Foreclosure in Summerlin>Question Details

Monique, Home Buyer in Summerlin, Las Vegas,...

What is a reasonable cash offer on a foreclosure, asking $60,000 been on the market for several months in Las Vegas.?

Asked by Monique, Summerlin, Las Vegas, NV Sun Mar 11, 2012

Help the community by answering this question:


What's it worth? A reasonable offer would be equal to or somewhat less than what it's worth.

I know that's not the answer you want. You'd like a solid number like: $52,000. But that's not possible. We know it's not worth $60,000, or it would have sold. But how much less? And part of the answer depends on its condition. You could have two properties, side-by-side, identical, but one could be worth $20,000 less because of damage to one and great condition and upgrades to the other.

Only a local agent who has actually seen the property (or will see it at your request) can give you a solid answer.

Hope that helps.
1 vote Thank Flag Link Sun Mar 11, 2012
Don Tepper, Real Estate Pro in Burke, VA
Simple is the fomula we use for our investors. We manage over 350 homes/condos so I know what I'm talking about.
1. Have your Experienced Agent do a CMA so you know what the property is worth in Very Good Condition for that area.
2. Subtract costs of rehab. We are able to do that for our clients.
3. Subtract 15% from that price and that is your offer to hopefully get you to the table. If there are other offers you'll take the risk of loosing home to a higher offer but there are plenty of properties so you'll get the next one. The key is to be flexible and be willing to walk away from a deal. Location is the key and if you'll call or email me, I'll share with you the best locations to foucus on.

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website -
1 vote Thank Flag Link Sun Mar 11, 2012
Depends on the condiiton really. That is a pretty low price for summerlin. Normally they don't last on the market.
0 votes Thank Flag Link Tue Mar 13, 2012
Have you seen the inside condition of the house. Without an inspection report or an inspection continuency, that $60,000 house could be a good deal or a nightmare.

0 votes Thank Flag Link Mon Mar 12, 2012
Great question! Everything that is a REO is going for above list price! Your price point is a very desirable one, so lots of buyers are putting in offers at the price! The condition is a plus, they are all being bid on currently! Have your agent do his/her "homework" on the property, but chances are, the banks agent will tell you to place highest and best offer! (If you want to win, 10% above list is a good place!) Sometimes buyers want to "test the waters" and will loose a few homes before getting aggressive, listen to the market! It is a fast paced, very aggressive place to be! By the way, at that price range, most buyers are cash! So there is not a big advantage anymore! It is equal paying ground. Good luck and please re-post with your experience! Thank you, Raina Musser
0 votes Thank Flag Link Mon Mar 12, 2012
Monique: I noticed some government foreclosures selling around $60,000 that seem to be worth more than that.
Some foreclosures are in good shape inside, some in terribel shape. Hard to tell from the description, but if you want to get a substantial discount on a foreclosure, let's talk

See Web
0 votes Thank Flag Link Sun Mar 11, 2012
Greetings Monique,

Prior to making an offer on any property you need to look at it, not the pictures that are posted on the internet. It may not be in that good of condition and that could be why it is still on the market. People who have lost their homes are upset and some have done damage to them, as well taken items such as the cabinets, tubs, sinks, toilets, tubs, pool equipment and more and this has caused homes to remain on the market longer than you would have thought they would have.

The most important thing you need to do when purchasing a home whether for you or as an investment is to hire a REALTOR. I can help you.

Donna J Nuttall
Principle Realty Advisors
Cell: 702-375-2069
0 votes Thank Flag Link Sun Mar 11, 2012
Hello Monique,

Something just isn't quite adding up with your question. As you can see from other responses, every Foreclosure, also know n as bank owned property, and referred top by the Banks as "REO" sell within days of hitting the market and receive multiple offers often within ours of hitting the market. So, suggesting that a home has been on the market for several months at $60,000 just doesn't sound right. Especially when you consider that $60,000 is the hottest price range that slumlords like to buy in.

Let me say here that, I do not mean to sound derogatory when I refer to a $60,000 property being a "slumlord special", but you do not find $60,000 homes in newer, or nicer neighborhoods. With the exception of "Cluster homes" which are basically detached condos (and not my first choice as a good investment - ask me why and I will tell you), less than 6% of the home under $60,000 were built after 1990. when you consider that more than 2/3s of all homes built in Las Vegas were built after 1992, a home built prior to 1990 is quite old by Las Vegas standards. But I digress.

