Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

Las Vegas homes and condo deals are biting the dust due to tax returns not matching the information on a loan application and Las Vegas Realtors as well as home or condo buyers are suffering.  Sellers suffer even more.

While Las Vegas home or condominium sellers no longer accept an offer that is not accompanied by a pre-approval, getting  pre-approved is easy as the borrower doesn’t have to prove income or taxes which they have to prove when getting a loan.

The days of no doc loans are over and the lenders check on everything, if there is a discrepancy between the tax return and information submitted by the borrower, the deal is as good as dead. We have lost a deal and are in process of losing another one, while our clients have perfect credit. Saving real estate deals when problems as this arise is very difficult, we have exchanged four hundred e-mails in an attempt to save this deal however the odds are not good. Escrow problems are the best reason to have a Las Vegas Realtor involved in your deal. If it wasn’t for Realtors trying to keep this deal alive on both sides, this deal was dead long ago.

I have repeatedly written about getting under-written approved before buying a home or condo and have never met a buyer who has actually done this, doing so would avoid all financing problems and get the borrower the advantages that a cash buyer has.

If you, like everyone else will not get underwritten approved, at least make sure you tax returns match the information in your mortgage application before buying a home or condo in Las Vegas.

Another issue that is affecting borrowers is, believe it or not, pregnant borrowers. National news sites are reporting that banks are inquiring about the pregnancy of couples, given that it may influence their ability to pay the loan back.

Social networking: Las Vegas homes, condos and commercial real estate page on Facebook, Web-Site: Las Vegas homes, condominiums, land and commercial real estate for sale.

By the way, lenders are checking on homes or condominiums to make sure they are owner occupied when you get the loan as an owner occupied loan. A couple of clients who purchased homes at Seven Hills in Henderson told me that someone knocked on their doors and verified that the home was owner occupied.