patrick.net

Laugh then walk away, stop laughing then look back, then laugh again but this time real hard 'til you shart your pants, to give emphasis on the laughing. Preferably in white slacks.

SKIP THE REALTORS!

Really, find a house you're interested in, preferably one that is not listed in the MLS because those will have contracts with realtors that limit the owner's options. When you found a non-MLS address, write the owner yourself. You can often find out the owner name by looking up who paid the property tax. Or just send a letter to the house. Or hell, just GO to the house and ring the doorbell. If they're not interested in selling for that, leave your card or info, and ask them to call or email you if they hear of neighbors who are selling without a realtor.

Even though you'll probably have to go through a lot of houses, you'll be much more likely to get a good deal in your price range.

Or if you want to be a bit more hard-core about it, regularly visit your county office and look for new Notices of Default (NOD's). Those are people who recently failed to make their mortgage payment.

They will probably be much more likely to want to sell at your price -- if you can get to them before they get locked in by a realtor.

it might help if you have a buyer's agent working with you.

the realtor cartel is a bit corrupt if you have one on your side they can get access to deals that you normally wouldn't have.

Two days ago I actually went to a house I was interested in and rang the door bell to find out if the seller was willing to do a private sale LOL. Turns out like almost everything in Vegas it was a short sale and had a contingent offer. I use to live 2 houses down from him so I had preclusion covered. House was listed at 129k and the offer was 120k. I doubt the bank will go for it, they never seem to. I'm staying far far away from short sale sh.. (you know what I was gonna say).

I'm trying out a buyers agent as of an hour ago. She's keeping away from short sales and has been in the game 30yrs. I'll see how it works out. Already got listings I've never seen from her.

Sounds like realtor propaganda. I would put in offers in anyway. If there's 40 properties that meet your criteria thats a pretty clear indication that there is a glut of properties and the realtor is blowing smoke. If I thought the realtor was not being straight with me aftwards I would deal directly with a real estate attourney.

Out of 200ish listings that meet what I'm looking for, only 28 are not short sales. She's not blowing smoke, she doesn't want to waste my time. Looked at a place during lunch which was a wast of both hers and my time. Property was severely water damaged and the listing agent didn't bother to tell her when she called. They wanted 120k LOL.
Forcast is a 90% chance of renting. I'm already sick of this crap and I just started. Vegas is a joke right now.
I've talked to 5 realtors over the last week and all had the exact same stories. Maybe there is a conspiracy.

Out of 7 properties I've glanced over today 5 had multiple offers (she called to find out details on them), 1 refused to tell if there were offers and the other was the dump i visited.

Hmmm,,

lessee, megapolis that depends on imported water, water that's imported with energy that is not cheap and not getting cheaper.

Megapolis with the labor market that depends on Americans traveling long distances to spend discretionary money for discretionary leisure. As local governments all over continue to grapple with their issues, you can bet that whatever discretionary money is spent, they will want it spent in their jurisdictions, like in California where the state keeps making deals with tribes to keep that money in California.

Las Vegas as an ongoing concern, at least at the scale it's at now, doesn't sound sustainable, - and that's not even considering that the construction industry that fed the leisure industry even magnified the distortion of the economy there.

My remarks are not meant to discourage you from making the choice that's right for you, but instead, please consider that it's your money, and your debt, and they will be privileged to trade it for their petty little spot on an enterprise that doesn't have much of a future. I agree with the other poster, laugh out loud in their faces.

Another thing I will do, if the time comes where I live (it hasn't come yet, - I think we are at about 1930 in the replay of the great depression fall in asset prices),- attempt to contact and deal directly with the owner or note holder, even if they are listed with a realtor. Probably they signed some kind of exclusivity clause. So what? If they violate it, it's their problem, not yours. Once you've agreed on a price, hire a lawyer who is experienced in such matters to draw up the paperwork with all the usual and proper contingencies. Done this myself a long time ago.

Buyer's agents? Meh. I've bought a couple houses and have never seen a realtor add value. Ok, sure, they are in the racket together so maybe they serve as a conduit for information. Information THAT SHOULD BE FREE AND PUBLIC anyway. Oh well, it is what is is as they say.
You could go straight to the bank. A quick search of Vegas on BofA's site reveals 17 pages of REOs (albeit, commercial included).
http://bankofamerica.reo.com/search/propertysearch.aspx

toothfairy says

it might help if you have a buyer’s agent working with you.
the realtor cartel is a bit corrupt if you have one on your side they can get access to deals that you normally wouldn’t have.

You've got to be kidding me. This is a very naive attitude. The first thing a buyer's agent will do is show you their own listings, and for 1/4 of 5% he/she will sell you down the river as quick as possible.

knewbetter says

toothfairy says

it might help if you have a buyer’s agent working with you.

the realtor cartel is a bit corrupt if you have one on your side they can get access to deals that you normally wouldn’t have.

