Congratulations!

I wish I could place an offer, have it accepted/get an inspector /and close within 16 days! Just this past Sunday you hadn't even put an offer in! I guess what happens in Vegas happens quicker than anywhere else. That's also cool of them to let you in the property to fix cosmetic changes before closing.

Enjoy!

Wed May 14 2008, 19:16

I liked the Elvis answer...So many times in the last year have I've been told - that's just crazy or hey that's an insult... later they come a'courtin'

Different things cycle in the real estate market...land size was one of the biggest in 06-07. 08 the buyers are looking at good schools close to the home. Get a real estate pro and have them throw in an offer of what you want to pay and have the offer expire in 2 weeks.

Sometimes beause of the loan type (moslty short sales) the bank will have to wait a while before it can move the house. 90 days is not uncommon with PMI and other holdups as the backlog is long. If you get a true short sale real estate pro...they can be a great time saver.

Put in that offer and try and get yours hands on it...but, keep and eye out for something else that may also suit you.

Tue May 13 2008, 11:10

Hi Lily, I see Sal has apoligised, how nice. I wouldn't want HIS JOB. It seems to make him cranky. I have to give him credit for not being rude to you after you and others blasted him. Maybe he's not so bad. Anyway,
I KNOW JUST HOW YOU FEEL.. I found a house I just LOVED in my own neighborhood. It was put up for sale last year and I put bid on it. I did not get it. It is still there. The longer ir sits, the more work it needs. I honestly think if the price were lowered it might sell. The good news is that when I lost the bid, I found a different house. I did some major remodeling in my new (OLD) house and now I wouldn't even consider my old love. Time passes. Maybe you should let this one go.
PS.

Mon May 12 2008, 06:24

Lily,
I have tell you that I did not intend to be rude, and that I hope you DO find a suitably priced home in your quest, but that I am overhwelmed with having to serve foreclosure notices and do NOT want to serve one to you. As a public servant, I do not want to see any more of these heartbreaking situations to be perpetuated. If you had to deal with this issue everyday, you might lash out too. I offer you an apology at my abruptness. Please try to focus your attention to another property.

Mon May 12 2008, 05:52

Lily,

I appreciate your honesty in not editing yourself (I want to buy a house but it's way out of my range), and your research. While Sal was undoubtedly rude, he was honest. That's probably how a big brother would say it, but a big brother would say it with love. You'd also be able to kick him in the shins, and yell expletives at him. However, he is giving you free good advice and wants nothing from you.

Many times, when people want your business in anything , ie: some Realtors with a the link to their brokerage firm, aren't 100% honest with you. Sal was rude, but he was honest. Please don't be turned off by his message, just the delivery.

I'm not doubting your intelligence.

Many times the best advice I've gotten was not what I wanted to hear, and not in the form I wanted it to be in, but it was the best for me.

People's houses have been foreclosed on when they weren't able to make less then $6000 worth of payments (6 delinquent payments of $1000). The difference between solvency and foreclosure is sometimes relatively small, but for the debtor, $6000 might as well be a million, because they don't have it.

I appreciate your quest, and know that if others had gotten, and heeded the advice you are being given, their would be no bubble. They too probably would have been angry with the advice, but better nasty advice, then homeless and a wrecked credit rating.

I wish you well. I know you will find a great quirky house at a price you can afford.

Sun May 11 2008, 19:33

Lily,

I would let the house go. I don't think that anybody should stretch beyond their price range. That is a big part of what has led us to our current real estate situation.

There are other fish in the sea, I promise you.

Sun May 11 2008, 18:55

Lily - Realistically, if you look at everyone else's answer, and you look at Sal's Answer - the only difference is that Sal was a little more blunt in his approach.

If you cannot afford the house, you cannot afford it. It's like walking into a Rolls Royce dealership with $5,000 to your name and saying "i know i don't have enough - but I REALLY want it."
What do you think they would say to you?

