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Old 08-20-2012, 07:07 PM
 
2,180 posts, read 4,536,885 times
Reputation: 1087

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betting on catastrophe?

I think you've already waited to long.
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Old 08-20-2012, 09:06 PM
 
Location: OC, Big Bear Lake, Las Vegas NV, Laughlin NV, Palm Desert CA
113 posts, read 422,551 times
Reputation: 124
I can't believe how hot the market is right now. My agent told me that I would have a tough time buying the properties I got just a year ago, because of the low inventory and high amount of buyers in the market. It was a little like that on the April purchase. I would suggest being very proactive. I found the property online and I called my agent to get an offer in NOW! Don't wait for your agent to call you about properties or that automated email each day of new listings. You have to pick an area and know everything that is happening from active, pending, closed escrows. The market is too hot to wait for the phone to ring. Good luck.
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Old 08-20-2012, 09:27 PM
 
135 posts, read 293,303 times
Reputation: 81
We spent 2 1/2 month searching. We place many bids with 10-15k above listing price and all our offer got rejected. On some houses we bid went up to $185k. Towards the end we decided to get a new home built. It was close to family and a good area for us. We're happy with the decision and no more stress with this bidding war controlled by banks releasing limited houses to the market.
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Old 08-20-2012, 10:52 PM
 
Location: Giethoorn, Netherlands
629 posts, read 1,175,280 times
Reputation: 745
Quote:
Originally Posted by Ragazza2011 View Post
I'm helping my parents house hunt here in Vegas & am growing weary of the housing market! They've put offers in on 3 different homes and have lost every single deal due to multiple offers. The market has gotten crazy out here. Cash is king with all the investors sweeping up homes & condos. No thanks to the new law allowing residents of foreclosed homes to remian living in them rent free. Anyone else experiencing this frustration?
As has been discussed before re:this subject, Homepath (Fannie Mae) and Home Steps (Freddie Mac) are your best bets to beating out investors because there is a 15-30 day "first look" period where investors can't make offers

Worked for me!
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Old 08-20-2012, 11:24 PM
 
12,973 posts, read 15,800,908 times
Reputation: 5478
Quote:
Originally Posted by topaz420 View Post
As has been discussed before re:this subject, Homepath (Fannie Mae) and Home Steps (Freddie Mac) are your best bets to beating out investors because there is a 15-30 day "first look" period where investors can't make offers

Worked for me!
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.
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Old 08-21-2012, 03:07 AM
 
36 posts, read 79,591 times
Reputation: 21
wait until you live in the Bay area, and pay 1800 for a 1 bedroom. Your first aquantance will be the auto-glass guy. Gold is easier to find than a good school district.....
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Old 08-21-2012, 04:11 AM
 
Location: Bangkok, NYC, and LV
2,037 posts, read 2,990,105 times
Reputation: 1128
Are certain price points hotter than others?
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Old 08-21-2012, 06:04 AM
 
11,177 posts, read 16,016,652 times
Reputation: 29925
Quote:
Originally Posted by Ragazza2011 View Post
The market has gotten crazy out here
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.
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Old 08-21-2012, 06:22 AM
 
2,724 posts, read 4,763,638 times
Reputation: 1042
^^^
United Pacific Realty
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Old 08-21-2012, 06:58 AM
 
11,177 posts, read 16,016,652 times
Reputation: 29925
Quote:
Originally Posted by eventusstultorummagister View Post
^^^
United Pacific Realty
Is there some significance to you pointing out the name of the listing agency?
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