You’ve got to be kidding me. This is a very naive attitude. The first thing a buyer’s agent will do is show you their own listings, and for 1/4 of 5% he/she will sell you down the river as quick as possible.

No I'm not naive, I'm on my 3rd property so I still have a lot to learn.
too many lessons in RE for me to sit here and detail everything.
some things have to be figured out through experience.

Buyer's agent useful in some situations especially if it's a seller's market like Vegas is right now.
There's no cost and you dont have to buy anything they show you.
If you appear savvy enough your agent will understand that they need to cough up the goods if they expect to get paid.

Zombie,

Try to be patient. I have been living in rentals now for two years waiting. If there are multiple bidders for properties that is a sign to run do not walk.

There is now an artificial bottom created by the government $8,000 first time home buyers credit, investors, and the banks limiting the number of foreclosures on the market.

Wait until there are more sellers than buyers. That is the time to buy.

It's not a seller's market in Vegas, except on the low-end. I agree it's somewhat artificial due to the tax credit, but most of those low-end homes are short-sales & foreclosures. Honestly, I'd wait & see what prices do. Unless you find your dream home at a good price, there are plenty of houses to choose from.

I've had an eye on Vegas; the west side of town north of Sahara, near the Whole Foods, looks to be something of a fortress. Lots of great restaurants in that area.

$130K max puts you right in the zone of VERY well-funded bottom-feeders looking for cash-flow properties. $500/mo is all they need in rent to cashflow positive at that pricepoint.

Just becauseinflection point says

Zombie,
Try to be patient. I have been living in rentals now for two years waiting. If there are multiple bidders for properties that is a sign to run do not walk.
There is now an artificial bottom created by the government $8,000 first time home buyers credit, investors, and the banks limiting the number of foreclosures on the market.
Wait until there are more sellers than buyers. That is the time to buy.

I'm strongly leaning towards running, just seems to be too much of a mess which is a big NO sign to me. Most likely a dead cat bounce. Only reason I'm looking is my job change to self employed in the next few months. Hard to qualify (due to all the douche bags who lied) without a "real" job and having a tax write off would be nice.
With all these places going to investors I'm hoping the rental market gets flooded in the next 6 months when my lease is up. I think Vegas is going to empty out. No construction jobs and most casino jobs pay $10/hr. Who the hell is going to move here when there are no jobs, so who is going to rent all these houses being sold now? Rentals in my desired area are still $1200/mo and my mortgage would only be $750-850 PITI.

If I meet one of these so called investors I'm going to bite their face off.

It would be nice to have a house for tax purposes as well.

With a $130k mortgage, you won't even beat the standard deduction.

Zombie,

Vegas will not just empty out because of your observations which I'm sure can be trusted more than anything reported in the "media".

I like Las Vegas. I had a great time when I visited there, a few times. I will have a good time when I do it again.

But over the long haul, the whole proposition built in that place is not sustainable. It is not sustainable economically, it is not sustainable environmentally, it is not sustainable culturally, it is not sustainable politically. After the near term emptying out from the current trend you refer to, it will continue to empty out in a slow bleed for many years, even decades.

Patience! I was in the LA crash in 1990-1996. It took forever. Don't even think of getting in to this market until 2013. You will see mouth watering bargains then. Now, it seems like a fair price, but you want an outstanding price. It will come. Just not for a few years. Keep your cash.

But over the long haul, the whole proposition built in that place is not sustainable. It is not sustainable economically, it is not sustainable environmentally, it is not sustainable culturally, it is not sustainable politically.

true for the entire US, perhaps most of the world.

toothfairy says

knewbetter says

toothfairy says

it might help if you have a buyer’s agent working with you.
the realtor cartel is a bit corrupt if you have one on your side they can get access to deals that you normally wouldn’t have.

You’ve got to be kidding me. This is a very naive attitude. The first thing a buyer’s agent will do is show you their own listings, and for 1/4 of 5% he/she will sell you down the river as quick as possible.

No I’m not naive, I’m on my 3rd property so I still have a lot to learn.
too many lessons in RE for me to sit here and detail everything.
some things have to be figured out through experience.
Buyer’s agent useful in some situations especially if it’s a seller’s market like Vegas is right now.
There’s no cost and you dont have to buy anything they show you.
If you appear savvy enough your agent will understand that they need to cough up the goods if they expect to get paid.

Asking advice from a realtor is about as usefull as getting investment advice from your stock broker, who just happens to be selling a delicious deal of the week.

Realtors are useless. Worse than useless. Realtors are about as usefull as wedding planners.

