The greatest deals around these days are usually found in the bank owned/foreclosed market, and if you’re looking for that great deal, please read on. These homes are priced to sell fast and there are many buyers out there right now who are just like you. They’re out there looking for the knock out deal that can’t be beat.

Before we go on, it’s very important to make sure you aren’t fooled by thinking that all cheap houses are equal. Some are much better deals and require much less work then others.

Now, when you find a great bank owned home in Las Vegas you must move fast! If an agent tells you that the home might not last long, they aren’t just trying to pressure you into making a deal, they’re serious. Many of these bank owned homes sell with multiple offers on them, and many times when you submit your offer you are told to give your “Highest and Best” offer. That means you get one chance to put your best price forward for the bank to view.

The bank doesn’t have emotion when selecting a buyer for a foreclosure in Las Vegas. They want to see cash (as in proof of funds) and/or a qualified or pre-approved buyer (with a letter from a reputable mortgage company) with any offer. If your offer doesn’t have one of these letters it won’t even get submitted to the bank, and if you are in a multiple offer situation, you won’t have the chance to expect a counter offer. Your offer is either selected or rejected. If you really want the home you will most often have to pay full price or over asking price to beat out the other offers.

So, when an agent tells you there are other offers on this bank owned home, it is not a hoax. It is unethical for an agent to solicit an offer by creating a false scenario. If the agent you are working with is representing you as a Buyer’s agent it is his/her job to give you all the information they have in order to help you reach the decision that is in your best interest. If you really want the house, you’re probably going to have to pay what the bank is asking. But, in most cases, you’re getting one heck of a deal even at (or over) list price!