October 31, 2024 • 31 mins
Can you resist the allure of a haunted real estate market, even as the shadows of economic uncertainty loom large? Join us in this Halloween-themed edition of Vegas Realty as we unravel the eerie realities of the Las Vegas housing scene. With over 5,500 single-family homes haunting the market and buyers spooked by political and economic ghosts, our discussion sheds light on the potential positive twists emerging from the darkness. We also explore the chilling challenges and surprising opportunities in short sales, revealing the mysterious dance between hopeful buyers and calculating banks. Learn how a bona fide offer and a short sale addendum can protect you from the ghastly surprises lurking in the fine print of real estate deals.
Our journey doesn’t end in Vegas; we venture into the desert landscape of Pahrump, Nevada, where water rights are as valuable as gold. From well installation quirks to the soaring costs of securing these rights, we guide you through the mirage of land ownership in this growing community. Discover the complexities of navigating Pahrump's burgeoning development, drawing eerie parallels to Las Vegas's past expansion. Whether you're planning an off-grid escape or a strategic land investment, this episode promises to enrich your understanding of regional growth and the critical role of water rights in desert real estate.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:16):
Hey Las Vegas, happy Halloween and welcome back to
Vegas Realty.
Check local Las Vegas realestate news, your spooky edition
.
I'm Trish.
Speaker 2 (00:24):
Williams and I'm Tiana Carroll.
Welcome back, you guys.
Speaker 1 (00:28):
Yeah, so we don't have a lot of spooky stuff going
on other than the market, thescary market, the scary market,
the market is getting scary outthere.
Speaker 2 (00:37):
I don't know, this weather's pretty scary.
I don't know why I'm alwaysshocked, but it is always chilly
at Halloween.
Speaker 1 (00:42):
Yeah, it's always chilly.
I don't mind the chilly, butthe wind.
Speaker 2 (00:46):
Yeah Well, even like when we did the trunk or treat,
it was a windy night but it wascomfortable and warm out.
Today is just like 55 duringthe day and 45 at night, oh ow.
Speaker 1 (00:58):
Yeah, I have no trick or treating plans so I'm not
worried about it.
Yeah, I will be inside thehouse warm and cozy.
Doling out candy.
I mean Vegas neighborhoods Idon't know if it's just my
neighborhood, but I think Vegasneighborhoods in general don't
get a lot of kids.
Speaker 2 (01:14):
I think that varies neighborhood by neighborhood,
though, because we have someneighborhoods that are crazy
busy and lots and lots and lotsLike my neighborhood's crazy.
Every house is decorated andthe families are just all
excited and there's going to betons of kids that come out
tonight and they start early,like at four, 35 o'clock.
Speaker 1 (01:33):
Yeah, we get.
I've averaged like on 20 kids,if we're lucky.
So I just buy like the 30 packof full size candy bars and
everyone just gets a.
Gets a full candy bar.
Nice, nice, why not?
There's not a lot of them?
Speaker 2 (01:47):
Right, right, no, ours.
We go through bags and bags andbags at my house.
Wow, wow.
Speaker 1 (01:53):
Okay.
So yeah, definitelyneighborhood specific.
I mean, we also have a gate, soI'm sure it's a deterrent.
Speaker 2 (01:59):
Well, yeah, and in your pretty small community?
Yeah, we're a very smallcommunity.
Speaker 1 (02:05):
So yeah, so yeah, have fun out there and be safe
when you're outtrick-or-treating or doing
whatever you're doing tonight.
But for now, let's talk aboutwhat's happening here in real
estate, real estate, vegas,vegas and all the real estate
numbers.
Speaker 2 (02:20):
Well, like every show , we're going to talk about our
single families that are on themarket, and there are 5,534 of
them this week.
Speaker 1 (02:28):
Yeah, not a lot of movement in that number.
I really feel like we're at apoint where not many people are
really listing and not manypeople are really buying right
now either.
Yeah, we're kind of stagnant,just kind of sticking still.
Speaker 2 (02:41):
Yeah, we're kind of frozen in time right now,
sticking still.
Yeah, yeah, we're kind offrozen in time right now and I
think a lot of the country isjust because of the political
environment and the economy andeverything that's happening
right now.
Speaker 1 (02:51):
So, yeah, for sure.
And um, we have um a few undercontract.
I have been seeing an uptick inshowings.
Um, in showings I've beenseeing a little bit more
activity, like people arestarting to get prepared to move
forward, but just uh, yeah.
Speaker 2 (03:07):
Well, like I was saying, a few weeks ago I didn't
have any active buyers.
Now I'm sitting on fiveprequels that are.
You know people are ready to goout and buy?
They're not.
They're not moving quickly,they are not motivated, they
don't love you know theiroptions or their payments or
their interest rate or anything,but they are capable of doing
it when they're.
So it's just now that the magichappens at the right person
(03:32):
with the right property andmaking that happen.
Speaker 1 (03:35):
I have some of those people that are just like I'm
not like super into it, but ifthe right thing comes up, then
maybe yeah, yeah, so yeah, yeah.
That's the environment andthat's showing in our under
contracts and sold so it is ourunder contracts.
Speaker 2 (03:49):
look pretty good, though I'm not mad at 508.
Speaker 1 (03:51):
No no, that's, I mean that would still.
If that was a week by weeknumber, that would average 2000
closings a month, which reallyis not a lot.
Speaker 2 (04:00):
Yeah, but under contract is in a week by week.
Unfortunately, it's that 30-dayescrow or 20-day cycle.
Yeah.
Speaker 1 (04:07):
And then sold.
So actual solds for the weekare $390.
$390.
So that would average out toabout $1,600 a month, which is
low, roundabout, which is verylow.
Speaker 2 (04:20):
Very, very low for us .
Speaker 1 (04:21):
You know, I was talking to somebody and, um,
again, I wasn't in real estate.
I think I've mentioned thisbefore to uh on the show or two
people, but I wasn't in realestate during the crash, you
know, 2008,.
I got in real estate in 2014.
So, um, I was talking to somepeople that said, like in the,
the height of the crash, youknow, like the, the worst moment
of the crash, they had athousand closed sales in that
(04:45):
month and that was like theworst.
Speaker 2 (04:46):
And I'm like, oh, we're not too far off from that
right now.
Yeah, but if we're going back,okay, I'm going to be optimistic
.
I love rainbows and butterflies, right.
So if we're going back, youknow we only had sold last week
568.
So we did uptick to five, or Imean 368.
Now we've upticked to 390.
