Las Vegas Foreclosures – Las Vegas Real State Market Gone Crazy
Las Vegas Foreclosures – The Crazy Market of Las Vegas Real State
The Real State market is not as normal as it is today in Las Vegas. As a foreclosure home buyer, after hearing the news that Las Vegas is the number one highest foreclosure rate in the country, I would think that prices would be super low compared to others. But unfortunately, the case was reversed. I attempted to purchase a house that was released by a bank for sale. With the asking price of one property of 68,000 US Dollars, i decided to buy it. But, after i was making the offer i learned there were about 8 other offers for the same property.
This is the new trend of bidding frenzy happening today in Vegas. Banks are releasing less and less foreclosure properties. Many believed that banks were doing this to create a sellers market where there is a condition of increased selling price for the property.
If your one of the lucky ones, there are still lots of properties with a replacement value that is double the selling price.
Over the last two months prices in the lower priced segment has steadily increased, on the luxury segment prices keep falling at a lower rate, I believe its fair to say that the bottom is finally here.
If you’re a buyer,
-Accept the fact that the asking prices is not going to be your buy price. With so much competition, be ready to pay a minimum 10% premium for the house you want or possibly even more.
-Be prepared to pay in cash is at all possible. Desirable properties tend to attract all the cash buyers. If you want to compete? Have your cash ready.
-If you dont have the cash for a cash purchase. Have your documentation ready for the banks. Most banks will require you to be pre qualified with them prior to presenting them an offer.
-Use a seasoned realtor that has had a lot of experience in this type of market and also is experienced dealing with the banks.
As for myself, I'm just waiting for my next ideal house to show up in the market and I'm ready to start bidding for it.
Hopefully, my experience will help the next would be foreclosure buyer for Las Vegas bank foreclosures and Las Vegas luxury homes.
