You may need to sell your house as quickly as possible and you want to sell for the most possible. Yet the only buyers in the Las Vegas market seem to want bank owned properties at substantial discounts. How can you sell your house when you’re surrounded by foreclosures?
Sellers don’t have many options in a strong buyer’s market, but there there are some ways you can prevent your house from becoming a “stale listing.” The most important is to price it at fair market value. If there are foreclosure properties in your neighborhood, this will reduce the fair market value of a house in that neighborhood. Generally, each foreclosure within one-eighth of a mile from a particular house will reduce the value of that home by 0.9 percent. A fair market price can be made more attractive with a price concession, decorating allowance or seller-paid closing costs. Homes that are overpriced run the risk of being stigmatized. The longer a house sits on the market the more people are going to think something is wrong with it.
Homes in top condition do sell faster than neglected bank owned properties. So properly priced and in good condition, you should be able to sell your house in about 90 days.