1. Do a detailed and fast CMA of property value = X
2. Deduct the est. cost of repiars = Y
3. ( X - Y ) = current market value + 2 to 3% ( see note )
4. Write a clean offer not asking seller to pay for everything.
( Values for homes in the 140k range have been going up an avg of 3 to 5,000 per month since Jan. You must offer what the home will be worth in 30 to 60 days...not what it's worth the day your making offer. Discuss this strategy with your agent. I use this for my buyers and have 75% success rate. Good luck, Matt and Kim
Prominent Realty Group, LLC
Buyer / Seller / Property Management
Cell - 702.501.0973
"A Nation of Sheep Breeds a Government of Wolves".
Website - http://matthewsellslasvegas.las.mlxchange.com
David Cooper Investor
1. The accepted offer price is usually not known until escrow closes but since you've made 8 offers by now you should be able to find out if the offer amount was the issue. Sometimes it isn't the offer amount but the terms you put into the offer.
2. If your agent isn't or can't get you the information, you can get it yourself as the sale will be public record.
3. Are your offers really getting to the seller? I know, this brings into question ethics and laws but you need to find out if the seller had any submittal timeframes for the offer. Did you meet these timeframes or were your offers late? If they were late, why was that?
Once a sale has completed, there is no reason why your agent can't find out why your offer wasn't accepted, there is no active offer consideration going on. The information is there to point you in the right direction to solve the puzzle.
For example, are you looking at homes with first priority for owner occupant's? Is your taste unrealistic for your price range? Are you making offers with FHA on homes that need alot of work? Because, these are all things that can affect your chances, of being accepted.
You have to make your offers more attractive to the seller, price is not always the issue. Sometimes it is financing, lengthy closing dates, low earnest money, low down payment, etc. It is a tough market in your price range and area. Investors love Las Vegas. We have the same issue here in Phoenix.
Are you a cash buyer or a financing buyer? If you are not a cash buyer it can be very diificult 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 contigency. Properties are being bought up by cash buyers that don't require an appraisal and are willing to pay above the appraisal value.
I have 2 homes in the $140k price range that are about to fall out of escrow as the buyer is walking and going with another property. Bother are around 1700 sqft in the Rainbow and Warmsprings area. Both were built in 2005. If you are interested in putting in offers on either of them contact me and I can see if we can get your offer in before it hits the market again.
I look forwad to hearing from you.
The Adams Team at
Rothwell Gornt Companies
Assuming you are purchasing this home as a primary residence, you and your real estate agent should focus on HUD homes or REOs that give a "first look" priority to owner occupant buyers. You will still have competition but at least you will not face the investors and all of their cash.
As other have said you should be writing a clean offer, and if you can offer to contribute cash to offset any difference between appraised value and contracted sales price, this will greatly increase your chances to be the winning bidder on a property.
This seller's market can be a frustrating time for home buyers especially those who are using FHA or VA financing. Talk to your real estate agent in depth about what strategies he/she is employing to help you to get a home under contract. After talking to him/her, you should be able to decide if it is time to explore other options.
Also try to get the houses as soon as they hit the market. And be sure to have your realtor call the listing agent to see if the house is even still available, and find out what price you have to come in at to get the property. I had quite a few offers accepted that way. Even when homes are not available for showing, if my client feels certain about a house, we will write an offer contingent on viewing, and she gets offers accepted that way.
Good luck with you home search!
website -- http://www.cindysun.com
As far as the CMA, get it done quickly before you look at it and act fast.
Price is just one factor, you also have to consider terms. Which means are you asking the seller to pay for your closing costs? Home warranty?
If you could pay your own closing costs and make your offer as clean as possible that could help you.
Sometimes you have to think like the Seller to make your offer better, and listen to your Realtor. Seller's are looking at the bottom line.
Best of Luck,
Barrett & Co. Realty
The agent, the veteran that they are, presents you with data regarding the closed sales that have been published for bank owned homes from October. The real estate market in desired communities is appreciating and should be reflected in a 1.5% increase in your market value estimate (minus discount).
