Hello,

In general most Bank Owned homes here are selling for list price or above. List price is only one item that you should be looking at when you figure how much to offer on a property you like. You really should be reviewing all the similiar sold comps within the last 90 days, how long the subject property has been listed for sale, were there any recent price reductions, are there any other active offers that have not been reviewed and finally what condition is this property in relative to the other sold properties. Once you have all that information you can make an informed decision about what a fair offer will be. Many Realtors here have come to refer to the asking price as the starting bid. In the lower price ranges we are seeing multiple offers on almost all of the Bank Owned properties and we are used to bidding wars and "highest and best". I always tell my clients to submit the offer so that if you do not get the property you have no regrets. Most times you will only get one shot at the property. Because you will be paying with cash does not mean that you are in a much stronger position than everyone else, close to 40% of all transactions right now are paying with cash. On the nice properties there are usually more than one cash offer submitted.
Let me know if I can help you out with your search, I am an experienced REALTOR and would be glad to share some more of my advice and experiences with you.

Ron Johnson
Elite Realty
702-595-9743

I also enclosed a link to an article from CNBC about what is going on with the housing market in Las Vegas right now.

In the Las Vegas Valley, multiple offers above list is common in the sub-$150k market. Right now the inventory is low and demand is high for well-priced homes. Last month specifically, the average sales price was about $3,400 higher than the list price. Be aware that is the average which includes high-end, low-end and everywhere in between. I hope that helps. I would be happy to meet with you in person to explain any further questions that you may have.

John A. Brassner, MBA, REALTOR®
Residential and Commercial Real Estate

Prudential Americana Group, REALTORS®
10777 West Twain Ave, Suite 105
Las Vegas, NV 89135
Cell: 702-808-9816
Fax: 702-995-0488
Email: john@john4realty.com

NevadaRealEstateCenter.com, 8REOS.com

Generally speaking it depends on the bank. Every bank has it's own set of rules on how they handle their foreclosures. I would say most banks want to get as close to or more than their list price of the property. I have had many offers come in that were "Low Ball" offers and were dismissed immediately. Hope this helps you, good luck with your search!

Cori Fugate
Richard Tocado Real Estate