EXIT Realty Unlimited’s Trish Nash explains
The foreclosure home market in Las Vegas is generating bidding wars resulting in many homes being sold well above asking price. "The majority of available homes are currently bank-owned and it’s not uncommon for us to see as many as 30 offers on a property. The bank typically chooses the highest, if not the best, offer," says Trish Nash, Associate Broker with EXIT Realty Unlimited in Henderson NV. "For example this week, I’m working on a deal where the listing price is $199,000 and the highest offer came in at $229,000, yet the property appraised at $175,000."
Some buyers don’t have the money to pay for closing costs and therefore add them into the price when making an offer. According to Nash, this gives the impression that the final sale price is over asking, "but we adjust it in the appraisal."
Buyers and investors are quick to recognize the opportunity for value. "They’re coming in with cash because they know the situation," says Nash. "They’re liquidating other assets, dipping into their retirement funds or borrowing from relatives – whatever it takes."
Now may be the perfect time for you to jump onto the property ladder, but know what you’re getting into. Make plans to attend EXIT Realty’s US President, Tami Bonnell’s free webinar entitled Real Estate After April 30th – What Now? on June 8th.