March 3, 2025 • 31 mins
Get ready for an engaging discussion on the latest happenings in Las Vegas real estate! Our hosts, Trish Williams and Courtney Bohm, dive into the current state of the housing market in the Entertainment Capital of the World. From analyzing the statistics of single-family homes and condominiums to discussing the growing presence of VA loans, our hosts offer invaluable insights that can help buyers and investors alike.
Whether you're already a part of the Vegas community or are considering making the move, this episode is packed with information on market trends, price shifts, and new developments that could shape the future of real estate in this area. Not only do we break down the latest market numbers, but we also explore the controversial new housing projects that have sparked community debate, shedding light on the importance of understanding local sentiments as a potential homebuyer.
Additionally, we offer a thorough examination of VA loans, discussing eligibility requirements and the unique benefits that come with them. Did you know VA loans do not require a down payment? We clarify this and other myths surrounding VA financing to help veterans and military members make informed decisions.
Join us as we unpack the complexities of the Las Vegas real estate market and empower you with the knowledge you need to navigate it successfully. This episode is more than just statistics; it's about ensuring you're fully prepared to make the best decisions for your realty journey. Don’t miss out on this opportunity to gain expertise that could greatly impact your real estate endeavors in Las Vegas. And remember, if you have any questions or feedback, we would love to hear from you! Please consider subscribing, sharing, and leaving a review to help support our show.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to Vegas Realty.
Check your go-to podcast forall things Las Vegas real estate
.
Whether you're buying, sellingor investing, we bring you the
latest market trends, insidertips and expert insights to
navigate the ever-changing LasVegas realty landscape.
Tune in each week as we breakdown the data, answer your
questions and help you make thebest real estate decisions in
(00:21):
the entertainment capital of theworld.
Speaker 2 (00:26):
Hey, las Vegas.
Thanks for joining us back hereon Vegas Realty Check Local Las
Vegas real estate news.
And I'm Trish Williams and I'mCourtney Bone.
Yes, today we have a great showfor you.
We're going to obviously unpacksome market numbers.
We have some spikes in marketactivity, which is looking great
(00:47):
for the season, and we're goingto talk a lot about VA loans.
Today, that's the VeteransAdministration VA loan.
We're going to get into thoseand lots of details on that, so
stay tuned as we open up here.
Speaker 3 (01:03):
Absolutely so.
Market numbers are lookingpretty pretty good.
Single family homes on themarket right now are 5,065.
This is down about four.
This is down 46 from last week.
Okay.
Speaker 2 (01:17):
And still, you know, I'd say they're up there as far
as the inventory numbers, butthey're dropping a little bit.
Condos and townhouses $19.59.
Those are up $39 from the weekbefore.
Speaker 3 (01:30):
And then we have 1,120 new listings on the market
, which is 104 more from lastweek.
Speaker 2 (01:37):
Yeah, yeah.
So those have spiked a littlebit.
Lots of price decreases $9.02.
So those are up $1, up 127 fromlast week.
So lots of people droppingthose prices, adjusting those
prices to get with the markettimes, trying to get their homes
sold.
Get their homes sold, that'sthe name of the game right now.
Speaker 3 (01:57):
But under contracts are looking great right, yep,
we're up 146 from last week.
So right now sold or contractare 1,038,.
So up 142.
Speaker 2 (02:08):
Yep.
And then sold are up 146 fromlast week, which is a big jump
at 728.
So we're seeing a lot more ofthose homes getting sold closed
out under contract.
We're seeing really, reallypromising numbers there.
I think that we're going to endin a strong month as February
(02:28):
comes to a wrap.
Before we get into loanprograms which you have a loan
program to talk about today butbefore we get into that, there
was one news article that I seenthat I wanted to bring up,
super controversial.
Oh, we love controversy, right,love it.
Yeah.
So Review Journal's reportingabout this.
(02:48):
I'm not sure if you guys areaware of the gosh.
I think it's called the oldkids, mine or child's mine out
towards Lake Las Vegas.
Speaker 3 (02:58):
I read something on that.
Speaker 2 (03:00):
Yeah, so lots of controversy surrounding this.
They're planning on building3,000 homes.
The Review Journal said thatthey're estimated to be building
3,000 homes in this community.
I spoke with a builder.
It says they're building 5,000.
I don't know how many thousandsof homes it is, but it's on
some mine that people think istoxic or there's some kind of
(03:22):
like bad stuff going on withthat mine, or people think that
there's bad stuff going on withthat mine.
I'm sure the builders have had,you know, some type of
regulations and diligenceinvolved in that.
You can't just, you know, buildon stuff, or maybe you can.
That was like a landfill, rightor no, it wasn't.
Maybe it wasn't a landfill ofsome sort.
(03:42):
The reports are saying thatit's toxic and you know
something, there was some kindof waste happening over there,
yeah.
Speaker 3 (03:52):
And so it's going to be like a master plan community.
It sounds like.
Speaker 2 (03:56):
Master plan community .
I believe it's going to becalled Lake Moore, right across
from Lake Las Vegas, and I knowPulte Builders is one of the
builders building there.
I don't know if there'll bemore builders than Pulte, but I
did speak with someone at Pultethat was telling me about the
community.
It's supposed to be a greatmaster plan community and, you
(04:16):
know, again, there's all typesof disclosures, there's soils
reports needed.
There's a lot of stuff thatgoes into building.
I'm sure it is, you knowthey're not.
I'm sure the city and theregulations are not going to
allow them to just, you know,build some unsafe development.
But we will see what happenswith that.
(04:37):
It's obviously got lots ofpeople talking and lots of
controversy surrounding it.
Speaker 3 (04:43):
I think that has to do with a lot of you know.
Our land is so limited andabout 50% right now is new
builds.
Speaker 2 (04:51):
Yeah, absolutely.
So that is something up andcoming.
I believe they've alreadystarted construction or been
working on permits.
So it is a go.
And we will see People aretalking.
People in the Valley are allover the place with it.
Some people.
And we will see People aretalking.
People in the Valley are allover the place with it.
Some people want it, Somepeople don't want it.
You know my thoughts on this isif it concerns you, you don't
(05:14):
like it, don't buy a home there.
Speaker 3 (05:16):
That's it.
That's fair.
That's fair.
Aren't they building a bunch ofhouses right near the M2, or am
I wrong?
Speaker 2 (05:31):
Did you hear about that?
They're supposed to be doing abig master plan community out
there.
I guess it's on the side ofInspirata out towards that area.
They said that will be the nextSummerlin.
However, I have heard the nextSummerlin is coming so many
times.
Speaker 3 (05:38):
They're building a casino out right near Inspirata
as well.
Yeah, like in Inspirata.
I think it's part of thestations family.
Speaker 2 (05:47):
Yeah, yeah.
So there's a lot going on.
You know, things are growingand stretching out and we will
see when it's built what is thenext Summerlin, because every
time they build a new masterplan community, that's what the
builders say.
This is going to be just likeSummerlin, I feel like Southwest
grew a lot.
Speaker 3 (06:04):
It that's what the builders say.
This is going to be just likeSummerlin.
I feel like Southwest grew alot it did In the last like
three, four years.
