SnapShot of the current market in Las Vegas today…. [What a buyer can expect]
UpDated: May 13, 2012 ~Banks/sellers are selling at the Fair Market Value [FMV] of today….FMV is a discount of 50-60-70% off original sold pricing of 2002, 2003, 2004, 2005, 2006.
~Also the banks/sellers are absorbing the loss on the huge deficiency on the defaulted mortgage for the winning buyer.
~The banks/sellers are also delivering clear and marketable title; whereas they are paying for all delinquencies with penalties & interest [water, gas, electric, sewer, property taxes, hoa fees, etc.] and liens on title that have been left by the previous defaulting owner for the buyer.
~The banks/sellers are also paying for the Title Commitment insuring that they are delivering clear and marketable title for the buyer.
~The banks/sellers are also paying for Realtor fees. [This is approximately 4-6% of a sales price for both Seller and Buyer agent share]
~The banks/sellers are paying for their own closing costs. No buyer contributions are requested by the banks.
~The banks/sellers are selling properties in “As is” condition; whereas no repairs are made.
~The banks/sellers are paying for the Home Owner’s Association Resale Package.
~There are prevalent bidding wars and multiple offer situations on properties.
~Sales price is increasing.
~Inventory is consistantly on the decline.
MLS INVENTORY WATCH
~In essence, buyer may expect an unprecedented great deal in one of the most exciting cities on this planet today! Fabulous Las Vegas!!
Julia St. Marie, RRG, ABR, RSPS
Phone: 702-355-H-O-M-E (4663)
View Detached Homes: http://www.LVRealEstateLady.com
View Condos: http://www.LasVegasCondoHeaven.com