Home Buying in Sunrise Manor>Question Details

Trulia Las V…, Other/Just Looking in Las Vegas, NV

What is the best strategy to submit an offer for a house in a warm/hot housing market?

Asked by Trulia Las Vegas, Las Vegas, NV Mon Nov 26, 2012

Help the community by answering this question:

Answers

13
BEST ANSWER
Currently Las Vegas is a HOT MARKET and we are experiencing shortage of properties and over bidding war.

I get asked this question all the time by my clients , both owner occupied and investors.
The best answers that I provide my clients are:

1. I search properties to list just for my buyers. I know what they are looking for and search for these properties to list. My clients get first look at my listings before they are even listed.

2. We have pre-listings lists at my office that we share before they are put in the MLS.

3. Be aggressive with your offers. Some of the properties under $ 120,000 are getting even 10% over list price.

4. make a clean offers without asking sellers for " traditional " buyer's costs . The less contingencies are, the more likely to get your offer accepted.

5. Be quick to make the offer from the time you receive the information. Work with an agent that is quick to response and will write the offer as soon as possible.

6. We use technology today and use E-signatures. Make sure to have your proof of funds ready or your Pre-Approval from your lender updated including bank statements.

7. Be willing to be flexible withe the area and the property that you are buying and be open to other neighborhoods.

To search for all the homes for sale in Las Vegas, visit

http://www.cvegashomes.com/foreclosure-investment-property-l…

Rena Levy
Broker/Associate
Realty Executives of Nevada
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Mon Nov 26, 2012
As a past agent with REALTY EXECUTIVES of UTAH, I wonder if you wish to assist my buyer in locating a Ranch/Rambler in the Henderson or surrounding areas that is between $300,000-$350000 with a swimming pool. I need three properties for the 1031 Exchange process and need to close one of those fairly soon. Respectfully,
Karl--Heinz F. Koenig
Utah Select Realty Inc.
801-298-1234 Text/Cell
2801-2920-8221 Fax
UtahRealtorKing@gmail.com
Please send a referral agreement at 25%
Flag Mon Nov 18, 2013
The key is to do the following:
1. Work closely with an experienced agent to you can act quickly and get offers in asap.
2. Have a strong loan approval with well known local or national lender.
3. Get to know the Current Market Trends and values of the areas you're looking so you don't have to waste time doing market research every time you want to make an offer.
4. Write offers 2 to 3% over current market value of home. Do not go by listing price as they have little to do with the true value of the home. By the time it closes, the home should be worth same amount you've offered.
5. If buying with a loan, you may have appraisal issues so offering over 5% of CMV is a strategy but seller may ask buyer to pay the difference.
6. Don't nickle and dime seller by asking them to pay for appraisal, inspections, closing costs, etc.

Matthew D'Ercole
Prominent Realty
702-501-0973
1 vote Thank Flag Link Mon Nov 26, 2012
Trulia Las Vegas

No disrespect to any of my fellow REALTORS®, this is simply informational. But, any buyers agent who gives this information in a public forum is doing themselves a serious disservice. These are trade secrets. Unfortunately, this Real Estate market has turned many of us into lions and tigers.

My advice would be for the buyer to acquire the services of an agent who specializes in getting deals accepted. Remember, it takes 2 weeks to obtain a Real Estate license in the State of Nevada (I'm not sure if it even requires a high school diploma). However, it takes a "smart cookie" to become a successful closer.

LV Property Search
1 vote Thank Flag Link Mon Nov 26, 2012
Aneta....what can I say? It is what it is...besides, I prefer living on the edge. ;-)
Karen...thanks for your support! :-)
Flag Mon Nov 26, 2012
You are right. Be careful when you are writing and what you are saying.
Flag Mon Nov 26, 2012
I agree! Every answer should be: USE a very, good Agent.
Flag Mon Nov 26, 2012
Las Vegas is currently in a hot seller's market and with inventory remaining very low (below the 5,000 mark) deals are getting harder and harder to lock down. You can read a thread about the competitiveness of the current market here: "Will rising prices put an end to all these multiple offers?"

With that being said, if you find a property that you want to purchase, it is important that you write up a clean, strong offer. Here are some tips to getting you offer(s) Accepted:

1.) Run the CMA (Comparative Market Analysis) and find out an educated estimated value of the property.

2.) Offer a strong purchase price. With homes selling around 10% above apprasisal value you will want to make your offer slightly above the CMA value. Offering less will get your rejected (NOT COUNTERED) 9 times out of 10.

3.) Always submit your highest and best offer the first time. Do not expect to start low and counter to a higher offer. With an average of a dozen offers on a property at any given time, listing agents are now only countering the best offer in front of them and then rejecting the others.

4.) Keep your offer clean. Pay your own closing closts, inspections, appraisals, etc. This will give the seller less items they have to counter. This will also show the seller and the listing agent that you and your buying agent are in tune with the market and it should make the process a smoother deal. When agents/buyers/sellers are not on the same page and in tune with the market it can cause problems once in escrow and the chances of closing the deal decreases drastically.

