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How do you purchase a home in the Las Vegas Area?

I realize list price means nothing anymore but I don't understand the concept of multiple offers. It sounds like a silent auction not a property sale. I'm not talking about short sales, just properties being listed with an agent by the owner. I live 2500 miles from Las Vegas and don't want to make a dozen trips because the home owner can't decide the price he wants. Is it possible for a buyer's agent to go to the sellers agent and find out how much the seller really wants for the house (subject to normal inspections etc.) without any dickering and then either buy it or not. I'm not talking about trying to go under list, just how much is it. I mean the seller must have a number in mind and if he just wants to wait until a bunch of offers come in than it's an auction not a sale. How long a time are these offers accumulating before the seller picks one? I mean if it's listed at 175,000 and the seller wants 225,000 than why not just say so.  I really don't like playing let's make a deal. Am I missing something? It sounds like even if you are willing to pay whatever the seller wants you still have to go through some sort of bidding process (It's an auction then no matter what it's called). So cash or not you apparently just can't go out with a buyer's agent find a home you like and purchase it in Las Vegas. Is this true? With the cost of flying the games could not go on to long.
  • April 05 2013 - Las Vegas
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Answers (3)

Profile picture for JustJoe51
I know exactly what you are going through . i live in   Vegas and  going through the same thing  its just one   big game here going on ..   i finally got  my offer accepted on a house after 44 bids in the last year and now right before closing  the bank  decides that they want 25k   more on the price   .  its a  short  sale to me this is   wrong ..     and yes multiple bids are just crazy.  should be the first person that  makes the offer  but they wait until the get the highest   they are all just so greedy lately ...   we all would like a chance on buying a home   ..  i hope you find something soon.....
  • May 11 2013
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Hello,

Great question.  If I can, I would like to change your perspective just a bit.  From your perspective, the Seller is playing games and not sharing the true price that they are willing to accept.  The reality is that it is the Buyers that are affecting the offer process, not the Seller.  Imagine, I put a home on the market at 9AM in the morning for a price that I know the property will appraise for.  By 9:30 I have received 1 or 2 offers.  By noon, I have 3 or 4 offers - sight unseen.  Within 48 hours I have between 5 and 25 offers.  As a Seller, I want to net the most I can.  If it is a Short Sale, the Bank is going to want to net as much as they can.  When I listed my home at $175,000, I was willing to take $175,000, but multiple offers have come in running perhaps all the way up to $225,000.  Should I turn down the higher offers and take the $175,000 that was offered, just because that was what I listed at, and leave the other $50,000 on the table?  You and I both know that you wouldn't, and neither will most Sellers.  Of course, this does not address the question about whether the home will appraise or not.  Many Buyers are putting in a clause that says they will pay the price regardless of appraisal.

You are right, it does not make sense to fly 2500 miles, make an offer, go home, and pray that your offer will beat out the masses, only to find out that it was not accepted and you wasted your time and money for nothing but disappointment.

What does make sense it to make an offer on a home that fits your criteria, and if/when it is accepted, come out and do inspections and "Due diligence" to determine whether you made the right choice.  I always build a 10 day due diligence period into my contracts.  Since this is pretty much customary, most Sellers, including Banks don't mind.

What you need is an aggressive and savvy Agent who will work hard on your behalf to create the best chance that you win the bid on a home that is "Just right" for you.  You want to get a home that meets your criteria at a price that is fair.  We do that for our clients, day in and day out....and have for more than 34 years.

Best of luck, and thanks for reading.
  • April 05 2013
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There are quite a few negotiation tactics that go into play when making offers, including strategic and competitive offers, being timely, communicating efficiently with the listing agent and seller, and having good Realtor relationships is important, too.

Under $150k I'm seeing about 1 out of 7 offers being accepted and under $250k, I'm seeing about 1 out of 4 offers being accept.

Also, you don't need to be flying out here! A quality Realtor should be able to provide you with clear descriptions of properties including additional photos, pre-offer walk-through's, and live video walk-through's via FaceTime or Skype. 

List prices don't establish purchase price, they give a starting point based on the seller's wants and the listing agent's opinion; both may have an incorrect value on the property by not understanding the market. Homes can also be listed over price, not only under... and yes, we're seeing multiple offers within hours of list (this is where being timely comes into play). 

It's important to have a quality Realtor representing you, seeking your best interest, and this is where relationships (and reputations) with other Realtor's comes into play... 

Feel free to contact me directly; my clients are extremely happy with my focused negotiation skills, understanding of the market and processes, continual relationships and mixing with Realtors in the valley, and FAST response time (try it, call me).

Hope this helps.
  • April 05 2013
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