It is a Buyers Market Extreme in the Las Vegas Real Estate Market! We are noticing an increase in activity on our website: lasvegashomesmlssearch.com. Many of the clients are telling us that they want to take advantage of the low prices before the New Year. The majority of the great bargains continue to be Bank Owned Foreclosures and Short Sales. Most of your experienced Realtors in Las Vegas will tell you that there really are no set rules for negotiating in this market. You really need to take each home on an individual basis. There are different circumstances regarding amount owed on the property or the loss that the Bank is willing to accept. You as the Buyer, also really need to do your homework because you are buying these properties in “As Is” condition. The first thing we recommend our Buyers to do is get a home inspection by a licensed home inspection company and find out what kind damage (if any), that the home may have. If the home has structural damage, you should get an estimate from a licensed contractor and find out if the costs outweigh the price. Water damage seems to be a big concern for many buyers and the possibility of mold.
Bleach water will kill most molds and mildew and the dry wall can be replaced fairly easy at low cost. If you are concerned that the home has toxic mold, have a licensed inspector do a mold test before you make any decision on the purchase of the home. In most cases, the water damage is a fairly easy fix. Many of the older homes in Las Vegas had the A/C units on the roof and water damage is very common below the units. Inspect these areas closely. The building codes have since changed and builders are no longer allowed to put the units on the roof. Happy Home Hunting!