[eefran8]

I'm moving to Vegas, does anyone know any realtors who'll work with someone looking to spend about 80K on a house ? Let me know thanks.

[airics]

you need to set your sites higher... up to 120k is extremely difficult to purchase since you are competing with all the investors... be prepared to bid on ALOT of houses and you will be paying over list.

[olecapt]

Originally Posted by eefran8

I'm moving to Vegas, does anyone know any realtors who'll work with someone looking to spend about 80K on a house ? Let me know thanks.

As Airics says 80K has to be a condo or in an older neighborhood.

If you drop me a DM with your spec I will get you started. I am not however willing to take you on as a client at this point. Last low end home I did I made minimum wage, if that. But I will get you straight on how the world works.

Note by the way that at 80K you will almost certainly have to buy a HUD house. That is not all bad though...HUD gets some nice houses at rational prices...just not a huge selection. see...

MCB

[yellowsnow]

In your price range the competition will be fierce. It will take you months to win a bid and actually buy a property. To be successful, don't allow yourself to become attached to any of them. It's just business. You will also have to bid on more than one property at a time. I always felt like this was a bit unethical and you could lose your earnest money but in practice it worked ok for me. Next those properties listed for 80K are going to sell for much more than 80K unless it's a real dump. The listed price is just a come on and an invitation to you to bid what you think the property is worth. Next, if you are one of the higher bidders you will be asked for a final and best offer. In other words, raise your bid. I always decided what I thought the price should be(cma) and bid 5% below that number. Then I went up 5% if I got the best and final run around. About 30 days after the house closes you CAN find out what it sold for. One of the most disturbing things I found was properties I had bid on were sold for less money than I had offered. And my offer was cash, no mortgage or funding hassles. Believe me, it happens.

Here's the deal. The agents, their friends, relatives, and best clients will all know about your dream house before you do. Believe me, people with real money and cash offers are waiting to scoop up every DEAL out there. It's probably not realistic to think you can compete with these folks. Your agent will do what he/she is required to do. The house you want to buy is a small commission job. The realtor is only going to do what they have to do.

You can help level the playing field by doing a lot of the work yourself. But you have to be here to do it effectively. I wish you luck.

[jfkIII]

Now? Give it a couple of months and hope the economy keeps tanking. Your price may then catch up to the housing.

[airics]

i don't think thats gonna happen imo....

[olecapt]

Originally Posted by yellowsnow

In your price range the competition will be fierce. It will take you months to win a bid and actually buy a property. To be successful, don't allow yourself to become attached to any of them. It's just business. You will also have to bid on more than one property at a time. I always felt like this was a bit unethical and you could lose your earnest money but in practice it worked ok for me. Next those properties listed for 80K are going to sell for much more than 80K unless it's a real dump. The listed price is just a come on and an invitation to you to bid what you think the property is worth. Next, if you are one of the higher bidders you will be asked for a final and best offer. In other words, raise your bid. I always decided what I thought the price should be(cma) and bid 5% below that number. Then I went up 5% if I got the best and final run around. About 30 days after the house closes you CAN find out what it sold for. One of the most disturbing things I found was properties I had bid on were sold for less money than I had offered. And my offer was cash, no mortgage or funding hassles. Believe me, it happens.

Here's the deal. The agents, their friends, relatives, and best clients will all know about your dream house before you do. Believe me, people with real money and cash offers are waiting to scoop up every DEAL out there. It's probably not realistic to think you can compete with these folks. Your agent will do what he/she is required to do. The house you want to buy is a small commission job. The realtor is only going to do what they have to do.

You can help level the playing field by doing a lot of the work yourself. But you have to be here to do it effectively. I wish you luck.

Nah. It is not that interesting. The cash bidders at the low end are going on return on cash. The owner occupants are going on owner occupant value appraisals. Those numbers are about 5 or 10% apart.

Many cash guys are playiing games with waving all contingencies and such. I would not waive the inspection contingency...but if you do it enough and feel comfortable go for it.

The owner occupant's play at the low end is HUD. No investor competition. You can pay cash but you have to live there.

And welcome back yellowsnow. I gather you are now a local?

[eefran8]

Thanks to everyone for the reality check. I guess I'll have to plan on spending more and taking time to make it happen.