I always try to let my buyer clients know what is going on in the Las Vegas Area REO (foreclosure, bank owned) scene.
Now everyone is on a heightened sense of urgency since yesterday's good news in the national media (ha, what have I been saying?!?) As if it wasn't bad enough before.......
It is a fallacy to think that since you are the first one to walk through that BRAND NEW listing (few and far between coming online now,) that you are the first one to submit the offer that you will win the prize.
I hate to be so negative but it is time to stop thinking that way. Most REO are subject to a minimum marketing time in the MLS. This means the property has to sit in the MLS for a couple of days prior to offers being considered. By then (if it is a juicy underpriced property,) you could end up in a vicious bidding war with no way to tell how it will end.
REO sellers are doing the following in multiple offer situations: requesting the buyers to send highest and best offers, sending out multiple counter offers (to level playing field) or analyzing all offers to just pick the highest and best.
They are all over the playing field with how they will respond and HOW LONG it will take for them to respond or if they will even respond.
When we submit offers we analyze the MOST RECENT closed comparables with you so you can put in a reasonable offer that will be considered.
..............and hopefully the winner.
If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area and want to get in the game with someone who knows how to play the game:
Please Call 702-966-2494
All statistical information I used to create this report was obtained from GLVAR MLS. Information Deemed Reliable but not Guaranteed
Make sure you ask to be signed up for Home Buyer's Scouting Report so you can see the properties when they come online and if you save them in your notebook you can see when they are no longer available or have price changes.
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Renee has over 20 years of negotiating, sales and marketing experience to bring to your Las Vegas or Henderson NV Real Estate transaction. Full time w/ REO, Short Sale, Probate & Estate experience!
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Renee:
How the times change. You and I have been ringing the bell, we seen it coming. I predictit from technical analysis and psychology, you seen the twist in the data. Well, it was getting too boring. Just like people when they get bored they look for change. So do markets!
Best
Richard
Richard: :talking in my tired voice: why do they wait until the party's over?
Renee: It is amazing to me how people in the industry can predict the future better than the "so called" experts of the media! I feel like most of us are ahead of the game and if folks would just listen to us...Good Luck and if I have anyone from my Book of Business heading to Vegas, I will give them you name!
Hi Renee, One of the things that REO's have indicated is that if a property is listed below market it gets many bids and often sold for quite a bit over the listed price.
The usefulness of consumers understanding this is how this idea might play with conventional listings. Instead of each listing needing to price at or above market, if consumers could understand this principle better and utilized more often on conventional (non REO or short sale) residential listings, imagine the delight for sellers to actually getting market or better.
This below market listing process seems to get buyers excited and yet they have their limit but in the end, the right buyer gets the property.
Renee - I hear it is crazy over there in the REO market. And the first person I heard that from was you in one of your blog posts a month or so ago. In your market, a buyer must have a skilled buyers agent who is familiar with the REO market to write a reasonable deal and position themselves to be the winner.
Renee - Good advice that all buyers need to heed. Here in Tennessee, the REO market is much smaller than yours, but we still have a few fools who think they can offer 1/2 the asking price and the banks will fall all over themselves to take it.
Renee, excellent advice to buyers and it's a shame that the banks do not follow the same rules and guidelines set up for Realtors. In fact it is appalling and there is no sense of ethics or professionalism. This phase will eventually pass and with it the fly by night REO vendors! *OUCH*
Renee
Very good and sound advice.
Hi Renee...you're so right! Most buyers don't understand that the bidding war was planned, good advice.
Valerie: Thanks for thinking of me :)
William: Not necessarily a flawed idea as I have used the idea before the avalanche of REO on non-distressed! Not many sellers will subscribe to underpricing in order to get market value and the right type of buyer (one that has the highest liklihood of closing) :winkwink:
Christopher & Stephanie: Lots of long days with no end in sight. We just had a big dry spell where the majority of my income came from BPOs and Rentals so I will work work work to make as much as I can now! It is not fun out in the trenches right now.
Larry: You don't even know, haha! All these "investment clubs" are surfacing wanting to write half on 30K SFRs that are snatched up and the price is drawn up immediately! Sorry but I don't have time for that!
Russell: Not all REO vendors are bad. Just most of them :kidding: It is frustrating but understanding the process has helped me out quite a bit in the waiting game. Sometimes we don't get any "receipts" and it is so frustrating to explain that to ready, willing and able first time buyers who would actually "love" the house. Investors don't care really because they understand the "game"
Tom: Why thank you. Give Lars a cookie for me.
Gail: It's heart wrenching to walk with those first time buyers right now. I really need to get my emotions out of this sometimes!