Yeah, so we are getting alittle more closed sales and
(05:10):
what I really like is our pricedecreases have um, sunk almost
uh, or 101 have gone down.
You know we had 500 or we havewhat.
Four hundred fifty seven fourfifty seven this week and last
week was, uh, five, 36.
Okay, okay, yeah, no, that'snot true.
Speaker 1 (05:30):
So again, I don't think I mean if this is our
version- $578.
Speaker 2 (05:34):
Sorry, I had to look it up.
That's okay, $578.
So we're down to $457.
So those price decreases haveleveled out, which is nice.
Speaker 1 (05:42):
Yeah, and, of course, if this is our version of a
crash, I really do think what'sgoing on right now is temporary
and we're going to pick up assoon as the selection cycles
over.
I feel very confident in thatand again seeing a slight uptick
in showings as indicators thatthat's exactly how it's going to
play out All the indicatingfactors.
Speaker 2 (06:01):
Are there a little more closings, a little less
price decreases.
We're having some showingshappening, so it's like
everybody's like scurrying,putting themselves into a
position, scurrying like littleHalloween mice.
Speaker 1 (06:13):
Yeah Well, and when we get to price decreases I mean
one of the things and I'vetalked to a couple of people
that are kind of on the samemindset of this I'm advising
people right now, don't touchthe price.
Usually, when a property is notmoving, we say you got to
adjust the price.
I'm telling people don't do anyadjustments until after
elections, just because I don'tthink it's going to have impact
(06:35):
right now.
Got to wait it out.
Speaker 2 (06:36):
Yeah, I don't think it's impactful right now.
And I think that all of thoseprice decreases that we are
seeing for like those three orfour weeks that they were
dropping, dropping, droppingprices, that everybody was in
the mindset of old markets thatwe've had and old conditions
that we were working in,thinking, okay, if we drop the
price, then we're going to getshowings and then we're going to
sell and that's going to bethat.
But when they saw that droppingthe price wasn't actually
(07:00):
enticing people to be outshopping or buying or anything,
then now it's just maintainingmarket value.
Let's leave the price where itis.
Let's see what happens afterthe election.
We'll pivot there after that,if we have to.
Yes, of course.
Speaker 1 (07:14):
And yesterday I did a just a what if search.
I guess just a random what ifsearch, cause I was like huh, I
wonder how many homes there areunder 200,000 right now.
Usually that's a zero, right,that's a big fat zero, but-.
Speaker 2 (07:31):
Okay, so are you saying single family homes or
townhomes?
No, no, yeah, it has to betownhomes and condos.
Speaker 1 (07:35):
We're mostly condos, townhomes and manufactured homes
.
Okay, but there was over 30.
So I mean even that.
I mean because we've been in aspot in the recent years where
even manufactured homes are 250and above.
So seeing those under 200, it'sjust we don't typically see a
(07:58):
lot of those on the market.
So I think over 30 isconsidered a lot, so we're
seeing a little bit more.
That's so funny.
Over 30 is considered a lot, sowe're, you know things are.
Speaker 2 (08:05):
We're seeing a little bit more.
That's so funny.
Over 30 is considered a lot.
Speaker 1 (08:08):
Well, for us it is yes.
Speaker 2 (08:10):
For us it is.
It is a lot for us, but that'slike people going.
Our foreclosures have doubledsince last year.
And you're like, yeah, we wentfrom two to five, so you're
right.
Speaker 1 (08:28):
It did double but still not a lot.
Yeah, still not a lot, not alot.
In like a regular environment Iwas.
I have somebody out in that'sbuying out in Little Rock,
arkansas, and the agent I'mtalking to out there she's like
yeah, the average move in firsttime home buyer or first time
home is 150,000.
I'm like right.
Speaker 2 (08:41):
If we had a time machine could buy Vegas at
$150,000, how nice would that be.
Speaker 1 (08:46):
Yeah definitely not the case these days.
Speaker 2 (08:50):
Nope, not the case these days and I think that's a
good way to go into our firstquestion from Laura oh our first
question from Laura, which thisis going to be a great question
for you, because this sort ofquestion and topic seemed to put
you on the I don't want to saythe social media map, but sort
of the social media fame.
You had a whole video.
(09:11):
Come on, you have a whole videoon this go viral.
Speaker 1 (09:14):
I did have a whole video on this go viral on the
topic of short sales.
Speaker 2 (09:19):
Laura says I got a short sale offer accepted but
now I have to get it approved bythe bank.
Can that price change?
Speaker 1 (09:29):
Yes, so, yes, laura.
So just a little background.
When I first got into realestate 2014, there were a lot of
short sales on the market.
Yeah, that was the conditions.
Yeah, so I kind of learned realestate in the short sale world.
Yeah, and regular real estatebecame so easy once you went to
(09:50):
it.
Well, that's exactly it, yeah.
Speaker 2 (09:52):
Yeah, because people are coming to the market now and
just getting their license whenreal estate goes back to
another cycle.
That is much easier and movingfaster.
They're going to feel like it'sa holiday.
Congratulations, Real estate'seasy again.
Speaker 1 (10:10):
Yeah, so talk about spooky season, let's talk about
a short sale.
Speaker 2 (10:14):
Let's talk about a short sale, because that is
spooky real estate.
Speaker 1 (10:17):
That is spooky real estate so what happens in a
short sale Just to generalize it, I guess is the seller of the
home owes more to the bank thanthey're able to sell the home
for, right.
Okay, so they list it at a price, usually a price that is
(10:38):
hopeful, but that doesn'tnecessarily mean that that price
is going to be approved or thatthe short sale is going to be
approved.
Facts the owner of the homethen has to, and they can't do
all of this.
You could start your package,you can start your information
with the bank, but nothingstarts moving forward until you
(10:59):
have a bona fide offer from abuyer that is willing to
purchase the home at the priceyou have it listed for.
Very similar to probate, yes.
But keep in mind that doesn'tmean that that's going to be the
final price, absolutely yeah.
So the bank then not only hasto approve the price terms and
(11:21):
everything of the offer, theyhave to prove the hardship of
the owner of the property,because if they say this owner
has no hardship or no reason forthe short sale, they're not
going to approve the short saleat all.
Speaker 2 (11:35):
Right, they'll be like kick rocks lady.
Speaker 1 (11:38):
Kick rocks.
Yeah, you don't qualify forthis.
So then what happens to thebuyer?
Let's go back to you, laura.
Laura, you're in contract on ashort sale.
You put down your earnest moneydeposit, just like you do on
any home that you're movingforward to purchase.
There's usually well, thereshould be.
