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Las Vegas Foreclosures - The Crazy Market of Las Vegas Real State
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Posted On :
Jan-29-2010
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Article Word Count :
390
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The Real State market is not as regular as it is today in Las Vegas. As a buyer,after hearing the news that Las Vegas has the number one foreclosure rate in the country, I would imagine that prices would be super low compared to others. Unfortunately, the case is the contrary of what you might expect.
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Las Vegas Foreclosures - The Crazy Market of Las Vegas Real State.
The Real State market is not as normal as it is today in Las Vegas. As a buyer, after reading the news that Las Vegas is the number one city with the highest foreclosure rate, would make you think that the prices should be rock bottom. Yet, that is not the case. I recently tried to purchase a house that was recently released for sale by a bank. I was ready to purchase the property in cash for the asking price of 68,000 Dollars . But, after i was making the offer i learned there were about 8 other offers for the same property.
This type of bidding war is occurring on properties all over Las Vegas. Banks are releasing less and less foreclosure properties. The banks are creating a sellers market by holding on to their inventories in order to increase the selling price.
If your one of the lucky ones, there are still lots of properties with a replacement value that is double the selling price.
Over the last two months prices in the lower priced segment has steadily increased, on the luxury segment prices keep falling at a lower rate, I believe its fair to say that the bottom is finally here.
If you’re a potential investor,
-You can expect that the asking prices is not going to be your purchase price. With so much competition, be ready to pay a minimum 10% premium for the property you want or possibly substancially more.
-Be prepared to pay in cash is at all viable. Wanted homes tend to catch the attention of all the cash buyers. If you want to battle? Have your cash arranged.
-If you don't have the cash for a cash purchase. Have your documents ready for the banks. Most mortgage companies will require you to be pre qualified with them prior to presenting them an offer.
-Make use of a seasoned realtor that has a lot of experience in this type of market and also is skilled in dealing with the banks.
As for myself, I am patiently waiting for my next perfect property to to be listed in the market and I'm prepared to begin bidding for it.
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Article Source :
http://www.articleseen.com/Article_Las Vegas Foreclosures - The Crazy Market of Las Vegas Real State_9754.aspx
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Author Resource :
Poweredbylbtech provides custom web resources. You can obtain more info about las vegas foreclosures homes and Las Vegas luxury homes here.
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Keywords :
Las Vegas bank foreclosures, Las Vegas foreclosures homes, Las Vegas luxury homes,
Category :
Finance
:
Real Estate
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