I always try to let my buyer clients know what is going on in the Las Vegas Area REO (foreclosure, bank owned) scene.
Now everyone is on a heightened sense of urgency since yesterday's good news in the national media (ha, what have I been saying?!?) As if it wasn't bad enough before.......
It is a fallacy to think that since you are the first one to walk through that BRAND NEW listing (few and far between coming online now,) that you are the first one to submit the offer that you will win the prize.
I hate to be so negative but it is time to stop thinking that way. Most REO are subject to a minimum marketing time in the MLS. This means the property has to sit in the MLS for a couple of days prior to offers being considered. By then (if it is a juicy underpriced property,) you could end up in a vicious bidding war with no way to tell how it will end.
REO sellers are doing the following in multiple offer situations: requesting the buyers to send highest and best offers, sending out multiple counter offers (to level playing field) or analyzing all offers to just pick the highest and best.
They are all over the playing field with how they will respond and HOW LONG it will take for them to respond or if they will even respond.
When we submit offers we analyze the MOST RECENT closed comparables with you so you can put in a reasonable offer that will be considered.
..............and hopefully the winner.
If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area and want to get in the game with someone who knows how to play the game:
Please Call 702-966-2494
- Option 1 if you are a Buyer wanting to purchase REO Property.
- Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
- Option 4: Para español presione el cuatro.
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed
Make sure you ask to be signed up for Home Buyer's Scouting Report so you can see the properties when they come online and if you save them in your notebook you can see when they are no longer available or have price changes.