Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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Should I use a REALTOR® to buy a LAS VEGAS REO home? Your insight into what would be the best way to proceed would be much appreciated.

Terry,

Thanks for the question, I do get ask this a lot these days.

The short answer is Yes.  The long answer is below....

Most of the Las Vegas REO Homes are on the MLS and you should use a REALTOR® so you are represented in the transaction. The agent who lists the Las Vegas REO home, is representing the bank,  not you and is looking out for the banks best interest, not yours, so you would be wise to choose your own buyers agent that represents you and will have your best interest at hand.

A REALTOR® who represents you will also have access to the recent sales in the area you are looking to buy and will be able to help advise you an a price to offer on the Las Vegas REO.

Also, you need to get with a lender or mortgage professional and get fully Pre-Approved by them so you will know exactly how much purchase power you have, what price range you should be in and an estimate of how much your monthly payment will be.

Getting Pre-Approved to purchase a Las Vegas REO is imperative and should be your #1 priority as you don't want to waste your time looking and dreaming about houses that may not even be in your price range.

Some of the Las Vegas REO Homes are currently being priced on the MLS at really low prices (more like teaser prices) to get as many high bids as possible and to move the property quickly. Some of the Las Vegas REO's are priced $10,000-$25,000 below the price they may sell for and below that last recent comparable sale in the area. Many of the Las Vegas REO's are getting bids at higher than asking price, due to this pricing technique and due to the fact that agents are advising clients that if they really want the home they need to be more realistic in their purchase offer price.

What? and Why?  You may ask .. As I stated, the banks want to move the property as fast as they can and for as much as they can and this tactic has been working here in Las Vegas as evidenced by the record breaking sales we have seen over the past several months and the dwindling inventory. Some of the banks know this and will hold out for a higher price.

Please go to my blog and read some of the previous articles I wrote on this and other subjects as well.

If you need information on getting a lender to do a pre-approval letter for you, email or call me and I will be happy to provide you with a few names. Feel free to email me any other questions you may have. Email Dawn

A bit about me

Certified Short Sale Professional

Certified Short Sale Professional

Dawn Barrier        Email Dawn 
Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

My Website

My Blog

Copyright © 2009 Dawn Barrier. All Rights Reserved.

 

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Copyright © 2009 Dawn Barrier. All Rights Reserved.

Dawn Barrier    EXP REALTY Las Vegas   (702) 812-4550 

 
 
 
 
 
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Comment balloon 0 commentsDawn Barrier • July 30 2009 11:49AM
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