Las Vegas Home Search or Las Vegas Homes are the key words that many of our clients write on their search engines to find our website. When our clients get serious and want to start touring properties, most feel they need help and finding the right agent it critical.

If you are finally ready to step up and buy one of the tremendous bargains on the Las Vegas Real Estate Market, you will need help. Most of your seasoned home buyers know that a good Realtor can be invaluable. As a buyer, your agent gets compensated by the seller. You basically get their services at no charge. Real Estate is like any other business. Some agents work hard and get results and others are not real effective. The buyers market that is going on in Las Vegas now is very fast pace. No matter what you have heard on TV or the internet, Bank Owned Foreclosures are selling in Las Vegas. Don’t take my word for it, go out and tour homes with an agent. Look in the 250 to 350 price range and you will see many other buyers with agents looking that the same homes. I found a great home in Southern Highlands today for my clients. They wanted to put in an offer so I called the listing agent. There are 6 other offers and several above asking price. We have our work cut out for us but it’s common in this market. I always advise my clients not to get into a bidding war and I really feel that if it’s not meant to be, we will find a better home. If I were looking for a Realtor to work with me, here are some things that I feel are important.

• Are we compatible? Do we communicate well?
• Is the Realtor interested in what’s best for me or just looking for a commission?
• Does the Realtor really know this market or are they just going through the motions?
• Is the Realtor a Specialist?
• Is this person a good negotiator? Can they negotiate the best price possible?
• Can they save me time and narrow down what I really want?
• Are they computer savvy and get me all info I need to make a decision?
• Are they patient and realistic?

Getting your offer accepted is goal of this whole process. What good is it to spend countless days, weeks and months to find that perfect property only to get out bid or rejected. This situation can be frustrating but is very common in the Las Vegas market today. I have talked about this before but it really bears repeating. Unless you are an expert negotiator, you need all the help you can get. Your Realtor has a responsibility to look out for your best interests. A good buyer’s agent will be experienced in the negotiating process and will do the correct homework to put the buyer in a good position to get their offer accepted. All buyers want to get the best deal possible and that is the ultimate goal of an effective buyer’s agent. Right now, the best values for the money continue to be the bank owned foreclosures. We are still seeing homes sell for less than half of what people paid for them just a few years ago. The big difference we are seeing now is that the activity is dramatically increasing. Multiple offers are common place and the “good ones” are sold in a few weeks. This is all good news because if you are a buyer, this probably means that the bottom is behind us and the market is on an upturn. As a buyer, you still have a nice window of opportunity but it will get smaller as the inventory decreases. Timing is everything in Real Estate and if you’re a buyer, your time is now! You really couldn’t have picked a better time to be property hunting. Enjoy!
Here are a few more tips to help.

• Find out what areas of town had the least amount of depreciation.
• Ask the neighbors if they like living in the area.
• If crime is a concern, call the police department or go to their website.
• Sales price or asking price should not be your main concern.
• Value received for dollar paid is the main concern.
• Bidding wars are the enemy. Try to avoid them at all costs.
• Do not ask bank owned properties to make any repairs. “As is” is the key.
• Always send a pre-approval letter with your offer. If you are paying cash, show proof of funds.

Las Vegas Homes are selling well this March and we continue to see multiple offers on the bank owned foreclosures. This is a good sign that the bottom of the market is starting crawl its way back up. Many of our clients are surprised when they actually see all the activity going on in this market. “ We thought it was all just hype” said Bob and Lisa of Corona, Ca. “ but now that we see the offers being made, we feel the market will rebound”. Most of our clients feel that it will be a slow process and plan on at least five to seven years. If you have taken the time to read this blog, I feel it’s my responsibility to share good things. Here are some tips that I know will help you.

1. Pick a price range that is comfortable for you and stick to it! Don’t waste your time looking at things that will strain your budget. I will say this. You may never get this opportunity again to buy a home this cheap so spend your money wisely.
2. Location is more important than anything else. If you do not know this town, you need to learn quickly and your realtor is key in helping.
3. If you are looking for an investment property, find out where the best schools are located. Rental property demand is always high for homes in good school districts.
4. You will need an experienced negotiator as your agent when you make your offer. Someone who has current knowledge of the REO process and knows what the bank is really looking for.
5. Don’t give up if you don’t get your first offer accepted. Realize that your timing is perfect and good things come to those who are patient.

