I was reading the real estate investment book and saw that i could purchase at 65% on REO/bank owned properties. However, I emailed a local realtor in Las Vegas who is the listing agent for Wells Fardo and this was his response;
Buying homes at 65-70% of the retail value is going to be tough in the current market. It all depends on what you calculate the retail value to be? Our market is dominated by REO's and short sales and those are the current values and comps regardless of the seller. Most bank owned homes are selling at the list price or higher because there is a low supply and the demand is strong.
On this particular home, 6167 Mythic Atlantis Las Vegas, NV 89149, we have 2 offers at this time and this will most likely sell above the list price.
What is the truth about how much of a discount is typical in this current buyers market??????????????????Please Help!!!!!!!!!!!!