Foreclosures continue to put Nevada at the top of a bad list, but we are seeing a bright spot. Many homes on the market are getting multiple offers.
The high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000.
One person's loss is now another’s gain.
You are not the only one ready to pounce on a good deal. In the price range between $100,000 and $250,000, "You can see 13, 14, even 20 offers on one house." Investors have found their way back into the market and are competing with many first time home buyers.
It's a phenomenon that frustrates buyers but it gives Las Vegas hope, "There is some competitive bidding out there, which kind of gives out the idea that maybe things are improving a little bit."
The moratorium ended and the foreclosure process started again for thousands more in Las Vegas.
Still, what one person could not afford, another was able to get for a steal when they were finally the top bidder, "I am really excited, but with all of the hoops that you have to jump through, you don't want to get excited until you got the keys."
Banks have already discounted the home and know what price it will sell at over in an acceptable amount of time. Generally they respond if you offer is within 3% of list. Of course if you're there with 5 other bidders what do you think will happen? They generally don’t even respond to low ballers , too may homes too many buyers.