5.) Write up the purchase contract to purchase the property "As-Is". This means you can still get an inspection in your "Due Diligence Period" and find out the condition of the property. Do not expect the seller to pay for any of these repairs as you are buying the property "As-Is". If the repairs are minor than we advise you proceed and make the repairs yourself once you close on the property. If there are unforeseen major repairs then you can renegotiate the purchase price at that time or cancel escrow and get your EMD (Earnest Money Deposit) fully refunded. Again writing up the offer "As-Is" will keep your offer clean and less things for the listing agent/seller to counter.

6.) Submit your POF (Proof of Funds) or Pre-Approval Letter with your purchase contract so the sellers know you are capable of buying the property.

7.) This step is not a must but it does make your offer a little more competitive. Increase your EMD (Earnest Money Deposit) to slightly above the requested amount in the listing. For example if they are asking for $1,500 EMD give them $2,000. This shows them that you are serious about buying this property and you are willing to put more money down than the other bidders.

8.) Have your agent write an email or cover letter accompanying the offer explaining that you the buyer and them the buyer's agent are aware of the market conditions and have attached a clean, strong offer that includes: and list the items above that you have agreed to only because of the condition of the market ex: higher price, paying your own fees, as-is, higher emd, POF or preapproval letter, etc.

If you practice all of these steps when submitting your offers in the current market here in Las Vegas or Henderson you will have a better success rate of getting your offers Accepted. If you would like my team and I to represent you in purchasing your next home please send us what type of home you are looking for by filling out our Buyer's Form If you need Sell your home please fill out our Seller's Form

We hope this is informative and we thank you for your business!

[Last edited Jan 15, 2013]
Best Regards,
Robert Adams
Broker/Salesman
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Founder of The Adams Team at Rothwell Gornt Companies and LVrealestateHELP.com
0 votes Thank Flag Link Mon Jan 28, 2013
Consult a REALTOR! Be certain to review the comparable sales for the area. The Seller and the Seller's Agent will review the sales..........and then compare your offer to the comps and any other offers received. So make it a good offer.
0 votes Thank Flag Link Sun Jan 27, 2013
All Cash works best in a hot market. If you need a loan, get your credit score up and pre-qualify for as musch as you can afford.


David Cooper Investor in Las Vegas Real Estate for 35 years
http://www.lasvegaswinner.org
0 votes Thank Flag Link Tue Jan 8, 2013
Hire a professional Realtor who is knowledgeable about submitting offers . A Realtor who is persistent and aggressive .
0 votes Thank Flag Link Tue Jan 8, 2013
From the past experience, contact the listor of the property which you want to buy.
0 votes Thank Flag Link Wed Dec 5, 2012
I am a mortgage guy with vast real estate experience. from what I am seeing on the offers I am getting to work on, Everything is going above the asking price about 10-20k because of the shortgage. You should take this into consideration though. The bill preventing Banks from foreclosing is set to expire in February so you will then see more home son the market. You should be approved before making the offers. i fyou need to get approved contact me or if you have any questions you need answered

Michael R Diaz
Loan Production Manager
mdiaz@allwestern.com
702.609.2607 call or text
http://www.realestateloandoctor.com
0 votes Thank Flag Link Tue Dec 4, 2012
Michael R Diaz,
Do you have a link to more info about AB284 expiring?
Thanks in advance.


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Flag Thu Dec 6, 2012
If its all cash offer, be ready to show you have the cash sitting in the bank. Otherwise prequalify with a lender and know what the absolute highest loan you can get. Also, work on getting your credit score up. Thre higher the score, the less interest you will pay.


David Cooper Investor
http://www.lasvegaswinne.org
0 votes Thank Flag Link Tue Nov 27, 2012
Make you offer clean, don't ask for the seller to pay appraisal, inspections, closing costs etc.

Make your offer strong, come in as high as you are comfortable with right from the beginning. Don't try to low ball and expect to come in higher later. FYI in Vegas the low inventory and high demand is resulting in properties under $200k are usually being sold around 10% above appraisal value (or slightly less).


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Nov 26, 2012
There is a shortage of properties for sale in Las Vegas. We are seeing multiple bids on properties and often on the same day that the property hits the market. Many properties are selling above list price. This process requires a great amount of patience right now.

Make sure you know what comparable houses are selling for in your area. Your offer should be where you are comfortable. If you bid too high the house may not appraise for the price you have offered. That will either cause you to pay the overage above appraisal at closing or back away from that property and start the whole process over. If you bid too low and there are multiple offers you will probably bid outbid.

Also take into consideration whether you are financing or paying cash. Buyers will typically accept a cash offer over a financed one because there are less variables to deal with and cash buyers can close quicker.

I would be happy to help you find your next home.

Amy Kohlin
EXIT Las Vegas Realty Center
http://www.vegasrealestateshop.com
kohlinamy@yahoo.com
702.267.7933
0 votes Thank Flag Link Mon Nov 26, 2012
Entry level houses in Las Vegas are in demand by both 1st time homebuyers and investors. Since there is a inventory shortage, be prepared to overbid on listing price if it comps out as being realistic price. Latest stats show that HUD Foreclosure winning bids are coming in at 109% of asking.

David Cooper Investor
http://www.lasvegaswinner.org
0 votes Thank Flag Link Mon Nov 26, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer