[dinandriver]

I sold all my Las Vegas real estate in 2004-2005 when I saw the top of the market (everyone thought I was nuts...). Left Las Vegas, went to Portland, bought early 05 and sold everything again late 2006 at the top of that market (even though prices haven't really dropped that bad since then). Anyway, to make a long story short, I'm back in town looking for deals and putting in offers and ladies and gents, I have to say: It's tough out there! It seems like the "stupid money" that came in 2003-2004, bidding up prices 5 to 10% over list is back in town! Just to site an example of how dumb these people are; there was a REO listed at $115/SF In Southern Highlands for over 3 months, finally the bank had the price lowered to $110/SF, I put in an offer at list the same day, but the home ended up going for $121/SF... and this is happening hand over fist right now... What are these people thinking??? Out of 16 offers that I put out, I only ended getting 3 accepted at my offered price.
Anyway, I guess this sounds more like a rant but has anyone else experienced this also?

[olecapt]

Our buyers have gotten their places at about list so far. We had one family trying to get another 4 or 5% below REPO list with little success.

The really good buys are going in hours or days. You almost have to be sitting on them to make the buy. We lost one at close to $600K where we had a ready and able buyer when it sold two hours after the listing hit. We would likely have had an offer in within four hours and probably 11k over list.

[MR77]

Originally Posted by dinandriver

I sold all my Las Vegas real estate in 2004-2005 when I saw the top of the market (everyone thought I was nuts...). Left Las Vegas, went to Portland, bought early 05 and sold everything again late 2006 at the top of that market (even though prices haven't really dropped that bad since then). Anyway, to make a long story short, I'm back in town looking for deals and putting in offers and ladies and gents, I have to say: It's tough out there! It seems like the "stupid money" that came in 2003-2004, bidding up prices 5 to 10% over list is back in town! Just to site an example of how dumb these people are; there was a REO listed at $115/SF In Southern Highlands for over 3 months, finally the bank had the price lowered to $110/SF, I put in an offer at list the same day, but the home ended up going for $121/SF... and this is happening hand over fist right now... What are these people thinking??? Out of 16 offers that I put out, I only ended getting 3 accepted at my offered price.
Anyway, I guess this sounds more like a rant but has anyone else experienced this also?

I am going through the same thing right now. Im trying to by my first home. My financing is no problem, but everything my agent has been finding in my price range (170-200K) and areas I want to live are either repos or short sales and the banks are sitting on my bids.

Dealing with countrywide, who owns most of these homes, is another disaster. One hand does not know what the other is doing. One minute they say they will negotiate on a short sale, the next minute... "were no longer doing short sales"... it goes on and on.

Everyone keeps saying that the buyers are in the drivers seat, but I expected to at least have an accepted offer by now.

[olecapt]

Originally Posted by MR77

I am going through the same thing right now. Im trying to by my first home. My financing is no problem, but everything my agent has been finding in my price range (170-200K) and areas I want to live are either repos or short sales and the banks are sitting on my bids.

Dealing with countrywide, who owns most of these homes, is another disaster. One hand does not know what the other is doing. One minute they say they will negotiate on a short sale, the next minute... "were no longer doing short sales"... it goes on and on.

Everyone keeps saying that the buyers are in the drivers seat, but I expected to at least have an accepted offer by now.

Stay away from shorts unless you have months of patience, Just closed one where we made the offer in January. Got another that appears to be going in two months since our offer. The REPOs have been cleaner though the process is clearly busted. All sorts of strange barriers. Your agent has to hussle and stay on top. It does not move correctly if not pushed.