The Las Vegas Real Estate Market continues to show signs of recovery in this Challenging economy. Many of our buyers feel that this market is an opportunity of a life time. I have talked about this several times but I do feel it should be repeated. The banks are starting to respond in a timelier manner. This is a good sign that signals the start of more to come. The bank owned foreclosures continue to lead the market at over 74% of total sales. Most of our buyers are not used to dealing with the banks as the seller.
Many of these foreclosures are listed at fire sale prices that almost seem to good to be true. These listings do generate a lot of attention and if the property is nice, they usually sell for substantially more than the asking price. We should not be shocked that the banks main objective is to sell the property for the most amount possible. Sometimes they just arrive at the sale price in a different manner. We do have to realize that the banks are taking a great loss on these properties so we as buyers need to look at more than just the asking price. Of coarse we want a smoking deal but we may need to step back and take a look at the total picture. You will notice when you start touring the bank owned homes that there is a lot of interest and a lot of offers being made. Here are some points to consider when you are trying to get an offer accepted.

• The asking price has nothing to do with the true value of the home.
• Just because the home is priced low, does not mean it’s a great deal.
• Your agent should be experienced in bank owned properties and know how to find out their bottom line.
• Location is everything.
• Ask for a short amount of response time to the offer.
• If there are multiple offers, you may need to restructure your offer.
• Remember, it’s your money and you make the final decision.
• Have fun.