Las Vegas Homes - Allowable Seller Concessions

How much can you ask the seller to pay on your behalf when purchasing Las Vegas homes for sale? The seller can actually contribute up to 9% in closing costs on a conventional loan if the you are putting up a large down payment! Below are the current allowable costs that the seller can pay on behalf of the borrower depending on which kind of loan the borrower is obtaining and the total down payment.

1. When it is an FHA loan, sellers can give up to 6% of the sales price towards buyer’s closing costs.
2. When it is a VA loan, sellers can give up to 6% of the sales price towards buyer’s closing costs depending on how the contract is written.
3. When it is a conventional loan on a primary residence or 2nd home the seller can give up to 3% of the sales price towards buyer’s closing costs if the buyer is putting 10% or less down.
4. When it is a conventional loan on a primary residence or 2nd home the seller can give up to 6% of the sales price towards buyer’s closing costs if the buyer is putting 10-25% down
5. When it is a conventional loan on a primary residence or 2second home, the seller can give up to 9% of the sales price towards buyer’s closing costs if the buyer is putting more than 25% down
6. If you have an investor purchasing a home, the maximum seller contribution is 2% of the sales price.

With the Las Vegas real estate market heating up and all the fantastic deals on Las Vegas foreclosures that are currently on the market, not only can we find some great buys, we can use these seller concessions to buy down the interest rates as well. Call our office now at 702-985-7654 to get prequalified for a mortgage and see how much money you can save on your closing costs.

Las Vegas Luxury Homes - Steal these Deals!

The Las Vegas real estate market is actually coming back - in December of 2008 there were more closed sales than in December of 2005 which was a banner year nation wide. This current wave of buying is fueled by the most affordable homes that we have seen on the market in Las Vegas since 2001. So if you are looking to purchase a luxury property in Las Vegas, there are some amazing deals on Las Vegas homes for sale right now. Las Vegas foreclosures (bank owned also known as REOs) make up the bulk of the inventory at seventy-five percent (75%) of all residential closings.

Below are ten truly amazing steals on luxury properties that are currently on the market. If you would like more detailed information and photos on any of these, just email me at diann@greatlasvegashomes.com.

Lake Las Vegas Home Under $1M With Golf Views! Watch the golfers play through play through while you lounge in the pool! Treat yourself to this over 4700 sf 4 bedroom 5.5 bath home in the heart of exclusive Lake Las Vegas. This amazing home has a dramatic open floor plan with all the bedrooms and living areas on the main floor, and the entire South living room looks out across spectacular golf course, water and mountain views. Loads of marble and granite, stainless steel appliances, pool and spa, and a basement for fun. The bank has priced this home to sell at $900k, more than $350k below the last sale!

Live the Lake Las Vegas Lifestyle at 32% of the Original Price! Not a misprint! This luxurious condo is fire sale priced at only $218,500. The bank say sell this beautiful 2021 sf 3 bedroom 2 bath today. Only 2 years new with a bright airy floorplan this fabulous Lake Las Vegas condominium has custom cabinetry, granite countertops, custom tile floors and fireplace, plus a balcony with spectacular mountain and lake views. Original owner paid over $700k – his loss is definitely your gain.

Price slashed $850,000 on exquisite Anthem Country Club estate! Overlook the golf course and the entire Las Vegas Strip from this amazing custom home. Sensational 5849 sf custom estate home on the 5th fairway in prestigious guard gated Anthem Country Club with panoramic city views. Master craftsmanship and high end finishes, huge gourmet kitchen, exercise room, observation room, media room, bonus game, room, 4 balconies, 2 covered patios, 3 wet bars, fabulous Infiniti edge pool, putting green and too much more to list. Plus community fitness center, resort style pools and spas, tennis courts, gourmet restaurant, and championship golf course. Reduced from $2,199,000 to $1,350,000 for quick sale.

Save Over $650,000 on this Prestigious Golf Course Home! Steal this sensational guard gated Red Rock Country Club home for under $1,299,000. Gorgeous Red Rock Country Club is known for its majestic views and this beauty has some of the best. Highly upgraded with travertine floors, French doors, granite countertops, stainless steel appliances, luxurious master suite with balcony and Jacuzzi tub, plus the community boasts two golf courses, tennis courts, world class fitness center and so much more. Originally sold for $1,950,000 and now priced under all the rest for a quick sale.

Almost Half Price in Guard Gated MacDonald Highlands! You’ll think the bank has gone nuts when you see this superb home on the exclusive Dragon Ridge golf course for only $712,000. High in the Southern foothills of Las Vegas you can own this amazing 4257 sf 5 bedroom 3.5 bath home with pool and spa overlooking the 8th tee of Dragon Ridge. Secluded courtyard entry, rich dark wood flooring, entertainment center, two master bedrooms, sunny kitchen with granite countertops and walk in pantry, 3 balconies and much more. Originally sold for $1,304,895 and ready for an offer.

Live with the celebrities in this amazing Panorama condominium reduced almost 200k! Location, Location, Location. Panorama Towers behind the new MGM City Center is home to an assortment of high profile celebrities. This 1582 sf 2 bedroom 2 bath end unit boasts incredible strip and mountain views, granite countertops, cherry wood cabinetry, stainless steel appliances, plus the project offers valet parking, resort style pool and spa and full size gym. Short sale status and bank says bring your offer – listed at $354,000.

