often a change of hardware and a fresh coat of the paint on the cabinets can make all the difference.

Most real estate experts will tell you that kitchens and bathrooms offer the highest rate of return, which is true. However, tearing apart your bathroom and completely updating it with a Jacuzzi tub and overhead skylights could cost you thousands of dollars, some of which you may not see again. Scale back any renovation projects and instead opt for a neutral, updated look without the fancy extras.

Some home improvements, however, should always be tended to before listing your home. These include:

• Repairing, patching and painting walls
• Repairing or replacing any broken appliances
• Repairing or replacing the HVAC system
• Repairing leaky faucets
• Replacing old or outdated light fixtures
• Replacing worn carpet or torn linoleum
• Repairing the roof
• Replacing any broken windows

Author Bio:

Visit the VIP Realty website for more information on property marketing in the San Antonio real estate area. There you’ll find buyer and seller service details, information on local communities, details on Alamo Heights real estate, Dallas Condos , and resources on a wide variety of other home styles.

We have been seeing a trend of foreign nationals investing in the Las Vegas Real Estate Market.  With the dollar at an all time low, foreclosures at an all time highand Las Vegas Real Estate prices at levels we haven’t seen since 2003-2004, foreign nationals are finding great investment opportunities in Las Vegas.  The majority of the foreign nationals that we have been working with of late are from Canada.

I was speaking with a Canadian client the other day and it appears that there is alot of media coverage in Canada about the which real estate markets are ripe for investing in the United States and Las Vegas is at the top of the list.

According to Dan Green with “The Mortgage Report,”

Foreign national mortgages are still available in the United States

Downpayment requirements are low — 10 or 20 percent, depending

Interest rates are reasonable and are not “monthly adjusting”

There’s no forbidden property types — condo, condotels, and multi-units are all okay

Even though Dan Green has stated that there are some programs that require as little as 10% down, I haven’t seen or heard of these programs.  The best I have found for any of my clients was 25% down.  But with lender guidelines changing almost daily, I would recommend that you speak with a local Las Vegas Loan Officer like Mark Madsen.

If you are thinking of investing in Las Vegas Real Estate, take advantage of the home prices while you can as we all know, home prices will eventually rise!  You can begin your search for homes for sale in Las Vegas by clicking on the link below:

Las Vegas Homes for Sale

Closing is the last step in any Las Vegas real estate transaction. It is the point when the home is officially transferred from the seller to the buyer.

The buyer chooses a closing agent who will represent the closing and will coordinate all of the documents and disbursement of funds from one party to the other. Both the buyers and the seller’s real estate agents will be present, as well as a representative of the lender and any real estate attorneys.

As the buyer, be prepared to review and sign a large variety of documents related to your loan, and to pay the closing costs. Some of the typical closing costs include:

• Inspection fees
• Pest Inspection fees
• Underwriting fee
• Tax service fee
• Prepayment of taxes
• Attorney’s fees
• Origination fee
• Title insurance
• Appraisal fee
• Credit report fee
• Recording fees
• Interim Interest
• Private Mortgage Insurance payment

As the buyer, you will receive quite a few documents that you’ll need to review and sign at closing. They are as follows:

• HUD-1 Statement - This settlement sheet itemizes the services and lists the charges for both the buyer and the seller. You will likely receive this form in advance so that you can have a good idea of what your closing costs will be.
• Truth-in-Lending Statement - Your lender will have likely given you this document a few days before closing, as it outlines the costs of your loan. It is likely that the APR calculated by the lender will change slightly at closing.
• The Promissory Note - This is a legal document that basically outlines the buyers promise to the pay the lender according to the agreed-upon terms. It will also detail the repercussions should you not pay on the loan as promised.
• The Mortgage - Your mortgage is the legal document that basically gives the lender claim against the property if you default on the loan.
• Seller’s Affidavits - Seller’s affidavits can be numerous and can vary.
• The Deed - The seller will sign the deed. You, the buyer, should receive a copy of the deed at closing.

Author Bio:

Visit the VIP Realty website for more information on property marketing in the Dallas real estate area. There you’ll find buyer and seller service details, information on local communities, details on Dallas Texas Condos & Irving real estate, and resources on a wide variety of other home styles.

A retired Las Vegas police lieutenant, Christopher Van Cleef whose name surfaced in connection with an ongoing FBI and police probe into possible corruption involving homeowners associations was found dead of an apparent suicide in Henderson on Tuesday.  Three former Las Vegas Police officers, including Christopher Van Cleef and 1 current Las Vegas Police Officer were named in the warrant pertaining to the Homeowners association investiation.

The FBI is currently investigating whether individuals were placed on Homeowner Associations boards in order to direct business to certain businesses regarding construction defect claims.  Nine locations around the Las Vegas Valley were raided including the head quarters for Silver Lining Construction as investigators looked for documentation, notes and any correspondence that related to their investigation.

The investigation is still on going.

For more information on this story, click on the link to the Las Vegas Review Journal.