$100,000 lost opportunity!

I cringe because I see it coming all the time.  It’s like the horror movie where you just know that somebody should not go in that room because there is always someone behind the door.

Like most buyers today, most people are not in any rush to buy, until they find the smoking hot deal that’s below today’s market value.  Unfortunately, they are usually not prepared to act fast enough.

This was the case in today’s scenario.  The property involved was a 30th floor Strip view Unit at Panorama Towers.  Recent comps, that happened to be on lower floors, put this unit at $100,000 BELOW current market value.  By the time the buyer was able to look at the unit, pull together proof of funds, and sign the paperwork, it was too late.  The bank already accepted another offer.

The moral of the story is this, “If you want to take advantage of the market and find a Great Deal, you better be on the ball and ready.”  Have your proof of funds or preapproval ready the first day you start looking.  Make sure your Realtor has saved MLS searches that notify both you and the agent of hot new listings.  If a good one comes on the market, look at it immediately and be prepared to submit an offer right away if you like it.  This will also increase your odds of getting your offer accepted before a potential bidding war.

There is opportunity, but you gotta be ready to take advantage of it when it presents itself.