LV Property Search,
This is totally inaccurate and bad advice. Seller's would rather have a buyer with no financing contingency any day of the week. Cash IS king in Las Vegas right now.
"Cash is NOT king. Many banks want the loans more than they want to unload the property. Even if you are the highest bidder with cash, a bank would rather take a lower offer if they can get the loan."
Secondly, the below statement is also inaccurate. If a seller is to accept a financing offer above appraisal value they will require the financing buyer to waive their contingency to appraisal as well as their financing contingency so the deal does not fall apart when it come time to fund. OR they will just go with a cash buyer that does not require a loan or an appraisal. This goes back to CASH IS KING. Also, if you think you can buy homes below the comps in today's market in Las Vegas you will be wasting your time as well as your clients. Once a property hits the market in Vegas there is usually multiple offers that are above comp value.
"To get a loan, the property must be appraised by your lending institution. If your agent doesnâ€™t do a good job finding you a property at or below market, you can cancel a typical deal as there is usually a contingency for the property to be appraised above the loan amount."
Demand is very high and inventory is very low in Vegas. Perhaps after the election or if banks start foreclosing again things will change but unfortunately that is not the case right now.
The Adams Team at
Rothwell Gornt Companies