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!