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Buying a Las Vegas foreclosed home or condominium is well worth the hassle, don’t lose patience part one

Buying a foreclosed (REO) Las Vegas home or condo is well worth the hassle, only the smart and strong win part two

So far I have explained the bank’s procedures for selling their REO (real estate owned) properties, which are called foreclosures or foreclosed properties, and the problems that this method causes when buyer’s agents (Realtors) are going to make an offer on these properties.

It is a fact of life in today’s market that the vast majority of homes and condos that sell in Las Vegas are financed through FHA and VA loans. This means that home and condos that are priced under $300,000 and priced aggressively by the bank will have been selling well and frequently have multiple offers on them. And if they are near move in ready, offering the list price will often fail. Even in this dark period, the number of sold condominiums and homes in Las Vegas from Jan. 1, 2008 has equaled the total sales in 2007.

Many Las Vegas foreclosure buyers shy from making an offer on a property that has multiple offers on it, big mistake since a great buy in Las Vegas without multiple offers is an endangered species.  Buyers tend to get discouraged after a few rejections when they thought their offer should have been good enough to win. Big mistake!

A reporter asked a Chinese billionaire what is the secret to his success and he replied that one has to know what he/she wants and decide how much she/he decides to give up to achieve his/her goal. So if you want a great home or condo in Las Vegas at a bargain basement price, you’ve got to put the required work into it and avoid making any emotional decisions, period.

When an offer is made on a property on behalf of the buyer, the rule is that the listing agents for the property should acknowledge the offer and advise the seller about the offer and answer the buyer or buyers.

Below please find Nevada Revised Statutes concerning this,

NAC 645.630  Prompt tender of offers. (NRS 645.050, 645.190)  A licensee shall promptly deliver:

     1.  To the seller, every bona fide offer, complete with all terms and conditions of purchase, which he obtains.

     2.  To the purchaser and seller, copies of each acceptance of an offer or counteroffer.

     [Real Estate Adv. Comm'n, § VII, subsecs. 4 & 6, eff. 10-31-75]

      NAC 645.632  Notification of rejection of offer or counteroffer. (NRS 645.050, 645.190)

     1.  If a licensee represents a seller in a transaction, and if the seller does not accept an offer within a reasonable time after an offer has been presented to the seller, the licensee shall provide to the buyer or the representative of the buyer written notice signed by the seller which informs the buyer that the offer has not been accepted by the seller.

     2.  If a licensee represents a buyer in a transaction, and if the buyer does not accept a counteroffer within a reasonable time after a counteroffer has been presented to the buyer, the licensee shall provide to the seller or the representative of the seller written notice signed by the buyer which informs the seller that the counteroffer has not been accepted by the buyer.

     (Added to NAC by Real Estate Adv. Comm’n, eff. 8-21-81; A by Real Estate Comm’n by R186-99, 1-21-2000)

There is no exemption for banks. The bank or specifically their REO department will not answer every offer and answers the offers it wants to, when it wants to, that is that. A few months ago buyers could wait for as long as a few weeks for an answer from the bank, however depending on the bank, recently it could be from one day to a week. Insisting on a timely answer to the offer will often result in quick rejection.

A buyer’s offer to purchase a home or condo in Las Vegas could end up on a desk at the bottom of 75 other offers just like it of a tired and underpaid REO department employee somewhere on the East Coast and the guy has to answer to headquarters on the West Coast or a new owner of the bank as recent trends suggest.

All your beloved perspective home is to an REO employee is a number, no more, no less.

More about buying a foreclosed (REO) Las Vegas condo or home in the future

Related web-site links: getting the best deal for a Las Vegas home or condo, Las Vegas, Nevada Homes and Condos for Sale, Short Sales, Foreclosures, HUD Homes and Fixer-uppers, buying Las Vegas Resale Homes