In California or should I say San Diego, CA to be more specific, we are dealing with multiple offers on properties. Some properties have about 10

Asked by Rick, 92026 Sat Apr 3, 2010

offers. The main reason is that consumers are taking advantage of this First-Time Tax credit. I wanted to know if Las Vegas or Henderson is having the same scenarios of properties having multiple offers?

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Deluxe Realty, Agent, Las Vegas, NV
Sat Apr 3, 2010
Hi Rick,

This is happening in Vegas; I believe that many hot properties have many offers on them for the reason that it is a great time to buy... I don't think I'll see prices this low again in my lifetime... I don't really see it being a result of the tax credit in Vegas, though it may have a small affect on a couple homes... however, Vegas is more of an investor type of place, then a first time, settle down, kind of place, and some of the bank owned homes (Fannie and Freddie specifically) make it easier for first time home buyers by not allowing investment offers for the first 15 days on market...

Take into consideration that in Las Vegas, real estate under $200,000 is more than 90% cash purchases.

I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.


Search the Southern Nevada MLS live at http://www.markfleysher.com


Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com
Web Reference:  http://www.markfleysher.com
2 votes
Valerie Edwa…, Agent, Las Vegas, NV
Sat Apr 3, 2010
The local market in Las Vegas is definately a "Seller's" market. Of course prices are much lower than what they previously but we are very SHORT on listings right now. Hence we are receiving anywhere between 3-18 offers per listing. On a few of my bank owned lsitings i have received up to 25 offers...most of which were well above list price. Obviously the comps need to be made so you know where your offer should be and NOT what the list price is necessarily. Many keep saying that we will be receiving a bunch of new listings soon but hey have been saying that for over a year now. Fact is a "balance market" for las vegas is a 6 months supply of inventory. Currently we are below a 3 month supply. Hence, there is not enough homes for the buyer. Of course the lower cost of the home the higher the number of offers they typically receive. If you are looking around $100K to $250K be prepared for a lot of competition and do not wast your time putting low ball offers in. You will burn yourself out and miss out on the home you want.

Most important...be prepared to make the offer when you see something you want.
1. Prequal (PQL) with multiple lenders all at once (less of a hit than individual requests over 2 to 3 month period. Specifically, get a BofA & Wells PQL as well as your credit union and anyone else you are interested in. Most bank owned properties(REO's) are owned by Wells or BofA and many of the listings agents require a PQL from the bank that holds the note! If you don't have the appropriate PQL "prior" to submitting the offer, the listing agent will often not submit your offer to the seller.
2. The only exception to the PQL is if you are paying Cash. In that case you will need proof of funds (POF) that is current (less than 30 days) from your bank..
3. EMD-Ernest Money Deposit is required to submit an offer. Again without the copy of the EMD, listing agents will not typically submit your offer to the seller. Your agent will ask you to right a check to a Title/Escrow company for a specific amount which is stated on the MLS form. A copy is then made and submitted to the listing agent along with the Offer and the PQL. The check is NOT ever deposited until you are in receipt of a fully executed contract. That is...the seller and you have signed all required documents and agreed to all the terms. It is always best to have your agent redact (remove/black out) t the account number from the "copy" of the check that is submitted to the listing agents office.

It is important to select an agent that is experienced in dealing with contracts surrounding REO (real estate owned by banks) and Short Sales (SS) . There are a lot of variables that you don't want your agent to figure out after the fact especially now! Knowing that there is a shortage of listings, seller's are not granting extenstions to contracts without charging per diem to the buyer...hence mistakes/delays will cost the buyer approximately $50 to $100 per day past date of scheduled closing in the contract.

Valerie Edwards, REALTOR
RRG, SRES, SRS, RSPS, SFR, ATHOM
Premier Real Estate
(702) 371-5533
INFO@AgentValerie.com
http://www.AgentValerie.com
0 votes
John Brassner, Agent, Las Vegas, NV
Sat Apr 3, 2010
It is. And that can lead to bidding up the price farther than $8k. I think some of the multiple offers will calm down a BIT soon. But we still have a very low inventory which will still make buying a home a little competitive, especially on foreclosures and privately owned, non-short sale properties.
0 votes
Andrea Packo, Agent, Las Vegas, NV
Sat Apr 3, 2010
Yes Rick we do have the same scenario in Las Vegas and Henderson and Summerlin. While we have many consumers taking advantage of the First -Timer Buyer Tax Credit, we also have many investors and home buyers trying to buy. To get your offer accepted please work with a Buyer's Agent REALTOR in the area you would like to find a home. Thay are familiar with the market and with offers that are being accepted.

In Las Vegas, my services to qualified buyers are free. If you would like to find a property here, let's get details worked out right away and find a home for you!

Thanks
Andrea Packo
Buyer Agent for the MBS Team
Keller Williams Marketplace
Serving all of Las Vegas, Henderson and Summerlin
702-279-7679
apacko@yahoo.com
Web Reference:  http://www.andreapacko.com
0 votes
Marie Sestile, , Las Vegas, NV
Sat Apr 3, 2010
Hi Rick,

We have been experiencing multiple offers on well-priced properties for over a year. The first-time home buyer tax credit has contributed to this phenomenon, however it is primarily driven by very low prices. Investors are buying properties to rent them out and provide positive cash flow.

Marie Sestile, SFR
Rosen & Company West, Inc.
702-524-3668
mariesestile@cox.net
0 votes
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