It did With all the casino andthen you know they have all
those what's that little areathat has all the shops.
Now I can't think of it.
Mountain's Edge no, no, no, theone, anyways, yeah.
Speaker 1 (06:21):
Yeah.
Speaker 3 (06:21):
There's a bunch of stores and things like that
right off of the 215.
Speaker 2 (06:25):
Oh, yeah, okay.
Speaker 3 (06:26):
And shops, restaurants I can't think of the
name.
Speaker 2 (06:30):
I can't think of the name Either way.
Speaker 3 (06:30):
I think we're growing period and I think they just
need places to build houses,whether it's on some toxic mine
or not.
Speaker 2 (06:39):
We're growing.
Vegas is growing.
Moral of the story.
Vegas is growing.
Moral of the story.
Vegas is growing, yes, and weare, yeah, just looking for dirt
in every area.
I mean, they just built thisbig master plan out in the
northwest DR Horton has a bigmaster plan area.
They're working on there and forso long they couldn't build
(07:01):
there because they were diggingup woolly mammoths or you know
some kind of like dinosaur bonesor something, I don't know.
It was a preservation, like apreservation area, and they
wouldn't allow building untilall of these fossils were dug up
out of the ground.
And then they said it's clear.
So then they let them build, sothey find what they were
(07:21):
looking for.
I'm sure they did.
They let them build.
Did they find what they werelooking for?
I'm sure they did.
I'm sure they did.
So it's kind of cool.
Yeah, it is.
It is kind of cool so.
I mean those houses are built upon top of, you know, dinosaur
land.
Is that called dinosaur land?
I don't know Whatever.
Or woolly mammoths, dinosaurs Iprobably need to go to class
for this.
I don't know what I'm talkingabout.
(07:42):
It's outside of my area ofexpertise for sure.
Yeah, for sure.
So you have a loan program totalk about?
Speaker 3 (07:51):
Yeah, but first mortgage rates, oh yeah mortgage
rates when are we at?
So some good news.
We actually are the lowestwe've seen since December 10th
of last year.
So right now, on a 30-yearconventional, we're sitting
right at 6.7.
Speaker 2 (08:07):
Yes, I like that we're below 7%.
Speaker 3 (08:10):
Yep, we are, and it's a decent amount lower.
So that is really reallyamazing news and it looks like
it's going to hold steady, wehope.
And getting closer to the Fed'smeeting March 19th, we are
seeing this start to come downand on fha, right now we're
looking right under six percent,so we're in the high fives wow,
(08:30):
I love that, I love the fives,yeah.
so.
So super, super exciting.
And just to kind of give acomparison, as far as if you
were getting like an fha loanfor a half a million dollars at
three and a half percent down,the difference just between
those little rate changes isabout two200.
So if you were looking at yeah,so if you're looking at, you
know, back maybe a month ago, wewere right around a national
(08:52):
average of six and a half andnow we're right in the high five
.
So you're looking at just rightnow, just from that change,
about $200 a month.
Wow.
So get in where you fit in Ifyou can qualify, get in there,
because FHA at a high five isreally great yeah and people
have been asking for fives.
Speaker 2 (09:10):
They've been wanting the fives.
Here we are, guys.
Speaker 1 (09:13):
Got the fives.
Speaker 2 (09:14):
Absolutely, we're in the fives.
Let's get things rolling.
Obviously there's factors,credit scores, all the other
stuff that applies to that.
That's just the nationalaverage.
But yeah, that's great, that'sreally great news.
So let's get those buyers outthere and in contract.
And speaking of buyers, what'syour loan program?
Speaker 3 (09:35):
So today I think we're tying in a bunch of stuff
about VA loans and that's kindof the listener question that
we're going to go over.
So today we're going to talkabout VA loans, which these type
of loans are going to be gearedtowards someone active military
service who has even part ofthe reserves or has been in the
military, Any active dutyservice member, veteran and
(09:58):
sometimes the spouse of adeceased military veteran.
Speaker 2 (10:04):
Oh really, I didn't know that the spouses of
deceased military stillqualified for VA.
Speaker 3 (10:09):
So they do on special occasions.
They would have to have beenthe active member of the
military or, if they're retiredmilitary, to get those spousal
benefits.
They would have had to havepassed during duty as far as
while they were serving or sometype of disability that came
from while they were serving.
Speaker 2 (10:30):
Okay, okay, so there are some caveats to that, but
still that's a great optionbecause a VA loan, as many might
know, is zero down.
Yep yeah, so zero down ratesare attractive as compared to a
standard conventional loan, soit is a very good program.
Speaker 3 (10:50):
They're going to be a little bit lower than an FHA
loan, which is awesome, and youcan come in with virtually no
money down.
And what technically considersyou to be eligible for VA
benefits is someone who is 90days in active duty during
wartime, or 180 days what theycall peacetime, which is not
(11:11):
active fighting.
Also, we can do as long asyou've been in the National
Guard or Reserves for six years.
You also would qualify.
Oh, wow, okay.
So it doesn't have to just beactive exact military or wartime
.
And then, as far as debt toincome and credit score, they
are more lenient.
(11:32):
As far as getting a VA loan,okay.
So we really look atqualifications but we don't look
at exact debt to income orcredit is not as big of an issue
as far as, like an FHA orconventional Wow, they're a
little bit looser on thoseguidelines.
But the great thing is that,based on your eligibility, you
can buy a home with virtuallynothing down, and then they do
(11:55):
typically require you to be in aprimary home for at least 12
months.
Okay, now if you have morebenefits and let's say, you end
up moving, you can move out ofthat after 12 months, so you can
get another primary.
If you're an active duty andyou have to move now to South
Carolina or something like that,you can get another home based
(12:16):
on your eligibility and how muchyou qualify for in another
primary, because a VA loan isonly for primary, you can't use
it for secondary or investmentproperties or anything like that
.
Speaker 2 (12:26):
Yeah, that makes sense.
Now, um, when, when you have aVA loan, my understanding is
that the um, the departmentveteran affairs, or somebody has
a certificate of eligibility aissue, um, that is kind of says
that you are certified to beeligible for a VA loan or
something like that Right?
Yes, so we usually to beeligible for a VA loan or
something like that right.
Speaker 3 (12:46):
Yes, so we usually get what's called a COE or
certificate of eligibility, andthis will show us how much or
what your benefits are, how muchyou qualify for that.
You were an active duty memberand everyone qualifies for a
little bit different.
Usually it's based on how longyou were a service member and
there's some other factors inthat.
But I've had people thatcouldn't find it or didn't, and
(13:08):
usually we just have them callthe Veterans Affair and they'll
help them get that so we can getthe loan closed.
Speaker 2 (13:14):
Okay, that's great.
And also recently, like inrecent years, va changed.
There's no loan limits.
Speaker 3 (13:22):
Right.
So no, they've gone up a lotand they're not as strict.
It's pretty rare, you see.
I mean not that you don't see,but usually an eligibility is
only for a certain amount.
Okay, so usually they're goingto have to come in with a
difference if the loan is muchhigher.
Speaker 2 (13:39):
Okay, then their eligibility amount Correct.
But, in previous years it wasjust like FHA and conventional.