In the presence of such data judgement is needed, your judgement. The agent should not and will not write your offer amount for you. (see paragraph one)
It is not your agent that is losing, it is your offer. The agent is presenting the data, you are making the offer.
You may need to concede your situation does not allow your offer to be competitive.
Have a heart-to-heart with your agent and devise a new strategy. The strategy may indicate a new price point or/and abandoning the miserly approach and get serious with your offers.
Few or no contingencies. (97% financing, $500 escrow, appraisal and inspection contingency equal no deal. The offer shows you are a weak buyer without capacity to adapt to bidding or expenses)
CASH is good....real good. (possibly NO contingencies)
Best of success in finding your new home,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
I am uncertain as to whether or not its your agent's fault. However, there are specific tactics regarding HOW & WHEN to put in offers. Also, you should have a system in play when making bids. The game changes when offering on REO's, Short Sales, HUDs, etc. Each requires a bit of skill in their own respect.
Being educated in this dynamic market is the key for you and your agent...if you expect to acquire what you desire:
Should you drop the agent? Not necessarily...but don't rule it out either. ;-)
Meanwhile, if you're still searching for properties, feel free to utilize our FREE MLS Integrated Webpage to view ALL current and available listings in the Las Vegas Metropolitan Area:
If you need help sorting it all out, we have a very successful closing rate.
Limestone Investments, LLC. - REALTORSÂ®
LV Property Search
It seems that you have a GOOD Realtor if they put 8 offers for you. Its just that we currently are experiencing shortage of homes and there are more buyers than inventory.
I am not sure if you are an investor or owner Occupied buyer. More than 60% of the buyers are investors that are buying cash and are very aggressive with their offers. Also, sellers /banks prefer cash offers.
Just keep submitting offers and be patient until you get one accepted..and you will. Your agent is working very hard to find you properties and writing 8 offers. He or she is committed to you and working hard..just be more aggressive with your offers and quick to submit them.
Let me know what you are looking for like area, size and etc and I will be happy to send you information on a PRE-LISTING properties.
Broker/Associate-IGlobal Certified properties Specialist
Usually I suggest sticking with an agent that is working hard for you. In this challenging market that may not be the best decision.
There are ways to get properties that maybe you agent isn't using. I am a listing agent 75% of the time. The other 25% of my business is selling my listings myself and writing offers on templates. That's one way to get a house. Does your agent list properties? Does she have a template for your offers? Can an offer be submitted within the hour?
I send out e-mails when properties come on MLS to my buyers and either my wife or I will write offers using a template within 10 minutes of getting your ok. Are you doing that?
With my wife and I both selling homes on Las Vegas for almost 20 years, we have a network of agents that send us information about their upcoming listings the day before they come on MLS. Does your agent have that?
If the answer to those questions is no, consider getting a new agent.
If you choose to interview agents, please consider interviewing me.
My goal is to sell houses- not write offers.
Cash vs. the Loan type has pro's and con's - ie... loan types Conventional, FHA, VA - Are you asking for any seller concessions? Are you offering to pay any of the seller's expenses?
So what strategies is your agent using... and if you have not had this discussion, maybe that is the answer to your question.
So is the Realtor helping you write the strongest offer possible to get noticed among multiple offers.
Here to help!
that works for a Brokerage that has a lot of its own listings. It just makes it easier.
I would be happy to help you achieve your goal of buying a home.
Currently our inventory is low, as a result you are experiencing the same as other buyers. Multiple offers, and over bidding have become common.
questions for you:
1. Are you getting back signed rejections on each offer? By Law, you should be provided with a seller signed rejection
2. Are you writing offers immediately when properties hit the market? If not, start. You may want to consider writing the offer subject to inspecting it. That will save you the time of going out to view homes you cannot get. Just write the offer and when one gets accepted then go and view it.
3. Are you seeing comparable sales to guide your offers?
4. Are you asking to be present when your agent presents the offer? You have the right to request to present the offer directly to the seller. THIS WORKS!
5. Are you being creative in your offer? Instead of always just offering higher than list price, get creative and offer to purchase furniture outside of escorw from the sellers. THIS WORKS.
For more tips on getting your offer accepted in this crazy market, call me directly.
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255