[dano]

Originally Posted by tbill618

I just hope the voters in NV. are smarter than the ones in Il.

Nope; we re-elected Reid.

[007 license to sell]

I want to share this article with you it does a pretty good addressing what is happening out here in regards to how difficult it is to purchase a property if you have to have a loan and also the problem with limited supply of inventory to sell.

However I want to address some misconceptions in this article. The realtor that is complaining about the bill AB 284 holding up foreclosures and should be changed didn't explain that the whole reason AB 284 came into play was because of banks foreclosing on properties they didn't own and under this law they have to prove they own the note.

It has slowed up foreclosures,the new law protects the seller and the buyer. A buyer doesn't want to buy a property to later end up in some kind of lawsuit that the previous owner has against the bank that sold the property unlawfully and the buyer could lose the property and the money put down.

Also I want to address what the buyer in this article stated that in order to purchase go ahead and pay more than the property is worth, the buyer in this article stated to purchase at all cost. That's crazy it's just a property as a buyer you don't want to be upside down in a property as soon as you own it.

You never know when circumstances will change and you may have to move. Also what he didn't say is if it appraises for less than the offer the buyer will have to come up with the difference or the bank will not loan the money on the property.

And what was only touched on is the buyer having to get the loan could find out the day of closing that the bank has decided not to loan for whatever reason. This unfortunately isn't unusual it's the norm that is why sellers want a cash buyer they don't run the risk of the sale falling through and the property not appraising.

Cash buyers foolishly pay more for a property causing values unjustifiably going up causing a false increase in property values. Which could be another problem down the road like during the housing crash when houses were appraising for more than their worth.

Except now buyers are paying more than their worth. When purchasing a property now days you have to look at it as something to enjoy and live in for years to come not as a asset that could increase in value. Houses are unpredictable when it comes to holding their value, it's another form of gambling.

I don't give this information to discourage a buyer from purchasing but to help them understand what to expect. Main thing as a buyer pack your patience and don't get to over zealous in the offer and try not to get discouraged.

House hunter discovers cash is king in Las Vegas

[ElleTea]

Originally Posted by NLVgal

And yet, the house next door to me has been sitting there unoccupied for months. It's a manipulation of the market IMHO.

Back when we had the boom I had an instinct that the whole thing was unsustainable, but I ignored it and didn't sell.

This market I believe is under-priced and again, unsustainable. Prices will level out eventually. The feeding frenzy is a temporary thing. ( Again, only my opinion and I am far from an expert )

Okay, someone buy that house next to NLVgal and rent it to me! I'd be a good neighbor

[jerseyru]

Quick question. Is the multiple offers on properties an issue with short sales?

[WestieJeff]

It has been for me, compared to rarely in the past.

The last two offers I was going to make on a short sale (for me personally), one had four offers on day 2, I chose not to offer on that one. The other one had four or six offers on day 2 and they continued to collect offers for another week. Both were in the high 200k range.

An investor friend of mine offered on a 75k listed short sale worth about 90k recently. He always goes directly to the listing agent to make offers. The listing agent claims he/she had over 30 offers.

Originally Posted by jerseyru

Quick question. Is the multiple offers on properties an issue with short sales?

[jerseyru]

Thanks, I thought the Shorts would've been easier to acquire due to the amount of time and energy that's goes into closing a deal. This can't last forever.

[WestieJeff]

They're getting multiple offers because they're priced below everything else on the market.

REOs are practically non-existant.

Traditional sales are often asking sky high prices, circa 2006. Reasonably priced traditional sales are getting multiple offers too, I've been told.

I think the market is trying to find its price point. It's clear prices were too low before and now we're learning where too high is (via traditional sales). Short sales are probably hugging the inbetween and thus getting most of the activity right now.

Originally Posted by jerseyru

Thanks, I thought the Shorts would've been easier to acquire due to the amount of time and energy that's goes into closing a deal. This can't last forever.

[lvoc]

For SFRs...

REOs are down to 17% of the market. The remainder is split between Classics and Shorts.

Prices continue to rise. Looks like overall up 3% in August.

Pricing is now the same on REOs and shorts. Median on both is at $67 per SF...shorts are a dollar more on average. 69 versus 68.

All pricing is moving roughly in proportion. Has now risen to the level of 4Q2010. Differential between REO/Short and Classic has been steadily in the $25 to $30 range.

I see heavy competition at the low end. But not much up higher. An obvious low ball price will cause a bidding war at least below 300K. .

[eventusstultorummagister]

Bid Today... Cry Tomorrow
~Las Vegas~

[DianeV]

eventusstultorummagister, are you suggesting that Las Vegas is the only place this is happening?