[lvoc]

Originally Posted by eventusstultorummagister

The best indicator of TRUE market conditions is the realtor's relentless drive to convince you that the market is "hot". As much as anything else, this tells you (the buyer) that the market is actually "cold". When the market is really hot, realtor's don't try hard to convince you.

"Hot" is not a reasonable term when things are selling 25% below replacement cost.

"Weird" is a better term when volume is at five year highs, Inventory is vanishing and prices remain mostly firm. Yes there is some upward moment but it is not a big deal at this point.

Actually Realtors push a fast and high market as 'hot' far more than they would push this market.

Again you just don't understand this stuff.

[lvoc]

Originally Posted by eventusstultorummagister

Reality Check:

That's only half the story. As long as the loan is on the books the banks can claim the full value of the loan as an asset. If a house sells for less than the loan value the loss must be booked. Bankers that book enough losses to miss performance numbers get to see their bonuses go bye-bye. So things are being carefully trickled out.

They (banks) truly don't care at all if you lose money or if you lose a lot of money or even if you lose so much money that it could do your life serious damage. It's amazing how much they don't give a damn.

Loan is not on the books. Banks mostly service don't own.

Learn the difference. It is important.

[eventusstultorummagister]

Low inventory, infestors with all cash, communists from China, what's not to love about Las Vegas real estate? The houses won't appraise at list (or anything near it for that matter) and the buyer's agents are instructing the rubes (clients) to make ridiculous offers well above asking price. Yes, it's true, the agent is super nice but the more you spend the more they get (the same goes for the mortgage broker), it's a conflict of interest no matter how you slice it...

When the time comes and the sheep lining up to be fleeced ends, we will invariably witness these Realtor® types transition back into their prior occupations... robbing liquor stores and mugging little old ladies of their Social Security checks.

Claiming 6% ownership of all property in the U.S., what are they... pirates?

We need to remove the often expensive (transaction costs) and entirely unneeded middlemen!

...and don't tell me the buyer doesn't pay the realtor's fees, that's total malarky. The buyer could have got the house for 94% of what they actually paid!

Let's take a gander at these so-called professional services, shall we?

What does a buyer's agent REALLY do:

1) Unlock doors.
2) Find houses (that are easily found online by anyone).
3) Compliments house as you walk through it, attempting to hide flaws with words like "cozy".
4) Does paperwork that someone can be hired hourly for.
5) Lies about other offers so you'll pay more money(what's you best and highest, snort-snort... offer?!).
6) Takes a 6% bite of the house cost instead of a flat fee, regardless of how much work they've actually performed.
7) Tries to lock you into a contract so you can't escape working with them.

...and last but NOT least

8) Provides expert market analysis (ROTFLMFAO!!!)

[lvoc]

Originally Posted by eventusstultorummagister

Unlicensed agents brokering deals? Say it ain't so!

Las Vegas mortgage broker fined nearly $50,000 - VEGAS INC

"...company agents were not properly licensed to conduct business"

CAVEAT EMPTOR

So you suggest everyone go to the Wells Fargos and BofAs where everyone is licensed or covered by the corporate blanket?

I am flatly skeptical there is much that a civilian can do to find out if a mortgage broker is properly licensed.

I do agree it is a buyer beware...but it is also "if it appears to be to good to be true it is".

[lvoc]

Originally Posted by eventusstultorummagister

Low inventory, infestors with all cash, communists from China, what's not to love about Las Vegas real estate? The houses won't appraise at list (or anything near it for that matter) and the buyer's agents are instructing the rubes (clients) to make ridiculous offers well above asking price. Yes, it's true, the agent is super nice but the more you spend the more they get (the same goes for the mortgage broker), it's a conflict of interest no matter how you slice it...

When the time comes and the sheep lining up to be fleeced ends, we will invariably witness these Realtor® types transition back into their prior occupations... robbing liquor stores and mugging little old ladies of their Social Security checks.

Claiming 6% ownership of all property in the U.S., what are they... pirates?

We need to remove the often expensive (transaction costs) and entirely unneeded middlemen!

...and don't tell me the buyer doesn't pay the realtor's fees, that's total malarky. The buyer could have got the house for 94% of what they actually paid!

Let's take a gander at these so-called professional services, shall we?

What does a buyer's agent REALLY do:

1) Unlock doors.
2) Find houses (that are easily found online by anyone).
3) Compliments house as you walk through it, attempting to hide flaws with words like "cozy".
4) Does paperwork that someone can be hired hourly for.
5) Lies about other offers so you'll pay more money(what's you best and highest, snort-snort... offer?!).
6) Takes a 6% bite of the house cost instead of a flat fee, regardless of how much work they've actually performed.
7) Tries to lock you into a contract so you can't escape working with them.

