[Marioni888]

My son moved from CA 2 years ago,got pre-approved by a mortgage lender for 250k (with 20% down),started looking for a house since jan 2013,every time they place a bid larger than the current price they get outbidded immediately by cash offer.

But most important thing is that every house is priced over appraised value (from 10.000$ to even 30.000$) . That means they have to pull additional cash from their pocket plus 20% and plus closing cost.

They won the bidding for one house last month (summerlin,240k listing price) and appraisal came in as $30,000 less than listing price. Seller didn't want even to discuss to reduce their price at least for couple of thousands .

They decided to wait,save some cash and purchase new construction maybe next year....

[von949]

Originally Posted by Marioni888

They decided to wait,save some cash and purchase new construction maybe next year....

Sounds like half the people I work with. They all eventually gave up on shorts and REOs and settled for brand new.




Motorola DynaTAC 8000x

[logline]

Originally Posted by Marioni888

My son moved from CA 2 years ago,got pre-approved by a mortgage lender for 250k (with 20% down),started looking for a house since jan 2013,every time they place a bid larger than the current price they get outbidded immediately by cash offer.

But most important thing is that every house is priced over appraised value (from 10.000$ to even 30.000$) . That means they have to pull additional cash from their pocket plus 20% and plus closing cost.

They won the bidding for one house last month (summerlin,240k listing price) and appraisal came in as $30,000 less than listing price. Seller didn't want even to discuss to reduce their price at least for couple of thousands .

They decided to wait,save some cash and purchase new construction maybe next year....

If they already have the 20% down payment saved, why would they have to wait to buy a new home until next year? There are plenty of nice homes in nice areas in the $250k range.

[ddrhazy]

Why wait for the construction next year? Have you looked at the finished lots that are already built?

[ilovegarlic]

Originally Posted by Marioni888

My son moved from CA 2 years ago,got pre-approved by a mortgage lender for 250k (with 20% down),started looking for a house since jan 2013,every time they place a bid larger than the current price they get outbidded immediately by cash offer.

But most important thing is that every house is priced over appraised value (from 10.000$ to even 30.000$) . That means they have to pull additional cash from their pocket plus 20% and plus closing cost.

They won the bidding for one house last month (summerlin,240k listing price) and appraisal came in as $30,000 less than listing price. Seller didn't want even to discuss to reduce their price at least for couple of thousands .

They decided to wait,save some cash and purchase new construction maybe next year....

Good, let the over bidders buy the house. If you get into the bidding game you're gonna lose either way. Sometimes I wonder if there isn't some nefarious shill bidding going on.

Despite what you read in the newspapers and on the internet, there is still a glut of housing in the LV Valley. And to prove it to yourself, just drive around all over town and see all the vacancies and boarded up homes and projects sitting half built.

It is always BUYER BEWARE when buying a house and that is 5 times as true when you are talking about LV. I Love LV but let's face it, it is the land of shysters and spinners and scammers.

[Willy702]

Who wants to buy a boarded up home or a project? If there are a glut of those it's no surprise.

[lvoc]

I just closed a VA no money down on a 2 year old house in Providence for $230,000. It is messy but doable. Things like HUD and Homepath are often very helpful. Look for stuff that has been around a while. It is virtually always overpriced but you don't have to pay list...and you can make it clear it has to appraise.

[ilovegarlic]

There is a glut of everything in LV, thanks to the over exuberance of the past decade.

Recently there was a law enacted that prevented banks from going forward with foreclosures and that led to a decrease in the number of available homes for sale. When that "artificial" stop gap passes, watch as prices for homes dip quarter over quarter again.

If you have cash in hand, stick around.

[lvoc]

Originally Posted by ilovegarlic

Good, let the over bidders buy the house. If you get into the bidding game you're gonna lose either way. Sometimes I wonder if there isn't some nefarious shill bidding going on.

Despite what you read in the newspapers and on the internet, there is still a glut of housing in the LV Valley. And to prove it to yourself, just drive around all over town and see all the vacancies and boarded up homes and projects sitting half built.

It is always BUYER BEWARE when buying a house and that is 5 times as true when you are talking about LV. I Love LV but let's face it, it is the land of shysters and spinners and scammers.

That is pretty much nonsense. There is no glut of housing in the NW valley. Even the developments that were almost wiped out are close to back to normal. Got more renters then we had...but that is likely to change if the values continue increasing.

We are mostly continuously on the road and are very aware of where the available houses and the vacant ones are. The count is way down and dropping day by day. Hell even the cheap condos have vanished.

[Trash Can]

It's not just happening here in Las Vegas. My brother-in-law is experiencing the same thing in SoCal. Back in Dec, their home sold in two days above asking with multiple cash offers. I think he has a bit of seller's remorse now. He's stuck in an apartment because he can't buy a home. He's always getting outbid by cash buyers.