LAS VEGAS condo (strip)

**robely** · 04-22-2011, 07:06 PM

what is happening to the LV real estate market?
I believe the realtors are acting funny (at least). Few weeks ago I placed an offer on a unit in the condominium Sky Las Vegas. My offer (135K cash)was rejected without written reason and according to the document my offer was going to be considered a backup offer. Yesterday, April 21st, I noticed that the unit is back on the market relisted at $134,900. Why was I not called as backup offer. Why did not they accept my offer when submitted? I tried to contact the listing agent, Thomas Blanchard of a 1st Real Estate and I was told that they coud not disclose any info but to my realtor. My agent Robert Little of Remax Advantage did not provide me with any information.
I do not think this situation is going to help a destroyed real estate market like the one in LV!

**Greg** · 04-23-2011, 05:25 AM

Why does everyone blame the agents for the action of the sellers. The owner of the property was the one who rejected your offer not the agent.

Did a legitimate pre-qualification letter from a reputable lender accompany your offer? Is the loan you are trying to get even feasable with this condo?

Around here, condo financing is next to impossible in condo developments full of out of state owners. They might be looking for a cash offer because the development can not get financing. This would explain why they did not bring you back into the deal and also why the first contract fell through.

**robely** · 04-23-2011, 06:14 AM

Greg
you obviously read the thread in a hurry. The offer was cash. The seller (the unit is in foreclosure) is a loan company. I do not know if was the seller or the listing agent to reject my offer and that is exactly what I would like to know. Why the seller would reject an offer higher than the list price. Let's not forget also, that the bank is paying real estate taxes, association fees and so on.
In Texas, where I come from, an offer equal to the listing price cannot be refused!
Can you now reply to that?

**Greg** · 04-24-2011, 08:01 AM

Sorry, I missed the cash part. Have you resubmitted your offer? Sometimes, when a foreclosure deal dies the computer program they work with starts everything over new and new offers have to be submitted.

Don't waste your time trying to make sense out of how foreclosure sales are handled. They do things that make absolutely no sense.

...and, there are no laws in any state that force a seller to accept a full price offer. If a seller changes their mind about selling they can reject a full price offer and keep their house. They will be obligated to pay their agent the commission but that is another story.

**LVVR** · 11-06-2011, 02:26 AM

That's odd that company did that. My company doesn't just pass people over without any reason. If they do reject customers it's for a good reason and they would let you know. What kind of company wouldn't tell you why they refuse to do business with you?

**Chris Kukelhan** · 11-18-2011, 06:41 AM

Curious on why your agent did not resubmit your offer of contact you in regards to the condo being put back on the market?

**LVVR** · 01-03-2012, 01:37 AM

Although I don't think the agent should always be blamed, it seems in this case the agent should have had better communication with the client in my opinion.