[SharkyV12]

I figure I can get a home equity loan if and when it becomes a dire need (like if I need to buy an investment property).

[yukiko11]

I am also planning to pay all cash due to the retirement issue. i currently live in another state. I made a full price offer on one home and lost it to another offer that went FHA at a lower price. Is there resistance to selling to cash customers becauase they are preceived as investors and the revenue may go out of state?

[SharkyV12]

WOW, that's an interesting twist of logic. Good question, what were the circumstances behind that! I bought my last house with cash and got it with a lower price than the guy who offered a finance deal. Then again, I was local. Things that make you go, Hmmmmm...

[olecapt]

Originally Posted by yukiko11

I am also planning to pay all cash due to the retirement issue. i currently live in another state. I made a full price offer on one home and lost it to another offer that went FHA at a lower price. Is there resistance to selling to cash customers becauase they are preceived as investors and the revenue may go out of state?

There are circumstances where first time home buyers get the preference.

You have some special status that says the sellers can't favor someone else?

[Fastrudy]

I am in contract for a house I like. Curiously, the 'first' house that I liked was listed at $119,900 and I bid $108,000. It was rejected. Now, after I go to contract with my 'second' choice, I find the first choice listed at $109,900. ! I am an out of state investor, all cash. I might be mistaken, but I take this as strong evidence that there exists a bias against all cash OR out-of-state investors. I welcome comments that tend to allay this feeling. I also welcome comments that tend to support it. What do you think?

[SharkyV12]

Such bias, if it exists at all in Vegas, I would consider common to many many areas of the country. With the extreme low prices in Vegas and plenty "newbies" moving in I can understand some resentment of the redistribution of wealth in that area. While I'm excited at the opportunities for a home purchase Vegas currently offers I think it might be wise to keep a low profile on the "good deal" you might make. Especially if you find your new neighbors are upside down on their house...

[yukiko11]

Originally Posted by olecapt

There are circumstances where first time home buyers get the preference.

You have some special status that says the sellers can't favor someone else?

Not at all. In my case this property had been on the market for over 9 months, was bank owned and was only 751 sq ft which would not suit most homebuyers.

I'm just trying to educate myself about this market because I want to relocate. If there is a bias, it may be better for me to relocate first then buy.

[olecapt]

Originally Posted by yukiko11

Not at all. In my case this property had been on the market for over 9 months, was bank owned and was only 751 sq ft which would not suit most homebuyers.

I'm just trying to educate myself about this market because I want to relocate. If there is a bias, it may be better for me to relocate first then buy.

The biases involved would likely be national. It is lenders like Fannie Mae who run such programs.

Note though that Fannie's Home Path program is actually open to investors for 10% down.

[Thisissam]

I always use to be all for paying cash. This way you avoid interest. Buying a car for 35k could easily end up costing you 50k after interest.

I'm also not a fan of rent either up until the economic crisis. Now that housing is where it is with the mortgage crisis and so on paying rent might just be safer at this point until things get settled. Being commitment free during times like these is a +

[olecapt]

Originally Posted by Thisissam

I always use to be all for paying cash. This way you avoid interest. Buying a car for 35k could easily end up costing you 50k after interest.

I'm also not a fan of rent either up until the economic crisis. Now that housing is where it is with the mortgage crisis and so on paying rent might just be safer at this point until things get settled. Being commitment free during times like these is a +

The classical problem. You only find out 6 months or a year too late that you should have gone the other way. The cusp may be on us...then again it may not be..

Bet your money and take your chances.

My guess is that you should buy soon. But who knows.