Today, as I have heard many times we rank somewhere in the top ten markets for foreclosures. The news article in today’s Yahoo front page spoke about a home with 7 bedrooms in Chicago that had no buyers at 7,000 starting bid, and went on to say how banks are struggling to sell their real estate.
Not here. All Las Vegas real estate as of lately seems to have multiple offers as droves of buyers have been flooding the market. I hear it from cash buyers, and I hear it from FHA buyers alike; cash buyers want to purchase Las Vegas homes for sale at below asking because they heard or read that they should offer below asking price. The FHA buyers can’t go high enough. After a few offers most Las Vegas real estate buyers get it and offer above asking if they truly expect to close on a home.
What is going on? Well… banks have effectively manipulated the market. How?, by restricting the flow of homes to the market, they are effectively reducing supply both avoiding a greater erosion of price and increasing demand. Some homes tracked as a result of the demand have been sold for as much as 30,000 above asking price, and it is particularly true if you are buying below 150,000. How far behind are the banks, it is hard to tell, but I’ve seen recently listed Las Vegas foreclosures that had been in the hands of banks for little over a year. The homes are definitely being held back.
I have two homes listed that are owner occupied in which the bank that owns the homes said to keep the in the home until it is sold. They are both short sales, and because there can be so many complications and unexpected results we have not received any offers. The sellers continue to keep up the pool, the landscaping and other items around the home in exchange the bank has kept them in place now nearly one and a half years. The foreclosure filing had occurred a long time ago, but I remember as the 111th day came around and the home should have faced sale, the bank called and said “keep it listed”.
Las Vegas foreclosures have become part of this economy and represents many shattered dreams of home owners and speculators see everything vanish. Their credit scores are destroyed, the down payments they put in disappeared, and the reality of a deficiency judgement state sinks in. I will continue to make Las Vegas foreclosure investors money and I will continue to have full classes as I teach at a local non profit foreclosure prevention seminars, and I will continue to help this new breed of buyers that have had to jump through all kinds of hoops to get a home loan and begin to call that Las Vegas foreclosure… HOME!
Tags: Las Vegas foreclosures, las vegas homes for sale, Las Vegas real estate
