Home Buying in 89130>Question Details

workforyou41, Home Buyer in North Las Vegas, NV

I have made 8 offers on 8 different houses.all offers have been at full price or up to 10K ask..in the 140K range...is it time to get a new realitor?

Asked by workforyou41, North Las Vegas, NV Tue Nov 27, 2012

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26
Matthew D'Ercole’s answer
Use this strategy that we use for our buyers/investors. We are very successful using it. You must act quickly and do very detailed CMA. Matt
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

Matthew D’Ercole
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
3 votes Thank Flag Link Tue Nov 27, 2012
We will try that,,Agent I have is nice. We met a year ago with a couple offers were made. We live2000 miles away and depend on realitor to take phohos, inspect house and give input on home and atrea....he has steered us away from homes at times...we believe is very honest and has our best interests...just disappointed after 14 months . one year we are not close...Thanks
Flag Wed Nov 28, 2012
I hope you are concentrating your offers on similar houses in a particular area. You are now the local expert on what kind of house you want and how the price trend is going. Plus you now know what to write in an offer snd what to leave out. Nothing like getting experience in avctually negotiating to buy a house

David Cooper Investor
http://www.lasvegaswinner.org
2 votes Thank Flag Link Wed Nov 28, 2012
I am wanting promarily in 89131 or 89130 area. We are out of town buyers hoping to moce to Vegas. Been there and looked in that area like it best......my only cocern is never been asked to counter...it seems like in Vegas they collect offers...then select the one they want period....never giving another bidder schance to counter....it is had to compete with the Chinese investors that flood the market with millions buy rental property....think it is time to look elsewhere not sure Vegas is the city I care to live in anymore
Flag Thu Nov 29, 2012
Most likely, your realtor isn't the problem. Since you seem to want to use a real estate agent make sure you do a post offer analysis of the result. Ask your agent point blank and very directly "why did my offer not get the house?" Now a few things about getting an answer:

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.
1 vote Thank Flag Link Wed Nov 28, 2012
I am out of town buyer.Looking ro a home for primary residence...Cash a couple times, other offers have been with 50% down and I am pre approved in vegas. No one will ever release info about whta the offers were. Then several weeks later someone can find out but seems like a waste of time so often i don't...I am just bothered because it seems like a scam in vegas fixed for bnig moneuy investors...I have never even been given a chance to make a counter offer...I man genrally her in mid west , make an offer and then if not accpeted a counter is [proposed you can accept or then counter...this happens over aweek's time...not the damn months of Vegas banks.....totally disilliusioned against the entire porocess out ther...need to look other liveable cities i think
Flag Wed Nov 28, 2012
Everyone has valid points. In our current market, homes priced under 150k are on the market for a few days. Multiple offers are received and if a cash buyer comes in at the same or even less that can take you out of the running. Be persistant as there are not alot of homes available. Keep working with your agent to find a different or more creative way to make an offer. If you are looking at a short sale, be aware of price increases and when you are to close. Several months from now, pricing will be different. Good luck and keep after it.
1 vote Thank Flag Link Wed Nov 28, 2012
It would be very easy for a local agent to respond by suggesting you drop your agent and go with themselves to get your home. I'm glad to see the honest responses which suggest that without all the details, no one can say for sure if your agent has had anything to do with the 8 rejected offers, but it certainly is not unusual given the current market conditions to do everything right and still not have an accepted offer after 8 attempts.
1 vote Thank Flag Link Tue Nov 27, 2012
I dont like to talk about realtors. But, eight offers is a lot. Bare minimum, your agent should be helping you come up with a better plan of attack to making offers. Has he, or she given you an opinion as to why you are not winning any offers? Has he, or she given you any advice to have your offers accepted?

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.
1 vote Thank Flag Link Tue Nov 27, 2012
workforyou41 in today's market they want your highest and best offer from the get go. If you are offering that much about "appraisal value" (which is different than the "asking price") you should look at other factors in the offer itself. If you are asking for the seller to pay fees that are normally a buyer's cost this could be another reason why your offer is not getting accepted. If you would like to discuss this further please contact me.
Flag Wed Nov 28, 2012
Only one house has been a re-sale.The rest were forclousures...I am out of town buyer and depend on realitor for photos, imput and advice..We have offered fulled price to $17K over ask, with some closing costs wanted. Pre approved, cash or 50% down....what troubles me is I am from Midwest...we go thru an offer, counter offer typr sale....I have never been asked for am counter offer....other offers have been accepted without anyone hasked to counter
Flag Tue Nov 27, 2012
The seller does not care who your agent is, only how much money they will make. Changing agents is not going to help if you are being outbid by other buyers.

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.
1 vote Thank Flag Link Tue Nov 27, 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 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.


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
1 vote Thank Flag Link Tue Nov 27, 2012
This is a seller's market, and you are in a very competitive price range where many properties are being scooped up by investors using cash. You are probably using FHA or VA financing. Unfortunately, many sellers do not want to deal with the financing/appraisal issues that commonly occur when using these types of financing.
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.
James Martin
LVRE4U@hotmail.com
1 vote Thank Flag Link Tue Nov 27, 2012
Probably not your agent's fault. There is VERY little inventory in the under $150K category. You are competing against cash buyers so if you are financed you need to rethink a new strategy (like waiving and coming in above appraised price with extra cash.)
0 votes Thank Flag Link Sun Dec 9, 2012
A new realtor might not help, unless your realtor is not giving you timely responses. In the current market, terms on a contract are as important as the bidding price. You are in a very competitive price range.

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!

