[olecapt]

Originally Posted by jjameson922

Actually they are not. I have been told there can be as much as a two week lag time, or more. There really isn't a 100 percent sure fire way a non-licensed prospective buyer can be assured on the status of any listing unless they have an agent who can check the MLS for them on every listing they are interested in. I feel your pain; I am in the same boat.

I will give anyone on here a feed. Just determine your interests reasonably clearly. I will even do mapped stuff if you can describe what you want.

You don't need to buy from me. I would of course welcome your business but 15 minutes to set you up a feed will not break the bank.

I have people on here with six and seven feeds including following individual homes.

Note that I have enough of this going on that I don't watch what you get so you have to know the address or MLS number to get more information.

You can kill it anytime you want and it goes away in 60 days unless you ask to have it continue. I will not continue it past 60 unless you ask.

[Summerlin]

Will an offer of cash in full immediately wipe out any contingent offer?

[olecapt]

Originally Posted by Summerlin

Will an offer of cash in full immediately wipe out any contingent offer?

Practically all offers are contingent. It is, I think, possible to write a non-contigent offer but it is relatively rare. Standard contingencies include inspection, financing and appraisal. A cash offer can, but does not automatically waive the appraisal contingency.

I am not sure you can waive the HOA docs contingency. That contingency goes away if you close. But it allows escape from the contract right up to close.

And note that a full cash offer loses to a financed offer that is 3% over the cash offer pretty much all the time.

You need reasonable cash to bid in the lower end...not total cash.

[sierramadre44]

Originally Posted by olecapt

Practically all offers are contingent. It is, I think, possible to write a non-contigent offer but it is relatively rare. Standard contingencies include inspection, financing and appraisal. A cash offer can, but does not automatically waive the appraisal contingency.

I am not sure you can waive the HOA docs contingency. That contingency goes away if you close. But it allows escape from the contract right up to close.

And note that a full cash offer loses to a financed offer that is 3% over the cash offer pretty much all the time.

You need reasonable cash to bid in the lower end...not total cash.

Interesting thread. My dad is a realtor albeit not in LV. However, he told me that not all properties for sale are listed in the MLS as it is not required to list them there. So, theoretically, properties could be listed on realtor.com and not in MLS.

I like the info on the full cash offer loses to a financed offer that is 3% over the cash offer. I'll have to run that by my dad.

And, the contingency offer; myself I would always make an offer of reasonable amount regardless of the status except 'pending.' Also, my dad told me that if I want the realtor to make an offer they must do so as my agent assuming of course the offer is reasonable.

[olecapt]

Originally Posted by sierramadre44

Interesting thread. My dad is a realtor albeit not in LV. However, he told me that not all properties for sale are listed in the MLS as it is not required to list them there. So, theoretically, properties could be listed on realtor.com and not in MLS.

I like the info on the full cash offer loses to a financed offer that is 3% over the cash offer. I'll have to run that by my dad.

And, the contingency offer; myself I would always make an offer of reasonable amount regardless of the status except 'pending.' Also, my dad told me that if I want the realtor to make an offer they must do so as my agent assuming of course the offer is reasonable.

Well not quite. Realtor. com is fed only from the MLSs...and not all of those. Nor all of the listings. So there is less available or Realtor than on the individual MLSs. The biggest problem is that Realtor.com does not get rid of listings that have changed status quickly. So there are lots of stuff on Realtor.com that ain't.

Realtor.com is fine for getting the feeling of an area or a neighborhood and understanding the pricing.

It is not very good for finding a home to buy.

There are fewer FSBOs now then there used to be. I used to track the close ones and show them if it was a good match to a buyer. Not worth the bother at this point.

[gvc8]

we are listing our house for sale soon. there is the same model house on our cul-de-sac that has been listed and has a contingent offer. obviously I know their listing price, but is there a way for me to find what was actually offered?

[VerdeOjos5]

i use realtor.com among other things... it's really hard to find rental listings (other than craigslist, which i find to have much higher rents than comparable properties at realtor.com) but what happens when this CONTINGENT offer is listed on a rental property? there is so much im not understanding apparently!

[airics]

Originally Posted by gvc8

we are listing our house for sale soon. there is the same model house on our cul-de-sac that has been listed and has a contingent offer. obviously I know their listing price, but is there a way for me to find what was actually offered?

once the sale closes, it will be listed on the assessors site

[007 license to sell]

Originally Posted by coldbeer

So the bottom line is if i see a house is for sale and the status is Contingent Offer then i just move on and look for those that display active status.


Thanks!

Here is some info on inventory as of the week of 1/20/2010. This data is provided by:
[SIZE=5]National Association of Residential Real Estate Investment Advisors[/SIZE]
[SIZE=5]Combined SFR + CONDO/TH
Available – 10,488 (-32 , Last Week 10,520)
Under Contract – 13,351 (+187 , Last Week 13,164)
Days of Supply – 24 (+0 , Last Week 24)
Short Sales – 13,784 (+170 , Last Week 13,614)[/SIZE]

You can see by this data there are quite a few properties under contract meaning contingency status. You could bet that most of those are short sale.
Besides short sales, I have had bank owned properties take up to 6 months to get back to us,and due to taking so long an additional appraisal had to be done and the property value had dropped. For instance I had a buyer that wanted to purchase a bank owned property that took the bank 6 month to get back to us and by then we had to have another appraisal done at an additional cost to my client and due to taking so long the new appraisal show the property went down an additional $35,000 from the origianl agreed upon purchase price.
Needless to say my clients lowered their offer to meet with the appraisal price and the bank still wanted 10,000 more than the appraisal.

In most cases a buyer would have walked away but my clients wanted the property so bad we got the bank to split the difference after going back and forth and my client bought and loves the property. They plan on keeping the property for years to come.

Nothing is easy in this market right now, so be prepared and pack your patience when making offers. There are great deals out here and there are allot of buyers looking for them. Most of the buyers are cash so even though you may be a cash buyer you will be competing against other cash buyers. If you have to have a loan to purchase a property be prepared to lose out to a cash buyer even if their bid is less.

This information isn't meant to discourage anyone but to inform you so you will be prepared for what could happen and not be surprised when it does. Like the old saying prepare for the worst and hope for the best.

[adolpho]

Originally Posted by airics

once the sale closes, it will be listed on the assessors site

Yep, only took a few days in CC. It took 45 days here in Phoenix for the Assessor Records to be updated. I'm gearing up for a tax appeal.