Now - if you talk all the opinions about the effects of what you're trying to do, and put them aside. Now look simply at your statement. "I want to buy a house that's way out of my price range". That is logically equal to the statement "I know I can't fly, but i'm jumping off this cliff just to see what happens."
You come right out and say you know it's not possible, but you want to do it anyways. That said - you have 3 options.
1) Do it anyways, fail miserably - contribute to the housing/credit problem in this country.
2) Find a way to negotiate the house into your price range.
3) Say "that's life" and walk away.

Sun May 11 2008, 16:38

"I want to buy a house that's way out of my price range."
READ -" I want what I want , when I want it."
Be realsitic. If you cannot afford it, you CAN"T have it.
What's the question here ?

Sun May 11 2008, 13:10

Wouldn't you be better off finding another home that is in your price range, and with so many homes out there, maybe you would find home of your dreams, and not have to buy one that doesn't fit your budget. Do you want to work solely to pay off your mortgage? I don't think so. I think you haven't yet found the right home for yourself and should still give it some time, before making a costly error, and possibly end up in foreclosure, plus all the work that this house needs, Contractor fees etc.
Debbie L. Orlich, Licensed Sales Associate, CBR, Bayside, New York.

Sun May 11 2008, 07:43

If the home is truly overpriced (and needs so much work) your best path to ownership is patience. If it's truly overpriced, especially in Vegas, it will sit on the market for a long period of time, and will have a series of price reductions...

At some point, when it gets a little higher than "target range" of what you can afford, I would have your buyer's agent make your offer. When they reject that offer, keep an eye on the property, but stick firmly to your offer. Let them know that you're withdrawing the offer (you don't want them to use your offer as leverage to make other offers compete), but you'd like to be kept "in the loop". Periodically, contact them and raise your offer again (maybe every 30-45 days).

One of two things will happen. 1) the house will sell to someone else. or 2) they will come a'courtin' you.

Sun May 11 2008, 07:23

Lily,

Part of the reason the US is in this housing bubble is because people bought houses they fell in love with and "needed" to get their hands on them. They fell in love with something, were able to get the mortgage, but couldn't afford it. They figured they'd figure it out later. "Later" is now, and that is the foreclosure.

Be realistic. Your main line here is:" I want to buy a house that's way out of my price range." That means you can't afford it. Wait until you have more money, and then revisit the situation.

Good Luck!

Sun May 11 2008, 05:18

My regular advice is to determine the property's value in today's market, with whatever repairs are needed. Then determine how much you can reasonably afford to pay. Take the lower of those two figures, and that becomes your ceiling--the most you will pay for the house.

So, in your case, determine the value of the house. If the house is "way over priced" and "needs a lot of work," make sure that's fully reflected in your calculations. Next, determine what you can reasonably afford. Make an offer somewhat below the lower of those two figures.

If you do so, one of three things will happen: (1) The seller will accept your offer. Good. (2) The seller will counter your offer. Good. You're in the ballpark. Just don't exceed your maximum number. (3) The seller will reject your offer. OK. That's life. If the house is still on the market next month, make your offer again.

Good luck.

Sat May 10 2008, 07:59

My advice is to buy what you can afford, buy something that is going to give you equety in the future and ask the seller to pay for the repairs the less money you spend on getting the house the less your Risk

Sat May 10 2008, 00:41

Hi Lily,

My advice would be to take a look at the other 20 some thousand homes that are available as we speak.
There is just so much inventory out there, that I'm sure you can find something that is actually in your price range.

What would help is if you let me know what your price range is, and what it is about the home in question that made you so fall in love with it. Also....let me know what the actual home is so I can do a market analysis to see if the price really is unrealistic.

E-Mail me at Mike@PrimeRealEstateLasVegas.com or call me at 702-370-3521 so we can talk over details so I could better assist you. It won't cost you anything for me to help you out, so give me a call.

Fri May 9 2008, 22:32

You could contact an appraiser to determine the actual value of the property. If it is overpriced you could use the appraised value a leverage to support an offer.

Fri May 9 2008, 20:43