They have like a max loan forVA, a cap on it, regardless of
your eligibility, how high theloan could be, and that was
removed.
So that is now.
Speaker 3 (13:54):
It's just your eligibility amount, not a cap
loan amount, and then you cancome in with the difference.
Speaker 2 (13:59):
Yeah, okay, all right .
Well, that's a great benefittoo.
And speaking of VA loans, andy,who is one of our listeners,
sent in a question that he hadgotten approved for a VA loan
and they are telling him thathe's going to need to get a
termite inspection on the homethat he is purchasing and he
wasn't aware that there wastermites in Las Vegas and wants
(14:22):
to know why he has to do thisinspection, which he doesn't
have to do the inspection, atermite inspector let's clear
that up.
Termite inspector has to do thatinspection.
So VA loans do have certainrequirements?
Yes, they do, and a termiteinspection, no matter what city
or state you're in, is arequirement of a VA loan.
Speaker 3 (14:44):
Correct, and so being a termite inspector here is
probably one of the best jobsyou can get, for the simple fact
that we just don't havetermites, it would be extremely
rare.
Yes, but those guidelines arenot statewide guidelines.
It's a national guideline to beable to get a VA loan.
Speaker 2 (15:04):
Yes, and I've spoken with the termite inspection
company.
When they showed up for theirlike five minute walkthrough
where they're in and out done,it was like easiest a hundred
dollars they ever you couldpossibly ever earn.
Speaker 3 (15:20):
So I said it's a great job to have on.
Speaker 1 (15:22):
Yes, I'm like, that's all you do there's nothing
what's going on here?
Speaker 2 (15:26):
But yes, it is very uncommon for termites in the
valley here.
I asked at one point in timeafter I seen a couple of these
inspections take place.
I said is there a such thing astermites in Vegas?
Because you guys are in it outin minutes?
And he said that it could exist, but it is extremely rare, so
(15:49):
it just has to be basically anextreme circumstance for it to
exist.
Speaker 3 (15:54):
One of the reasons is because I guess termites like
moisture so termites they feedoff of moisture and we just
don't really have that here.
We are very dry, yeah, superdry here, and they don't like
super hot or super cold weather.
So Nevada is ideally just notsomewhere that termites are, and
(16:21):
also they tend to go with woodstructured homes.
They love wood, yeah, and a lotof our homes about 50% of them
right now are new builds with abunch of stucco.
It's just not a breeding groundfor termites in general.
Speaker 2 (16:35):
Yeah, and that's good , that's good.
So move to Vegas.
Yeah, termites will not eatyour home up and an average
termite inspection usually isaround $75, $100.
And the buyer doesn't pay thateither way.
Yes, the seller.
It is a requirement that thebuyer does not pay this termite
inspection.
That's one of the VA guidelines.
(16:55):
Seller can pay it, the realtorcan pay it, the escrow company,
anybody can pay it as long asthe buyer doesn't Correct.
But when we get intomisconceptions there's a lot of
misconceptions on VA loans Ifeel like some of them are
likely, maybe were a thing inthe past and people don't know
that guidelines have changed.
Maybe certain things were anissue in the past and that have
(17:18):
changed.
So I'd like to talk about someof those, because I've ran into
a lot of these misconceptionswhich are simply not true.
One of the things that I'veheard a lot that is a
misconception.
So we are fact-checking anddebunking VA loans right now.
One of the misconceptions isthat VA financing is stricter.
(17:43):
Their inspections and appraisalare stricter than any other
financing type.
Speaker 3 (17:51):
So a VA appraisal is a tad bit stricter than a
conventional loan due to thefact that the veteran they want
to make sure in the VeteransAffairs Department that
whoever's moving into the house,if it's someone who's serving
in military, that the house thatthey're moving into is
(18:12):
structurally sound, and they dorequire different inspections.
So, yes, the guidelines are alittle bit stricter as far as
termites.
What they're really looking atis is the home structurally
sound?
Is it safe?
They want to make sure, ifsomeone that's served in the
military, that they're movinginto something that is safe.
(18:32):
That's their main goal.
So, like, based on a regulartype of loan, they're going to
look as far as a VA appraiserand they actually have to have a
specific license to do a VAappraisal Correct.
It can't just be any appraiser.
So what they're going to lookfor is they're actually looking
to make sure that the home hasno lead-based paint yes, which
(18:54):
on a conventional loan theydon't.
You know it's not an end-all,be-all Right and then they're
also going to look for to makesure the home is structurally
sound.
They also want to make surethat the attic and the crawl
space is clear and vented andthat any type of sewage and
electrical must be working aswell.
Speaker 2 (19:12):
Yes, and in VA loans, in a VA loan appraisal, in an
appraisal for a VA, a lot ofthose things are very similar
with FHA appraisals as well.
Yes, so while they may vary abit from conventional, they're
not very different with FHAappraisals as well.
Yes, so while they may vary abit from conventional, they're
not very different from FHA.
So I think the misconceptionthat a lot of people have out
(19:35):
there is that if they accept aVA buyer, that the appraisal
will somehow come in low becauseit's stricter, and that is not
the case.
The VA appraiser will reviewthe comparables, just as an FHA
or conventional will reviewcomparable sales to determine
value.
Besides those couple ofconditional things that they add
(19:56):
to the appraisal, none of thatwill affect value and they don't
automatically come in lowervalue.
So that is a misconception.
Speaker 3 (20:06):
And where you're going to see those type of
things come into play too islike along, like California, the
West coast, where there's a lotof moisture in the perfect
weather.
You will see issues withtermites.
Oh yeah, and so in that case,if there is a termite
infestation in the wood, thenthings would have to be fixed
(20:27):
before the home can be sold orbe under any type of regular
loan, just because the homeisn't structurally sound.
A lot of times if they eat awayat the wood, it's going to
change the safety of thestructure of the home.
Speaker 2 (20:39):
Oh, absolutely.
So that would be stricter, butthat's not an issue that we run
across here in Vegas.
And then another thing is thata lot of people seem to think
that VA appraisals are the sameas home inspections.
No, so a VA appraiser does notperform a home inspection.
As you mentioned earlier, theyinspect a couple things while
(21:02):
they're there that are thingsthat are based on the home and
the structure which obviouslyaffect its material value
Absolutely, but they are notperforming a home inspector.
A home inspector will gothrough and test AC, water
heater, mechanical, take a lookat the roof, check the
electrical, check the plumbing,all of those things.
(21:24):
Those are things that a VAinspector does not do.
Speaker 3 (21:27):
Correct.
So an appraisal is more so tobasically get the value of the
home.
An inspection is to see ifeverything's functioning
properly.
Two completely separate things.
Yes.
Speaker 2 (21:40):
And the mechanics of the home are not the same thing
as the home being structurallysound.
Correct, because the home couldbe structurally sound and there
could be some issues.
The dishwasher might not work.
That doesn't mean that it's notstructurally sound, it just
means the dishwasher doesn'twork.
So those are two differentthings home inspector and
(22:01):
appraiser.
And if you are getting a VAloan and as even a lot of
veterans are a little confusedthere with that point they say,
oh, I don't need a homeinspection because I have a VA
loan and my appraiser, theappraisal is an inspection or
the VA does an inspection, isthe words I hear a lot, and I
say no, the VA does not do ahome inspection, you do need to
(22:25):
have a home inspection performed.
