There are several REO properties in Nevada that I am looking to purchase. I am interested to know how much

Asked by Theresa, Nevada Thu Aug 21, 2008

the highest bid is so that I wont be wasting my time bidding on a property I know I cant buy. However, the listing agent hsn't even returned my calls. Is that normal? Why wont they give me the highest bid price?

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3
Phil DeSimone, Agent, Hemet, CA
Fri Feb 6, 2009
If you want the property,Bid super high, as the contract states subject to appraisal.Good luck getting an appraiser to value the property a penney more then its worth in this market.You will get the offer accepted and price reduced to appraised value before the close of escrow.Its not playing fair but either are the banks
0 votes
Ron Johnson, Agent, Las Vegas, NV
Fri Sep 19, 2008
The listing agent is not allowed to disclose the amount of any offers on the property to anyone except his principal (the property owner). It is not fair to any other agents/clients if the listing agent disclosed his highest price to you and you made an offer of $1,000 more than the previous high offer.

If you want to know exacly what the other offers are on a piece of property I suggest you go to one of the Foreclosure Auctions. You will immedietely know if you have the high bid. I attended a Foreclosure Auction last weekend where they auctioned off almost 400 properties in the Las Vegas area.

I wrote a blog about this experience if you click on my profile you can read some information about these auctions.

Ron Johnson
Elite Realty
702-595-9743
0 votes
Theresa, Home Buyer, Nevada
Fri Aug 22, 2008
I did some research and I was informed that this is actually called shopping an offer. Is this supposed to be illegal? I would think not because the seller is getting the best terms if the buyer is willing to come as close as possible to the asking price and terms right? would appreciate your help
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