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From Grand Cayman
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Mortgage Rates are Falling

Posted At : September 29, 2008 4:37 PM | Posted By : Administrator
Related Categories: Current,Mortgages

Everyone and their uncle wanted to buy a Las Vegas home in August. As I said, I suddenly developed the Midas Touch. I am just beginning to get caught up as escrows close before the end of the month.

Gui bought another house, and if you've been with me since I started this blog, you'll remember Gui. This one was as difficult as the last - but I still love this guy. Folks, keep in mind that a cash offer is a cash offer. At the beginning of the year we were writing cash offers and converting these to financing, but lenders are really getting ticked off if you try this now. I did convert one from cash to financing last week, but the seller would not agree to this on Gui's; he had to bring cash to closing or lose this deal.

In an unusual twist, Pete and Dominique became LVA fans through the real estate page instead of the other way around. After seeing the opportunities in Las Vegas, this couple traveled here from Winnipeg last week and headed home big winners. (I change the names to protect confidentiality; this lovely client said she always wanted to be called Dominique!) After making offers on 5 properties, their "highest and best" offer, on the condo they wanted most, was accepted at $74,100. They were thrilled, but it got much better. The listing agent didn't get the increased offer back to the seller on time, and this lucky couple bought their condo for $61,600: the original offer. They returned home from Las Vegas feeling like they'd won a $13,000 jackpot.

Mortgage rates are bouncing around today. If you are waiting to lock a loan, I highly recommend you contact your mortgage agent quickly. If you need a referral to a mortgage agent, please feel free to contact me.

For my Canadian readers: Yes, that's us you saw on Global TV BC's "Viva Las Vegas" weekend story on Canadians investing in Las Vegas homes. Several wrote to tell me they recognized Ron. Unfortunately, the reporter didn't mention either Top10RealEstateValues.com or LasVegasAdvisor.com.

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