You finally found the home that you really like. It is in the right school district for the kids and within 5 minutes from work. The back yard is perfect for your two dogs and room to ad that pool that you have always dreamed about. After three days of negotiating, your offer is accepted and escrow will be opened tomorrow. How can you, as the buyer, be certain that this home is structurally sound and in good mechanical condition? Most Real Estate Contracts in Nevada have a due diligence period. 10 days due diligence is very common. This means that the seller is agreeing to let the buyer check the property out and if there are problems, the buyer can cancel the contract and get all earnest money returned. What are some of the most important things to look for in an inspection?

• Condition of the foundation. Any major cracks or shifting
• Roof structural condition. Any signs of water damage or mold.
• The air- conditioner and heating units. Do they cool or heat to the right temp?
• Condition of the plumbing. Any signs of resent repairs or water damage.
• If you have a pool, get a licensed pool inspector to check for leaks and repairs.
• All mechanical items, dishwasher, washer-dryer, microwave, stove, etc.

Make sure that the home inspector gives you a detailed report in writing that explains any problems or items that need to be repaired. Most inspectors will provide pictures of items that you can email the seller. It is very common for the buyer to ask the seller to make repairs needed before the close of escrow. If the repairs are minor, the seller should be happy to agree. These inspections are not free and it is the responsibility of the buyer to complete them in a timely manner. A normal inspection will run about 350.00 but well worth the piece of mind that your investment is in good shape.

It is no secret that there are tremendous bargains in this current Real Estate Market. Prices are at record lows and if you are looking for a home to call your own, your timing could not be better. Homes in upscale areas of the Las Vegas Valley are selling for almost half price. Bank foreclosures continue to dominate the market and will be with us for most of 2009. There are many websites that do free searches that can help you narrow down what you really want. So the question remains, why do you need a Realtor?
• Because you can hire a “Buyers Agent” and there is no charge to you.
• The Seller compensates the agent and wants the Buyer to be represented by a professional.
• The Seller will take you more seriously if you have representation.
• When you make an offer, your agent will be experienced in the process and your chances of getting the offer accepted will increase.
• Your agent has access to information that is not available to you.
• Buying a home is probably the most expensive transaction you will do. Why would you not want help?
• Because you will need help unless you are an experienced investor.
• Because you need someone looking out for your best interest.

The overwhelming majority of Real Estate Transactions today have two Realtors involved; The Seller’s agent and the Buyer’s agent. The Seller’s agent has a legal responsibility to the sellers to get them the most money possible for the sale. That’s why most knowledgeable Buyers will not contact the seller’s agent directly. Choose your agent wisely. A good experienced Buyer’s Agent can be worth their weight in Gold. You deserve the best.

With our tough economic times, buyers are becoming more creative in the quest for home ownership. As I’m sure you know, it has become much harder to secure a loan in today’s Real Estate Market. We have clients that are looking to take advantage of this tremendous Buyer’s Market and can not get a loan. I’m talking about people that have great credit, money in the bank and assets. If you don’t have enough current income showing to meet the requirements for your loan, you can be turned down. One of our clients has enough money to pay cash several times over and still can not get a loan. As our economy recovers, I’m sure loan requirements will change. One way is to do a Lease Option. We are seeing sellers get more creative and are starting to work with the buyers to allow them to lease the property and apply a portion of the rent towards a down payment. A typical example would be to lease for 5 years and apply 20% of the rent towards a down payment. Within the 5 years, the buyer has the right to secure a loan at anytime and pay the seller the agreed upon price. If the buyer does not go forward with the purchase, they forfeit the credit for the down payment. The seller may also want the buyer to put down a deposit for this option and forfeit that deposit if they do not choose to go forward with the purchase. This would give the buyer some incentive to purchase and if the seller will agree to lock in the sales price, it could be a great deal down the road. An example would be if you agreed to a 5 year lease with a purchase price of 250k. At the end of the lease, the home appraises for 375k and you pay the agreed 250k. The lender would be pleased to do the loan and the buyer would have some nice built in equity. Not all sellers would be willing to lock a sales price at the start of the lease but if you can negotiate this, you may have a real winner!

