[OmegaSupreme]

Originally Posted by hotjambalaya

So how does that differ from what I want to do? In fact mine is better, because once I've sold my existing place I'm good to go, all cash.

-and in this context, what is expensive?

he just means low demand... i.e. the seller doesn't have that many options and will likely take what he/she can get, such as "contingent on sale of property"

this doesn't apply to most homes on the market right now as there are likely to be multiple offers on everything

if you have cash ready, then that doesn't apply to you

other than that, a seller would probably accept an offer that is contingent on the sale of property if it is the "best" offer (in this case it would likely mean more $$$, possibly among other things)

[lvoc]

Originally Posted by hotjambalaya

So how does that differ from what I want to do? In fact mine is better, because once I've sold my existing place I'm good to go, all cash.

-and in this context, what is expensive?

You don't have the bank to hide behind so you actually need the contingency.

Best way to tell expensive is to look at how long similar houses are taking to sell. When it gets to 6 months the houses are expensive.

In the north west someplace between 400 and 500 grand.

If paying cash you can also overpay a little for the contingency.

You can also guts it. When you find something you want list your house. When you get into a good contract go after the other house. Certainly won't work though if the other house has six offers.

If your finances allow just go ahead and buy the other house. Finance it with no prepayment penalty. Then sell your original and shoot the mortgage on the new one. Owning two houses for a few months is not terrible.

[hotjambalaya]

Originally Posted by lvoc

You don't have the bank to hide behind so you actually need the contingency.

Best way to tell expensive is to look at how long similar houses are taking to sell. When it gets to 6 months the houses are expensive.

In the north west someplace between 400 and 500 grand.

If paying cash you can also overpay a little for the contingency.

You can also guts it. When you find something you want list your house. When you get into a good contract go after the other house. Certainly won't work though if the other house has six offers.

If your finances allow just go ahead and buy the other house. Finance it with no prepayment penalty. Then sell your original and shoot the mortgage on the new one. Owning two houses for a few months is not terrible.

Interesting, unfortunately finances won't allow 2 at once, I was trading up and aiming at the $650k mark. If I did do it in that order I'm also assuming there would be no way to call it a 1031 either?

I basically wanted to offer (and I'd actually have been happy at full asking) on the place I wanted and then have given myself 2 months to sell mine, and if I didn't manage, get any deposit etc back. I wondered how much less a buyer would accept an all cash offer at as opposed to my offer.


Going with your other example, could I take the risk, find something I like, list mine for sale, and if I get an offer, accept it contingent on my closing on the other property? I don't want to find myself house-less!

I'm not quite sure what the situation was with the one I wanted, it was listed for 134 days but showed a $5.8m price drop to $660k, where it had been for 40-50'days, apparently it had been bought at auction and had taken some time to sort out clean title, once that had been done it exploded.

[Marioni888]

Originally Posted by hotjambalaya

Going with your other example, could I take the risk, find something I like, list mine for sale, and if I get an offer, accept it contingent on my closing on the other property? I don't want to find myself house-less!

.

Buyers don't like this. Nobody will make offer for your house.
Buyers need to pay for home inspection and appraisal and then for some reason you cancel your other house or that seller change his mind.
What then happen with your buyer, he already invested some money?
You need to sell your house first and then use that money for new house.

[ddrhazy]

https://www.unlv.edu/sites/default/f...uarter2015.pdf

[hotjambalaya]

Originally Posted by Marioni888

Buyers don't like this. Nobody will make offer for your house.
Buyers need to pay for home inspection and appraisal and then for some reason you cancel your other house or that seller change his mind.
What then happen with your buyer, he already invested some money?
You need to sell your house first and then use that money for new house.

True. Guess I have to find a seller happy with giving me 60 days to sell then...

[007 license to sell]

This year I have had more sellers accept contingencies. I have two deals right now that both are contingencies. I am not saying everyone will accept a contingency. For many years you couldn't get anyone to take a contingency offer. I am getting ready to write another offer with a contingency and it looks like the seller will accept it. Every year the market changes, and this year is no different.

I have found that the inventory is going up in value. But there aren't that many buyers that can qualify needing loans for the properties. Even my very high end buyers are having a dickens of a time getting loans. With the new lending standards it really has put some would be buyers off from purchasing. Also since properties have gone up most locals can't get loans when the average wages are $54,000 a yr and if they want in some area's like Summerlin and different Master Planned communities in Henderson they are priced out of the market.

When your driving around and you see all those apartments being built those are rental units. Large investors see more renters needing places to live.

Check out this article on what's going on with rentals in the Las Vegas valley.

More renters, fewer owners in Las Vegas housing market


Updated: Tuesday, May 19 2015 9:36 AM EDT2015-05-19 13:36:17 GMTMay 19, 2015 6:36 AM PDTMay 19, 2015 6:36 AM PDT

The valley's housing market is experiencing changes, according to the 2015 Las Vegas Perspective, which will be released Tuesday.

[sanchez8]

Blackstone just dumped 1200 investment properties in Atlanta. Im sure within the next year or so they will do the same in LV. Those are the people buying, the nuclear family isn't running the prices up its greedy investors trying to get a crack at 2.0


Simple fact is, because of the runup it is a sellers market and buyers unfortunately are at the mercy of sellers like the guy above. I dont blame people for renting and waiting it out because the pendulum will shift to the buyers like it did in 2009-2012 when sellers and realtors were begging people to look at their dumps.

[ScoopLV]

Imagine if he devoted all that energy towards something productive.

[Cold Warrior]

It's funny reading responses to posts that have been deleted. Thanks Moderator, for cleaning up the thread.