[pommysmommy]

Originally Posted by yukiko11

I have also been searching for a retirement home in Las Vegas in the price range you are talking about. I am particularly attracted to the SW area in zip 89146. So far, I have made two cash offers on houses and lost both of them. They were both on the market for almost 1 year. They both sold for less money than I offered to people who financed through FHA. I think that perhaps local people are favored over out of state buyers as the first pick to purchase properties that would usually go to first time buyers. So it may be difficult getting one of those homes offered in that price range unless you are willing to make an offer they can't refuse. On the other hand, if you can go to 150K the inventory is much larger and you would have a better chance. Unfortunately, I can't do that so I am now looking in the Phoenix area.
Good luck in your search.

Your experience is an eye opener. One would assume that the "cash is king" mantra is true. This is obviously not true based on your experience. Your post make me think I am wasting my time and energy looking for a home in Las Vegas in this current market.

[olecapt]

That behavior is not the norm.

At the bottom of the market...say around $50K...cash is absolutely dominant. That is because the investment value of those little houses is much higher than its owner occupied value. It continues to demonstrate that renting is more expensive than owning.

By the time you get to 100,000 and above the deal is pretty much a wash. There are some arrangements with some lenders that favor owner occupied. But it is a small part of the market. And there are HUD houses that basically allow only owner occupant bids for the first 10 days.

In 89123 (Silverado)there are 2 below 100K but 19 below 125K. In 89183 there are 8 below 100K and 28 below 125K. In 89178 (Mountains Edge) there are 8 below 100 and 30 below 125K. In 89131 and 89143 (NW) there are 20 below 100K and 80 below 125K. In 89084 (aliante) there are 8 below 100k and 20 below 125K.

The message here is that you are working right on the edge. You can expect below 100K homes to be very competitive and last hours or a day or two. 10 or 20K higher it will still be competitive...but not quite to the same level of craziness.

You can also work the old southeast...nice houses that are 20 or 25 years old..lots of options there.

[pommysmommy]

I am astounded that any bank would take an FHA offer over cash. That is just BS.

[LV_Newbie]

This is definitely interesting to learn. So do you have to go with the list price or higher for offers? Will we be laughed if we offered lower than list price? Not that I care, but it'll be good to know the norm on putting in offers at Vegas.

[olecapt]

Originally Posted by LV_Newbie

This is definitely interesting to learn. So do you have to go with the list price or higher for offers? Will we be laughed if we offered lower than list price? Not that I care, but it'll be good to know the norm on putting in offers at Vegas.

Use a buyers agent. It is a variable. If you are bidding on an absurdly low REO you bid over list. If you are bidding on an absurdly high non-distressed you go way under. You need to know about what it is worth and what the bid conditions are.

And if you are working the lower ranges you learn to do it all fast or never get anything.

[LV_Newbie]

It's all easily said than done. I would think $100K for a 3 br/2.5bth, 1500 sf is not absurdly low as a list price, wouldn't you agree?

[olecapt]

Originally Posted by LV_Newbie

It's all easily said than done. I would think $100K for a 3 br/2.5bth, 1500 sf is not absurdly low as a list price, wouldn't you agree?

Nope...in the home buying belt that is likely a bait price. Place will sell at least 10 or 15K higher.

Sorry about that.

Now in the nice SE? Different story...

[yukiko11]

Originally Posted by olecapt

Use a buyers agent. It is a variable. If you are bidding on an absurdly low REO you bid over list. If you are bidding on an absurdly high non-distressed you go way under. You need to know about what it is worth and what the bid conditions are.

And if you are working the lower ranges you learn to do it all fast or never get anything.

In my two bids, I did use a buyers agent and I bid full price for cash with no contingencies and no closing costs. The other bids at a lower price won out.
I finally decided that the thinking is I would rent the property out and remove income from the LV Area rather than have owners who have a mortgage that brings income into the community.
I can understand this, but it doesn't make it any easier for a sincere buyer like me who wants to be a resident.

[Bender54]

Personally, since I have been here 9 years I would recommend considering a couple of things. Do you have children needing an education? Where are you going to work? Are you planning on staying more than 10 years?
Public Education. we are 48th in sending kids to college. The city needs strippers, bartenders, dealers, parking attendants, get my drift.
Everything is miles away normally so consider 50 to 80 miles a day considering work and shopping. You will put on miles. Do not buy a property with a lot of landscaping. Its a desert!
If you come from a cosmopolitan area you will be shocked by the cultural, ethical, and intellectual differences.
Sommerlin can be a good investment. The hospital has a one way door for retirees and we are all aware of the collective driving skill in that demographic. Henderson is too far from everything and crowded.
I like blue diamond area but that was the last quadrant to be developed and the services, ie. shopping is still spotty. If it is just you and your husband, or even if you have kids I like the newer areas of North Las Vegas by 215 and Decatur. The services are plentiful and the volume is high enough to attract all busineses. ie it has the highest volume verizon store. That is a good economic strata indicator. There are areas to be cautious but that applies to all of Vegas. Definitely have a weapon registered for the house if not to carry concealed. I came from New Jersey and while I am in the industry I never felt the need to carry in NJ. I feel differently here and if you can get any Metro folks to comment they will, off the record agree. Statistic reporting at least during the busy developmental years was very slanted towards development. You can fill in the blanks. Drugs and crime are still an issue held at bay by the high number of weapon permit holders.
Don't misinterpret my comments. I like living here fine. Just as much as any other short of a gorgeous seaside home. The pay scale stinks unless you have an exec position within the casino.Jobs servicing the tourist industry are more stable. No State tax is a smokescreen for untold surcharges and tariffs on commodities. All your license fees and registration are nauseating in their amount. Remember without a State tax all services, fire , police, roads have to be funded someplace. I prefer a tax because you can audit one revenue stream easier than a gazillion. In that regard I have little faith we are getting a square deal. It will take you the rest of your life to develop a circle of real friends that you would leave alone in your house. Paranoid, absolutely not. Robbed once in broad daylight on a Sunday. My ex, from LV, cleaned me out to the tune of $750 thousand. Honesty and Ethical values are a curiosity here. Businesses will prefer East Coast folks due to the work ethic. If you have any addicitive weaknesses this is the worst place in the world. No friends initiates boredom which drives most to the strip where you sit in a packed bar elbow to elbow and nobody is talking to each other. They are glued to the infernal poker machines that have the lowest payback imaginable. Save the gas and burn your paycheck. At least you could roast a weenie. So in summation if there is a reason to come here, ie health, affordable housing, Ca or NY are too expensive well than welcome. If you have other choices that offer more of a Rockwellian lifestyle and encourage education and moderation in all things than there are 49 other States I would consider. Well maybe not Iowa. Sorry for this moderate to negative assessment but I am a well educated ex exec. management type from a decent middle class upbringing. Like oil and water. Oh yeah, the water, how can I say this? You ever swallow pool water and think it was delicious? There is a decent gauge. The prostitutes and the bouncers are the most fun to talk to if you want to hear a spot on perspective about human nature. Be sure your relationship is secure. Lots of trading up goes on here and it takes only a couple of months to have residency and dicvorce for half of everything. Even his underwear is community property. Welcome neighbor. If the welcome wagon comes to your house don't leave your rolex lying around.

[dynimagelv]

hmmmmm......another "One Post Wonder"

virtually everything you say is B$