[Everdeen]

In today's Las Vegas market, what changes in the normal real estate contracts are there? In another thread, there was a discussion about the RE contract not containing an appraisal contingency...how wide spread is that? Are other contingencies being omitted?

[observer53]

I think it is very unlikely that you will find contingencies in LV RE contracts that are not present in other cities.

If that turns out to be the case, this will be moved to the general forums. Thanks.

[Everdeen]

Originally Posted by observer53

I think it is very unlikely that you will find contingencies in LV RE contracts that are not present in other cities.

If that turns out to be the case, this will be moved to the general forums. Thanks.

I understand your concern, but when I have asked some questions in the RE forum, I get responses from people, and RE agents, that are not in markets quite different than ours and have a completely different demands. I don't want the opinion of someone who's an agent in Podunk, Nebraska. If this gets moved to the RE forum, I won't even bother to read it again. The last time I asked a specific question there, I spent too much time trying to explain our specific environment and was challenged on it. Locals understand our specific market. Please give a second thought to moving this thread if you begin to feel so inclined.

[MarkFleysher]

Though there are default contingencies on the contract, which you can select or not select, you can add any contingency you choose.

Some sample contingencies are: Home inspections, appraisals, preliminary title clearance, and short sale or court approvals.

Contingencies are not always chose by the buyer, as they may be required for the type of purchase or the terms of the purchase. For instance, if you are financing, an appraisal will be required; it can not be waived, though you can clarify that you as a buyer are willing and able to pay more than the appraised value.

[kimba01]

Originally Posted by Everdeen

I understand your concern, butwWhen I have asked some questions in the RE forum, I get responses from people, and RE agents, that are not in markets quite different than ours and have a completely different demands. I don't want the opinion of someone who's an agent in Podunk, Nebraska. If this gets moved to the RE forum, I won't even bother to read it again. The last time I asked a specific question there, I spent too much time trying to explain our specific environment and was challenged on it. Locals understand our specific market. Please give a second thought to moving this thread if you begin to feel so inclined.

I agree. I had the same problem when I asked a RE question while living in MI, on the RE forum. Most answers were, "well, I'm not sure about your state, but...." That was helpful.

[von949]

The entire RE forum and the few Vegas specific RE forums in this section are like night and day. It is as if what is going on here DOES NOT exist any where else in the country.

When I first moved to Vegas I heard the term "short sale". So I asked specific questions in the RE forum about it. Either nobody knew what I was talking about or they told me that they were "very uncommon" and banks never ever approve them.

Did Vegas invent the term "short sale"? Lol


Sent from watch

[observer53]

Fair enough. We'll leave it here and see what folks have to say in response to your question.

[Croce]

When making an offer on a property in the 89149 area code, my agent told me there were multiple offers and the selling agent would be reviewing all the offers that evening and I should get my offer in quickly. I was also advised that offering $1000 over the highest bonafide offer received up to xxxx dollars would increase my chances. I chose not to take that approach because it seemed to lend itself to shenanigans by the selling broker. In any event, I was outbid and didn't get the property. So maybe I should have listened.

[logline]

Originally Posted by Croce

I was also advised that offering $1000 over the highest bonafide offer received up to xxxx dollars would increase my chances.

How would you know what the "highest bonafide offer" was if those are supposed to be kept confidential? Sounds like shenanigans to me right there.

Usually in a multi-bidding situation, buyers are told to give their "best and final offer" because no one is supposed to know what other interested buyers are bidding... or so I thought!

[Packrat1]

Yes. I think you should have listened. That is if you wanted the home and it was within or near what you wanted to pay. I really think that in this market you need to play the game, but know the market and comps.

On the other hand, if the selling realtor came back after you made your best and final offer plus the $1k and asked you to make another offer I would have declined.