Home Buying in 89130>Question Details

workforyou41, Home Buyer in North Las Vegas, NV

I have 9 failed attempts to buy. A Pre approved out of town buyer.Is it common never to get a chance to counter offer?

Asked by workforyou41, North Las Vegas, NV Thu Nov 29, 2012

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18
Multiple offers are everywhere these days. Imagine you are a seller. If you have 5 offers, why bother countering any of them? Just take the best and go with it!

John is right that there are lots of cash offers, and things you can do to make your offer look stronger. For example, you can agree to pick up some fees that are traditionally paid by the seller, such as a home warranty. If you are writing offers contingent on selling another property, that is your problem right there.

James is also right that you need to make your best offer first. I tell this to all my buyer clients.

For my buyers who can afford it, I do recommend looking into new construction. No multiple offers, no short sales, no bankers with unreasonable demands, and everything is exactly as you want it to be.
1 vote Thank Flag Link Thu Nov 29, 2012
We do not have as many homes on the market as we did at the first of this year. Good homes are hard to find. If a good one comes on the market and its priced right it will go quickly so therefore lowball offers just do not work anymore and there will probably be up to 3-5 offers submitted. Sometimes it does offend the seller and they just reject the offer. Be very reasonable in your offers, and be totally ready to purchase with a pre-approval letter in hand or proof of funds that you have the cash. With fairly low inventories good properties will move quickly if priced right! Properties are moving upward in price!
0 votes Thank Flag Link Thu Dec 6, 2012
There are far more homes for sale in the market than there are buyers.it is a buyers market.This might mean that what you are offering is not good enough to get you a house.
Be fair When it's finally time to start talking a dollar figure for the home, be fair to both yourself and the seller.

Obviously, you want to get the home for the lowest price possible. But the seller wants to get as much from the deal as they can, too. It's crucial that you don't lowball them on your first offer. If it's too low, the seller may be so offended that they don't even counteroffer
0 votes Thank Flag Link Thu Dec 6, 2012
We are in a hot seller's market and we have very low inventory and very high demand. Demand is especially high in the $200k and under price range.

Are you a cash buyer or a financing buyer? If you are not a cash buyer it can be very difficult to get an offer accepted as you are required to get an appraisal. If you bid higher than the appraisal value the seller may require you to come in with the difference in cash. Financing buyer's that don't have this extra capital will have an even tougher time getting an offer accepted. In addition the seller would rather go with a cash offer that does not require a financing contingency. Properties are being bought up by cash buyers that don't require an appraisal and are willing to pay above the appraisal value.

I look forwad to hearing from you.


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 Nov 30, 2012
I don't know anything about Nevada but I can tell you this: if one of my buyers had (9) offers rejected they are not offering enough.
0 votes Thank Flag Link Fri Nov 30, 2012
So offering $5 K to $14K over ask is not enough????If they want more damn money for the porperty why jot ask for it...Has all the appearences of a scam...No douibt in my mind the bank leaks info to "chosen" realitors who are able to guide their clinents on how to bid, what to offer....Vegas has a reputation for sure....maye we should just look to klive ibn cities where the people play by the rules and are not samming everyone....out for the buck....Thanks though
Flag Fri Nov 30, 2012
The market is very competitive due to limited inventory in Nevada-
So my best advice to you would be to make you initial offer the strongest one possible and avoid missing out during a counter stage that might not happen-
Also it takes an agent who is in the market with knowledge and information to help lead you down the path to success. Call me- we get offers accepted. 702 491 9601
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Thu Nov 29, 2012
My wife and I currently manage over 350 homes for our investors and we have a 75% success rate with your offers. We been in Vegas since 1976 and we thousands of propertys under our belt. I will share what we do with you to be more successful by phone. Call me tomorrow after 8am.

Matthew D'Ercole
Prominent Realty Group LLC
702-501-0973
0 votes Thank Flag Link Thu Nov 29, 2012
Unfortunately, most sellers just pick one offer and reject the rest.

If you are constantly being rejected, try to focus on homes that are not yet open to investors.
0 votes Thank Flag Link Thu Nov 29, 2012
http://www.lasvegaswinner.org What price range are you offering to buy. Foreclosure houses below $99,000 are very attractive to Investors because of the positive cash flow. All Cash and quick close is the name of the game. And by Spring Buying Season, it is really going to get more competitve.

David Cooper Investor
702-499-7037
0 votes Thank Flag Link Thu Nov 29, 2012
I have been trying for 15 months.Out of town buyer, pre approved in Vegas, 50% down or cash depending oon price...range $125 to %165...offers have been as I said cash twice then full offer up to $5 to $12 K over ask....ask for some closing costs...and the right for me to buy homeinspection of everything.....only 1 resale, 1 HUD ( boy HUD is a joke), 1 shotrt sale and 6 repo's
Flag Thu Nov 29, 2012
Yes. We currently have a lack of inventory so the listings are getting multiple offers on them. We hope to see more inventory coming soon. Hang in there.