Please make sure there is.
If there's not, there's aproblem.
(11:58):
If there's not, there's aproblem, there should be.
Back in those days I'd receivedoffers that did not have that.
I them there should be.
Back in those days I'd receivedoffers that did not have that.
I was like whoa, we're missingsomething.
You need a short sale addendum.
You absolutely need a shortsale addendum.
The short sale addendum kind ofwell, it actually does protect
you on your terms thecontingency of the short sale
and everything there is laid out.
(12:20):
This short sale.
You could, just for scenarios,say that this home may be
estimated full market value at$550,000 and you have an
accepted offer at $500,000.
Can you guarantee that home isgoing to close at $500,000?
Nope, no, because the bank isgoing to do something, what's
(12:41):
called a.
They send out and do a BPObroker's price opinion and
through that BPO, they send out.
It's usually a real estateagent, but a real estate agent
that has certain certifications,qualifications or whatever to
do these.
And they do.
They send the bank, you know,comps, they go look at the
property, they give their ownanalysis of it and that's where
(13:02):
the bank determines if this homeis undervalued, if it is valued
right, if it's valued right forits condition.
Because they do take, you know,sometimes short sales are
distressed homes and theircondition is not that great.
So they do take factors intoconsideration.
Speaker 2 (13:16):
Desperate people do desperate things, unfortunately.
Speaker 1 (13:18):
Yes, as well as the application of the seller.
You know, for the short sale,for the hardship, for what's
going on, and just see ifeverything works right.
They may come back at you onthis $500,000 offer and say
we're willing to sell this toyou at 520,000.
Right, but full market value inperfect condition would be 550.
(13:40):
So still a bargain.
But then you are you obligatedto move forward at that price?
Speaker 2 (13:49):
Well, not obligated, you're obligated to move forward
at the price that the bank willaccept period.
Speaker 1 (13:54):
Well, yes, but not obligated, because that's where
that short sell addendumprotects you and you can back
out.
Speaker 2 (13:59):
You're saying, if they come back and say it's now
520.
Yeah, no, you can say no, I'mgood.
Speaker 1 (14:04):
Yeah, no, I'm good Cause I agreed to purchase at
500,000 and that's where thatshort sale agenda protected me
in that purchase and I have allyou know there you can get your
earnest money, deposit back andjust move on, or again you can
choose to yes, I'm going to,once that portion's done in the
(14:24):
bank and you and of course theseller always agrees yeah, the
seller's trying to, usually in astress situation.
Speaker 2 (14:31):
They just want to make something happen.
Speaker 1 (14:33):
Yeah, so once the bank has issued that approval,
that means they have approvedthe seller and the price and
everything about it, all of theterms, and then you can move
forward to closing.
A couple things to keep in mind.
This process isn't quick.
Speaker 2 (14:52):
No, it's not A lot of stuff in Vegas.
Real estate moves fast, butthis is not one of them.
Speaker 1 (14:57):
Yeah, I mean, I've seen very, and I would say,
unusual circumstances wherethey're like 45 days, very
unusual.
Most of the short sales that Idid, you know, again back in
2014, cause that's when it wasvery common.
Speaker 2 (15:12):
It was, most sales were short sales.
Speaker 1 (15:14):
Back then it felt like yeah, around that era that
the most of them would take likethree to six months on average,
and I had a listing, a shortsale listing, during that period
that was two years long,multiple, multiple buyers that
we had.
The bank would reject, the bankwould, you know, just come back
(15:35):
with a different number, rejectthe offer altogether.
But we just kept on trying andtrying and trying again and
finally, and the final offerwhich was just absurd, but
whatever it is, what is thefinal offer that they did end up
moving forward with wasactually lower than some of the
offers that they had rejectedpreviously.
Speaker 2 (15:52):
So it's because of time, right, they finally just
got sick of it.
Two years they're like okay,we're done, just get rid of this
property.
Speaker 1 (15:59):
They figured out we weren't going away.
Speaker 2 (16:01):
Right.
Well, the whole thing is thatthe short sale sort of takes,
since you are a distressed owner.
It sort of takes the authorityaway from the seller on what
they're going to sell theproperty for, and it then goes
in the court.
The ball is in the court forthe bank and they're the ones
who are going to decide whatkind of loss they're going to
(16:22):
take on that property.
Speaker 1 (16:23):
Yes, and one other good note to make before we move
on.
I know it took forever on thisquestion, Sorry.
Speaker 2 (16:28):
No, it's a good one.
Speaker 1 (16:29):
My passionate topic she's like I got this, yeah.
But another good thing to keepin mind too a lot of times when
people are in a short sale,they've already been, the
foreclosure process has alreadybeen initiated, right Right.
But during the short sale, onceyou, once you are in contract
with the buyer, if it's just onthe market, nothing's halted.
(16:50):
Everything's still movingforward.
The foreclosure, profit process, the notice of default, the
time limit, all of that stuff ismoving forward.
But once you are in contractwith the buyer, with an offer
the bank is negotiating, you'rein in the middle of it.
They do pause.
So, um, it does give you moretime to work it out.
But if they reject that offer,that offer fails, that offer
(17:13):
backs out that offer, whateverthat moves right forward.
Speaker 2 (17:16):
Then you're back and forwarding that foreclosure.
Speaker 1 (17:20):
Yeah, so that is definitely.
Time is of the essence, eventhough it does take a lot of
time.
Speaker 2 (17:25):
Yep, but as for the actual question, can that price
change?
Yes, yes, it is at thediscretion of the bank.
They will then decide if thatproperty is going to sell for
that amount of money.
If they're accepting the offerfor the loss that they'll be
taking.
Speaker 1 (17:39):
Yeah, and one thing that I think very experienced
agents do is they price a shortsale at a reasonable price, like
considering market value,considering condition,
considering that it is adistressed property, because a
short sale, no matter which wayyou look at it, is distressed
and it takes more time andobstacles than a regular
property, so it's distressedjust in that aspect.
(18:01):
But most agents that have a lotof experience are going to go
in and price that reasonably towhere the bank is going to
consider it.
I have, however, seen somepeople that price short sales at
a price where you're like noway in hell, that's never going
to work out.
Speaker 2 (18:18):
Right, $550,000 for $300,000.
You're like, oh, I got ninepeople calling me on this
property.
How do I tell them all it's afakey.
Speaker 1 (18:27):
Yeah, that would be awesome.
I wonder if they do that forlead purposes.
I don't know what they'rethinking.
Speaker 2 (18:34):
See, I didn't even think of that.
