If you have been watching the news, you know that the Real Estate Market in the Las Vegas Valley hit bottom a few months ago. The market has really picked up and many of the buyers are taking advantage of the historic low prices. Interest rates are at their lowest since the 1950’s. All of the experts are predicting that prices will start to increase shortly.
The window of opportunity is getting smaller but it is still visible. We have been talking about this for several months and if you are ready to find that dream home, the timing is perfect. My advice would be to buy a bank owned foreclosure and do your homework. If you are paying cash, you will have more flexibility and can purchase some of the exceptional bargains that are not available to someone who needs a loan. Many of the bank owned homes are missing fixtures that are considered permanent. These homes are not being repaired by the banks and will not qualify for a loan. The longer these homes sit on the market, the lower the banks drop the price. If you are looking for one of these super deals, we can help. Here are a few tips that may help your search.

• Consider the location to be your primary concern, not square footage.
• Multiple offers are common place in this current market. Don’t get discouraged.
• Missing appliances can be an easy fix. Look on Craigslist.
• Have a licensed home inspector check the property within your due-diligence.
• If the home has a pool, repair can be expensive. Get a certified inspector to check it.
• If the structure of the home is damaged, make sure you get a pro to give you an estimate.
• Not all bank owned homes are good deals. Get professional help if you are in doubt.
• If the home is in an association, make sure there is no litigation. Read the HOA documents.
• There is a reason why some homes sit on the market for long periods and don’t sell. Be cautious and find out why it hasn’t sold.
• Check out standing inventory of new home builders. They are forced to compete with bank owned.
• Find a Real Estate agent that specializes in representing buyers only.
• Understand that to get your offer accepted, the offer should be a good deal for both the buyer and the seller.