Wife's friend wants to sell me her house

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Submitted by vegasrenter on May 7, 2007 - 9:47pm

Henderson (Las Vegas) - For the last 2 years, my wife's friend has been trying to sell us a rental house that they bought in 2002. It's a fairly nice, big stucco box in a very nice neighborhood with excellent schools. So after 2 years of price reductions, multiple Realtors(TM), on and off the market, she told me, just give us $X, and we'll give it to you. I countered with, "I might CONSIDER buying it if you sell it to us for double what you paid five years ago." Her response: "Well, I'm not going to GIVE IT AWAY!"

Meanwhile, "sold" comps are falling apart around her. Asking prices are still 2X to 2.5X what they were in early 2002, but the listings just sit there.

I have the feeling some bargains are about to surface in LV over the next couple years. Which is good, because renting from FB's is getting tiresome, having to move every couple years when they go belly up.

‹ In the market for a $1.8m home in Carlsbad? Your mortgage could go up ›
She offered you the house
Submitted by Bugs on May 8, 2007 - 8:05am.

She offered you the house because she thought you'd pay more than the market value for it.

Stick around - LV prices may eventually retreat back to 2002 prices.

Of course she's not going to
Submitted by Cow_tipping on May 8, 2007 - 8:12am.

Of course she's not going to just give it away ... she's going to give it away and take it in the a$$ at the same time in a few months.
LV is going back to 1997 prices or further behind ... but I think 97 was the previous bottom.
2 X 2002 - waaaaay too high.
Cool.
Cow_tipping.

With friends like that, who
Submitted by barnaby33 on May 8, 2007 - 8:14am.

With friends like that, who needs a HELOC. Seriously if she is a friend then why is she trying to get FMV from you? If thats what she wants then, let her list it with a realtor.

Vegas seems like the Florida of the west to me. There was more building around Vegas than SD over the last few years. I'd be suprised if Vegas didn't go lower than 02 pricing.

Josh