[iarnan0606]

Hi there , new to this site and seeking good advice on buying real estate
in Las Vegas . We are total beginners in this market, and would appreciate
even the most basic information possible, we do not understand all the abbrevations used , and charges incured . also can anybody help me on the word realtor is it estate agent , . And which are the best buys, family homes , condos , or high rise ? need somewhere safe and secure, as the property will not always be occupied ..

Thanks for your time ......

[cchaynes]

ok...

a few things...

1.) i am too not american and looking at property in vegas
2.) estate agent is synonymous with realtor
3.) there is alot of jargon on this side of the pond regarding property. There is an excellent book called "south of 49" intended for canadians buyin in the usa, but a book would serve you well.
4.) there are some truly helpful people on the forums
5.) if it s property that you are going to use yourself, then a condo would likely be the best bet.
6.) people will want you to better define your needs, interests and budget in order to assist.

a few abbreviations to get you started...(definitions too)

REO = bank owned home(foreclosed)
HOA = Home owners assoc. ( fees payable for maintaining common areas. common ares in the usa are more extensive and can be streets parks pools etc.)

other stuff.

Short Sale. This is usually a listing that an owner is trying to avoid foreclosure by getting a potential buyer to make an offer that can be presented to the bank holding the mortgage. In this case the bank would be accepting an offer to discharge the mortgage got less than the owners owes the bank. It can work out, but is often countered and takes weeks or months.

if there are other specifics, throw some terms out and i am certain that others will jump in and help. I am also certain that others will find the info handy!

Cheers

[Jhiker10]

I'll give you a site that shows current owners, previous owners, bank owned and home prices, property taxes in the valley...... A great site for people wishing to buy property in Las Vegas. I've used it before purchasing my condo. Just type in the location or property name or street address.........and search.
Las Vegas real estate news, data and statistics, home sales and real estate listings | BlockShopper Las Vegas

[olecapt]

Originally Posted by iarnan0606

Hi there , new to this site and seeking good advice on buying real estate
in Las Vegas . We are total beginners in this market, and would appreciate
even the most basic information possible, we do not understand all the abbrevations used , and charges incured . also can anybody help me on the word realtor is it estate agent , . And which are the best buys, family homes , condos , or high rise ? need somewhere safe and secure, as the property will not always be occupied ..

Thanks for your time ......

Are you looking for a vacation place? What kind of "vacation place"...couple of weeks a year? Months at a time? You need/want strip access?

Basics...

Condohotels...you basically own a hotel room that can be rented by the host hotel. Mostly small. Mostly a cash buy. Will carry themselves mostly...ie no out of pocket cost as the rentals will cover the fees. MGM Signature is the obvious example

High rise condos. You own a flat. 600 to thousands of square feet. Can be rented out by generally for long periods. High HOA costs. multiple hundreds of dollars. Panorama or Turnberry might be examples.

Other condos. You own a flat in a two to four story building. Some may have small yards. Mostly no garages though some exceptions. Often nice recreation areas. Generally not on strip though some in the south strip area. Many around Manhattan in the south strip Dozens and dozens in the nice suburbs. HOA fees around $100 to $200 or so.

Town houses. You own a little house. Often have small yards and garages. Sometimes duplex/triplex/quadplex. Generally 1000 to 2000 SF. Often have pools and some rec facilities. $100 or so HOA. Generally suburban

Single family residences. Plain old house with yard. Huge range in all dimensions. Suburban and urban.

There exist exceptions to all the above...but mostly right.

[007 license to sell]

Originally Posted by iarnan0606

Hi there , new to this site and seeking good advice on buying real estate
in Las Vegas . We are total beginners in this market, and would appreciate
even the most basic information possible, we do not understand all the abbrevations used , and charges incured . also can anybody help me on the word realtor is it estate agent , . And which are the best buys, family homes , condos , or high rise ? need somewhere safe and secure, as the property will not always be occupied ..

Thanks for your time ......

