A Foreclosed Home for Sale in Nevada – A Dream Attained
June 10th, 2009 by 
Joseph Smith
A five-bedroom foreclosed home for sale in Sparks, Nevada represented one American family who has lost a home.
But it also represented the fulfillment of the dream of one Brazilian American couple who saved money for over three years to be able to make a significant down payment for their first home.
The Garcias are among couples who have chosen Sparks to be their community. The Garcias preferred Sparks because of the affordable price level of homes and the feeling of community that they feel when they go around.
According to Dickson realtor Pam Eikleberry, she has been seeing more and more people planning to buy their first homes and investors choosing foreclosed home for sale properties in Sparks. The increase in foreclosed home for sale properties in Spanish Springs also added more purchase options and made more prices more attractive.
Real estate analyst Chris Barnes affirmed Eikleberry’s observation. He said the number of younger buyers is increasing and he attributed the increase to the federal tax credit of $8,000 and the bargain foreclosed home for sale prices.
A rising number of cash investors are also being observed in Sparks, according to Eikleberry. The investors are looking at foreclosed home for sale units in Spanish Springs, in D’Andrea and in areas near the Katherine Dunn Elementary School.
Cash investors have the edge, Eikleberry said, because they can buy at further discounts and they are not hampered by the tightening credit situation.
She said that banks usually reject borrowers with a credit score lower than 580 and they require a down payment of 3.5 percent of the loan amount or higher. She added that banks no longer offer the risky loans that were easily given to borrowers during the housing boom.
Zero down payment loans are no longer offered, except for low-income families participating in state-sponsored housing programs.
The Garcias however did not have a problem with their credit score. The couple said they have steady work and good credit. They were able to negotiate for a lower loan rate because they have been working since they arrived in the U.S. eight years ago. The man of the house, Luiz Garcia, has established his own business in construction.
It took several months for the Garcias to finally find a home they could afford. They said they feel bad about the foreclosures, but the down housing market made their foreclosed home for sale affordable.