Tyfani Hoopes
Hoopes Team Realty
866-525-6363
702-525-3999
0 votes Thank Flag Link Thu Nov 29, 2012
I wish it was different but that is the market we are in. You need to have a very experienced agent. You need to be a very strong buyer that can have your agent present a clean offer. Research by your agent is one of the key components to finding a property and getting the offer accepted. It is possible but patience is required. If you are looking for a property to live in HUD homes would be a good posibility. Your agent must know the strategies to get a HUD bid accepted. It is not an easy market. There is tremendous demand and a very limited suppy of homes. Keep trying. Also have your offers kept as back up offers if possible. You never know what can happen. It has worked in my clients favor a few times.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Thu Nov 29, 2012
Noew HUD there is government for you....had one HUD house....no stove.....house is NOT liveable with NO stove....HUD will not let you do any improvements until you own...lender will no lend without stove because it is not livable.....so screw Obama....think I will pass on HUD homes....catch 22 LOL
Flag Thu Nov 29, 2012
Here is the way to get your offer accepted:

(1) Come in with a conventional loan
(2) ask for no closing costs
(3) come in at list price or higher
(4) buy your own home warranty instead of asking the seller to pay for it.
(5) don't be rigid in your criteria that you "must have certain things such as pool, etc."
(6) choose less popular areas to buy in
(7) choose new construction

Myra Gouger / REALTOR / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com / http://www.nevadahomesdirect.com
0 votes Thank Flag Link Thu Nov 29, 2012
I read your suggestions...yes i agree on some and will adjust..however on"less popular" areas....LOL give me a break.....why would I want a home in "da hood" , barrio or a " trailer park"...Give me a break on that one...also about criteria...hell one of the reasons i want a new house is because there are things I want in it...so again don't care for that suggestion if i did that might as well as keep the house I own
Flag Thu Nov 29, 2012
Bridget makes a good suggestion about new homes.
0 votes Thank Flag Link Thu Nov 29, 2012
sorry, didn't know I was signed in on my wife's (Terri Capodieci) account.
Kurt Grosse
Realty One Group
702.656.1818
0 votes Thank Flag Link Thu Nov 29, 2012
I wouldn't call it common. I sent off three offers on Monday and had one accepted, one countered and one had no response. This was for a $60,000 condo. It could be something about the way the offer is written, it could be that there was just too much competition, it could be that the offers were submitted after a different offer was accepted. If you want to get a house, refer back to your last question and call me!
Kurt Grosse
702.656.1818
0 votes Thank Flag Link Thu Nov 29, 2012
OK...I am from mid -west...we just have a didfferent way of fdoing things somewhat...also, perhaps there generally is NOT a bunch of offers on a house...Here you make a good offer generally under ask...then seller comeback and accepts or counters...it is then you make you best and final which is generally accepted...probably a 10 day process from first offer to counter and acceptance....but not in Vegas...LOL....lot of game playing ...LOL
Flag Thu Nov 29, 2012
Unfortunately, in this market...the answer is Yes. Make your offer count and make sure your agent is doing everything he can to try to make your offer stand out. Good luck out there.

Jason Mattson
Owner/Broker - Orange Realty Group, LLC
8460 S. Eastern Ave. Ste C
Las Vegas, NV 89123
702-617-0000 Office
702-328-3222 Direct
888-711-1778 Fax
http://www.orangerealtygroup.com
http://www.orangerealtymanagement.com
0 votes Thank Flag Link Thu Nov 29, 2012
Unfortunately, you are being nudged out by cash buyers. A slight majority of all sales are cash. So, they aren't counter-offering to you because the seller may have several cash offers simultaneously. There are ways to make a strong financed offer, hopefully your agent is employing them.
0 votes Thank Flag Link Thu Nov 29, 2012
You are right...I have made a couple cash offers but hard to compete with the Chinese investors that are flooding millions into the Vegas market for rentals ( this from a Chinese friend I know)....He told me a "white boy" doesn't ha much of a chance to buy in vegas......LOL....maybe i need to change cities Thanks
Flag Thu Nov 29, 2012
Yes, it is very common right now never to see a counter offer especially if you are a prospect that likes to low-ball offer. I would suggest that you always make your highest and best offer as your first offer. Buyers are currently standing in line to buy a house and sellers have their pick of the litter. Please let me know if you'd like to switch agents.


Sincerely,


James Bellile
iProperties International
702-222-0815
LasVegasRealEstateConnection.com
0 votes Thank Flag Link Thu Nov 29, 2012
well James...I have no problem switching agents...however I am out of town buyer...I get the listings...if i see one I like I generally have the agent ( the one I have is great about this), go by inspect the ouse visually, take photos then give me the input on what he thinks about house, area, and offer i should make.....so I believe he is honest, hard working and does have my interest at heart...but after 9 failed tries of full offer or $5 to $12 K over ask, for conventional loan with 50% down, pre approved buyer....I am just wondering if maybe i don't need to do something......if you want to send listings......workforyou41@yahoo.com
Flag Thu Nov 29, 2012
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