I don't think that's why theydo it.
I think that they just mightnot have a clear understanding
of how a short sale works.
Speaker 1 (18:42):
Yeah, or again, I'm sure the incoming calls on a
property priced like that isinsane.
Speaker 2 (18:49):
Yeah, I've seen it happen a couple of times and the
phones light up like Christmastrees.
They're like, oh my gosh,there's this house and it's
300,000 and I want it.
Yeah, you and everybody else.
But the bank's going to saysorry, kiddos, I don't think so.
Speaker 1 (19:02):
Have you gotten those calls?
That just brings me intosomething off topic.
Speaker 2 (19:05):
Okay, let's go.
What do you got?
What do you got?
Have you?
Speaker 1 (19:07):
ever seen.
So the way our MLS works is assoon as you like, type in
information and press enter,boom it posts right.
Speaker 2 (19:13):
And then it posts everywhere.
Speaker 1 (19:14):
It goes Zillow, if you have syndication, yeah To
everywhere on the planet.
It's syndicated everywhere,right, and there's times that
people forget a zero.
Speaker 2 (19:26):
Yes, yes, I can't even tell you how many times
when I'm looking at the hotsheet in the morning at house,
I'll be like oh yeah, that'swrong and I'll text the agent.
I'll be like I'd like to buythis house today, but you might
want to adjust your pricebecause it's wrong.
Speaker 1 (19:40):
And I think it's so funny is because whenever that
happens, and almost every timethat happens, I know about it
because I'll have some buyers orsome people that aren't even in
the market buying or whatever,just come out the woodworks and
call me and be like hey, Trish,this house is 36,000.
And I'm kind of thinking thatit might work for us.
Speaker 2 (19:59):
I'm like sure you are .
I'm kind of thinking I lovethat.
I'll be like I'll take two ofthem.
I'll buy the whole neighborhoodif I can.
Speaker 1 (20:09):
Might work for you and a lot of other people, but
it's not.
They forgot a zero andsometimes two zeros.
Yeah yeah, yeah yeah.
Speaker 2 (20:14):
So, and it happens, which is hysterical when it
happens, I have texts, severalagents been like um, I want this
house, yeah.
But once you realize you'vepriced it wrong, you might want
to just adjust it and they'relike oh my gosh, thank you so
much, yeah, yeah.
Speaker 1 (20:29):
I just tell people you know most of the time where
I see it, I'm like I'll check onit, but I'm pretty certain they
just they just forgot a zero.
And then you log into the MLSand they've already fixed it,
cause they probably got in athousand calls within the five
seconds that it was wrong andit's back to whatever the normal
price is with the right amountof Then all of a sudden it has a
price increase.
Speaker 2 (20:50):
Yeah, you're like, gee, I wonder why that happened.
But that sort of leads back tothe question on.
There are always so many buyers, investors, people lurking in
the background that you don'teven know are in the radar,
because people you haven'ttalked to in six months, eight
months, a year.
All of a sudden they're like,hey, I saw this house and I'm
(21:12):
like, oh yeah, no, this house iswrong, you're not going to get
that house.
Speaker 1 (21:16):
You're not in the market to buy, but right now I
think I'm going to do it Like36,000.
Give me one, sign me up.
Speaker 2 (21:22):
Sign me up.
I'll take two.
Thank you, yeah.
Speaker 1 (21:26):
That's funny.
Talk about one question takingour whole show.
Huh, Well, that's okay.
Speaker 2 (21:30):
Well, last week we only did two questions.
It might be we only do twoquestions this week.
That's fine, that's fine.
Our second question that we'regoing to get to is from Betty,
and she has land in Pahrump butshe doesn't have a well.
They said that she has to buywater rights before a well can
be installed.
Is that right?
Speaker 1 (21:51):
Absolutely 100% correct Betty, that is, pahrump
has issues with their water andwith the water rights and you
have to own rights to water onthe property before a well can
be installed.
There are some places inPahrump I believe Strickland
(22:11):
Drilling is one of them, ifthey're still doing it that will
sell water rights along withthe well, but places like Great
Basin out there that you have tobuy the water rights from a
third party dealer.
There's a couple third partylike dealers of water rights out
there.
I would like when this firstlike became a thing you know I'm
I remember calling like the youknow Pahrump utilities and I'm
(22:33):
like can you sell me waterrights?
And they're like no, and I'mlike how is that?
I need to buy water.
Where can I get my water?
Yeah, like how is that that theutilities aren't selling it.
It's not like the governmentselling it, it's certain people
that I guess own so much landand they have these like extra
rights that they can assign toothers or sell to others and
(22:54):
things like that.
So as they become lessavailable, the prices are
increasing on those Definitelysomething.
If you're looking to buy landin Pahrump and you want to
develop that land one day.
I mean this is an issue youneed to consider, review and
make sure that it makes sense toyou.
Speaker 2 (23:13):
Right, and sometimes properties out there do convey
with the water rights.
Speaker 1 (23:16):
Some of them do.
Yeah, some of them have alreadypurchased, and then it conveys
with the water rights.
Speaker 2 (23:21):
So when you are purchasing out there, that's
something that you have to takeinto account.
Speaker 1 (23:24):
Yeah, it's a part of the purchase agreement too.
So, yeah, there's um, and justto give like a generalized idea
of within the last year, cause Ihad somebody purchased water
rights within the last year.
They bought two acre feet ofwater rights for um $15,000.
So that was separate from theprice that they paid for the
(23:45):
property, which prompt landsstill pretty cheap.
Speaker 2 (23:48):
Prompt lands still pretty cheap and it's in Nye
County, so you do have waterrights, because here in Clark
County you can't drill a well.
Speaker 1 (23:57):
Yeah, and so that was just the rights.
That didn't include the well.
Also, another thing to keep inmind in Pahrump area is in most
of Pahrump if it's under a halfacre it will be connected to
public water in a lot of areasin Pahrump.
Speaker 2 (24:13):
Yep, yep, yep, yep.
And the water people you canget it from.
You can buy your water rightsfrom the private land owners.
The water right brokers arewhat the words you were looking
for for the people who do it,the water right brokers, and
they have their license and theyspecialize in that some
development companies and thenthe Nevada division of water
resources who oversees it.
(24:35):
You can't actually buy thewater from the Nevada division
of water resource, but they'rethe ones who sort of are the
governing body and oversee whathappens out there.
Speaker 1 (24:44):
Yeah, cause I was about to say I did.
I remember contacting like likethe government agency, because
I was like if you, you know, Iwas helping someone that was
purchasing land find a resourcefor rights.