You finally found that perfect home. You have spent months searching the internet and your Realtor has shown you so many homes that you can’t remember one from another.
You knew the minute you walked in the front door that this is the one. The floor plan is perfect and the kitchen is exactly what you want. Stainless steel appliances, maple cabinets and your favorite color of granite counter tops. You want to make an offer so your Realtor calls the seller’s agent to find out if this home is still available. Oh No, there are 4 other offers but the seller has not accepted anything yet. What should you do? The asking price is really low, even for a bank foreclosure. None of the other homes that you looked at in this price range even come close. Maybe that’s why there are 4 offers. Here is a list of things that I have learned over the years that have gotten many offers accepted.
• Don’t get greedy! This is the number one deal killer. The offer should be a win for the seller as well as the buyer.
• Bank foreclosed homes are usually listed at close to the bank’s bottom line. Don’t offer a low ball price. If you do not think the home is worth the asking price then move on and look for something else.
• Don’t ask the seller to make repairs if the home is being sold “As Is”. You will have a due-diligence period if your offer is accepted to check for costs to repair.
• Put your best foot forward. If your credit is great and you are putting down 50% your offer may carry more weight than one with a higher offering price.
• Agree to use the seller’s Title Company. This may not seem important but it is.
• Present a full approval letter with your offer. Use a local lender if possible.
• Do not ask for a long escrow period. The sooner you can close the better.

I hope these tips will help. The object of all this is to get the home, not find out what the seller is not willing to take. Your offer needs to be realistic. The banks are already taking a big loss on these foreclosures. Time is running out. This is your window of opportunity

Our Las Vegas home search helps many new home buyers find the home that meets their needs and in a price they can afford in the most time efficient way possible. If you need help, we look forward to the challenge. Send us an email and include a check list of the most important things that you want or need. Here are some examples of our client’s most important things that they look for.

1. Price Range. Price is not the only concern that buyers have when they purchase a home but it is number one on the list. We need to know the most you are willing to spend and if you are going to get a loan or pay cash. If you are getting a loan, you will need to secure a pre-approval letter from your lender of choice. In most cases, this really is your first step in the home buying process. There really is no need for you to shop for homes or tour homes that are not in your price range. Your lender will also narrow down a price range that will give you payments that you will be comfortable with.
2. Area of Town. The Las Vegas Valley is very spread out. Buyers have many choices in this Buyers Market and can really narrow their search to an area that fits their lifestyle. If you like to be near the Strip or the Airport, but still want to live in a suburban environment, then Henderson may be your choice. If you like mountain views and cooler summers, then Summerlin should be considered. It really is a matter of personal preference and there are many great places to call home in Las Vegas.
3. Size( square footage), number of bedrooms, baths, etc.
4. Lot Size. Larger lots are getting harder to find but are still available in many areas.
5. Schools. Very important for buyers with children. Let us know and we will get your questions answered.
6. Bank Owned Homes. These are where most of buys are in this market today. If you would only like to look at Bank Owned, let us know.

You could not have picked a better time to shop for Las Vegas Homes than now. The prices are at historic lows, the interest rates are very low. Timing is everything. 2011 is your year. Good Hunting and have fun.

When people ask about the Las Vegas Real Estate Market, they always ask if we have hit bottom yet. My response over the past few months has been to check it out for yourself. Our company specializes in representing buyers and we really have noticed a dramatic increase in activity in this market. A lot of our clients are telling us that the handwriting is on the wall. They feel that the market has no where to go but up and as soon as all the bank owned foreclosures get sold, supply and demand will increase prices. The historically low interest rates will also have to go up soon and now, more than ever is the time to step up. If you have read a few of my blogs, you have heard me talk about this before. What we hear most from our buyers is this statement. “ I don’t want to look back a year from now and say Wow, I wish we would have bought when things were really cheep a year ago”. I’m sure that some buyers in this market will get better deals than others. I’m sure some will get lower interest rates and lower payments but I’m sure most of us will agree that now is a great time to buy. Your timing could not be better. I will include some things that I think are important in your search.

• Bank Owned listings are different than traditional listings in a normal market.
• Find out why banks list their properties at almost to good to be true prices.
• The price or “asking price” is not your main focus. Look at the total picture such as location, amenities, etc.
• Many of the buyers that get their offers accepted, belive in the “take some and leave some” theory”.
• Realize that the banks are losing a lot of money on these foreclosures. Don’t get greedy.
• Yes, their loss is your gain and isn’t it about time.
• Negotiation is a two way street. Both parties need to agree before the offer is accepted.
• Stay in a price range that does not make you “house poor”.
• Get ready, you just hit the Lotto.

The Las Vegas Real Estate market is showing very positive signs of being in the recovery mode. If you have been out looking for homes recently, you know exactly what I’m referring to. The prices are at record lows and the people that have been sitting on the fence, so to speak, are buying the bank owned foreclosures. Las Vegas homes are finally starting to sell. If you have been out touring homes with your real estate agent and made offers, you know that the nicer homes are getting multiple offers. Clients always want to know the best ways to make an offer so here are the top three.

1. Have your agent find out if there are other offers at this time. Most sellers will tell you if they do. If there are other offers, make your offer your highest and best. Most of the banks that have multiple offers on foreclosures will take the best offer and not counter offer the rest.
2. Do not ask the seller of a foreclosure to make any repairs or pay your closing costs. The banks do not want any liability and will ask you to sign a ‘as is” waiver.
3. Email your offer instead of faxing and put it in PDF format. Make your offer very user friendly for the agent to forward on to the seller. The old saying “the early bird gets the worm” is true when you make offers. Have fun.

