is it possible to buy an inexpensive condo ($30-45,000) in las vegas if you are a first time buyer?
i am pre approved for a conventional loan, trying to put 20% down, but i have every offer i make rejected in favor of a "Cash" buyer. are there any properties actually available to me, or am i just wasting my time competing against investors with cash who will buy up the market to turn a profit? or does my realitor just suck?
um… as stated i am a first time home buyer, my credit is very good, but i have no collateral, how would one secure a personal loan? also why is it expected? most people finance a ,000 car.
p.s. i am also not asking for any closing costs or any money back.
ok, i’ll try to be "more clear" the loan is not the issue, i am pre approved, and lenders are writing small loans at this time. my question is about whether the banks will consider my "financed offer" or will they realistically only deal with the real estate investors who can pay cash.
3 Responses
Landlord
10 Feb 2010
c L
10 Feb 2010
If there are any local banks, they may write your small mortgage. Call around and ask. Especially with your 20% down.
The big banks can’t be bothered.
Clueless
10 Feb 2010
Most banks don’t want to bother with a home loan that small. But I don’t think you want to live in an area of Vegas in that price range anyhow. They will be filming "Cops" in that neighborhood
In that price range you are expected to buy cash. I am surprised you were preapproved, most banks do not want to bother with tiny loans.
You need to either up the cash to 100% or alter your price range.
You should be able to get a personal loan for 30k, that is less then the cost of a car.