And I was like, well, you know,you'd think you'd want to go
through like the state or thegovernment or whatever you know,
to make sure it's like legit.
And yeah, they were like, no,we don't sell it, you have to go
to a broker.
Speaker 2 (25:03):
Yeah, they don't sell it.
They will make sure that thetransfer of the sale the water
rights is approved to ensurethat it's legal and valid, but
they're not the actual ones.
Speaker 1 (25:12):
You go and buy the water rights from Right and if
you have a piece of land inPahrump that has a well already
on it, then you're good, you'regrandfathered in, you don't have
to worry about that issue.
It's already.
The rights are already therebecause the well's already on
the property.
Speaker 2 (25:31):
Yeah, and that's kind of the way you have to do it in
Vegas too the properties, sincewe can't go in and get water
rights and drill wells.
If you buy a property sayyou're out at Wagon Wheel or
Centennial or someplace that'sstill zoned county you'll find
properties, especially like theolder horse properties from the
70s and stuff.
They'll have wells in place andsometimes it's a single well
(25:56):
for one property or it's ashared well and then there's a
well account and you have to payX amount for each house into
that account to pay for theelectricity and have a reserve
in case something goes wrongwith the well.
Speaker 1 (26:05):
Yeah, yeah, absolutely so.
Um, yeah, but definitely, um,look into that If you're looking
to purchase uh, water rights isa question you want to know an
answer to and, um, I would, Iwould advise, before purchasing
the land, to check into the costof the water rights.
What all the you know all theinformation on that, because
(26:27):
that should affect the um, yourconsideration of purchasing it.
Speaker 2 (26:31):
Yeah, definitely, but um, I do love the idea of
having a well in water rights.
Speaker 1 (26:37):
Oh no, I think it's wonderful, I think it's cool.
Speaker 2 (26:39):
Yeah, I think it's wonderful, it's a doomsday
prepper in my mind going okay, Ineed an off-grid property that
has a well and solar and just incase of an emergency.
Speaker 1 (26:49):
Yeah Well, that is in Pahrump.
There's plenty of options forthat and it's a growing city,
gosh.
Every time I go out there I'mlike it's bigger again.
Speaker 2 (26:58):
Yeah Well, it reminds me of how Vegas in the late 80s
and early 90s was.
Do you remember driving around?
There'd be like these bigparcels of desert, and then
there might be, like you know, alittle couple subdivisions, but
like no grocery stores or gasstations have really gone in.
And then, all of a sudden, thebill they just started building
(27:20):
up around everything.
And so when I go out to prompt,compared to where it was, say,
12 years ago versus where it isnow, the amount of growth is
like wow, do you remember Trump?
Speaker 1 (27:33):
We're not talking politics here.
Speaker 2 (27:34):
No, we'll save that for a different day.
Speaker 1 (27:36):
I remember Pahrump 12 years ago, I mean it was so.
It was like there used to be,like when you went out to
Pahrump, when someone would say,like, go out to Pahrump, it's
like a couple of trailers in themiddle of nothing.
You know, it's like what.
Speaker 2 (27:50):
Right, it didn't feel like it was a city or a town.
Speaker 1 (27:52):
Yeah, I mean maybe not 12 years ago, maybe 20 years
ago.
I've been here my whole life.
Speaker 2 (27:57):
But when?
Speaker 1 (27:58):
we were young.
Speaker 2 (27:58):
When we were young.
Yes, not that we're old.
Speaker 1 (28:01):
It's like someone said they lived in Pahrump and
you're like why?
Speaker 2 (28:08):
Well, because it really just was a teeny, tiny
little desert town.
Now it feels like a desert city, if you will.
I mean it does have, you know,modern amenities in big box
stores and restaurants and stuff.
So it's, you know, it's growing.
Let's put it that way, it'sgrowing Yay.
Speaker 1 (28:29):
Pahrump, yay, pahrump .
I remember when my husband andI were like first dating so it
was quite a while ago but we,you know he had a friend who
lived in Pahrump and we weregoing to like a, you know, like
a pre Thanksgiving dinner orsomething there and they, they
had sent us like a gate code andI'm like, who lives in a gated
(28:50):
community in Perth?
I was like what in the world ishappening?
Speaker 2 (28:54):
Girl.
They even got a golf course outthere and a racetrack and a
winery.
Speaker 1 (28:59):
Yeah, well, that was the beginning portion of
Mountain Falls.
Speaker 2 (29:02):
Okay, okay.
Speaker 1 (29:03):
They were like in the first phase of Mountain Falls,
but it was just so, yeah, but itwas just so, um, yeah, it was
just so like bizarre.
I was like how, what's?
Speaker 2 (29:12):
going on here, yeah, yeah.
Well, what's going to be crazyis think about it in another 15
years, when they've built allthe way out to blue diamond tour
.
It's almost touching um springmountain, and then perump is
coming towards Spring Mountain.
It might just be like how we gofrom Vegas right into Henderson
(29:33):
seamlessly.
We might just be going intoVegas, into Spring Mountain,
into Pahrump, and the valley isgoing to have to just grow that
way.
Speaker 1 (29:43):
Well, they're literally paving the way for it
right now, because they fixedthe road They've widened the
road, you actually get cellphone service the whole for it
right now, because they fixedthe road, they widened the road,
you actually get cell phoneservice the whole drive out
there now, indeed you used tolose it because there's a jump,
the hump over to Pahrump,because you have to go through
the mountain and you always lostconnection.
Speaker 2 (30:04):
You'd be talking, talking, talking gone.
Speaker 1 (30:06):
Yeah, so now it's like cell phone service is
seamless through the whole ride.
Speaker 2 (30:10):
The roads are wider, and well-maintained.
They've added big box stores,so it's definitely a place that
is going to see some growth inthe future.
So there's opportunities forinvestors to make money out
there for people who workremotely and want to be within
within a 45 minute um jump tothe strip.
(30:31):
Uh, they might be putting thatspaceport, which is still in
Clark, but on the County line.
Speaker 1 (30:38):
Right.
Speaker 2 (30:38):
So that could add, you know, some tourists and
industry and stuff out there.
There's other plans going outin Pahrump that people are
excited about and the growth.
So just think about where it'sgoing to be in another 12, 15
years.
Speaker 1 (30:52):
Yeah, wow.
Speaker 2 (30:54):
It is happening, it is all happening Growth and
change.
Speaker 1 (30:58):
So if somebody wants to talk to you about growth,
change, purchasing water,whatever.
Speaker 2 (31:05):
I'm so easy to get a hold of.