Speaker 3 (22:27):
What are the percentage of your buyers that
don't get an inspection?
Speaker 2 (22:31):
It's probably pretty rare, oh gosh it's very rare,
like I don't think it's happenedin years, and there's only one
time actually that I can thinkof that someone actually waived
it and he was a contractor anddid his own, so waived a third
party inspector from doing it.
But I always highly recommend ahome inspection.
(22:52):
It is, you know, it's a veryimportant part of the process.
It's not the end all be all.
They can't, you know, tear downwalls.
They can't see what is behindwalls or under floors or
anything like that, but they cangive you a good general idea of
what the condition and what'sgoing on and look for signs of
(23:13):
issues that could be larger thanthey appear.
Speaker 3 (23:15):
And it's important because maybe the AC is working.
But sometimes you get aninspector and they say this is
absolutely on its last legs.
You might have a few monthsbefore this whole AC unit goes
and I'm sure at that pointthere's maybe some type of
negotiating or things you can.
Speaker 2 (23:32):
We had recently a, you know I had a buyer in
contract.
Ac worked perfectly.
The you know the sellers wereliving there and everything you
know was fine.
They didn't know there were anyissues either.
And inspector had went in theattic and the unit in the attic
was completely torn apart, likethe face was off of it.
(23:54):
The electrical was all exposed.
I mean it was a fire hazard.
It was crazy.
Apparently they had had aservice call for the unit, you
know, several months before,about six months before, and the
service people didn't put itback together after working on
it.
Well, obviously that who goesin their attic and looks around,
you know you expect you hire acontractor.
(24:14):
They put everything backtogether and the unit was still
operating.
It was just, you know, not thecover wasn't put back on
everything.
The electrical was exposed.
It was a fire hazard.
Sellers were actually prettyfreaked out about it because
they're like, wow, we've beenliving here for six months and
didn't realize that that washappening.
So again, it doesn't alwaysmean that the sellers know that
there's a problem.
(24:35):
They might think everything'sfine, but an inspector can
uncover something that peopledon't know about.
So very important Inspectionsare very important.
It is also rumored that aveteran is not allowed to pay
their own closing cost.
Speaker 3 (24:52):
So that is not.
That is not the and I've heardthat before and I've had
veterans say like, oh what?
There's a closing cost.
There are certain things thatare called non-allowables, that
they can't pay for, but thereare closing costs when you're
doing a VA loan that the veteranis typically responsible for.
(25:12):
There's things like a fundingfee and so sometimes, based on
you know where they're at, theireligibility and things like
that sometimes we'll even lookat and how high their credit is
and if they're going to putmoney down.
I've had times where I've lookedat a conventional loan versus a
VA loan because the rates atthat time were pretty comparable
.
At a conventional loan versus aVA loan because the rates at
that time were pretty comparablea funding fee is going to be an
(25:34):
average of 2% to 5% of the loanamount and that is on a VA loan
.
If the veteran has a PurpleHeart or a 10% higher disability
rating, which we have to getdocumentation of, they actually
do not have the funding fee.
But the funding fee is a goodchunk of money that would be
(25:55):
part of the closing costs andthat can be rolled into the loan
or just paid for cash atclosing.
But certain things are notallowed for veterans to pay or
active service members on a VAloan.
But there are still someclosing costs.
Speaker 2 (26:09):
Yes, yes, so it doesn't.
There is no rule that says thesellers have to pay a veteran's
closing cost and there's no rulethat says that the veteran
cannot pay their closing cost.
Speaker 3 (26:21):
Correct and typically on a VA loan only 4% can
actually be seller concessionscoming from the seller, so there
are actually limits on that aswell.
Speaker 2 (26:34):
Okay, and so another thing that I have heard as a
rumor, which is, I guess, hassome truth to it, is that
veterans don't have to payproperty taxes don't have to pay
(26:55):
property taxes, so that's nottotally the case.
Speaker 3 (26:57):
Some people are exempt from property taxes.
Yes, it depends on serviceeligibility and different things
.
I have seen it where somepeople don't.
I believe it's a disabilitything too.
Yes, and that's not everybody.
Speaker 2 (27:07):
Yeah, so that's not true.
It's not every veteran.
I believe that the tax whichyou can count, you can look at
the County website, um, the theassessor's website, and they
they talk about different typesof um tax programs or um
abatement things that areavailable and um, there is
something based on like umeligibility based on disability,
(27:28):
correct?
So, um, there is, there issomething there to it, but that
is not a overall blanket thingthat applies to all VA loans,
because there are property taxesstill when you're doing a VA
loan, if you do not qualify forthe exemption.
Speaker 3 (27:45):
Your eligibility and a lot of the benefits are going
to come from disability anddisability ratings.
That's one huge factor.
And then also time servedthat's another large factor.
Speaker 2 (28:03):
Yes, yeah.
So all of those things arethings to look at and review
when you are thinking aboutdoing a purchase with a VA loan
and when you're working ongetting pre-qualified for the VA
loan.
On getting pre-qualified forthe VA loan, now, I believe,
another misconception which I'msure probably is a thorn in your
side a lot, a lot of veteransthink that and I speak with
people all the time they thinkthat if they have a VA loan they
(28:24):
have to go through the lendingcompanies.
There's a couple of lendingcompanies that have the veterans
in their name veterans, youknow, veterans this or veterans
that and they think those arethe only lending companies that
do VA loans.
And that is not the case.
No, yes.
So, um, those companiesactually, if you look at their
disclaimer, or even on their,their their little computer
(28:47):
automated system, when you call,says we are not a member of
that, we are not part of theVeterans Administration, correct
?
They're just an affiliate thathave veterans in the name, so
you guys are able to do VA loans.
Speaker 3 (29:02):
We do them all the time.
Yes, so a lot of people will goto specific VA banks and things
like that to be pre-qualified.
Most lenders, especially largerlenders, can absolutely do a VA
loan things like that To bepre-qualified.
Most lenders, especially largerlenders, can absolutely do a VA
loan.
Speaker 2 (29:14):
Yes, absolutely, and most lenders have done VA loans
and I know your company has,because we've worked on VA loans
with your company before.
So most lenders can do VA loansand are very versed and
knowledgeable on them.
If they are, if they'reexperienced, just like with
anything, if you have experience, you have knowledge, you're
(29:35):
able to work through theseprograms.
So somebody wants to talk abouta VA loan.
How do they reach?
Speaker 3 (29:42):
you.
You can call me at 702-416-6918or shoot me over a text.
Speaker 2 (29:48):
Okay, and if you guys want to reach me um and look
for a home or sell a home, I canbe reached at 7 0, 2, 3 0, 8, 2
, 8, 7, 8.
Um, do you want to give ourlisteners um an update?
We are uh, we mentioned thislast week we are moving to a
network, um it.
So we're moving to a network.
(30:08):
It is called hey Vegas TV.
Hey Vegas TV is a local Vegasnetwork that is put out
worldwide but it talks abouteverything Vegas.
It has entertainment channels,business channels.
