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Old 06-14-2012, 01:48 PM
 
9,480 posts, read 12,287,231 times
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A friend of mine has decided to also move to Vegas. She was originally thinking So Cal, but after talking to me and doing her own research, she thinks Vegas is the place for her and her boyfriend. She also worships the sun as I do and loves the heat, so that's a big factor for her.

Anyway, she is at a place where she can buy a house now, and can pay cash. She has found a realtor who is sending her listings via email, and so far she has put offers on 4 houses and not gotten them...they are all selling in one day! The realtor is telling her that the market has been like that lately, but my friend is getting frustrated. She is making offers sight unseen, offering below asking price, and is going in as a cash buyer. She is also flexible on moving dates which should also be appealing to the seller, but so far...no luck.

It's good news for Vegas (houses are selling) but bad news for my friend (they are selling too fast!)

 
Old 06-14-2012, 02:03 PM
 
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A friend of mine listed her condo about two weeks ago, got 12 offers at or over full price in the first two days.

It's crazy out there right now.

I put in an offer last week on a home in Anthem. The house had the locks changed by the bank, so you couldn't even see the inside. We were the third offer in the first two days. I've not heard back yet, but I assume we didn't get it.
 
Old 06-14-2012, 02:13 PM
 
Location: Camarillo
932 posts, read 2,346,838 times
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Quote:
Originally Posted by WestieJeff View Post
The house had the locks changed by the bank, so you couldn't even see the inside. We were the third offer in the first two days. I've not heard back yet, but I assume we didn't get it.
I know this happens with increasing regularity, but I can't imagine for a second submitting an offer of thousands of dollars - maybe hundreds of thousands of dollars - on a property without being able to see the inside. Maybe this is considered a necessary buying strategy when inventory is low, but I would never do it. There are too many potential problems with something you can't see.
 
Old 06-14-2012, 02:18 PM
 
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She can try doing what I did to get my house. Have her bid $1,000 over the highest offer, cash, up to an amount that she wants to pay for the house. All other bids for my house were for the asking price - I beat their offers and only had to pay $1,000.00 more than asking
 
Old 06-14-2012, 02:24 PM
 
11,175 posts, read 16,010,330 times
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Quote:
Originally Posted by ElleTea View Post
She is making offers sight unseen, offering below asking price, and is going in as a cash buyer. She is also flexible on moving dates which should also be appealing to the seller, but so far...no luck.

It's good news for Vegas (houses are selling) but bad news for my friend (they are selling too fast!)
I think I see the problem.
 
Old 06-14-2012, 02:42 PM
 
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Any home in an HOA has a state law protected easy out for the buyer. You simply have to say you don't like the HOA docs within a certain number of days after receiving them and you walk away earnest money intact.

That's why I don't worry about it. Essentially I just threw my name in the hat. Realistically, I had to submit an offer for the chance to see the home. If I don't like it after I see the inside, I'll just pull the offer.

Unfortunately that's the game that's going on right now. You have to play if you want to participate.

Quote:
Originally Posted by owelles View Post
I know this happens with increasing regularity, but I can't imagine for a second submitting an offer of thousands of dollars - maybe hundreds of thousands of dollars - on a property without being able to see the inside. Maybe this is considered a necessary buying strategy when inventory is low, but I would never do it. There are too many potential problems with something you can't see.

Last edited by WestieJeff; 06-14-2012 at 03:45 PM..
 
Old 06-14-2012, 02:44 PM
 
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This can work with traditional sales.

I've never seen a bank that would accept an offer with an escalation clause like you're describing on an REO. I suppose it could work on a short sale, since the seller accepts the offer before sending it to the bank.

Quote:
Originally Posted by MollieW View Post
She can try doing what I did to get my house. Have her bid $1,000 over the highest offer, cash, up to an amount that she wants to pay for the house. All other bids for my house were for the asking price - I beat their offers and only had to pay $1,000.00 more than asking
 
Old 06-14-2012, 03:23 PM
 
Location: Las Vegas, NV
553 posts, read 1,208,293 times
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Quote:
Originally Posted by WestieJeff View Post
This can work with traditional sales.

I've never seen a bank that would accept an offer with an escalation clause like you're describing on an REO. I suppose it could work on a short sale, since the seller accepts the offer before sending it to the bank.
It worked for me on an REO.
 
Old 06-14-2012, 03:28 PM
 
180 posts, read 391,551 times
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If there are multiple offers and many at or over list won't that cause the overall housing market pricing to rise. We are looking and things seem to be 10-20 higher than in December.
 
Old 06-14-2012, 03:47 PM
 
2,076 posts, read 4,071,714 times
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Were there multiple offers? Did they come back and ask for highest and best?

I've tried twice and both times the listing agent said the bank won't consider those offers because they were "too complex". Googling around seems to confirm that.

Good for you though.

Quote:
Originally Posted by Coco6163 View Post
It worked for me on an REO.
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