Now, there is an exception to the "multiple offer within hours" assertion, and only one. When a bank puts a home on the market, they will sometimes start too high. If it is more than say 5% over market, the market passes it by. After approximately 21 days of hitting the market, the bank will direct the agent to reduce the price. At that point it may fall into the market value range and onto the radar of street savvy buyers. If it does, it will receive multiple offers within hours. If it doesn't, it is still over market. Again 21 days later (read that as actually 3 to 4 weeks depending on the asset manager), and it gets another price reduction. Most always the reduction each time is approximately 5%. think of it this way... The waters around Las Vegas Real Estate is swarming with hungry sharks all competing for the same raw meat. When a home hits the water, the sharks are on it like a junk yard dog on a burglar.

So, here is your answer; if it has been about 21 days since the home was placed on the market, or since the last price reduction, you can probably offer as much as 5% less than list. If it has been less than say 14 days, look to offer list. If the home has as you say been on the market for months at the same price of $60,000, you may want to go look at it... there is something grossly wrong with it like, it probably has been in a fire and needs to be rebuilt form the foundation up.

If you would like a more accurate opinion of value on the home in question, email me the address and I will give you the best of my 32 years experience.

Be of luck,and tanks for reading.
0 votes Thank Flag Link Sun Mar 11, 2012
There are some factors that come into play when making an offer. Here are a few that we can talk about. Is the property a bank owned property, a short sale, a flip, or a traditional equity seller? What type of financing will you be doing or,will you pay cash? We will look at the comparable sales of properties in the subdivision. Also the condition is a big factor. As you can see there are a few things that come into the mix. I always like to sit down with potential homebuyers to make sure we are on the same page. I hope I have heled answer you're questions. I am alwaysmavailable to help.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Sun Mar 11, 2012
Is it a listed MLS foreclosure or is it a "short-sale" Deals on government foreclopdsures are running about 20% below comparable houses, and you can make offers direct to Fannie Mae right on their website.

See Web
0 votes Thank Flag Link Sun Mar 11, 2012
Hi Monique,
Its all about supply and demand. I get this questions from buyers that call me on a specific property that they have seen on the internet like Trulia and other Real Estate home sites search that show that the property is for sell and has been on the market for a long time. When I check , in most cases I find that the property is in pending statues, meaning..there is an accepted offer and its in escrow.

In some cases, there is a waiting period of 30 days for investors, and the banks accepts only owner's occupied offers. If that's the case, owner's occupied that is obtaining a loan, has to make sure that the property will meet the appraiser;s inspection requirements.

There aren't many foreclosure homes for sale and the supply is very limited. If you have an agent that you are working with, I suggest that you have him/her prepare comps for you with most recent sales in the same subdivision, check if there are any offers, determine the repair costs and than decides on the price that you want to offer.

I will be happy to assist you with the offer process. Please call me at 702-612-7099 or email me at

Rena Levy
Realty Executives of Nevada
Web Reference:
0 votes Thank Flag Link Sun Mar 11, 2012
Hello buyer.
There is not set up price that you should go for. It will depend on the comparable prices that was sold and price that is on the market. Also the condition of the very important . It could be a house that will need a lot of repairs and if you are paying cash you will have more buying power. If it is finance will be a little different.
I am a very good buyer agent. please feel free to contact me for any more info.
Have a great day

Linda Lee 702-505-1080
Realty One Group
6475 S Rainbow
Las Vegas NV 89118
0 votes Thank Flag Link Sun Mar 11, 2012
Hello Monique,

Generally speaking, in most areas of the city, a property of that low of list price will sell at or above the listed price as long as it does not need substantial work. Whether it has been on the market for a long period of time or not can be tricky. Has is been on the market and had several offers that fell out or were just not accepted by the bank because they require a reserve price? If this is the case, you may need to be well above list depending on what part of Summerlin this property is located. Keep in mind, the spring, our seasonal pick up, is right around the corner and our previous sales jumped dramatically in volume the last few months. There are a lot of factors here. Please contact me if your agent isn't cutting it and I'll detail the facts for you.


James Bellile
0 votes Thank Flag Link Sun Mar 11, 2012
Please double check with your agent. Here in Vegas I an seeing lots of multiple offer situations on property in that price range. You will want to check against local comps, but sight unseen I would recommend no less than $59000 and probably more like $60500
0 votes Thank Flag Link Sun Mar 11, 2012
What's the address and I can maybe help?

Cesar Garcia
0 votes Thank Flag Link Sun Mar 11, 2012
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