...and last but NOT least

8) Provides expert market analysis (ROTFLMFAO!!!)

OK. A recent deal. Tells us how you would have done it.

Client is committed to buy a golf front home...3200SF pool. Short sale $350,000. Lovely large sprawling home.

Next day client decides another in the same tract listed at $325,000 is interesting. Show it and it is wonderful. So what to do?

Presume we kill first and proceed on second. Home is listed at $325,000. Comps, good local comps, come in at $270K average. Client would gladly pay $325,000. But the house has to be financed...

How would you proceed?

(this will be a successive disclosre and may be fun. The privacy of the client has to be protected so certain facts will be deliberately falsified. But nothing that changes the flow.

Let us see how everyone would do if they had to do a messy one.

And this one will get messy...

[LVPoker1]

I just had a strange contact from a realtor that I know (not some cold call spammer). There have been no homes for sale in our neighborhood for maybe 2 months. If you consider Zillow to be useful at all, our home is up about 7% in that time. That makes sense with no inventory. I guess it could even be higher. The last couple for sale did not last more than a couple of days.

The offer was basically cash buyer wants to buy your house above appraisal and pay RE fees. My house is not on the market and I am not interested in selling. I am just curious, is this becoming a common practice with the inventory situation? I am in 89135 FWIW.

[lvoc]

Originally Posted by LVPoker1

I just had a strange contact from a realtor that I know (not some cold call spammer). There have been no homes for sale in our neighborhood for maybe 2 months. If you consider Zillow to be useful at all, our home is up about 7% in that time. That makes sense with no inventory. I guess it could even be higher. The last couple for sale did not last more than a couple of days.

The offer was basically cash buyer wants to buy your house above appraisal and pay RE fees. My house is not on the market and I am not interested in selling. I am just curious, is this becoming a common practice with the inventory situation? I am in 89135 FWIW.

we do it once in a while. In our case it is almost always a rather expensive model on some golf course or such. We work out that our client wants one of perhaps 100 houses. So we drop them all a letter and see if anyone is intersted. The terms may well be even a significant bit above market and there is none of the normal hassle.

It can also be used as a broad marketng tool as was suggested here. I don't think it very effedtive unless the buyer is willing to go ten or fifteen percent over the comps.

[eventusstultorummagister]

Originally Posted by lvoc

So what to do?

Number of days on market???

1) Offer what the identical house on the block that sold last month went for (in this case $55K less than list price)

2) Offer a mid-point between comps and list, and hope to work the price down after your offer gets accepted (inspection and appraisal)

3) Offer close to seller's "fantasy" price and hope to work the price down after your offer gets accepted (inspection and appraisal)

4) Force the seller to sign the contract (at appraisal price) at gunpoint {Ol' School Vegas style... baby!}

*Mixed results so far on the first 3 strategies

[lvoc]

Originally Posted by eventusstultorummagister

Number of days on market???

1) Offer what the identical house on the block that sold last month went for (in this case $55K less than list price)

2) Offer a mid-point between comps and list, and hope to work the price down after your offer gets accepted (inspection and appraisal)

3) Offer close to seller's "fantasy" price and hope to work the price down after your offer gets accepted (inspection and appraisal)

4) Force the seller to sign the contract (at appraisal price) at gunpoint {Ol' School Vegas style... baby!}

*Mixed results so far on the first 3 strategies

DOM 2

1. Seller laughs...no they won't accept comp price.

2. Seller laughs.. Not interested

3. Seller requires a buyer to make up difference clause.

4. Seller has fiance who is in LV construction industry and has survived and is armed. .

So you strike out. Not very good at this are you? I will wait a day or so and then tell want happens next.

And seller is quite well willing for buyer to quit at any time. Claims to have more than one cash offer close to list. Probably true.

[007 license to sell]

Originally Posted by lvoc

So you suggest everyone go to the Wells Fargos and BofAs where everyone is licensed or covered by the corporate blanket?

I am flatly skeptical there is much that a civilian can do to find out if a mortgage broker is properly licensed.

I do agree it is a buyer beware...but it is also "if it appears to be to good to be true it is".

Realtors and brokers have to have a license to sell or list real-estate.
As a potential buyer or seller it is your fiduciary duty to find out if their license is current and it is public record.
License Lookup




red.prod.lookup.nv.gov/

Unfortunately like all occupations there are bad apples and they always get the bad press, and unfortunately everyone is lumped together and all are judged to be bad. But the ones that are ethical and do the right things no one talks about them and that is in every occupation.

It's easy to put everyone down in a profession because of a few bad apples.

But don't forget the good ones. There is a saying that a person will tell 10 people that had a bad experience versus a person will only tell 1 or 2 if they had a good experience.