Foreclosure listings in Las Vegas leave a lot to be desired. Many bank owned listings (REO) in Las Vegas MLS are not filled in correctly, for example a one bedroom condo with a den is listed as a two bedroom apartment. Difference between a den and a bedroom is that the bedroom must have a built in closet, a smoke detector and one or more windows, a den doesn’t. Among other problems are missing the gate code in gated communities, no key in the lock box, wrong directions, etc.
Do I say the heck with these foreclosures; they are too much work and could at times get frustrating? Absolutely NOT and neither should you. There is a reason that about 75% of homes and condos that have sold in Las Vegas recently are foreclosures.
No one get something for nothing and the reason that banks offer a discount for their properties is that buying a foreclosure could be riskier than a regular resale home (we will manage the risk for you) and the buying process could be lengthy, unpleasant and frustrating. But the end result justifies the effort. We have made many offers on foreclosures in the last couple of months and in most cases our offer was $10,000-$35,000 below comparables and $1,000-$6,000 above asking price. Banks put up a foreclosed home or condo for much less than it is worth in the current market in order to increase interest in the property and generate multiple offers on it.
I had to think a bit about why banks don’t take advantage of multiple offer situations that occur frequently, by counter offering the highest bidders repeatedly to get more money, kind of like a Las Vegas real estate foreclosure auction. The answer is that by having buyers submit their best and highest offer they have turned their sales process into a silent real estate auction, highest bid wins. Silent auctions often get highest bids. This way they have successfully repulsed the notion that buyers can low ball a foreclosure just because it is a foreclosure, thereby getting higher offers for their entire inventory and not just a few properties.
More about the problem that arises from banks preferred sales method for the buyer’s agent (Realtors) as they try to determine how much they should offer in the next post
Related web-site links: Las Vegas, Nevada Homes and Condos for Sale, Short Sales, Foreclosures, HUD Homes and Fixer-uppers, getting the best deal for a Las Vegas home or condo
View this Post in: 
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You must log in to post a comment.