Just, I have this phone with me.
It goes everywhere I go.
You can call or text me702-379-9948.
I know you have your phone withyou always as well.
They can call or text you.
Speaker 1 (31:19):
Yes, 702-308-2878.
And if you guys are watchingour show, please like share,
subscribe.
Check out our link tree atrealtycheckvegas and we'll see
you next week.
Speaker 2 (31:33):
Have a great Halloween, everybody, be safe.
We'll see you next week, vegas.
Bye, bye.
Hey Las Vegas, happy Halloween and welcome back to
Vegas Realty.
Check local Las Vegas realestate news, your spooky edition
.
I'm Trish.
Speaker 2 (00:24):
Williams and I'm Tiana Carroll.
Welcome back, you guys.
Speaker 1 (00:28):
Yeah, so we don't have a lot of spooky stuff going
on other than the market, thescary market, the scary market,
the market is getting scary outthere.
Speaker 2 (00:37):
I don't know, this weather's pretty scary.
I don't know why I'm alwaysshocked, but it is always chilly
at Halloween.
Speaker 1 (00:42):
Yeah, it's always chilly.
I don't mind the chilly, butthe wind.
Speaker 2 (00:46):
Yeah Well, even like when we did the trunk or treat,
it was a windy night but it wascomfortable and warm out.
Today is just like 55 duringthe day and 45 at night, oh ow.
Speaker 1 (00:58):
Yeah, I have no trick or treating plans so I'm not
worried about it.
Yeah, I will be inside thehouse warm and cozy.
Doling out candy.
I mean Vegas neighborhoods Idon't know if it's just my
neighborhood, but I think Vegasneighborhoods in general don't
get a lot of kids.
Speaker 2 (01:14):
I think that varies neighborhood by neighborhood,
though, because we have someneighborhoods that are crazy
busy and lots and lots and lotsLike my neighborhood's crazy.
Every house is decorated andthe families are just all
excited and there's going to betons of kids that come out
tonight and they start early,like at four, 35 o'clock.
Speaker 1 (01:33):
Yeah, we get.
I've averaged like on 20 kids,if we're lucky.
So I just buy like the 30 packof full size candy bars and
everyone just gets a.
Gets a full candy bar.
Nice, nice, why not?
There's not a lot of them?
Speaker 2 (01:47):
Right, right, no, ours.
We go through bags and bags andbags at my house.
Wow, wow.
Speaker 1 (01:53):
Okay.
So yeah, definitelyneighborhood specific.
I mean, we also have a gate, soI'm sure it's a deterrent.
Speaker 2 (01:59):
Well, yeah, and in your pretty small community?
Yeah, we're a very smallcommunity.
Speaker 1 (02:05):
So yeah, so yeah, have fun out there and be safe
when you're outtrick-or-treating or doing
whatever you're doing tonight.
But for now, let's talk aboutwhat's happening here in real
estate, real estate, vegas,vegas and all the real estate
numbers.
Speaker 2 (02:20):
Well, like every show , we're going to talk about our
single families that are on themarket, and there are 5,534 of
them this week.
Speaker 1 (02:28):
Yeah, not a lot of movement in that number.
I really feel like we're at apoint where not many people are
really listing and not manypeople are really buying right
now either.
Yeah, we're kind of stagnant,just kind of sticking still.
Speaker 2 (02:41):
Yeah, we're kind of frozen in time right now,
sticking still.
Yeah, yeah, we're kind offrozen in time right now and I
think a lot of the country isjust because of the political
environment and the economy andeverything that's happening
right now.
Speaker 1 (02:51):
So, yeah, for sure.
And um, we have um a few undercontract.
I have been seeing an uptick inshowings.
Um, in showings I've beenseeing a little bit more
activity, like people arestarting to get prepared to move
forward, but just uh, yeah.
Speaker 2 (03:07):
Well, like I was saying, a few weeks ago I didn't
have any active buyers.
Now I'm sitting on fiveprequels that are.
You know people are ready to goout and buy?
They're not.
They're not moving quickly,they are not motivated, they
don't love you know theiroptions or their payments or
their interest rate or anything,but they are capable of doing
it when they're.
So it's just now that the magichappens at the right person
(03:32):
with the right property andmaking that happen.
Speaker 1 (03:35):
I have some of those people that are just like I'm
not like super into it, but ifthe right thing comes up, then
maybe yeah, yeah, so yeah, yeah.
That's the environment andthat's showing in our under
contracts and sold so it is ourunder contracts.
Speaker 2 (03:49):
look pretty good, though I'm not mad at 508.
Speaker 1 (03:51):
No no, that's, I mean that would still.
If that was a week by weeknumber, that would average 2000
closings a month, which reallyis not a lot.
Speaker 2 (04:00):
Yeah, but under contract is in a week by week.
Unfortunately, it's that 30-dayescrow or 20-day cycle.
Yeah.
Speaker 1 (04:07):
And then sold.
So actual solds for the weekare $390.
$390.
So that would average out toabout $1,600 a month, which is
low, roundabout, which is verylow.
Speaker 2 (04:20):
Very, very low for us .
Speaker 1 (04:21):
You know, I was talking to somebody and, um,
again, I wasn't in real estate.
I think I've mentioned thisbefore to uh on the show or two
people, but I wasn't in realestate during the crash, you
know, 2008,.
I got in real estate in 2014.
So, um, I was talking to somepeople that said, like in the,
the height of the crash, youknow, like the, the worst moment
of the crash, they had athousand closed sales in that
(04:45):
month and that was like theworst.
Speaker 2 (04:46):
And I'm like, oh, we're not too far off from that
right now.
Yeah, but if we're going back,okay, I'm going to be optimistic
.
I love rainbows and butterflies, right.
So if we're going back, youknow we only had sold last week
568.
So we did uptick to five, or Imean 368.
Now we've upticked to 390.
Yeah, so we are getting alittle more closed sales and
(05:10):
what I really like is our pricedecreases have um, sunk almost
uh, or 101 have gone down.
You know we had 500 or we havewhat.
Four hundred fifty seven fourfifty seven this week and last
week was, uh, five, 36.
Okay, okay, yeah, no, that'snot true.
Speaker 1 (05:30):
So again, I don't think I mean if this is our
version- $578.
Speaker 2 (05:34):
Sorry, I had to look it up.
That's okay, $578.
So we're down to $457.
So those price decreases haveleveled out, which is nice.
Speaker 1 (05:42):
Yeah, and, of course, if this is our version of a
crash, I really do think what'sgoing on right now is temporary
and we're going to pick up assoon as the selection cycles
over.