Las Vegas has been in the top rankings as one of the fastest growing communities for many years. Nevada is one of the few states that does not have a state income tax and is a business friendly environment to relocate. By California standards, Las Vegas has always been a bargain in the housing market. Investors from California have been buying homes here for many years. Investors have told me that they are not really looking for positive cash flow rentals but for appreciation. They purchase homes in the best areas of the city for the price range, and plan on holding them for 3 to 5 years. They feel that if they can break even on the rent, they are happy. Home prices saw a dramatic increase in 2004 and 2005. Many of the more desirable communities saw home prices almost double. A lot of investors started buying up homes during this time. Home loans were easy to get and many of these homes were purchased with 100% financing, no income verification and very little concern by the banks if the buyer could actually afford the property. Everyone thought that the prices would continue to go up and the economy was in good shape. Well, of course we all know what has happened and where we are at today. Many of these homes were also purchased with an adjustable rate mortgage. The payments started out low and the investors thought that they could sell or “flip” the property before the payments increased. As the values started to decline and the payments increased, the investors had no choice but to walk away and let the banks foreclose. Las Vegas will continue to stay at the top of the list for bank foreclosures until this inventory is sold. My guess is 2 more years. This does not mean that home prices will continue to go down. It will become a supply and demand issue and as more of the homes sell, the prices will start to go back up. The economy of the United States depends on the housing market getting back on tract. Las Vegas should be one of the first to see this correction. If you are a buyer, your ship has just come in.

As The Las Vegas Real Estate Market continues to see Bank Owned and Short Sale homes come on the market, the banks are turning for help in determining the market value of these homes. Many of the well known Title Companies are working with these banks and are hiring experienced Real Estate Brokers to research properties and compare resent sales to determine today’s value. If you are thinking about listing your home in this market, I would advise you to wait. Home values are down around 50% and if you bought your home in 2005 for around 300k, it could be worth around 150k now. Until these bank owned homes get sold, they are setting the standard for recent sales. The Banks are determining their asking price by the information gathered from these Brokers Price Opinions or BPO for short. The Real Estate Brokers work from a set of guide lines and research the homes by doing inspections and taking pictures. If the home is damaged or has been stripped of fixtures and appliances, the value will reflect this. The banks don’t take just one opinion or BPO in determining the value of a property. They usually ask for 3 different BPO’s from different Brokers to arrive at their listing price. A word of advice, the list price is usually the banks bottom line. This is different than a traditional listing that sellers list with their Realtor. Usually the seller leaves some “ wiggle room” to negotiate with the buyer. The Banks are already losing money on the property so they feel the best way is a lowball price. Many of these bank owned or short sale listings sell for above asking price. Buyers know when they see a good deal and are willing to pay a little more if the home is worth it. The best advice I can give is don’t just focus on the price. Do your homework and look at the total picture. Many times, a low priced home that needs repairs is not a good buy. Take your time and find the right home that works for you. Your timing is perfect!

We get a lot of feedback on our Website and the most asked question is: How do we know when the market has hit bottom? This Economy is enough to make anyone nervous and I don’t blame anyone for feeling uncertain. The best advice I can give is to experience this market for yourself. Get yourself an experienced Real Estate Agent and start touring homes in the price range you feel comfortable. You will notice that all the really great deals seem to be in the Bank Owned and Short Sale listings. Nevada still has one of the highest rates of foreclosures in the nation. Probably the main reason is because Las Vegas was one of the fastest growing cities in the nation for many years. Many of the homes here, were purchased as an investment and many were financed with 100% loans, no money down, etc. When the market started to decline, the investors owed more money than the home was worth. Their payments were high because they put no money down and they decided to cut their loses and walk away. Prices that buyers paid for their homes a mere 3 years ago are now about 50% less. These homes are not run down damaged shells but many are highly upgraded and in great shape. As we write offers on these properties, we are running into a multiple offer situations. This means that even in this market, there are other buyers that want these homes and see the great value. Real Estate prices are always driven by supply and demand. We are seeing the demand increase and even though we have a lot of inventory, the scales are starting to turn. Don’t say I didn’t tell you so when that home you saw last month is 10k more this month. Look at buying a home as more than just an investment, it’s a lifestyle. Enjoy!

The Las Vegas Valley is experiencing the best Buyers Market that this area has had in decades. You will be pleasantly surprised at how much home you can afford, especially in the Foreclosure market. Homes that people paid over 400k just 2 or 3 years ago, are selling in the low 200’s. I have seen many homes with upgrades selling for well under 100 per square foot. It really doesn’t get much better than this. The new home builders can not even build a home this inexpensive so the bottom of the market is very close. What ever your price range is, you are really going to get a lot of value for your money.
You will need to understand that you are not the only buyers that are shopping for a home at this time. We are experiencing multiple offers on properties that our clients are bidding on. I advise my clients to be patient and don’t get into a bidding war. We have a great deal of experience in negotiating and will find out the bottom line. If the numbers do not make sense, we will find another property that does. As a buyer, you really do have many choices. A great way to get started is to sign up on our website. Put in your criteria, price range, etc. and just get a feel for the properties. We have clients that look for several months before they decide if they want to tour any of the properties. We try our best to make this process as painless as possible. There is no cost to you and you can look at the listings at your convenience. If you require a more detailed search, just email us and we will be happy to narrow down exactly what you are looking for. I am really excited to be a part of this Buyers Market and have so many choices. Timing is everything and your time has come. Enjoy the moment.

