Tips to Get Your Offer Accepted in a Sellers Market!

Tip #1:

Escalation Clause:           In the current market it is not uncommon to be in competition with many other Buyers on a single property.  An “Escalation Clause” is a tool that can be used to make your offer more desirable.  An escalation clause basically states that you, the Buyer, would be willing to pay X amount over any bona fide offer.  It may be written as follows in your offer:  “Buyer will pay $1,000 over any bona fide offer received on or before X date.  Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.”  Some Buyers feel better putting a cap on the escalation.  For example: “Buyer will pay $1,000 over any bona fide offer received on or before X date not to exceed $$$$.  Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.”  Whether you decide to put a cap on the clause or not, if your offer is accepted you will have a due diligence period at which time you can cancel the contract.  In other words, you will not be forced to purchase a home that does not fit within your financial parameters.

Las Vegas Real Estate Market Stats!

Here are stats for this week!

3,871 Available!  Of those; 9% are REO's, 26% are Short Sales and 65% are Equity.

985 went in P, C status last week!  Of those; 15% were REO, 49% were Short Sale, 36% were Equity.

493 Closed Escrow!  Of those; 19% were REO, 39% were Short Sales, 42% were Equity!

Only 43 non-short sale, non-REO homes expired from the MLS last week!

Also, some interesting numbers in REO:  There are only 358 available (an increase from last week) AND, there is only a 2.4 weeks supply of bank owned homes.  They are still coming on the market but are flying off the shelves!