I feel very confident in thatand again seeing a slight uptick
in showings as indicators thatthat's exactly how it's going to
play out All the indicatingfactors.
Speaker 2 (06:01):
Are there a little more closings, a little less
price decreases.
We're having some showingshappening, so it's like
everybody's like scurrying,putting themselves into a
position, scurrying like littleHalloween mice.
Speaker 1 (06:13):
Yeah Well, and when we get to price decreases I mean
one of the things and I'vetalked to a couple of people
that are kind of on the samemindset of this I'm advising
people right now, don't touchthe price.
Usually, when a property is notmoving, we say you got to
adjust the price.
I'm telling people don't do anyadjustments until after
elections, just because I don'tthink it's going to have impact
(06:35):
right now.
Got to wait it out.
Speaker 2 (06:36):
Yeah, I don't think it's impactful right now.
And I think that all of thoseprice decreases that we are
seeing for like those three orfour weeks that they were
dropping, dropping, droppingprices, that everybody was in
the mindset of old markets thatwe've had and old conditions
that we were working in,thinking, okay, if we drop the
price, then we're going to getshowings and then we're going to
sell and that's going to bethat.
But when they saw that droppingthe price wasn't actually
(07:00):
enticing people to be outshopping or buying or anything,
then now it's just maintainingmarket value.
Let's leave the price where itis.
Let's see what happens afterthe election.
We'll pivot there after that,if we have to.
Yes, of course.
Speaker 1 (07:14):
And yesterday I did a just a what if search.
I guess just a random what ifsearch, cause I was like huh, I
wonder how many homes there areunder 200,000 right now.
Usually that's a zero, right,that's a big fat zero, but-.
Speaker 2 (07:31):
Okay, so are you saying single family homes or
townhomes?
No, no, yeah, it has to betownhomes and condos.
Speaker 1 (07:35):
We're mostly condos, townhomes and manufactured homes
.
Okay, but there was over 30.
So I mean even that.
I mean because we've been in aspot in the recent years where
even manufactured homes are 250and above.
So seeing those under 200, it'sjust we don't typically see a
(07:58):
lot of those on the market.
So I think over 30 isconsidered a lot, so we're
seeing a little bit more.
That's so funny.
Over 30 is considered a lot, sowe're, you know things are.
Speaker 2 (08:05):
We're seeing a little bit more.
That's so funny.
Over 30 is considered a lot.
Speaker 1 (08:08):
Well, for us it is yes.
Speaker 2 (08:10):
For us it is.
It is a lot for us, but that'slike people going.
Our foreclosures have doubledsince last year.
And you're like, yeah, we wentfrom two to five, so you're
right.
Speaker 1 (08:28):
It did double but still not a lot.
Yeah, still not a lot, not alot.
In like a regular environment Iwas.
I have somebody out in that'sbuying out in Little Rock,
arkansas, and the agent I'mtalking to out there she's like
yeah, the average move in firsttime home buyer or first time
home is 150,000.
I'm like right.
Speaker 2 (08:41):
If we had a time machine could buy Vegas at
$150,000, how nice would that be.
Speaker 1 (08:46):
Yeah definitely not the case these days.
Speaker 2 (08:50):
Nope, not the case these days and I think that's a
good way to go into our firstquestion from Laura oh our first
question from Laura, which thisis going to be a great question
for you, because this sort ofquestion and topic seemed to put
you on the I don't want to saythe social media map, but sort
of the social media fame.
You had a whole video.
(09:11):
Come on, you have a whole videoon this go viral.
Speaker 1 (09:14):
I did have a whole video on this go viral on the
topic of short sales.
Speaker 2 (09:19):
Laura says I got a short sale offer accepted but
now I have to get it approved bythe bank.
Can that price change?
Speaker 1 (09:29):
Yes, so, yes, laura.
So just a little background.
When I first got into realestate 2014, there were a lot of
short sales on the market.
Yeah, that was the conditions.
Yeah, so I kind of learned realestate in the short sale world.
Yeah, and regular real estatebecame so easy once you went to
(09:50):
it.
Well, that's exactly it, yeah.
Speaker 2 (09:52):
Yeah, because people are coming to the market now and
just getting their license whenreal estate goes back to
another cycle.
That is much easier and movingfaster.
They're going to feel like it'sa holiday.
Congratulations, Real estate'seasy again.
Speaker 1 (10:10):
Yeah, so talk about spooky season, let's talk about
a short sale.
Speaker 2 (10:14):
Let's talk about a short sale, because that is
spooky real estate.
Speaker 1 (10:17):
That is spooky real estate so what happens in a
short sale Just to generalize it, I guess is the seller of the
home owes more to the bank thanthey're able to sell the home
for, right.
Okay, so they list it at a price, usually a price that is
(10:38):
hopeful, but that doesn'tnecessarily mean that that price
is going to be approved or thatthe short sale is going to be
approved.
Facts the owner of the homethen has to, and they can't do
all of this.
You could start your package,you can start your information
with the bank, but nothingstarts moving forward until you
(10:59):
have a bona fide offer from abuyer that is willing to
purchase the home at the priceyou have it listed for.
Very similar to probate, yes.
But keep in mind that doesn'tmean that that's going to be the
final price, absolutely yeah.
So the bank then not only hasto approve the price terms and
(11:21):
everything of the offer, theyhave to prove the hardship of
the owner of the property,because if they say this owner
has no hardship or no reason forthe short sale, they're not
going to approve the short saleat all.
Speaker 2 (11:35):
Right, they'll be like kick rocks lady.
Speaker 1 (11:38):
Kick rocks.
Yeah, you don't qualify forthis.
So then what happens to thebuyer?
Let's go back to you, laura.
Laura, you're in contract on ashort sale.
You put down your earnest moneydeposit, just like you do on
any home that you're movingforward to purchase.
There's usually well, thereshould be.
Please make sure there is.
If there's not, there's aproblem.
(11:58):
If there's not, there's aproblem, there should be.
Back in those days I'd receivedoffers that did not have that.
I them there should be.
Back in those days I'd receivedoffers that did not have that.
I was like whoa, we're missingsomething.
You need a short sale addendum.
You absolutely need a shortsale addendum.
The short sale addendum kind ofwell, it actually does protect
you on your terms thecontingency of the short sale
and everything there is laid out.
(12:20):
This short sale.
You could, just for scenarios,say that this home may be
estimated full market value at$550,000 and you have an
accepted offer at $500,000.
Can you guarantee that home isgoing to close at $500,000?
