You have asked the question that is stopping many from acting … congratulations and thank you for doing so. Good real estate deals are available, but it takes work and knowledge to find them or to satisfactorily negotiate one. That might seem contradictory to what is the popular opinion of the market, that it’s a Buyer’s Market, but it simply reflects the price resistance of Seller’s. The art of buying “right” today is to determine which suitable property has ownership that is ready, willing and able to sell to you at a price you will pay.
Some good buying opportunities right now are bank owned houses. The banks have good incentive to sell their properties and are usually willing to look at bona fide offers. It takes time and a lot of documentation procedures to keep their legal department happy, but the results can be worthwhile. An example is our recent sale of a home the bank foreclosed on at $299,000, listed for $259,000 and we sold for $253,000 with the bank paying $8,000 of the Buyer’s closing costs. The Buyer made a good deal by taking action.
You and your agent can find bank owned properties from several sources including www.NVHUD.com , www.Forclosure.com , and www.realtytrac.com . The www.NVHUD.com site tracks government loans, ie.- FHA and VA. On most of these you can sign up for notification when new properties are available. Some have a monthly cost for the service. Your agent likely subscribes so you won’t have to.
It is also possible to negotiate a good value with non-bank Sellers. If there is enough equity, and motivation, many Sellers will consider a reasonable offer. It may be less than their lingering hopes, but with the right perspective they will see the benefit of accepting the offer. Agents can help them with perspective, i.e.- how they stack up in the market, what the market is doing where they are moving to, and what may happen if they don’t sell for another six months, etc. so they can make their decision with confidence.
Our Advice: Don’t try to think for the Seller. Only the Sellers know how your offer will affect them, and what the real value of the offer is to them, from their perspective. Many Sellers and their agents hide the true motivation, their real reason for selling. Your offer may free them to continue with their lives, and only a Seller faced with accepting an offer knows what that offer means to him. Taking action is the only way to find out. In the spirit of “Nevada Real Estate”, remember the gaming mantra, “You can’t win if you don’t play!”. Make an offer.
Don’t get hung up on what others think of the market. Consider you, your investment objectives, and how you can achieve them… today. These are challenging, fun, and rewarding times.
Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com , 775-781-5472.
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