Foreclosures are by far the most requested properties that our buyers want to see in this current market. These bank owned properties can be real steals as long as you educate yourself and realize that a low price is good but should not be your only concern. I’m sure you have all heard that “you get what you pay for”. If there are several bank owned homes in an area that you are looking in, go through all of them. Many of these will need major repairs and many won’t. You may actually get a better deal on a home that is priced a little higher but has all the major appliances and is in “move in” condition. Not everyone wants to spend the time and money to fix up a home. Take your time and look at all your options before you decide on the best value for your money. As I have said many times in the past, your timing could not be any better. If you are planning to take advantage of the first time home buyer incentive (8,000.00), your home should be in escrow before the end of October. You may need up to 60 days to close your escrow and this program ends December 30. Here are the things to consider when buying a foreclosure.

1. Do the comparable sales in the area justify the price you are willing to pay? If the home is priced much lower than the comparables and there are several other offers, this home probably will sell for more than asking price.
2. Are you willing to buy the property “ As is” ? You will have to sign a disclosure that you give up all your rights and accept the home in its current condition. You will have a due-diligence period and we highly recommend that you have a home inspector check the condition of the property.
3. Are you willing to keep the property 3 to 5 years? Most experts agree that the market will take at least this long to recover.
4. If the property is damaged or in need of repair, can you do the work yourself? If you can, you will save money and have control of the project. If you need to hire a contractor, your costs will go up dramatically.
5. Will the property appraise for the type of loan you can afford? If you want an FHA loan, the flooring will need to be completed as well as all appliances installed. Conventional loans will be an option but will require 20% down compared to 3.5% for FHA.

Most people think that buying a home should be fun. All you do is Google “Las Vegas home search” and pick one of the many websites that let you search the MLS (multiple listing service). When you find several homes that meet your criteria, you simply call the Realtor and set up a time to view the homes. When you find the home that is “the one” you make your offer and the seller accepts. After all, Las Vegas is the foreclosure capital of the country, isn’t it ? With so many homes for sale here, it should be like taking candy from a baby. If that’s your opinion then you are in for a rude awakening. Las Vegas homes are selling and a large percentage are selling for cash. Experienced buyers are buying up the homes in the more upscale parts of town and renting them out for a positive cash flow. They team up with realtors that know the market well and look for the homes that are upgraded and need minor repair. Here are five important things to consider if you are really serious about getting a bargain in this market.
1. Are you ready to buy or are you just looking? You may not know the answer to this question yourself but when you find out, do yourself a favor and have a plan. If you are just looking, stick to the websites unless you are willing to pay a realtor upfront for their time.
2. If you are planning to take out a loan, make sure you can actually get an approval letter. The vast majority of sellers will not even look at your offer unless you provide them with a pre-approval letter. If you have an experienced agent helping you, they will make sure you are approved before you start looking. Loans are much harder to get in today’s market so you need to know where you stand.
3. The good offers are the ones that get accepted. The weak, low ball offers don’t. Do your homework and have your agent check the comparables for the last 3 months.
4. When you get an offer accepted, use the due-diligence period to check the home thoroughly. Get a home inspector to completely check the home and make sure there is no major damage to the structure.
5. As I’m sure you have heard, it’s all about location, location, location and Las Vegas is no different. If you don’t know the town, you really need help bad. Make sure you have the best representation possible.

There is a lot of confusion in the real estate market today regarding short sales verses bank owned foreclosures. As a buyer, most people are not up to speed on the difference between the two types of listings and rely on their Realtor to guild them through the process of finding the right property. Our clients, over the years, have purchased both short sales and foreclosures but the short sale process is not for everyone. Here are five reasons why many of our clients that have gone through the process would never do it again.

1. It can take “forever” and you still don’t get the property. Many of the short sales require a minimum of 90 days to get a response from the lender. After all that time, the lender refuses to accept your offer even if you offered the full asking price.
2. The lender accepts the short sale after several months and the seller is asked by the lender to sign a promissory note for the loss. The seller decides to take bankruptcy instead and the deal is dead. You wasted all that time for nothing.
3. Some of the sellers in today’s market list their home as a short sale to delay the foreclosure process. The seller is not allowed to make any money if they sell as a short sale, but most have stopped making their payments months ago. If they drag out the process, they get free rent.
4. Many of the short sale listings are priced low to create a bidding war and sell for 20 to 30k above asking price. They really aren’t as good of a deal as you thought.
5. You finally get the short sale approved by the lender and you do your final walk-through of the property only to find out that the home has been stripped of all appliances, cabinets, etc. The lender will not replace anything and sells the home “ as is”.