Lowest Priced One Bedroom Unit in Trump Tower in Las Vegas! Wake up and greet the day with Donald Trump in this luxury suite on the 21st floor. Save more than $350,000 on this magnificent one bedroom luxury condominium with stunning views of the Las Vegas Strip and surrounding mountains. Comes complete with designer furnishings and luxurious marble bathroom with a separate shower and spa tub. Plus Trump Las Vegas offers on site gourmet restaurant, resort style pool and cabanas, 24 hour security and concierge service, valet, and rental program. Price reduced to $745,000 by motivated owner.

Elegant Turnberry Place Condominium Residence for Almost Half Off. Just a few blocks off the famed Las Vegas Strip is a secluded enclave of luxurious Las Vegas high rise condos to call home. Originally sold for $1,220,000, you can now own this sensational 2805 sf 3 bedroom 3 bath condominium residence in the prestigious guard gated Turnberry Place for only $679,000. Take the private elevator up to your own piece of heaven with terrific views and gorgeous upgrades including granite countertops, rich designer cabinetry, custom flooring, stunning marble baths and more. Plus on site spa, tennis courts and the renowned Stirling Club.

You Can’t Buy Palms Place for Less! Hang out with the “in” crowd in your fully furnished condo at the ultra chic Palms Place next to the Palms Hotel.This stunning unit is priced below all others at $470,000 for a fast sale and features ultra smart design with top of the line furnishings. Enjoy the serenity of spectacular Las Vegas sunsets from the balcony, chill out in the master spa tub, and take advantage of all the owner perks like first choice for event/concert tickets, invitation only parties and immediate access to the ultra lounges and nightclubs. Rental program available too when you’re not in town.

Incredible ¾ Acre Gated Custom Estate High in the Southern Foothills Overlooking Las Vegas! Sold just last year for $3.6M and just reduced to only $1.8M – so hurry. This magnificent Las Vegas luxury home in the exclusive guard gated Terracina subdivision of Seven Hills on ¾ of an acre will take your breath away. Almost 8300 sf of elegance with five bedrooms seven bathrooms and office, stunning foyer with sweeping bridal staircase, pool and spa, home theater, private bar with 500 bottle wine cellar, casita with separate entrance and summer kitchen with BBQ, hardwoods, marble, granite, 4 car garage, porte cochere and so much more. Could be THE best priced home in all of Las Vegas!

Questions Regarding the $7500 tax credit

The inventory of Las Vegas homes for sale is finally starting to dwindle just a bit, bringing hope for 2009 that our Las Vegas real estate market is starting to show real signs of recovery. But we have found that many buyers who would like to purchase are unaware of the tax credit they may be eligible for if they have not owned a primary residence in the past three years or if they are a first time homebuyer. So we found this great article by Brad Lynn explaining in simple terms who can claim the tax credit in hopes that our readers will find this helpful. If you are a little short in saving for down payment money on one of the great Las Vegas foreclosures deals we have available, this could be your answer.

Information courtesy of Brad Lynn
First Option Mortgage in Las Vegas

Congress created the $7500 tax credit incentive to help first time home buyers get into a home and stimulate the housing market and economy. Their rationale is that it will help stabilize home prices and increase home sales.

First time home buyers purchasing a home between April 9, 2008 and before July 1, 2009 are eligible for the 7500 tax credit. The home must be used as a principal residence and be occupied within this time frame. For newly constructed homes, the settlement date is used instead of the date the home is occupied.

A first-time home buyer is any buyer who has not owned a principal residence, i.e. single family home, condo, townhouse, mobile home, houseboat, during the three years prior to the home purchase. Thus, even people who have bought a house before may still qualify for the tax credit.

An important caveat for married couples regarding the 7500 tax credit is that if any spouse has owned a home as a primary residence in the past three years, then neither spouse may qualify for the first-time home buyer tax credit. Ownership of non-primary residences such as rental properties or vacation homes does not disqualify a first-time home buyer from the $7500 tax credit. All you have to do is claim the tax credit on your federal income tax return. It’s that easy.

There are a few restrictions regarding the 7500 tax credit you should know about. First, the tax credit may not be available or only partially available based on your Adjusted Gross Income (AGI), and this varies for single vs. married couples. The tax credit is completely unavailable to single people with an AGI greater than $95,000 or married people filing jointly with more than $170,000 in AGI. The credit is evenly split for married couples filing seperately, i.e. each spouse can only claim $3,750.

Second, the 7500 tax credit is limited to 10% of the purchase price of the home and capped at $7,500. So as long as the home price is greater than $75,000, most people can get the full credit.

Also, the tax credit is basically a zero interest loan as it will eventually have to be paid back to the government (without interest), over a 15 year period or when the home is sold. The first payment is not until 2 years after the credit is claimed. The payments are generally calculated as the credit amount divided by 15. Thus, a 7500 tax credit would be paid back at $500 per year for 15 years or when the home is sold, which ever comes first. If the home is sold and there is not enough capital gain to payback the remaining portion of the tax credit, then the debt may be forgiven.

To find the best Las Vegas homes on the market and take advantage of the terrific prices we now have, please call us at 702-985-7654. Don't forget, you only have until July 1st to take advantage of the tax credit.