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Things That Can Make Your Las Vegas Financed Home Purchase “Blow Up” in the Middle of a Transaction:  Condo Certifications

Things That Can Make Your Las Vegas Financed Home Purchase “Blow Up” in the Middle of a Transaction: Condo Certifications

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.

Newest Condos for Sale in Las Vegas:

Showing properties 1 - 50 of 453. See more Condos.
(all data current as of 5/15/2012)

  1. 2 beds, 1 full, 1 part baths
    Home size: 1,080 sq ft
    Lot size: 3,660 sqft
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  2. 3 beds, 2 full baths
    Home size: 1,163 sq ft
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  3. 3 beds, 2 full, 1 part baths
    Home size: 1,257 sq ft
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  4. 3 beds, 2 full baths
    Home size: 1,257 sq ft
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  5. 2 beds, 2 full baths
    Home size: 1,157 sq ft
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  6. 2 beds, 2 full baths
    Home size: 1,053 sq ft
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  7. 2 beds, 2 full baths
    Home size: 1,023 sq ft
    Lot size: 21,780 sqft
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  8. 3 beds, 2 full baths
    Home size: 1,061 sq ft
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  9. 2 beds, 2 full baths
    Home size: 911 sq ft
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  10. 1 bed, 1 full bath
    Home size: 620 sq ft
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  11. 2 beds, 2 full baths
    Home size: 1,029 sq ft
    Lot size: 2,792 sqft
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  12. 2 beds, 2 full baths
    Home size: 908 sq ft
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  13. 2 beds, 2 full baths
    Home size: 976 sq ft
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  14. 2 beds, 2 full baths
    Home size: 1,129 sq ft
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  15. 2 beds, 2 full baths
    Home size: 976 sq ft
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  16. 2 beds, 2 full baths
    Home size: 981 sq ft
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  17. 2 beds, 1 full bath
    Home size: 880 sq ft
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  18. 2 beds, 1 full bath
    Home size: 920 sq ft
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  19. 2 beds, 2 full baths
    Home size: 945 sq ft
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  20. 0 beds, 1 full bath
    Home size: 516 sq ft
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  21. 1 bed, 1 full bath
    Home size: 704 sq ft
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  22. 3 beds, 2 full, 1 part baths
    Home size: 1,594 sq ft
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  23. 1 bed, 1 full bath
    Home size: 897 sq ft
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  24. 2 beds, 2 full baths
    Home size: 1,192 sq ft
    Lot size: 1,192 sqft
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  25. 2 beds, 2 full baths
    Home size: 976 sq ft
    Lot size: 2,348 sqft
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  26. 2 beds, 2 full baths
    Home size: 1,134 sq ft
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  27. 3 beds, 2 full, 1 part baths
    Home size: 1,503 sq ft
    Lot size: 1,503 sqft
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  28. 3 beds, 1 full, 1 part baths
    Home size: 1,258 sq ft
    Lot size: 3,660 sqft
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  29. 2 beds, 2 full baths
    Home size: 1,029 sq ft
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  30. 2 beds, 2 full baths
    Home size: 1,078 sq ft
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  31. 2 beds, 2 full, 1 part baths
    Home size: 1,424 sq ft
    Lot size: 1,100 sqft
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  32. 2 beds, 1 full, 1 part baths
    Home size: 897 sq ft
    Lot size: 1,444 sqft
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  33. 2 beds, 2 full baths
    Home size: 1,058 sq ft
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  34. 2 beds, 2 full baths
    Home size: 908 sq ft
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  35. 1 bed, 1 full bath
    Home size: 798 sq ft
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  36. 2 beds, 2 full baths
    Home size: 1,110 sq ft
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  37. 1 bed, 1 full bath
    Home size: 697 sq ft
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  38. 1 bed, 1 full bath
    Home size: 724 sq ft
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  39. 1 bed, 1 full bath
    Home size: 727 sq ft
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  40. 2 beds, 2 full baths
    Home size: 1,153 sq ft
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  41. 2 beds, 2 full, 1 part baths
    Home size: 1,260 sq ft
    Lot size: 1,260 sqft
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  42. 2 beds, 2 full baths
    Home size: 1,287 sq ft
    Lot size: 1,496 sqft
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  43. 2 beds, 2 full baths
    Home size: 1,131 sq ft
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  44. 2 beds, 2 full baths
    Home size: 1,191 sq ft
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  45. 2 beds, 1 full, 1 part baths
    Home size: 978 sq ft
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  46. 2 beds, 2 full baths
    Home size: 1,038 sq ft
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  47. 2 beds, 2 full baths
    Home size: 985 sq ft
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  48. 1 bed, 1 full bath
    Home size: 660 sq ft
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  49. 3 beds, 2 full baths
    Home size: 1,229 sq ft
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  50. 2 beds, 2 full baths
    Home size: 934 sq ft
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Listing information deemed reliable but not guaranteed. Read full disclaimer.

Renee Burrows

Real Estate Agent in the Las Vegas - Henderson Area. Affiliated with: NAR, NVAR, GLVAR (Local Realtor Associations), REBAC (Real Estate Buyer's Agency Council), NABPOP (National Association of Broker Price Opinion Professionals) Seven Designations/Certifications: REALTOR®, ABR (Accredited Buyer's Representative), AHWD (at Home With Diversity), RSPS (Resort & Second Property Specialist), SFR (Short Sale/Foreclosure Resource), SRES (Senior Real Estate Specialist), SRS (Seller Representative Specialist).

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Las Vegas Real Estate Market Trends April 2012

The Las Vegas residential resale real estate market experienced it’s 16th month consecutive decline on residential resale home inventory in April 2012!   I am expecting to see continued declines and inventory shortages until things get smoothed out with AB 284. Las Vegas area is still a seller’s market and our pendings level is slightly higher [...]

Comments

  1. Jane Peters says:

    There's the catch. The financing of these low-priced Las Vegas condos. But a great deal if you have cash.
    My recent post Let it Sparkle on Rodeo Drive

Trackbacks

  1. RT @ReneeBLV: Things That Can Make Your Las Vegas Financed Home Purchase "Blow Up": Condo Certs http://bit.ly/9EdHAY

  2. Las Vegas Condominium Certifications & Financing Eligibility: Much of Las Vegas is currently priced in fire sale s… http://bit.ly/d5eOOF

  3. Las Vegas Condominium Certifications & Financing Eligibility: I am only speaking from personal experience by worki… http://bit.ly/df0jRX

  4. Las Vegas Condominium Certifications & Financing Eligibility: Much of Las Vegas is currently priced in fire sale s… http://bit.ly/da5S9Z

  5. Andy Sanchez says:

    Las Vegas Condominium Certifications & Financing Eligibility: Much of Las Vegas is currently priced in fire sale s… http://bit.ly/cnSWWd

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