[Nolan05]

We are in the same boat....our lewase was coming up and we were looking for about 2 months, only to have 25-35 bids on every home. One went on at 9am on a Saturday, and by 4 had 17 offers and the excepted one was for 20k over the asking price. All the homes are like that right now, so now we have given up and found a home to rent in Seven Hills...

[David702]

Investors are starting to move out, give it a few months or so and you should see demand start slowly decreasing.
I have several friends in the RE market, (investors & hard money lenders) and all are starting to look elsewhere.

You will still see other investors pickup cheap (Under 70K) condo's / townhouses, and if you're getting a loan on the condo, especially if its' an FHA, good luck to you.

[BBMW]

Something has to happen on the supply side. I think much of the potential supply is tied up in forclosure gridlock. Also, the builder are building some new units, but not to the extent they used to.

[tatania199]

Originally Posted by lvoc

It is not difficult until you get into the below 75K class. Above 125K it is reasonably easy. HUD and Homepath are an excellent approach. But you can also pick off a short without too much trouble.

Can you explain these options to me like I'm six?

Home buying works very differently in Canada so none of those terms mean anything to me and I suspect if we're buying a home, they should! We've been renting since moving to the US.

If we were to buy in Vegas, we'd be on a tight timeline. Will we just be out of luck?

[MSchu]

home path REO sales(real estate owned)

HUD Housing and urban development.

you're not out of luck if you have your ducks in a row(Loonie for you candaians).

the market is firm and supplies are short, but it's not going to stay that way for ever. there are also good deals on new construction. figuring out a price point you feel comfortable with is a good place to start as low end units are being snapped up at an alarming rate by investors for income property.

[tatania199]

Thanks!

[lvoc]

Originally Posted by MadManofBethesda

No kidding. Check out this listing:

Address Withheld By Seller, Las Vegas - Rhodes Ranch, NV Property Listing - For Sale - MLS# 1263105 - ZipRealty

Notwithstanding the typo/misspelling, I especially like the real estate agent's comments: Great investment oppurtunity. please make offer if interested and then we will schedule showing.

You can't even see the property until after you've made an offer! Apparently, the market is so hot that the agent isn't even concerned with alienating and dissuading potential buyers/homeowners and is just interested in marketing the house to investors who will purchase it sight unseen. Especially since it already has a renter in it.

That is not particularly unusual on tenant occupied houses. Maybe 25% are see after contract.

This home also indicates that the market is not nearly as "hot" as some think. It has been there for almost two months without an offer accepted. The tenant scares off owner occupants and the "see after" scares some investors but I suspect the big issue is the $100 per SF which makes it a weak investor property. Maybe 4% or so. That tract had been selling in the 70 and 80 per SF with one recent at $102. I suspect though you need to go owner occupied to get that much for it...the sale at $102 though appears to be investor cash and was sold without viewing.

[MSchu]

hot... who thinks the market is hot?

it's merely firm.

[tbill618]

And if you are looking for someone to blame start with the Nevada Attorney General who doesn't seem to have a clue that diminishing the number of foreclosures will cause prices to rise. Her name is Catherine Cortez Masto.

I am sure there are a lot of clueless, bending to the mob politicians in NV. but why not start with her. Every once in a while you have to take a ****ty little pol and throw them against the wall so that the others know not to do anything stupid. I am from Illinois and we are suffering for our crappy political class. I would hate to see that happen here.

[observer53]

Originally Posted by tbill618

And if you are looking for someone to blame start with the Nevada Attorney General who doesn't seem to have a clue that diminishing the number of foreclosures will cause prices to rise. Her name is Catherine Cortez Masto.

I am sure there are a lot of clueless, bending to the mob politicians in NV. but why not start with her. Every once in a while you have to take a ****ty little pol and throw them against the wall so that the others know not to do anything stupid. I am from Illinois and we are suffering for our crappy political class. I would hate to see that happen here.

"Throw her against the wall" because she allegedly doesn't understand the affect of foreclosures on the LV real estate market? Perhaps some links re: your accusation would help.