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Old 07-20-2009, 07:56 AM
 
390 posts, read 756,334 times
Reputation: 456

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My friends (out of state) are planning a move to Las Vegas as soon as their house sells. Working couple... Problem is, another friend told them that they will never get a mortgage since most lenders (primarily banks) will not loan due to market still sliding down.

Their credit is excellent, and they are looking for home 200 to 250 with 20% down. The other friend of theirs owns a home in Vegas(vacation home) and was told by real estate agent no way can anyone get a loan right now...so selling the vacation home will cost them OVER normal 6% commission and an additional $18,000. to get buyer.

My friends are upset wondering if this is true. Thoughts?
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Old 07-20-2009, 10:48 AM
 
Location: Here and there, you decide.
12,908 posts, read 28,010,191 times
Reputation: 5057
oh please.. the loans are there.. the only problem is that some of the homes are not appraising for the bid price so what happens is the bank has to lower the price or the buyer cough up the difference.. and selling will not cost additional.. get another realtor..
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Old 07-20-2009, 01:39 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,222,162 times
Reputation: 2661
As Airic said.

Note that June was the highest sales month ever in the history of Las Vegas...so somebody is buying. And the majority are owner occupied.

Pricing still looks like a buyers market. So you need a low price or time to sell. There is a propensity for the buyer to ask the seller to pay closing costs...So that could arise. But normal commission negotiations are working fine. No special spifs.
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