Ha! I agree, it is kind of like ebay...where the auctions take 3 months to finish up! I truly think that an experienced agent/broker will make all the difference in the world for you John if picking up REO is what you are after. Get a pro on it to deal with calling the loss mit. Department every other day. If the house is a short sale, your agent should know enough to help the sellers fill out their loss mit. packages to encourage the banks to be more reasonable.

I know it can be very frustrating dealing with short sales and bank owned property. It is true that the banks havebecome wiser and so are pricing properties under the market in the hopes of getting multiple offers. Be sure you are working with an agent that is well informed on the market and then listen to their advice. Ou market in Vegas is not like any other market. Yes, we had a great deal of foreclosure and we are still not out of the woods, however there are some market shifts going on because we are fortunate to have such a strong economy. Be sure of one thing, if it is bank owned and an agent has given you the comps and you can see that it well below the market; don't plan to send an offer $20K below the list price. Be realistic. If it is a great price according to the comps then there will be other buyers out there that see that also. Give it your best offer. If you find it too frustrating to deal in with bank properties, have your agent search for ones that are still privately owned. It is easy for them to eliminate any bank owned or short sale properties. Naturally this will decrease what you will find. The other option is check out other areas where new homes are. There are some terrific deals still out there that you can close in a short time without the hassle. Some are even offering some additional financial packages. Happy Hunting!

This is why working with a Realtor is critical. If you are in a multiple bid situation, your Realtor should have recent comps to avise you on bidding. There is a ton of inventory on the market...banks are pricing low to get these off their books as quickly as possible.

John,
Before you bid, study the market and know your walk away price. Don't get caught up in the frenzy of being willing to pay more simply because others also want it. But, be realistic in your walk away price. Paying over list can still be a really good deal. Banks will often price really low to move a property quickly. I have buyers thinking about writing an offer tomorrow on a property in which there are already mulitple offers. If they do, and they pay 20K over list, it will still be under the comp value. Go over comps w/ your buyer agent, know how the property stacks up against the market, and determine your walk away price. The reason there are mulitple bids is because it is priced very aggressively. Whether you start under market and price up, or start with a high list and work down....the bottom line is getting a good deal. Stay focused on the bottom line and what it is worth to you. Good luck
Deboarh

There are way to many homes on the market for people to try to create these bidding wars. Treat the banks like you would an individual. Make an offer and be ready to walk away. When enough people do that it will get to them that buyers are done playing the game. If they tell you you have to bid higher, walk away.

John,

I see what you are saying now. Yes, the market it definitely not a typical market. There are agents out there that just don't know how to use this market to their client's advantage, and there are others that do. I personally have my own strategies of getting the upper hand for my clients when it comes to making offers on REO properties.

If you are not working with an agent already, contact me and I would be happy to go over your options and give you some insight on what I would do to help your advantage. We can then fnid a great home for you and at least we will have the best opportunity possible in getting that home. I can be reached at the number below.

Len McGuirk, Realtor
Prudential Americana Group
(702) 203-6688

I was not referring to actually buying homes on ebay, I have been trying to buy a house now for 2 months and that is what the market has become, ebay. The banks sit on the home and wait for multiple offers, then counter, then you counter, then they counter, all the while competing with everyone else for the house. Ebay would actually be better, at least you know where you stand right away. Before this market, when people actually owned the houses, you just bartered with them, if you could not reach a deal you move on. Now the REO listing agents wont even submit your offers until there are multiple offers and they artificially inflate the price by telling everyone that calls them what the current offers are so you have to bid higher if you want the house. The market has become an auction, you cannot simply find a home you like, offer the asking price and negotiate with the seller and reach a deal. The asking prices are not really the asking prices but rather the starting bid in an auction. It is ridiculous.

John,

Ebay is just another resource that can be used in order to create attention to homes. The regular home buying process will never be taken away by Ebay though. People will always buy homes like they usually do. If you are thinking about purchasing a home here in the Las Vegas area, please consider contacting me. I would be happy to help you find what you are looking for.

Len McGuirk, Realtor
Prudential Americana Group
(702) 203-6688

i can't imagine purchasing a home on ebay guess it works I should go list a few. http://www.lynn911.com