Foreclosure in Las Vegas>Question Details

marcellosind…, Home Buyer in Las Vegas, NV

on a bank owned property is the price that they show is the price or I can offer less?

Asked by marcellosindoni, Las Vegas, NV Thu Mar 14, 2013

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Don't focus on the list price it is irrelevant. The price you want to base your offer on is the comp value. Properties are selling for as high as 10% above appraisal value right now due to low inventory and high demand. If a property is comping at $100k it could be listed at $90k or it could be listed at $110k. This is why we don't want to focus on the list price.

Please let me know if I can be of any further assistance.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Fri Mar 15, 2013
Hi Marcello,

Until a year ago, you could have negotiate the price of a bank owned properties. Currently, the banks are not releasing many properties (it might change in the future..not sure.) and we are experiencing shortage of inventory. As of today, there are only 329 bank owned single family homes properties for sale in the MLS . The total inventory including condos, town homes and Single family homes is 448 bank owned properties.

What dose that mean to buyers? it means that the demand is grater than supply and multiple offers above list price..most cases CASH OFFERS from aggressive investors.

If you are serious about purchasing a property, and taking advantage of the low prices and low interest rate that most likely will not see for a very long time..if ever, Please call me at 702-612-7099 or email me at Rena@cvegashomes.com.

To search for all the updated bank owned homes for sale , please visit my website at http://www.cvegashomes.com or
http://www.cvegashomes.com/foreclosure-investment-property-l…

Rena Levy
Broker/Associate
Certified International Property Specialist
Realty Executives of Nevada
702-612-7099 Direct
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Fri Mar 15, 2013
The banks are now pricing in appreciation. Offering less when there are multiple offers will not get you a house even if it needs repair. A good agent can help you when placing bids for any homes. Now it must be a strong offer with all your paperwork(financing, escrow check and offer) ready to go.

Good luck
0 votes Thank Flag Link Thu Mar 14, 2013
All Great answers...

I was getting offers accepted below asking price before the Assembly Bill 284 went into effect.

Inventory is low right now and lowball offers aren't making it.

Go in quick,...clean and strong.


Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com
Email: HankLVRealestate@aol.com

Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Thu Mar 14, 2013
You can offer less. The problem is the market is so strong right now in Las Vegas that you would have to offer significantly MORE than list to get the property.
0 votes Thank Flag Link Thu Mar 14, 2013
You can offer less. The key to getting your offer accepted is knowing what is going on in your market. In Las Vegas there iis very limited inventory so a below list offer not work in most cases . Because of the low supply and large demand there are multiple offers on available properties and a high percentage of accepted offers are cash. Most properties are selling above list price. One place to explore is HUD homes. There is an online bid process and many times there is the possibility of doing a 203K loan to do any repairs. Your Realtor must be knowledgable ot the HUD process and know how to successfully present clean offers to get yours accepted. My daughter is a HUD listing agent and I have learned a lot about the process from her. You can contact me anytime if you have questions.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
http://www.FastNevadaShortSales.com
0 votes Thank Flag Link Thu Mar 14, 2013
You can always offer less. Keep in mind, that it the property is well priced you may be competing with other buyers who are willing to pay over asking. Which is more important, buying the property or getting a better price? You could miss out on some great buys if your offer is too low. A bank can always come back with a counter offer, but if there are other buyers looking at this property you may be out of the game before it begins.

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
http://www.donmituzas.com
0 votes Thank Flag Link Thu Mar 14, 2013
thank you mr Mituzas
Flag Thu Mar 14, 2013
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