Home Buying in Las Vegas>Question Details

j.pak, Home Buyer in Las Vegas, NV

What does it mean if it is a foreclosure home does the price mean thats how much the bank s selling it for or starting at the price listed?

Asked by j.pak, Las Vegas, NV Thu Apr 11, 2013

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Jimmy Chickey’s answer
I did a quick video answering explaining foreclosures and short sales. http://www.youtube.com/watch?v=ePrWj4D5JpQ

A quick summery on the differences between foreclosures and short sales.
A foreclosure is a bank owned property or property that's been foreclosed on the original owner. The bank owns it free and clear and they are now selling it to the public.
That means when you see a list price on a foreclosed home, that is the price the bank is willing to

The difference on a short sale is that most short sales are unapproved short sales... that means that the seller is selling the house less than they owe the bank.
They have not usually talked to the bank yet they want to sell their house. They put on the market is a short sale. That list price does not mean anything. The bank has not approved that price so it's a totally different ball game from foreclosures.
0 votes Thank Flag Link Thu Apr 11, 2013
Simply stated...if you are the only interested buyer, the asking price or the price you can negotiate, will be the actual sale price. However, in the event of multiple interest, the asking price may increase, depending on the level of buyer interest and their offers.

Hope this helps.

0 votes Thank Flag Link Thu Apr 11, 2013
You should focus on what the property comps for and what you are willing to pay for the property. Base your offer price on the comp value not the list price. Submit your highest and best offer and if you get it, great! If not, move on. Here is an example of why I say this:

Say a property comps at $100k. It could be listed at $90k or it could be listed at $110k. The list price is not always a reflection of what it comps for.

If you would like to read an article I wrote about how to get your offer accepted in this hot seller's market you can read it here: http://lvrealestatehelp.weebly.com/1/post/2013/01/robert-ada…

Here is another article I wrote about my advice to buyers in Vegas right now: http://lvrealestatehelp.weebly.com/1/post/2013/02/advice-for…

Please let me know if I can be of any further assistance.

Best Regards,
Robert Adams
The Adams Team at
Rothwell Gornt Companies
0 votes Thank Flag Link Thu Apr 11, 2013
I have tried to contact a few realtor but no answer please let me know how to find a agent that works with foreclosure homes as well and that has time
Thank you
0 votes Thank Flag Link Thu Apr 11, 2013

It means that the bank will accept the listed price or higher. Most of the times..its all about supply and demand. When the supply is greater than the demand, sellers including banks are moore flexible with the prices and terms and might accept lower priced offers.
Currently we are in a high demand marker and most properties are selling above list price with multiple offers on the same property for all properties regardless of short sale, bank owned or equity sell.

To search for all the homes for sell in Las Vegas, please visit http://www.cvegashomes.com/foreclosure-investment-property-l…

For a FREE automated new properties directly into your email, please contact me.

Rena Levy
Certified International Property Speicalist
702-612-7099 Direct
Skype: Rinalevy18
Realty Executives of Nevada
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Thu Apr 11, 2013
If the home is a listed foreclosed home, that is the price that the bank would accept. However, in the market right now inventory is very tight. As such, the list price is really a starting point as it is not uncommen to see 20 offers on a home within 2-4 days.

If the home is a short sale, that is a whole other story as that list price was probably not approved by the owners bank. The bank could come back and say that they will not approve it at that price and change it on you. Here is some information on short sale. http://www.youtube.com/watch?v=lvFosoI0lPA
0 votes Thank Flag Link Thu Apr 11, 2013
It a broker price opinion. Depending on when it was done, could be way off. Must run comps and come to your own decisionon value. Not a good gauge for what will be the winning offer

David Cooper Investing in Las Vegas since 1004
0 votes Thank Flag Link Thu Apr 11, 2013
Where did you see the home listed? Is it a short sale or has the bank already foreclosed on it? The answer to your question depends on these, as well as potentially other factors. I would suggest you contact a local real estate agent who is familiar with short sales and foreclosures to assist you.
0 votes Thank Flag Link Thu Apr 11, 2013
The list price is where the bank is starting at in Las Vegas. The banks know that there will be multiple offers and the list price will most likely be driven up. I just read an article from the Greater Las Vegas Association of Realtors that Las Vegas Nevada Prices are up 30% from 1 year ago. The price increase is being driven by very low supply and tremendousl demand.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Thu Apr 11, 2013
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