Bankstere Originale says

But over the long haul, the whole proposition built in that place is not sustainable. It is not sustainable economically, it is not sustainable environmentally, it is not sustainable culturally, it is not sustainable politically.
true for the entire US, perhaps most of the world.

yeah, probably, but the situation is even more stark and extreme in the desert -- same for Dubai. You are constantly fighting an inhospitable environment at great cost.

I was close to buying a foreclosure property earlier this year.

I made a fair offer and the bank delayed for two weeks beyond the offer expiration until there was a second offer. They then asked me for a "last best offer."

I then regained some sanity and told them to pound sand. That house finally sold for $30,000 leass than my original offer. I am currently watch its value decline monthly.

Moral of the story. Its still not a good time to buy a house.

good luck

I've got to ask if anything in Las Vegas is really a good idea, because its not going to be a destination with no water and $5.00 gas. Its not going to last. Its fake. Every state in the country is going to have gambling within the next 10 years.

knewbetter says

I’ve got to ask if anything in Las Vegas is really a good idea, because its not going to be a destination with no water and $5.00 gas. Its not going to last. Its fake. Every state in the country is going to have gambling within the next 10 years.

I think that Vegas will always be a draw, to some extent. But will it ever recover to where it was? A recent article in the LV paper (RJ) suggested that 4,000 people are leaving each montn. Used to be that was the number of people moving in.

elliemae,

This is what Las Vegas has to differentiate itself: legalized gambling, ritzy restaurants and hotels, and entertainment. These are easy to copy, and I suspect as cities, counties, and states grapple with declining revenues, they will entice the tribes to create such venues in their backyards, to keep the (shrinking) discretionary money for such fun at home.

Here are a couple of other things that Las Vegas has to differentiate itself from other regions: it's remoteness from it's customers, requiring expensive and energy-intensive travel to get to Vegas, which "subtract" from the discretionary money that could be spent having such fun closer to home; - and a water shortage.

Furthermore, if that's not problem enough, the economy there itself depended on its own growth (construction industry, trades, etc.) to sustain its growth. Growth for growth's sake. But they cannot grow the discretionary spending of their customers, especially not with the customers' own home governments creating new competition.

Vegas is doomed. Those of us who enjoy visiting there will have some really good deals in the years to come.

Called off the hunt this morning. Keeping my cash for now. Will probably rent a house close to summer because I need more space and an office. This one bedroom 1 car garage place just doesn't work for me.

There is way to much market manipulation happening right now. I feel the next leg down here is going to be big and crush the mid-high end (alt-a option arm crap). Might have to wait 2 years to purchase though.

orbit88 says

Patience! I was in the LA crash in 1990-1996. It took forever. Don’t even think of getting in to this market until 2013. You will see mouth watering bargains then. Now, it seems like a fair price, but you want an outstanding price. It will come. Just not for a few years. Keep your cash.

I agree with the above statement.

sybrib says

elliemae,
This is what Las Vegas has to differentiate itself: legalized gambling, ritzy restaurants and hotels, and entertainment. These are easy to copy, and I suspect as cities, counties, and states grapple with declining revenues, they will entice the tribes to create such venues in their backyards, to keep the (shrinking) discretionary money for such fun at home.
Here are a couple of other things that Las Vegas has to differentiate itself from other regions: it’s remoteness from it’s customers, requiring expensive and energy-intensive travel to get to Vegas, which “subtract” from the discretionary money that could be spent having such fun closer to home; - and a water shortage.

At least Atlantic City has a nice beach.

I read an article that broke down home sales in southern California that indicated something like 10-15% were properties that were bought as investments and resold (Flipping). Its not over yet.

ZombieSS:

Take a deep breath, calm down....do this to get the real estate agents salivating:

1. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
2. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
3. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
4. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
5. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
6. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
7. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.
8. Call the listing agent and tell them that you want to make an offer and have them represent both you and the seller.

The listing agent does not want to get into a bidding war when they can immediately make 6% when representing both the seller and buyer...it's just business. 6% of 100K is far easier than 3% of an overpriced 200k bidding war.

I used this method to buy my last 2 homes....hassle free. The agent will break their legs to make this deal happen.

zzyzzx says

At least Atlantic City has a nice beach.

Hey - vegas is surrounded by "beach." :)

elliemae says

zzyzzx says

At least Atlantic City has a nice beach.

Hey - vegas is surrounded by “beach.”

Ok, that was awesome.

Also, setup a RSS feed on realtor.com so you receive all new posts and/or re-posts of the homes being listed. Check your email daily, then call the realtor same day as new listings come up...

Just make sure to ask the realtor if it has been listed prior.

I look at cash flow/ease of renting/location/upkeep/age/loss of tvm ect. I'm starting to see deals. I'm even thinking of ground zero (gasp) as in Florida. I've got some folks down there, and a couple of parents who are getting sick of the Winters. Maybe a condo for 20k? It happens folks, just don't look for a realtor to help you save money.