Cindy Sun
702-825-2555
cindy@cindysun.com
website -- http://www.cindysun.com
0 votes Thank Flag Link Mon Dec 3, 2012
Not your Realtors fault, maybe you are not listening to him or her. The inventory is very low and when a good property comes on the market it isn't there long. Have all your documents ready includung any pre approval letter and a substantial EMD. Make the offer your best. It always seems that buyers don't hear what we as realtors are saying. They seem to think you can still low ball offers but those days are over. You may have to go 10 or 15k over, depending on how many offers there are. It is nothing to lose out on offers these days, offer what it is worth, thats all you have to do.
As far as the CMA, get it done quickly before you look at it and act fast.

Good luck
0 votes Thank Flag Link Sun Dec 2, 2012
sorry for the mistypes, I can spell just can't type.....Public record showed house sold for $154,995 a few months later....don't think I want to move to Veagas now
Flag Sun Dec 2, 2012
OK...well how about this...house sale ask price $150 K.....I talked to realitor we offerd $165 K...40% down, pre arpproved and primary residence.....offered turned down anophter accepted....a fe months past....as I searched on my previous offers flound public eword that house....sole fopr $154,995.....10K less than my offer....realitor said they must have already had an ogfffer they accepted.....soemthing ifs fishy or i am bbeing discrimuinated against because i am white, American, and a citizen
Flag Sun Dec 2, 2012
WOW, we do have a shortage of homes on the market. I always call the listing agent to find out how many offers are on the property before I show it. When I put in an offer for my client, I find out where we need to be in order to win against the other Realtors. I dont make any money unless I close a transaction. I am a full time Realtor with bills that have to be paid.

Jesse Keenan
0 votes Thank Flag Link Thu Nov 29, 2012
Jesse I am out of town buyer...and i really like this guy...but he says he can't get any info on what kind of offer I need to make.....so I just generally make an offer for around $5 K or $10 K over ask...I am prequalified, with 50% down, conventional loan....I have never even been asked to make a counter offer, that is what bums me....this has been over a 214 month period, trying to retire in Vegas ...now begiinning to think i should look elsewhere
Flag Thu Nov 29, 2012
Please take into consideration that we are in a very competitive market.

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,

Chris Harrison
Barrett & Co. Realty
702.592.9510 ph
Chris.Harrison@msn.com
0 votes Thank Flag Link Tue Nov 27, 2012
It's not necessarily the Realtor's fault..it depends if your asking for closing costs, repairs, home warranty, in short how clean your offer is written. Also in the price point cash can still beat out buyers getting financed. Just keep trying alot of buyer's actually write more than that. I know it's hard to believe but you will more than likely get the home you want just hang in there.
0 votes Thank Flag Link Tue Nov 27, 2012
Are you prequalified or is this ALL CASH?


David Cooper Investor
http://www.lasvegaswinner.org
0 votes Thank Flag Link Tue Nov 27, 2012
Pre- qualified.a couple cash offers but minimum 50% down...would be live in home...out of town buyer
Flag Tue Nov 27, 2012
Real estate professionals walk a very thin line. If your agent tells you to up your offer...no I mean REALLY up your offer....you would be here on Truiia complaining your agent is only concerned about getting paid and not about getting you a deal.
-
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.
Quick close.
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
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Tue Nov 27, 2012
Hi, workforyou41.

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:

http://lvpropertysearch.com/las-vegas-investment-homes/las-v…

http://lvpropertysearch.com/las-vegas-investment-homes/las-v…

http://lvpropertysearch.com/las-vegas-investment-homes/las-v…

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:

http://lvpropertysearch.com/single-family.html

If you need help sorting it all out, we have a very successful closing rate.

Limestone Investments, LLC. - REALTORS®
LV Property Search
Info@LVPropertySearch.com
(702) 619-6214
0 votes Thank Flag Link Tue Nov 27, 2012
Hello,
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.

Rena Levy
Broker/Associate-IGlobal Certified properties Specialist
Realty Executives
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Tue Nov 27, 2012
Hello North Las Vegas Buyer,
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.
Kurt
702.656.1818
0 votes Thank Flag Link Tue Nov 27, 2012
Right now because of the Bill AB 284 banks can't really foreclose so their is a depletion of available properties. Once it expires that will change. Also if you are going FHA instead of Conventional on your loans sometimes they might take the other offer because of possible issues with property. I handle the mortgage side so if you have any questions on the financing side dont hesitate to contact me. I also used to be an Real Estate Broker so I know how the market works
0 votes Thank Flag Link Tue Nov 27, 2012
There are many components of an offer that makes it competitive. Based on the type of transaction, Short Sale, REO, Traditional those trigger points can vary.

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!
0 votes Thank Flag Link Tue Nov 27, 2012
Hello, in our market today if you are a buyer, it is best to work with an agent
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.

Paul Arroyo
Haines&Krieger Realty
702-768-2931
0 votes Thank Flag Link Tue Nov 27, 2012
Giving buyers the opportunity to purcahse one of your listings and not allowing it to compete on the open market hurts the seller and is illegal. It falls under "fair dealing", agents doing this will have it catch up to them. I'd delete this post if I were you.

Friendly advice.
Flag Tue Nov 27, 2012
No!

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.

Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Tue Nov 27, 2012
Perhaps...

It's currently a very tough market for buyers! Are you making offers on 3 bedroom homes?

Call me and we can discuss.
0 votes Thank Flag Link Tue Nov 27, 2012
No. Are you taking the agents advise of where your offer should be? Sounds like you are in a price range that is hot in your area and maybe you will have to go over even more. Good luck.
0 votes Thank Flag Link Tue Nov 27, 2012
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