Obviously, our show is going tobe moving to the business
(30:29):
section of the network, so weare excited about that.
But the places to tune in to usare going to be moving.
A link for our new website willbe on the art and our new
website, our new place where youcan find our show, will be on
our link tree.
That is not going away and thatis wwwrealtycheckvegas.
(30:50):
You can find us there.
You can find our new locationthere.
I have been loving your guys'feedback on YouTube and
everything.
You will see maybe some clipsfrom our show on there, but you
won't be able to view our fullshow on YouTube or social media
anymore unless you go throughhey Vegas.
So we will be seeing you guysthere, and we do want to give a
(31:14):
big thank you to our marketingpartner, chicago Title.
Yeah, have a good one, thankyou.
Welcome to Vegas Realty.
Check your go-to podcast forall things Las Vegas real estate
.
Whether you're buying, sellingor investing, we bring you the
latest market trends, insidertips and expert insights to
navigate the ever-changing LasVegas realty landscape.
Tune in each week as we breakdown the data, answer your
questions and help you make thebest real estate decisions in
(00:21):
the entertainment capital of theworld.
Speaker 2 (00:26):
Hey, las Vegas.
Thanks for joining us back hereon Vegas Realty Check Local Las
Vegas real estate news.
And I'm Trish Williams and I'mCourtney Bone.
Yes, today we have a great showfor you.
We're going to obviously unpacksome market numbers.
We have some spikes in marketactivity, which is looking great
(00:47):
for the season, and we're goingto talk a lot about VA loans.
Today, that's the VeteransAdministration VA loan.
We're going to get into thoseand lots of details on that, so
stay tuned as we open up here.
Speaker 3 (01:03):
Absolutely so.
Market numbers are lookingpretty pretty good.
Single family homes on themarket right now are 5,065.
This is down about four.
This is down 46 from last week.
Okay.
Speaker 2 (01:17):
And still, you know, I'd say they're up there as far
as the inventory numbers, butthey're dropping a little bit.
Condos and townhouses $19.59.
Those are up $39 from the weekbefore.
Speaker 3 (01:30):
And then we have 1,120 new listings on the market
, which is 104 more from lastweek.
Speaker 2 (01:37):
Yeah, yeah.
So those have spiked a littlebit.
Lots of price decreases $9.02.
So those are up $1, up 127 fromlast week.
So lots of people droppingthose prices, adjusting those
prices to get with the markettimes, trying to get their homes
sold.
Get their homes sold, that'sthe name of the game right now.
Speaker 3 (01:57):
But under contracts are looking great right, yep,
we're up 146 from last week.
So right now sold or contractare 1,038,.
So up 142.
Speaker 2 (02:08):
Yep.
And then sold are up 146 fromlast week, which is a big jump
at 728.
So we're seeing a lot more ofthose homes getting sold closed
out under contract.
We're seeing really, reallypromising numbers there.
I think that we're going to endin a strong month as February
(02:28):
comes to a wrap.
Before we get into loanprograms which you have a loan
program to talk about today butbefore we get into that, there
was one news article that I seenthat I wanted to bring up,
super controversial.
Oh, we love controversy, right,love it.
Yeah.
So Review Journal's reportingabout this.
(02:48):
I'm not sure if you guys areaware of the gosh.
I think it's called the oldkids, mine or child's mine out
towards Lake Las Vegas.
Speaker 3 (02:58):
I read something on that.
Speaker 2 (03:00):
Yeah, so lots of controversy surrounding this.
They're planning on building3,000 homes.
The Review Journal said thatthey're estimated to be building
3,000 homes in this community.
I spoke with a builder.
It says they're building 5,000.
I don't know how many thousandsof homes it is, but it's on
some mine that people think istoxic or there's some kind of
(03:22):
like bad stuff going on withthat mine, or people think that
there's bad stuff going on withthat mine.
I'm sure the builders have had,you know, some type of
regulations and diligenceinvolved in that.
You can't just, you know, buildon stuff, or maybe you can.
That was like a landfill, rightor no, it wasn't.
Maybe it wasn't a landfill ofsome sort.
(03:42):
The reports are saying thatit's toxic and you know
something, there was some kindof waste happening over there,
yeah.
Speaker 3 (03:52):
And so it's going to be like a master plan community.
It sounds like.
Speaker 2 (03:56):
Master plan community .
I believe it's going to becalled Lake Moore, right across
from Lake Las Vegas, and I knowPulte Builders is one of the
builders building there.
I don't know if there'll bemore builders than Pulte, but I
did speak with someone at Pultethat was telling me about the
community.
It's supposed to be a greatmaster plan community and, you
(04:16):
know, again, there's all typesof disclosures, there's soils
reports needed.
There's a lot of stuff thatgoes into building.
I'm sure it is, you knowthey're not.
I'm sure the city and theregulations are not going to
allow them to just, you know,build some unsafe development.
But we will see what happenswith that.
(04:37):
It's obviously got lots ofpeople talking and lots of
controversy surrounding it.
Speaker 3 (04:43):
I think that has to do with a lot of you know.
Our land is so limited andabout 50% right now is new
builds.
Speaker 2 (04:51):
Yeah, absolutely.
So that is something up andcoming.
I believe they've alreadystarted construction or been
working on permits.
So it is a go.
And we will see People aretalking.
People in the Valley are allover the place with it.
Some people.
And we will see People aretalking.
People in the Valley are allover the place with it.
Some people want it, Somepeople don't want it.
You know my thoughts on this isif it concerns you, you don't
(05:14):
like it, don't buy a home there.
Speaker 3 (05:16):
That's it.
That's fair.
That's fair.
Aren't they building a bunch ofhouses right near the M2, or am
I wrong?
Speaker 2 (05:31):
Did you hear about that?
They're supposed to be doing abig master plan community out
there.
I guess it's on the side ofInspirata out towards that area.
They said that will be the nextSummerlin.
However, I have heard the nextSummerlin is coming so many
times.
Speaker 3 (05:38):
They're building a casino out right near Inspirata
as well.
Yeah, like in Inspirata.
I think it's part of thestations family.
Speaker 2 (05:47):
Yeah, yeah.
So there's a lot going on.
You know, things are growingand stretching out and we will
see when it's built what is thenext Summerlin, because every
time they build a new masterplan community, that's what the
builders say.
This is going to be just likeSummerlin, I feel like Southwest
grew a lot.
Speaker 3 (06:04):
It that's what the builders say.
This is going to be just likeSummerlin.
I feel like Southwest grew alot it did In the last like
three, four years.
It did With all the casino andthen you know they have all
those what's that little areathat has all the shops.
Now I can't think of it.
Mountain's Edge no, no, no, theone, anyways, yeah.
Speaker 1 (06:21):
Yeah.
Speaker 3 (06:21):
There's a bunch of stores and things like that
right off of the 215.
Speaker 2 (06:25):
Oh, yeah, okay.
Speaker 3 (06:26):
And shops, restaurants I can't think of the
name.
Speaker 2 (06:30):
I can't think of the name Either way.
Speaker 3 (06:30):
I think we're growing period and I think they just
need places to build houses,whether it's on some toxic mine
or not.
Speaker 2 (06:39):
We're growing.
Vegas is growing.
