[vegaslocal55]

or is there almost nothing being added to the MLS lately? Everything I see is way overpriced or a really old listing. When will there be a nice selection of homes again? Here I sit ready to buy a nice condo which I'll live in for a long time & I can't find anything. Thank you for your opinions.

[nfapps]

Not an expert, but I think things slow down every year about this time.

[jlawrence01]

A lot of sellers have realized that they are NOT going to sell the house this year and they do not want a lot of buyer traipsing through during the Christmas season.

[PinkString]

There's plenty of for sale signs in my condo/townhome community. Whether they are listed in the mls, i haven't a clue.

[JohnG72]

Lots of shennanegins going on in the RE market currently. Investors make up a HUGE portion of the purchasing going on at the moment. Its gonna take a while for that all to shake out. Basically, investment groups are buying up large amounts of inventory before it ever hits mls. This only occurs because of lack of faith in other forms of investment combined with minimal to nonexistant bank interest rates.

Once interest rates begin to rise, money will flow away from RE investments. This will signal the time to go buy a house. Very few people will have the needed downpayment.

Patience is kinda rewarded right now. Desperate to buy is the kiss of death at the moment.

[olecapt]

Originally Posted by JohnG72

Lots of shennanegins going on in the RE market currently. Investors make up a HUGE portion of the purchasing going on at the moment. Its gonna take a while for that all to shake out. Basically, investment groups are buying up large amounts of inventory before it ever hits mls. This only occurs because of lack of faith in other forms of investment combined with minimal to nonexistant bank interest rates.

Once interest rates begin to rise, money will flow away from RE investments. This will signal the time to go buy a house. Very few people will have the needed downpayment.

Patience is kinda rewarded right now. Desperate to buy is the kiss of death at the moment.

Market appears relatively robust. Should equal or exceed last months volumes...

Prices will be up sligthly. Most interesting thing is that prices of REOs are clearly down by 4 or 5%.

Been around 2000 SFR homes that went trustee sale in the last 60 days. Around 1500 went to the plain old banks. Some percent of the rest appear to be getting picked up at trustee sales. But it is not shaking the market under 10% of what is selling.

[JohnG72]

Originally Posted by olecapt

Market appears relatively robust. Should equal or exceed last months volumes...

Prices will be up sligthly. Most interesting thing is that prices of REOs are clearly down by 4 or 5%.

Been around 2000 SFR homes that went trustee sale in the last 60 days. Around 1500 went to the plain old banks. Some percent of the rest appear to be getting picked up at trustee sales. But it is not shaking the market under 10% of what is selling.

Excuse me?

Are there not realtors out there who get listings, never put it on the mls, and call an investor friend to make the purchase?

Are there not real estate investment groups that are purchasing large groups of houses directly from the banks prior to any public listing, at a percentage of what the public would finally pay?

Is this not a majority of the homes currently being sold in the Las Vegas market?

[WestieJeff]

Originally Posted by JohnG72

Excuse me?

Are there not realtors out there who get listings, never put it on the mls, and call an investor friend to make the purchase?

Possibly, probably, but I don't think it is THAT common. Sellers generally want public listings so they can get the best price for their house. If I call my investor friend and he jumps on the deal, chances are that is NOT the best price you could get and I'm not representing the seller fairly.

Originally Posted by JohnG72

Are there not real estate investment groups that are purchasing large groups of houses directly from the banks prior to any public listing, at a percentage of what the public would finally pay?

Pretty much the only place this happens is at trustee sale and YOU can buy it there. The public CAN buy there, there is no back door secret room stuff going on. Yes, they pay significantly less than the public, but assume some risk for that discount. Nothing is free in life.

All of this stuff can be audited due to recording requirements. If you buy a house via any mechanism then it must be recorded with the recorder and is on public record. Hard to have any real secret stuff going on when the end result is public info.

Originally Posted by JohnG72

Is this not a majority of the homes currently being sold in the Las Vegas market?

No, I'm pretty sure it is not the majority.

[olecapt]

Originally Posted by JohnG72

Excuse me?

Are there not realtors out there who get listings, never put it on the mls, and call an investor friend to make the purchase?

Are there not real estate investment groups that are purchasing large groups of houses directly from the banks prior to any public listing, at a percentage of what the public would finally pay?

Is this not a majority of the homes currently being sold in the Las Vegas market?

There is always some hanky pank but it is not all that common. Note that these sellers are very sophisticated financially. It would be normal for them to receive a copy of the MLS listing in any sales package. Many will require some days of seasoning before accepting an offer.

There may be some "wholesale deals" but note that this is not a simple task. The banks first have to foreclose...then sell the property. Such transaction will show quite clearly in the tax system. And note that the banks have to bid high enough at the trustee sale to avoid external buyers. I see some substantial number of cases where small investors are buying five or six houses at the trustee sale and some of these may have bank connivance. But there is no evidence of large block sales to investment groups.

Last 60 days there were something like 5000 sales. 2000 were foreclosures. Of those over 1500 went to the bank. So the unclear were at about 500 or 250 per month. Interesting but not a big deal. Note that the 1000 per month foreclosed is actually less than are being sold on the MLS as REOs...so the banks, at the moment, are taking less houses into inventory as they are selling.

[olecapt]

Originally Posted by WestieJeff

Possibly, probably, but I don't think it is THAT common. Sellers generally want public listings so they can get the best price for their house. If I call my investor friend and he jumps on the deal, chances are that is NOT the best price you could get and I'm not representing the seller fairly.



Pretty much the only place this happens is at trustee sale and YOU can buy it there. The public CAN buy there, there is no back door secret room stuff going on. Yes, they pay significantly less than the public, but assume some risk for that discount. Nothing is free in life.

All of this stuff can be audited due to recording requirements. If you buy a house via any mechanism then it must be recorded with the recorder and is on public record. Hard to have any real secret stuff going on when the end result is public info.



No, I'm pretty sure it is not the majority.

All agreed except I have seen a couple of transactions that were either hanky pank or incompetence. Somewhow certain outfits appear able to acquire trustee sale deals that are simply too good to be true and the bank involved had to know. This could all be one offs but I suspect a pattern is clear or will be. Then we see if anyone goes after the fraud.