[coldbeer]

I'm not cheap, just not wealthy.

I will be arriving in Vegas next month to look for a house.

Lets say I'm pre-approved for a $89k loan. Would houses/sellers that are currently listed for $99k accept an $89k offer or is that too much of a margin and would be considered an insult? How bad are things right now for sellers?
What is an acceptable margin for a lower offer for a current $99k listing?

Thank you.

[airics]

unless it is a house in bad shape or a bad area... that 99k listed house (not condo) is going to sell for 125 or more...

[coldbeer]

Originally Posted by airics

unless it is a house in bad shape or a bad area... that 99k listed house (not condo) is going to sell for 125 or more...

I'm finding it to be the opposite on Real Estate, Homes for Sale & Real Estate Values - Zillow

I researched houses that sold in the 89031 area in the past 30 days for $89k all had reduced prices.

Here is one example were the seller took $10,500 less and sold for $88,200

5226 Ferrell St, North Las Vegas, NV 89031 - Zillow

[jaunespinoza]

Depend on how long it has been on the market. I just sold my condo in Summerlin. A neighbor was renting, and they bought a NLV 4/2.5 that was about 4 years old. It was in very above average condition. They paid 89K, and told me that it had previously sold for 280K. So figure on about 33 cents on the Dollar of it's peak sale price.

[airics]

interesting that it was sold by a quitclaim deed.

[yellowsnow]

Zillow is frequently, as in usually, off the mark. You'll have to look and see what other comparable properties in the same area have sold for in the recent past. Don't even worry about insulting anyone. Everyone trying to sell today has already been insulted and they would like to at least GET an offer. No guarantee they will accept it though.

A common marketing tactic here is to list at an incredibly low price to generate multiple offers over the listing price. Sometimes if you are one of the higher bidders, they will come back and ask for your 'best and final' offer. In other words, offer more money. There are games being played here.

Buying at the bottom of the market is tough. The investors are your main competition and they have cash. It's not impossible but it takes a while.

[SoHoVe]

I think it will depend largely on the seller. Do you already have a job lined up here? This is just a guess on my part but unless you are paying cash I am guessing lenders will want to see at least 6 months on the job but I could be totally wrong about that as well.

[Sunnydee]

You can offer anything you wish, but that's just a starting point to the negotiations. I say make the offer and see what their counter is. It's entirely possible that if someone just wants to get out from under a bad situation they might accept it without making a counter offer. Best wishes.

[hockeygirl4]

I looked at a house in a gated community over by Stallion Mountain, 89122, listed at $75,900, 2bd/2ba/2car garage, there are 4 offers already pending. It's bank owned, and according to my realtor, they take a bunch of offers, and then at the last possible "offer day" they award it to the highest bidder at which none of the other offerers know what that highest bid was. In my opinion, this is a horrible way to do business, yes, the bank wants the most money for the house, but at the same time, can we now see why the housing market is in shambles? A cash buyer pays for this "cheaper house", and rents it to someone who can't make payments, they foreclose, trash the place and move out. Now, the house is going to sell for even less because it's trashed....nice theory we have. The house was beautiful, and I planned on living in it for a long time I put in my offer $10,000 over the selling price and am hoping I'm the highest but I am not keeping my hopes up at this point.

[jaunespinoza]

Don't forget about the 7500 "short sales" that can't seem to close.