We recently moved here and are searching for a home. We have been looking at bank-owned properties, but a lot of times by the time we see them on the computer (and) arrange to see them, they are gone.
An acquaintance suggested when we see something, drive to it, and if we like it, just call the listing agent on the (for-sale) sign.
Do you have any advice here?
Can we have an agent helping us and still contact the listing agent at the house?
We haven’t signed any paperwork with anyone, but have an agent sending property matches, and she has shown us some properties.
We are just very frustrated that these houses are gone before we can even get to them. We would appreciate any help here.
— Bob, Las Vegas
A: Thank you for your question.
First, it sounds like you’re finding out firsthand that Southern Nevada has been experiencing an historic surge in home sales, especially when it comes to buying lower-priced, bank-owned properties.
As you may have heard, we actually set a record in 2011 for existing home sales in a single year here in Southern Nevada. The Greater Las Vegas Association of Realtors reported that 48,186 local properties were sold in the last year, including 38,153 single-family homes and 10,033 condominiums and townhomes.
That breaks GLVAR’s all-time sales record set in 2009, when it reported 46,879 total sales. By comparison, in 2010, GLVAR reported 43,877 total sales.
At the same time, the number of homes available for sale in Southern Nevada has been shrinking.
As for the rest of your question, generally, the agent who shows you the property you are interested in making an offer on is the one who is due a commission when the property sells.
The problem with the listing agent representing you is that, as an agent representing both the seller and buyer, that agent must remain neutral and not favor one client or the other.
If you want your own representation, you must let your agent represent you.
And if you want to call the real estate agent listed on for-sale signs that you see, you must let the listing agent know that you have your own real estate agent representing you.
As with everything in the real estate industry, disclosure is the most important thing in such situations.
In some cases, the listing agent might ask you to let your agent show you the property.
As for the information you may be finding in various property databases, some are more accurate than others.
I’ve found that the Multiple Listing Service usually has the most accurate and current data available.
As for your interest (and apparent frustration) in buying a bank-owned property, keep in mind that decisions related to many of the homes listed as foreclosures and short sales are dictated by the lender, not necessarily the seller or the listing agent.
My best advice to prospective buyers looking for bargain-priced, bank-owned homes is to be patient and persistent.
As a longtime Realtor, I have to confess to having a strong conviction on this point, but I have always believed that there is no substitute for working with a professional and experienced real estate agent who has your best interests in mind.
I hope that answers your question.
For more information about buying or selling homes and related issues, consult www.lasvegasrealtor.com.
Kolleen Kelley is the 2012 president of the Greater Las Vegas Association of Realtors and has worked in the real estate industry for more than 30 years. GLVAR has nearly 11,000 members. To ask her a question, email her at ask@glvar.org. For more information, visit www.lasvegasrealtor.com.