New stuff comes online every day so if you don't get this one - there will be more.
When purchasing a property there are at least two items to consider strongly:
1. Take a good look at FMV [Current Fair Market Value]
2. Take a good look at IV [Intrinsic Value: What is your personal value of the property to you!!]
When it comes to banks within this day and age [either short sales or REOs] the banks are selling at least FMV.
Therefore a short sale approval is likely to successfully occur with a FMV offer.
The above two mentioned items are the tangible and untangible items, that ultimately is your decision to consider for pursuit.
Should you or your friends/family have any Las Vegas real estate needs or questions, please feel free to contact me at anytime....
Thanks and have a great day!
Julia St. Marie, ABR, RRG, RSPS
Realty ONE Group
Certified REO Specialist
Direct: 702-355-H-O-M-E (4663)
Short sale approvals are "buyer specific" so if there is an approval it may be for the other buyer, and your offer may be a back up. It seems like the other buyer put thier best foot forward when submitting their offer and that could be the reason why it was accepted. You may have lost your opportunity on this one, but I do recommend submitting your best offer to start with on the next one because you may not get a second chance.
Only bid what you are willing to pay.
If it ends up not being enough - just move on to the next property.
Serving Maryland, D.C. and Northern Virginia
It sounds like you may not have a buyer's agent, which is highly recommended. If this is correct, please, get one. They will be able to advise you on the true suggested fair market sales price, and will better assist you with negotiating and find the right home.
If this is the property you are set on, you could post the address here, or you could e-mail it to me, myself or another agent will be happy to give you a second opinion on the suggested resale price and a list of comparable homes!
Tim, my team and I can help with any of your Las Vegas Residential Real Estate needs or questions; feel free to contact me direct.
Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843
If you are seeking property that is available through the distressed RE market you are obviously searching for value. By becoming involved with a "bidding war" you will likely end up paying more for the property.
Don't make the purchase process any more complicated than it needs to be....What is a fair market value? What will it cost to bring its condition up to your personal standards? Is this the perfect home for your needs? What are you willing to pay to call this property your home?
Our recommendation: If this home is "the one" make an offer that will get their attention.......and meet your budget.
As you stated, the home would be a bargain when compared to what it will cost you if you build in addition to the time and headache of building a custom home.
Only you can decide how much the home is worth to you since it is a cash purchase (no appraisal will limit you). Prices are incredibly low on homes, so paying more right now is still paying less than what the home will cost when the 4closure market is dead and gone.
Factor in how much time you will need in order to find a replacement and the distinct possibility that you will end up in another bidding war. Desirable properties will more likely than not end up in a bidding war. Only you can decide when to hold or fold! Also consider, is your productivity suffering at work during your home searchâ€¦could you be making more if you were more focused on work rather than your housing needs. If so could you actually save money by paying more for this home in order to end the search process once and for all and get back to work full time at full speed?!?!
Best of Luck!
Valerie Edwards, REALTOR
ABR, RRG, SRS, SFR, SRES, RSPS, GREEN, ATHOM
Premier Real Estate