Las Vegas Home Buying Question of The Week

Las Vegas Home Buying Question of The Week

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"I made an offer of $135,000 on a house listed for $115,000 but the selling bank accepted one for $115,000. Why wouldn't they take that?"

Many buyers today make offers over list price because they believe that will make them the highest and best offer.

The banks won’t consider these offers in some cases because they know the buyer is only offering that high number to try and win a bidding war.

If the bank believes it won’t appraise for that high number and they will have to reduce sales price when the appraisal comes in anyway, your offer may not have the affect you intended. It could be looked at as simply a ploy.

Consider removing the appraisal contingency and offering to pay the difference in cash if it doesn’t appraise.

If you are doing an FHA loan with 3.5% down, you will need to show the selling bank you have the financial ability to do this in your offer. This could make your offer stronger.

Buying a Home

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If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!

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