I have a real good feeling about the future of the Real Estate Market in Las Vegas. I’m a Realtor that has been heavily involved in this market for the past nine years. I specialize in representing Buyers and I have noticed a dramatic increase in the amount of inquires our office is getting. Investors as well as first time home buyers are starting to “ get off the fence” and buy some of these great bargains that are available now. If you listen to most of the Media they will tell you that the “sky is falling” and we all are going to hell in a hand basket. Well, I’m here to tell you that the Las Vegas Market is coming back and you don’t have to take my word for it, I’ll prove it to you. Spend a few days touring this valley with us and our buyers and you will see the signs of the recovery. I shop around for my clients and look for the best values and areas for the price range they want to stay in. I have had several clients in the past few weeks find homes that they try to buy and are informed that there are multiple offers. I’m in the middle of an offer right now that the home has 7 offers above asking price. The key is that the asking price is very low. This home sold for 400k about 3 years ago, is highly upgraded and in an upscale area. 215k is the asking price and what a steel it is. Our client loves the home but does not want to get into a bidding war. My client made an offer of 225k and will walk away if it is not accepted. The point I want to make is; people are buying up these bargains and it’s only a matter of time before the tide turns. Even if the market continues to drop, most of our Buyers are looking at 3 to 5 years minimum for return on their investment. Most Realtors are not willing to go out on a limb and predict this market. If you do your homework and get one of the bargains on the market now, your investment will be a wise choice.

We here this question on a daily basis and the answer is Right Here! Desert Homes Realty has access to all the Foreclosed and Bank Owned properties in the Las Vegas Valley. All the Banks have chosen the most effective and proven method of marketing their properties, the Multiple Listing Service or as most of us know it as GLVAR (Greater Las Vegas Association of Realtors). We are in our ninth year of operation and pride ourselves on being a part of this great organization. Close to 90% of all the homes sold in Las Vegas are sold by Las Vegas Realtors. It goes without saying that the Foreclosure Departments at the banks chose the best method to sell their homes. Desert Homes Realty specializes in representing Buyers and our timing is perfect with this market. We are aware that this market can be difficult to understand and our clients will have many questions. We welcome your questions and look forward to helping you find the right home that meets your needs. When you start your search, price should not be your only concern. Look at the area of town that you would prefer to live in. Contact a Realtor and find out if they will help you research the area that you picked. Probably the easiest way to start would be to have the Realtor email you searches of your area and show you what homes have recently sold for. You will be pleasantly surprised at what bargains you will find. Homes in great condition with nice upgrades selling for almost half price. Buyers are starting to come out of the woodwork and take advantage of these great values before prices start their steady climb back up. Are you ready to start your search? If you need help, check out lasvegashomesmlssearch.com. We are ready when you are!

Desert Homes Realty is helping their clients find Bank Owned homes on a daily basis. Just about all of our current clients are aware that the real bargains are the bank owned homes. Many of these homes are selling for about half the price that the previous home owner paid for the property. We are not talking about homes that are in need of repair or in older parts of town. We are talking about Summerlin, Green Valley, Anthem Country Club, and other very upscale communities. We have some experience with Auctions but we would advise our clients to really do their homework before they get caught up in the auction scenario. There is a reason that homes go to auction. One of the main reasons is the home did not sell when it was listed on the Multiple Listing Service. Homes can be hard to sell if they need major repairs, have water or mold damage, or back up to streets that have a lot of traffic or noise. If you are planning on buying a fixer upper, you better know what you are doing and really find out what the repairs are going to cost you before you make any decision. We always advise our clients to get a home inspection on any property that they are considering and with a licensed home inspector. The inspector can tell you if there is any major damage or structural damage that could cost more than you realized. Paint and carpet are usually an easy fix and most buyers will not let these things discourage them from purchasing a home. Go to a home improvement store and get some estimates so you have a fairly good idea of the cost involved. Many of the bank owned homes have appliances that are missing. The previous owner may have taken the upgraded appliances that they bought for the home. You may be required to replace the built in ones before the home closes escrow. If you are taking out a mortgage, the appraiser for the lender wants the home complete and will not sign off until it is finished. A home purchase is usually the largest single purchase you will make. Don’t take short cuts, it will come back to haunt you in the long run. Happy Hunting!