Foreclosure in Las Vegas>Question Details

Brent, Both Buyer and Seller in Las Vegas, NV

I own a townhome in Las Vegas, Nevada..I bought it for 255, appraised at 301,000..How Do i sell it?

Asked by Brent, Las Vegas, NV Tue Jan 15, 2008

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With price adjustments, it is likely a short sale now! Do you need a good Las Vegas short sale specialist?
0 votes Thank Flag Link Mon May 16, 2011
My how times have most likely changed since you 1st posted this in Jan 2008- we are now in 2011 and most homes and condos are worth less than what they paid for , even in 2008
0 votes Thank Flag Link Mon Jan 3, 2011
If the appraisal is correct and you can find someone to pay it.....its highly likely that the buyer will need you to pay 3% of the sale price towards their closing costs. If that buyer is represented by an agent you will likely pay 3% toward their commission. You will have 1-2% of seller costs to pay as well. Then there may be tax consequences if you haven't lived in it for the past 2 years on what profit you may have left.. There are a lot of if's and reality to consider in this transaction. You might be wise to rent it for the next couple of years and buy another home at the bottom of the market. Defiantly consult with a CPA and Realtor.
0 votes Thank Flag Link Sun Jan 2, 2011

Please keep some things in mind when it comes to an appraisal, First appraisal is "one persons educated opinion of value", in other words if you hire 5 different appraisers to conduct an appraisal for you, chances are you will get 5 different opinions on the value of your house. They all “should” be close to one another, but none the less they will have 5 different opinions. Second...In today’s heavy buyers market, buyer's are looking for deals and are getting them daily. Appraisers use "Comparable Sales" in order to come up with an opinion of value, and appraisers are not supposed to consider "Available Properties" when conducting an appraisal. The reason I am bringing this to your attention is this...Lets say 3 homes that compare to yours sold over the last 6 months and each one sold for $300,000, BUT there are currently 5 houses like yours on the market that are priced from $250,000-$275,000. You will be hard pressed to sell your property for $300,000 with the competition that you are up against. This may or may not be the case where your townhouse is located, but this is all too often the case throughout the Las Vegas valley in today’s market.

My advice to you is that if you are not in a position where you need to sell at this time, don't do it. Again it is a very heavy buyer's market in Las Vegas at this time. Nevada is the #1 State for the number of homes in some state of foreclosure, and if you are trying to sell at this time it is very tough to compete with the sellers, banks, etc. that NEED to sell and are willing to take "much less than market value" in order to do so. However if you are in a position where you need to sell at this time, I would highly recommend hiring a Full-Time, Experience, Realtor that will show you the ways in which he or she will be marketing your property. While simply posting your property on the MLS may have been sufficient in a sellers market, in today’s buyer’s market you need an agent that will not only place your property on the MLS, but heavily market your property, and most of your agents marketing should be directed towards Internet Marketing, as 80% of buyers are utilizing the internet in their search for a home.

Good luck to you and if we can be of any assistance to you do not hesitate to call or e-mail us anytime.

John Goad, Jr.
of The Goad Team
Century 21 Infinity
Web Reference:
0 votes Thank Flag Link Wed Jan 30, 2008

There is a difference between an appraisal for refinancing and one for the sale of a home.
Also appraisals are changing month to month depending on what has sold in the community plus distress properties. It’s like watching a stock doing down and up and down again.

If I can be of assistance, please give me a call on 702.553.6543 and check out my website.

Good Luck
Bill Johnson
0 votes Thank Flag Link Wed Jan 30, 2008
The first thing to do is get a Comparable market analysis form a reliable agent. There are other condition s of the market it may affect you getting your price. Are you working with an agent?
0 votes Thank Flag Link Wed Jan 30, 2008
You have a couple of options. First, you can try to sell it yourself. That can be difficult if you do not have time to show the home because of a busy schedule or odd hours or just any type of time of time constraints. It can be difficult if your property is located in a gated community. If you choose to sell it as a FSBO (For Sale By Owner) be sure to contact a good title company to help you with the process. Second, clearly is you can consult with a REALTOR and he or she will be able to educate you on the process of selling a home and possibly offer tips to help your home show better, in the fastest amount of time for the highest possible price. Because I am a licensed REALTOR, I am biased to the later option. Another point I would like to share is that this market is very slow right now and the more exposure on your property you have the better. Please also note that appraisals are an important part of the sales process but appraisals are not written in stone (and I don't mean to sound like Debbie Downer) but you should know that an appraiser may believe your property is worth that much but the ultimate decision on what your property is worth is the consumer who makes an offer. And he may think it's only worth $275,000. Appraisals are simply a "benchmark" for making a loan. Appraisals are not for the benefit of the buyer and seller (or other related parties) to validate the contract price of the property. They are an underwriting tool specifically developed to assist the lender in evaluation the property for mortgages purposes. So, check out what other townhomes like yours have sold for RECENTLY and price it accordingly. In this market "fishing" for the highest price is not going to get an offer quickly and you may end up lowering the price and lowering the price and lowering the price until you get an offer. So, find a price, price it right, have easy access to show it and keep it exposed to as many people as possible. If there is anything I can help you with feel free to contact me. Best of luck should you decide to try it on your own.
0 votes Thank Flag Link Tue Jan 15, 2008
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