Moral of the story.
Vegas is growing.
Moral of the story.
Vegas is growing, yes, and weare, yeah, just looking for dirt
in every area.
I mean, they just built thisbig master plan out in the
northwest DR Horton has a bigmaster plan area.
They're working on there and forso long they couldn't build
(07:01):
there because they were diggingup woolly mammoths or you know
some kind of like dinosaur bonesor something, I don't know.
It was a preservation, like apreservation area, and they
wouldn't allow building untilall of these fossils were dug up
out of the ground.
And then they said it's clear.
So then they let them build, sothey find what they were
(07:21):
looking for.
I'm sure they did.
They let them build.
Did they find what they werelooking for?
I'm sure they did.
I'm sure they did.
So it's kind of cool.
Yeah, it is.
It is kind of cool so.
I mean those houses are built upon top of, you know, dinosaur
land.
Is that called dinosaur land?
I don't know Whatever.
Or woolly mammoths, dinosaurs Iprobably need to go to class
for this.
I don't know what I'm talkingabout.
(07:42):
It's outside of my area ofexpertise for sure.
Yeah, for sure.
So you have a loan program totalk about?
Speaker 3 (07:51):
Yeah, but first mortgage rates, oh yeah mortgage
rates when are we at?
So some good news.
We actually are the lowestwe've seen since December 10th
of last year.
So right now, on a 30-yearconventional, we're sitting
right at 6.7.
Speaker 2 (08:07):
Yes, I like that we're below 7%.
Speaker 3 (08:10):
Yep, we are, and it's a decent amount lower.
So that is really reallyamazing news and it looks like
it's going to hold steady, wehope.
And getting closer to the Fed'smeeting March 19th, we are
seeing this start to come downand on fha, right now we're
looking right under six percent,so we're in the high fives wow,
(08:30):
I love that, I love the fives,yeah.
so.
So super, super exciting.
And just to kind of give acomparison, as far as if you
were getting like an fha loanfor a half a million dollars at
three and a half percent down,the difference just between
those little rate changes isabout two200.
So if you were looking at yeah,so if you're looking at, you
know, back maybe a month ago, wewere right around a national
(08:52):
average of six and a half andnow we're right in the high five
.
So you're looking at just rightnow, just from that change,
about $200 a month.
Wow.
So get in where you fit in Ifyou can qualify, get in there,
because FHA at a high five isreally great yeah and people
have been asking for fives.
Speaker 2 (09:10):
They've been wanting the fives.
Here we are, guys.
Speaker 1 (09:13):
Got the fives.
Speaker 2 (09:14):
Absolutely, we're in the fives.
Let's get things rolling.
Obviously there's factors,credit scores, all the other
stuff that applies to that.
That's just the nationalaverage.
But yeah, that's great, that'sreally great news.
So let's get those buyers outthere and in contract.
And speaking of buyers, what'syour loan program?
Speaker 3 (09:35):
So today I think we're tying in a bunch of stuff
about VA loans and that's kindof the listener question that
we're going to go over.
So today we're going to talkabout VA loans, which these type
of loans are going to be gearedtowards someone active military
service who has even part ofthe reserves or has been in the
military, Any active dutyservice member, veteran and
(09:58):
sometimes the spouse of adeceased military veteran.
Speaker 2 (10:04):
Oh really, I didn't know that the spouses of
deceased military stillqualified for VA.
Speaker 3 (10:09):
So they do on special occasions.
They would have to have beenthe active member of the
military or, if they're retiredmilitary, to get those spousal
benefits.
They would have had to havepassed during duty as far as
while they were serving or sometype of disability that came
from while they were serving.
Speaker 2 (10:30):
Okay, okay, so there are some caveats to that, but
still that's a great optionbecause a VA loan, as many might
know, is zero down.
Yep yeah, so zero down ratesare attractive as compared to a
standard conventional loan, soit is a very good program.
Speaker 3 (10:50):
They're going to be a little bit lower than an FHA
loan, which is awesome, and youcan come in with virtually no
money down.
And what technically considersyou to be eligible for VA
benefits is someone who is 90days in active duty during
wartime, or 180 days what theycall peacetime, which is not
(11:11):
active fighting.
Also, we can do as long asyou've been in the National
Guard or Reserves for six years.
You also would qualify.
Oh, wow, okay.
So it doesn't have to just beactive exact military or wartime
.
And then, as far as debt toincome and credit score, they
are more lenient.
(11:32):
As far as getting a VA loan,okay.
So we really look atqualifications but we don't look
at exact debt to income orcredit is not as big of an issue
as far as, like an FHA orconventional Wow, they're a
little bit looser on thoseguidelines.
But the great thing is that,based on your eligibility, you
can buy a home with virtuallynothing down, and then they do
(11:55):
typically require you to be in aprimary home for at least 12
months.
Okay, now if you have morebenefits and let's say, you end
up moving, you can move out ofthat after 12 months, so you can
get another primary.
If you're an active duty andyou have to move now to South
Carolina or something like that,you can get another home based
(12:16):
on your eligibility and how muchyou qualify for in another
primary, because a VA loan isonly for primary, you can't use
it for secondary or investmentproperties or anything like that
.
Speaker 2 (12:26):
Yeah, that makes sense.
Now, um, when, when you have aVA loan, my understanding is
that the um, the departmentveteran affairs, or somebody has
a certificate of eligibility aissue, um, that is kind of says
that you are certified to beeligible for a VA loan or
something like that Right?
Yes, so we usually to beeligible for a VA loan or
something like that right.
Speaker 3 (12:46):
Yes, so we usually get what's called a COE or
certificate of eligibility, andthis will show us how much or
what your benefits are, how muchyou qualify for that.
You were an active duty memberand everyone qualifies for a
little bit different.
Usually it's based on how longyou were a service member and
there's some other factors inthat.
But I've had people thatcouldn't find it or didn't, and
(13:08):
usually we just have them callthe Veterans Affair and they'll
help them get that so we can getthe loan closed.
Speaker 2 (13:14):
Okay, that's great.
And also recently, like inrecent years, va changed.
There's no loan limits.
Speaker 3 (13:22):
Right.
So no, they've gone up a lotand they're not as strict.
It's pretty rare, you see.
I mean not that you don't see,but usually an eligibility is
only for a certain amount.
Okay, so usually they're goingto have to come in with a
difference if the loan is muchhigher.
Speaker 2 (13:39):
Okay, then their eligibility amount Correct.
But, in previous years it wasjust like FHA and conventional.
They have like a max loan forVA, a cap on it, regardless of
your eligibility, how high theloan could be, and that was
removed.
So that is now.
Speaker 3 (13:54):
It's just your eligibility amount, not a cap
loan amount, and then you cancome in with the difference.
Speaker 2 (13:59):
Yeah, okay, all right .
Well, that's a great benefittoo.
And speaking of VA loans, andy,who is one of our listeners,
sent in a question that he hadgotten approved for a VA loan
and they are telling him thathe's going to need to get a
termite inspection on the homethat he is purchasing and he
wasn't aware that there wastermites in Las Vegas and wants
(14:22):
to know why he has to do thisinspection, which he doesn't
have to do the inspection, atermite inspector let's clear
that up.
Termite inspector has to do thatinspection.
So VA loans do have certainrequirements?
Yes, they do, and a termiteinspection, no matter what city
or state you're in, is arequirement of a VA loan.
Speaker 3 (14:44):
Correct, and so being a termite inspector here is
probably one of the best jobsyou can get, for the simple fact
that we just don't havetermites, it would be extremely
rare.
Yes, but those guidelines arenot statewide guidelines.
It's a national guideline to beable to get a VA loan.
Speaker 2 (15:04):
Yes, and I've spoken with the termite inspection
company.
When they showed up for theirlike five minute walkthrough
where they're in and out done,it was like easiest a hundred
dollars they ever you couldpossibly ever earn.
Speaker 3 (15:20):
So I said it's a great job to have on.
Speaker 1 (15:22):
Yes, I'm like, that's all you do there's nothing
what's going on here?
Speaker 2 (15:26):
But yes, it is very uncommon for termites in the
valley here.
I asked at one point in timeafter I seen a couple of these
inspections take place.
I said is there a such thing astermites in Vegas?
Because you guys are in it outin minutes?
And he said that it could exist, but it is extremely rare, so
(15:49):
it just has to be basically anextreme circumstance for it to
exist.
Speaker 3 (15:54):
One of the reasons is because I guess termites like
moisture so termites they feedoff of moisture and we just
don't really have that here.
We are very dry, yeah, superdry here, and they don't like
super hot or super cold weather.
So Nevada is ideally just notsomewhere that termites are, and
(16:21):
also they tend to go with woodstructured homes.
They love wood, yeah, and a lotof our homes about 50% of them
right now are new builds with abunch of stucco.
It's just not a breeding groundfor termites in general.
Speaker 2 (16:35):
Yeah, and that's good , that's good.
So move to Vegas.
Yeah, termites will not eatyour home up and an average
termite inspection usually isaround $75, $100.
And the buyer doesn't pay thateither way.
Yes, the seller.
It is a requirement that thebuyer does not pay this termite
inspection.
That's one of the VA guidelines.
(16:55):
Seller can pay it, the realtorcan pay it, the escrow company,
anybody can pay it as long asthe buyer doesn't Correct.
But when we get intomisconceptions there's a lot of
misconceptions on VA loans Ifeel like some of them are
likely, maybe were a thing inthe past and people don't know
that guidelines have changed.
Maybe certain things were anissue in the past and that have
(17:18):
changed.
So I'd like to talk about someof those, because I've ran into
a lot of these misconceptionswhich are simply not true.
One of the things that I'veheard a lot that is a
misconception.
So we are fact-checking anddebunking VA loans right now.
One of the misconceptions isthat VA financing is stricter.
(17:43):
Their inspections and appraisalare stricter than any other
financing type.
Speaker 3 (17:51):
So a VA appraisal is a tad bit stricter than a
conventional loan due to thefact that the veteran they want
to make sure in the VeteransAffairs Department that
whoever's moving into the house,if it's someone who's serving
in military, that the house thatthey're moving into is
(18:12):
structurally sound, and they dorequire different inspections.
So, yes, the guidelines are alittle bit stricter as far as
termites.
What they're really looking atis is the home structurally
sound?
Is it safe?
They want to make sure, ifsomeone that's served in the
military, that they're movinginto something that is safe.
(18:32):
That's their main goal.
So, like, based on a regulartype of loan, they're going to
look as far as a VA appraiserand they actually have to have a
specific license to do a VAappraisal Correct.
It can't just be any appraiser.
So what they're going to lookfor is they're actually looking
to make sure that the home hasno lead-based paint yes, which
(18:54):
on a conventional loan theydon't.
You know it's not an end-all,be-all Right and then they're
also going to look for to makesure the home is structurally
sound.
They also want to make surethat the attic and the crawl
space is clear and vented andthat any type of sewage and
electrical must be working aswell.
Speaker 2 (19:12):
Yes, and in VA loans, in a VA loan appraisal, in an
appraisal for a VA, a lot ofthose things are very similar
with FHA appraisals as well.
Yes, so while they may vary abit from conventional, they're
not very different with FHAappraisals as well.
Yes, so while they may vary abit from conventional, they're
not very different from FHA.
So I think the misconceptionthat a lot of people have out
(19:35):
there is that if they accept aVA buyer, that the appraisal
will somehow come in low becauseit's stricter, and that is not
the case.
The VA appraiser will reviewthe comparables, just as an FHA
or conventional will reviewcomparable sales to determine
value.
Besides those couple ofconditional things that they add
(19:56):
to the appraisal, none of thatwill affect value and they don't
automatically come in lowervalue.
So that is a misconception.
Speaker 3 (20:06):
And where you're going to see those type of
things come into play too islike along, like California, the
West coast, where there's a lotof moisture in the perfect
weather.
You will see issues withtermites.
Oh yeah, and so in that case,if there is a termite
infestation in the wood, thenthings would have to be fixed
(20:27):
before the home can be sold orbe under any type of regular
loan, just because the homeisn't structurally sound.
A lot of times if they eat awayat the wood, it's going to
change the safety of thestructure of the home.
Speaker 2 (20:39):
Oh, absolutely.
So that would be stricter, butthat's not an issue that we run
across here in Vegas.
And then another thing is thata lot of people seem to think
that VA appraisals are the sameas home inspections.
No, so a VA appraiser does notperform a home inspection.
As you mentioned earlier, theyinspect a couple things while
(21:02):
they're there that are thingsthat are based on the home and
the structure which obviouslyaffect its material value
Absolutely, but they are notperforming a home inspector.
A home inspector will gothrough and test AC, water
heater, mechanical, take a lookat the roof, check the
electrical, check the plumbing,all of those things.
(21:24):
Those are things that a VAinspector does not do.
Speaker 3 (21:27):
Correct.
So an appraisal is more so tobasically get the value of the
home.
An inspection is to see ifeverything's functioning
properly.
Two completely separate things.
Yes.
Speaker 2 (21:40):
And the mechanics of the home are not the same thing
as the home being structurallysound.
Correct, because the home couldbe structurally sound and there
could be some issues.
The dishwasher might not work.
That doesn't mean that it's notstructurally sound, it just
means the dishwasher doesn'twork.
So those are two differentthings home inspector and
(22:01):
appraiser.
And if you are getting a VAloan and as even a lot of
veterans are a little confusedthere with that point they say,
oh, I don't need a homeinspection because I have a VA
loan and my appraiser, theappraisal is an inspection or
the VA does an inspection, isthe words I hear a lot, and I
say no, the VA does not do ahome inspection, you do need to
(22:25):
have a home inspection performed.
Speaker 3 (22:27):
What are the percentage of your buyers that
don't get an inspection?
Speaker 2 (22:31):
It's probably pretty rare, oh gosh it's very rare,
like I don't think it's happenedin years, and there's only one
time actually that I can thinkof that someone actually waived
it and he was a contractor anddid his own, so waived a third
party inspector from doing it.
But I always highly recommend ahome inspection.
(22:52):
It is, you know, it's a veryimportant part of the process.
It's not the end all be all.
They can't, you know, tear downwalls.
They can't see what is behindwalls or under floors or
anything like that, but they cangive you a good general idea of
what the condition and what'sgoing on and look for signs of
(23:13):
issues that could be larger thanthey appear.
Speaker 3 (23:15):
And it's important because maybe the AC is working.
But sometimes you get aninspector and they say this is
absolutely on its last legs.
You might have a few monthsbefore this whole AC unit goes
and I'm sure at that pointthere's maybe some type of
negotiating or things you can.
Speaker 2 (23:32):
We had recently a, you know I had a buyer in
contract.
Ac worked perfectly.
The you know the sellers wereliving there and everything you
know was fine.
They didn't know there were anyissues either.
And inspector had went in theattic and the unit in the attic
was completely torn apart, likethe face was off of it.
(23:54):
The electrical was all exposed.
I mean it was a fire hazard.
It was crazy.
Apparently they had had aservice call for the unit, you
know, several months before,about six months before, and the
service people didn't put itback together after working on
it.
Well, obviously that who goesin their attic and looks around,
you know you expect you hire acontractor.
(24:14):
They put everything backtogether and the unit was still
operating.
It was just, you know, not thecover wasn't put back on
everything.
The electrical was exposed.
It was a fire hazard.
Sellers were actually prettyfreaked out about it because
they're like, wow, we've beenliving here for six months and
didn't realize that that washappening.
So again, it doesn't alwaysmean that the sellers know that
there's a problem.
(24:35):
They might think everything'sfine, but an inspector can
uncover something that peopledon't know about.
So very important Inspectionsare very important.
It is also rumored that aveteran is not allowed to pay
their own closing cost.
Speaker 3 (24:52):
So that is not.
That is not the and I've heardthat before and I've had
veterans say like, oh what?
There's a closing cost.
There are certain things thatare called non-allowables, that
they can't pay for, but thereare closing costs when you're
doing a VA loan that the veteranis typically responsible for.
(25:12):
There's things like a fundingfee and so sometimes, based on
you know where they're at, theireligibility and things like
that sometimes we'll even lookat and how high their credit is
and if they're going to putmoney down.
I've had times where I've lookedat a conventional loan versus a
VA loan because the rates atthat time were pretty comparable
.
At a conventional loan versus aVA loan because the rates at
that time were pretty comparablea funding fee is going to be an
(25:34):
average of 2% to 5% of the loanamount and that is on a VA loan
.
If the veteran has a PurpleHeart or a 10% higher disability
rating, which we have to getdocumentation of, they actually
do not have the funding fee.
But the funding fee is a goodchunk of money that would be
(25:55):
part of the closing costs andthat can be rolled into the loan
or just paid for cash atclosing.
But certain things are notallowed for veterans to pay or
active service members on a VAloan.
But there are still someclosing costs.
Speaker 2 (26:09):
Yes, yes, so it doesn't.
There is no rule that says thesellers have to pay a veteran's
closing cost and there's no rulethat says that the veteran
cannot pay their closing cost.
Speaker 3 (26:21):
Correct and typically on a VA loan only 4% can
actually be seller concessionscoming from the seller, so there
are actually limits on that aswell.
Speaker 2 (26:34):
Okay, and so another thing that I have heard as a
rumor, which is, I guess, hassome truth to it, is that
veterans don't have to payproperty taxes don't have to pay
(26:55):
property taxes, so that's nottotally the case.
Speaker 3 (26:57):
Some people are exempt from property taxes.
Yes, it depends on serviceeligibility and different things
.
I have seen it where somepeople don't.
I believe it's a disabilitything too.
Yes, and that's not everybody.
Speaker 2 (27:07):
Yeah, so that's not true.
It's not every veteran.
I believe that the tax whichyou can count, you can look at
the County website, um, the theassessor's website, and they
they talk about different typesof um tax programs or um
abatement things that areavailable and um, there is
something based on like umeligibility based on disability,
(27:28):
correct?
So, um, there is, there issomething there to it, but that
is not a overall blanket thingthat applies to all VA loans,
because there are property taxesstill when you're doing a VA
loan, if you do not qualify forthe exemption.
Speaker 3 (27:45):
Your eligibility and a lot of the benefits are going
to come from disability anddisability ratings.
That's one huge factor.
And then also time servedthat's another large factor.
Speaker 2 (28:03):
Yes, yeah.
So all of those things arethings to look at and review
when you are thinking aboutdoing a purchase with a VA loan
and when you're working ongetting pre-qualified for the VA
loan.
On getting pre-qualified forthe VA loan, now, I believe,
another misconception which I'msure probably is a thorn in your
side a lot, a lot of veteransthink that and I speak with
people all the time they thinkthat if they have a VA loan they
(28:24):
have to go through the lendingcompanies.
There's a couple of lendingcompanies that have the veterans
in their name veterans, youknow, veterans this or veterans
that and they think those arethe only lending companies that
do VA loans.
And that is not the case.
No, yes.
So, um, those companiesactually, if you look at their
disclaimer, or even on their,their their little computer
(28:47):
automated system, when you call,says we are not a member of
that, we are not part of theVeterans Administration, correct
?
They're just an affiliate thathave veterans in the name, so
you guys are able to do VA loans.
Speaker 3 (29:02):
We do them all the time.
Yes, so a lot of people will goto specific VA banks and things
like that to be pre-qualified.
Most lenders, especially largerlenders, can absolutely do a VA
loan things like that To bepre-qualified.
Most lenders, especially largerlenders, can absolutely do a VA
loan.
Speaker 2 (29:14):
Yes, absolutely, and most lenders have done VA loans
and I know your company has,because we've worked on VA loans
with your company before.
So most lenders can do VA loansand are very versed and
knowledgeable on them.
If they are, if they'reexperienced, just like with
anything, if you have experience, you have knowledge, you're
(29:35):
able to work through theseprograms.
So somebody wants to talk abouta VA loan.
How do they reach?
Speaker 3 (29:42):
you.
You can call me at 702-416-6918or shoot me over a text.
Speaker 2 (29:48):
Okay, and if you guys want to reach me um and look
for a home or sell a home, I canbe reached at 7 0, 2, 3 0, 8, 2
, 8, 7, 8.
Um, do you want to give ourlisteners um an update?
We are uh, we mentioned thislast week we are moving to a
network, um it.
So we're moving to a network.
(30:08):
It is called hey Vegas TV.
Hey Vegas TV is a local Vegasnetwork that is put out
worldwide but it talks abouteverything Vegas.
It has entertainment channels,business channels.
Obviously, our show is going tobe moving to the business
(30:29):
section of the network, so weare excited about that.
But the places to tune in to usare going to be moving.
A link for our new website willbe on the art and our new
website, our new place where youcan find our show, will be on
our link tree.
That is not going away and thatis wwwrealtycheckvegas.
(30:50):
You can find us there.
You can find our new locationthere.
I have been loving your guys'feedback on YouTube and
everything.
You will see maybe some clipsfrom our show on there, but you
won't be able to view our fullshow on YouTube or social media
anymore unless you go throughhey Vegas.
So we will be seeing you guysthere, and we do want to give a
(31:14):
big thank you to our marketingpartner, chicago Title.
Yeah, have a good one, thankyou.
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