Should a Las Vegas Real estate agent tell you how much you should bid on a Las Vegas Short Sale?
In my opinion, it is the job of the Las Vegas Real Estate Agent to educate the buyer on the market. The agent should pull very accurate and recent comparative sold and pending properties (giving more weight to the solds) and determine the average square foot price for that property. If it is a bank owned or a short sale, you can count on the fact that bank will want fair market value.
For example: The list price is $74,900
Agent pulls comps which show: Fair market value is $99,900
The bank knows that too, and they are looking for $99,900 or very close to it. Often times the agents list low - it's really a starting bid to generate the traffic and then let it bid up to fair market value.
If your agent is giving you accurate comps - that is your number. You don't need the agent to tell you how much to bid, the comps do that for you. Beware of the new "game" agents are playing. They will bid much higher than the fair market value, knowing that will put them in first position, and then let the appraisal bring it back down. It worked for a few weeks, but the banks are on to it now and they are now throwing out bids that are way over fair market value or asking for the buyer to come up with the difference in cash.
Also, if you LOVE the house, and it comps at $99,900, but you want it so bad and know there are multiple offers - feel free to bid over the market value, but be prepared to pay for the difference in cash.
That is my advice based on my experience on Las Vegas Properties.
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