You’ve written several offers on Las Vegas homes and you can’t get one accepted?
If you are getting outbid by the competition, let me shed some light on it:
Right now inventory of single family homes for sale is down 50% from last year…yes that’s right 50%.
Most properties are getting multiple offers…..some get 5 offers and others get 10 to 15 offers. If you want to have any chance of having your offer accepted, consider making your offer above list price ( make sure your Realtor goes over the recent sold comps )…….
Also, offers are put into 2 piles…Pile A are all cash offers—almost 60% of offers will be all cash. Pile B will be offers with mortgages/loans.
Most sellers want to go all cash as the deal closes much faster and they dont have to contend with appraisal issues and long delays in lender processing the loans. It’s that simple.
If your offer requires bank financing and goes into the Pile B, you still have a chance of getting it accepted. Don’t ask the seller to pay your closing costs….pay for your own appraisal…..pay for your own home warranty….make sure your lender pre-approval letter attached to your offer is current (within last 30 days) and submit your offer at the list price and maybe even a little higher—let the bank sort out the final value as they are brutal with appraisal valuations nowadays…not like years ago where there was a lot of rubber-stamping.
Brian Grady, Broker-Act 1 Realty
702-498-4508
quickresults@aol.com
