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Momma Has the Las Vegas Bank Owned Auction Pricing Blues!
Yep, I admit it, it's not fun out there selling real estate in July/August heat.
Our market has gone from frenzied to down right I-don't-even-know-if-there-is-a-word-in-the-English-dictionary-to-describe-what the heck is going on here.
 
 
 
 
First of all I think two major events occurred to bring this on:
The banks <it seems> all want to hold an auction in a moving market and lower to "fire sale" prices Non-Profit DPA is expected to disappear Oct 1, 2008 I just want to address the first issue I brought up.  It is BAD, really really really really bad.  So bad I can't put enough "really's" in that last sentence.
Let me just give an example of an offer one of my buyer's agents submitted July 28.  That was 11 days ago.  This home was on the market since the 21st which was 6 days prior to that.  It had 10ish offers on it when we submitted the offer, haven't heard back from the agent, keep calling and it is STILL listed as available some what 17 days later.  It is priced 30% below closed comps from June 1, 2008 till now.  There is no lack of pendings that are listed at 20-30% higher.  This house ... more

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