Realtor is a real-estate agent, they can be called buyers agent or listing agent, or both. A buyers agent primarily works just for the buyer regarding finding a property , there should be no charge to you from a buyers agent when looking for a property.
The buyers agent is paid from the proceeds of the sale that the sellers received.
I hope this doesn't confuse you but you should be aware of this.
Some buyers agents will have you sign and exclusive buyers contract, how that works is if you are working with the agent you and you signed a buyers exclusive contract, and you find a property through another agent you will be obligated to pay the agent that didn't find you the property even though that agent didn't find you the property you purchased, this is the only time you would have to pay a buyers agent directly. Because the agent that found you the property would be paid from the proceeds the seller received.
It sounds like you are looking for a vacation home. If this is the case the most secure properties for locking and leaving is the highrise property. There is 24 hour security, the entrance is guard gated, there is a 24 hour concierge so you can call ahead and have the unit ready, book shows, have them send a cab for you ect. The highrise properties are totally self contained, they have a gym, pool, meeting room, some have spa's.
Depending on the community the HOA's can run $1.25 a foot to as low at 42cents a foot, Remember you are paying for all the people that work there and the maintenance of the building and facilities and the extra security.

Condotels, like Trump tower or MGM signature, Palms Place,Platinum and CityCenter Vdara, are hotels that you can purchase a unit to have as your own or you can put it in the rental pool. You will have more people running in and out versus a private highrise property. HOA's are always higher in these units, and some properties charged additional fees if they aren't in the rental pool.

If you are going with a Single family home you most likely have hoa fees as well, gated doesn't really mean the safest since most people can follow the person in going in the gate without having to punch a code in. If your want true security then you will want a guard gated entrance that checks Identifications, and also that has been cleared to go in by the owner calling the gate ahead of time to have the person visiting put on a list.

Everything on the market has had the prices slashed as far as best buy depends on what your looking for. If you purchase a highrise condo you will pay more per ft due to the amenities and the people that are employed full time to take care of owners.

Single family homes can be seen as a great deal as well since they have depreciated so much, however if there is a yard and the house itself will need maintenance from time to time and if your not there much you may have to hire some one to take care of the yard and check on the home.

Regular condos, are nice as well they have taken the biggest hit for loosing value than any of the other properties, there is a hoa usually will be at least $100.00 a month or more depending on the amenities, like gated, pool, roving security.
Since you are a foreign national you will most likely have to pay cash, and set up bank account here along with some other things. A bank representative can help you with that.

[ei1980]

First of all Las Vegas has the highest foreclosure rate in the country looking at metro areas.
It seems like a lot of investor and second home buyers are buying in LV. May be that;s a sign that they expect a turnaround at some point.
Las Vegas real estate January 2010

[iarnan0606]

Originally Posted by cchaynes

ok...

a few things...

1.) i am too not american and looking at property in vegas
2.) estate agent is synonymous with realtor
3.) there is alot of jargon on this side of the pond regarding property. There is an excellent book called "south of 49" intended for canadians buyin in the usa, but a book would serve you well.
4.) there are some truly helpful people on the forums
5.) if it s property that you are going to use yourself, then a condo would likely be the best bet.
6.) people will want you to better define your needs, interests and budget in order to assist.

a few abbreviations to get you started...(definitions too)

REO = bank owned home(foreclosed)
HOA = Home owners assoc. ( fees payable for maintaining common areas. common ares in the usa are more extensive and can be streets parks pools etc.)

other stuff.

Short Sale. This is usually a listing that an owner is trying to avoid foreclosure by getting a potential buyer to make an offer that can be presented to the bank holding the mortgage. In this case the bank would be accepting an offer to discharge the mortgage got less than the owners owes the bank. It can work out, but is often countered and takes weeks or months.

if there are other specifics, throw some terms out and i am certain that others will jump in and help. I am also certain that others will find the info handy!

Cheers

Hi There .
would just like to thank you for taking the time to reply,
now that i am a bit more aware of the abbreviations we have a bit more idear, i will look for he book and hopefully i will be a bit wiser, we are going out there in october so will do a bit more digging until then ...
ps: may contact you again lol ..


Thanks.

[iarnan0606]

Hi there
Thanks for replying to my message , i will have a good look at the sites and ask more questions later

Cheers .

[iarnan0606]

Hi There,
Thanks for replying , i found your reply very helpfull have a few more to read and a bit more digging to do , but will be back in touch with you at a later date with more details ..

Many Thanks.

[iarnan0606]

Many thanks for the message , it is a great help all messages are gratefully received.
seems as though we have a lot more research to do before we buy , will get back to you shortley..

Kind Regards..