Hunting Las Vegas Properties
Posted by Wendi Williams, Las Vegas, NV
Sun Nov 4, 2012
Why are these properties so hard to get?
You are not the only hunter running around. 140 properties EVERY DAY are purchased in Las Vegas. Your problem isnâ€™t the bank or the listing agent. You have a lot of competition and if the house you like is in good condition, there are already several offers on it.
Why do we have to visit so many properties?
The average primary buyer has to put in 4 offers to get a property. If you are getting a mortgage, the process for getting a property is very complex and contingent on the appraisal. For example, you could get an offer accepted on your favorite property but if it doesnâ€™t appraise, you wonâ€™t be able to get a loan. There are lot of stars that have to line up and in the meantime, the listing agent is collecting other offers.
Do I have to bid over list to get a property?
Sometimes. Generally, a property thatâ€™s in â€œAâ€ condition priced below comps can be purchased at about 8% over list. A property in â€œFâ€ condition can be purchased at about $15% below list. If you are not willing to pay above list on a property that is in â€œAâ€ condition priced below market, you are essentially wasting everyoneâ€™s time.
Should I consider short sales?
A short sale means the owner is attempting to sell the property for less than the loan balance. They come in 2 flavors: approved and unapproved. An unapproved short sale means the lender hasnâ€™t agreed to a haircut on the loan. Some lending institutions take up to 2 years to make up their mind!!! Unless you are willing to wait a year to move into a home, we donâ€™t recommend that you pursue these.