[rpachigo]

Originally Posted by airics

6365 - is that the bank asking price? they may be expecting a bidding war such as aliante.. banks ask 140ish, sell for 160ish currently.

I don't know about that. They've kept reducing the asking price gradually and still no sale - on the market for a LONG time.

[rpachigo]

Originally Posted by Daddys///M3

Actually it is 3 years, even out of a short sale as lenders are looking at those as foreclosures. 5 years for conventional.

I stand corrected. So wait 3 years then.

[airics]

maybe something is wrong with the house... could be terrible inside... i will never forget getting an email for a new listing in ElDorado at about 10am, pics were beautiful... granite counters, all appliances, etc...went to see the house that evening, counters were smashed, the cabinets were gone, the only appliance left was the microwave... the "thiefs" tools were still there... ended up calling the listing agent who called the police... the dogdoor was even smashed in.. this may have been the port of entry

[barryhussein]

Here's one we can look at. 8455 W. Sahara #105. 89117 zip code, a nice area. It was a conversion, but it still seems to have an upscale look and feel. It's been on the market for 78 days. Listed on 10-06-2008 for 84,900. On 11-21-2008, it was reduced to 74,000. Today, it was reduced to 64,900.
Doesn't look like the bidding war got very intense on this one. I would like to buy this place, but it would be foolish to offer 64,900. There was one a couple of months ago, #115, that was listed for 58K. They told me they would take 55K.

The so called "bidding wars" are a new cottage business that has been re-invented to get the most out of REOs. Just like the mostly bogus REDC Auctions, there is a secret reserve price. If this isn't met, they will just drag it on for months and months. These only occur on a select few homes that obviously have way below market prices. The realtors want you to believe that this is the case with every home and you are wasting time if you don't offer above list. How many homes has the average realtor sold this year in LV? one or two? If the home has been on the market for more than 10 days; there is almost definitely not a "bidding war." Realtors are taught at "realtor school" to create a sense of urgency--at your expense. Don't fall for it for one second.

A few of you have accused me of wasting people's time; that is complete BS. Who's taking 10 days to look at an offer?

[airics]

i am not talking about condos at all... only houses

realtor school??

[jjameson922]

I'm one of the few who accused you of wasting people's time. Everyone at a bank, with the exception of mortgage originators in some cases, are on payroll. If their time is wasted, a paycheck still comes and the kids at home get fed. Totally different story with a realtor. Haul a client around all day, write a lowball offer and they are out their time, their gas and the kids don't get fed.

It seems the logical thing for you to do Mr. Hussein is to go to "realtor school" yourself and become licensed. This way you can eliminate the middle man who you feel does not deserve profit and keep it all yourself.

[airics]

<high fiving jjameson>

[barryhussein]

Let me see, in the last week I've had a realtor tell me I needed to get a letter of pre-qualification from their lender; even though I am paying cash and had furnished proof of funds. Then their was the realtor, who told me I had to have some papers notarized before my offer would be considered. We told her we didn't think so. The bank responded four days later, without the notarized documents.
Who's wasting whose time?

[Daddys///M3]

Originally Posted by barryhussein

Let me see, in the last week I've had a realtor tell me I needed to get a letter of pre-qualification from their lender; even though I am paying cash and had furnished proof of funds. Then their was the realtor, who told me I had to have some papers notarized before my offer would be considered. We told her we didn't think so. The bank responded four days later, without the notarized documents.
Who's wasting whose time?

I have to somewhat side with barry on this. A solid cash offer with proof of funds should be an extremely simple transaction, at least on the REO and private sale side. Short sales are what they are, nothing will change that. It sounds like these listing agents (I assume that's the offending party based on previous posts) are completely inept. Either that or the asset managers are, which is also a very good possibility. Keep in mind though that I nor any of my clients have run into any issues like this aside from the bank wanting a preapproval letter from themselves which is standard on any REO being financed nowadays.


That being said, I have to absolutely disagree on his perception of bidding wars. Although I would not call them wars, most REO's (keep in mind that I deal mostly in owner occupied single family residences so my experience may be different than barry's) do get multiple offers particularly if they are in pretty good condition. Vegas is averaging over 3000 units sold per month, about 2 out of every 3 is an REO. The price point on those is between $125K and $175K for the most part. One can only guess how many of those are move in ready (never could understand why anyone would trash the home they lost). On the MLS today (in Las Vegas and N Las Vegas, have not checked Henderson) there are 4922 listings that fall between those price points and have 3 br, 2 ba, and are greater than 1000 sq ft (I used that criteria based on what my clients look for in homes). Figure that 15% of those are short sale (very conservative in my book but I cannot access detailed listing information like that). That leaves just under 4200 units in Vegas and N Las Vegas fitting that criteria. Figure another 10% in what most would consider undesirable areas (basically just a guess so don't bother challenging me on that as I cannot back that up), leaving about 3800 listings that fit that criteria. Let's say that another 15% of those are trashed (again just a guess), leaving 3230 listings. I think you get the point. Of course this likely does not apply to barry as his criteria are completely different and, especially in this market, different market segments act completely different.

[barryhussein]

3000 units per month sold and 6000 notices of default every month. Thousands of REOs not even listed yet. The Assessor has cut some assessments by more than 50% for 2009-2010. So all of a sudden did they go from losing 4% of their value per month to gaining in value?