Nope, no, because the bank isgoing to do something, what's
(12:41):
called a.
They send out and do a BPObroker's price opinion and
through that BPO, they send out.
It's usually a real estateagent, but a real estate agent
that has certain certifications,qualifications or whatever to
do these.
And they do.
They send the bank, you know,comps, they go look at the
property, they give their ownanalysis of it and that's where
(13:02):
the bank determines if this homeis undervalued, if it is valued
right, if it's valued right forits condition.
Because they do take, you know,sometimes short sales are
distressed homes and theircondition is not that great.
So they do take factors intoconsideration.
Speaker 2 (13:16):
Desperate people do desperate things, unfortunately.
Speaker 1 (13:18):
Yes, as well as the application of the seller.
You know, for the short sale,for the hardship, for what's
going on, and just see ifeverything works right.
They may come back at you onthis $500,000 offer and say
we're willing to sell this toyou at 520,000.
Right, but full market value inperfect condition would be 550.
(13:40):
So still a bargain.
But then you are you obligatedto move forward at that price?
Speaker 2 (13:49):
Well, not obligated, you're obligated to move forward
at the price that the bank willaccept period.
Speaker 1 (13:54):
Well, yes, but not obligated, because that's where
that short sell addendumprotects you and you can back
out.
Speaker 2 (13:59):
You're saying, if they come back and say it's now
520.
Yeah, no, you can say no, I'mgood.
Speaker 1 (14:04):
Yeah, no, I'm good Cause I agreed to purchase at
500,000 and that's where thatshort sale agenda protected me
in that purchase and I have allyou know there you can get your
earnest money, deposit back andjust move on, or again you can
choose to yes, I'm going to,once that portion's done in the
(14:24):
bank and you and of course theseller always agrees yeah, the
seller's trying to, usually in astress situation.
Speaker 2 (14:31):
They just want to make something happen.
Speaker 1 (14:33):
Yeah, so once the bank has issued that approval,
that means they have approvedthe seller and the price and
everything about it, all of theterms, and then you can move
forward to closing.
A couple things to keep in mind.
This process isn't quick.
Speaker 2 (14:52):
No, it's not A lot of stuff in Vegas.
Real estate moves fast, butthis is not one of them.
Speaker 1 (14:57):
Yeah, I mean, I've seen very, and I would say,
unusual circumstances wherethey're like 45 days, very
unusual.
Most of the short sales that Idid, you know, again back in
2014, cause that's when it wasvery common.
Speaker 2 (15:12):
It was, most sales were short sales.
Speaker 1 (15:14):
Back then it felt like yeah, around that era that
the most of them would take likethree to six months on average,
and I had a listing, a shortsale listing, during that period
that was two years long,multiple, multiple buyers that
we had.
The bank would reject, the bankwould, you know, just come back
(15:35):
with a different number, rejectthe offer altogether.
But we just kept on trying andtrying and trying again and
finally, and the final offerwhich was just absurd, but
whatever it is, what is thefinal offer that they did end up
moving forward with wasactually lower than some of the
offers that they had rejectedpreviously.
Speaker 2 (15:52):
So it's because of time, right, they finally just
got sick of it.
Two years they're like okay,we're done, just get rid of this
property.
Speaker 1 (15:59):
They figured out we weren't going away.
Speaker 2 (16:01):
Right.
Well, the whole thing is thatthe short sale sort of takes,
since you are a distressed owner.
It sort of takes the authorityaway from the seller on what
they're going to sell theproperty for, and it then goes
in the court.
The ball is in the court forthe bank and they're the ones
who are going to decide whatkind of loss they're going to
(16:22):
take on that property.
Speaker 1 (16:23):
Yes, and one other good note to make before we move
on.
I know it took forever on thisquestion, Sorry.
Speaker 2 (16:28):
No, it's a good one.
Speaker 1 (16:29):
My passionate topic she's like I got this, yeah.
But another good thing to keepin mind too a lot of times when
people are in a short sale,they've already been, the
foreclosure process has alreadybeen initiated, right Right.
But during the short sale, onceyou, once you are in contract
with the buyer, if it's just onthe market, nothing's halted.
(16:50):
Everything's still movingforward.
The foreclosure, profit process, the notice of default, the
time limit, all of that stuff ismoving forward.
But once you are in contractwith the buyer, with an offer
the bank is negotiating, you'rein in the middle of it.
They do pause.
So, um, it does give you moretime to work it out.
But if they reject that offer,that offer fails, that offer
(17:13):
backs out that offer, whateverthat moves right forward.
Speaker 2 (17:16):
Then you're back and forwarding that foreclosure.
Speaker 1 (17:20):
Yeah, so that is definitely.
Time is of the essence, eventhough it does take a lot of
time.
Speaker 2 (17:25):
Yep, but as for the actual question, can that price
change?
Yes, yes, it is at thediscretion of the bank.
They will then decide if thatproperty is going to sell for
that amount of money.
If they're accepting the offerfor the loss that they'll be
taking.
Speaker 1 (17:39):
Yeah, and one thing that I think very experienced
agents do is they price a shortsale at a reasonable price, like
considering market value,considering condition,
considering that it is adistressed property, because a
short sale, no matter which wayyou look at it, is distressed
and it takes more time andobstacles than a regular
property, so it's distressedjust in that aspect.
(18:01):
But most agents that have a lotof experience are going to go
in and price that reasonably towhere the bank is going to
consider it.
I have, however, seen somepeople that price short sales at
a price where you're like noway in hell, that's never going
to work out.
Speaker 2 (18:18):
Right, $550,000 for $300,000.
You're like, oh, I got ninepeople calling me on this
property.
How do I tell them all it's afakey.
Speaker 1 (18:27):
Yeah, that would be awesome.
I wonder if they do that forlead purposes.
I don't know what they'rethinking.
Speaker 2 (18:34):
See, I didn't even think of that.
I don't think that's why theydo it.
I think that they just mightnot have a clear understanding
of how a short sale works.
Speaker 1 (18:42):
Yeah, or again, I'm sure the incoming calls on a
property priced like that isinsane.
Speaker 2 (18:49):
Yeah, I've seen it happen a couple of times and the
phones light up like Christmastrees.
They're like, oh my gosh,there's this house and it's
300,000 and I want it.
Yeah, you and everybody else.
But the bank's going to saysorry, kiddos, I don't think so.
Speaker 1 (19:02):
Have you gotten those calls?
That just brings me intosomething off topic.
Speaker 2 (19:05):
Okay, let's go.
What do you got?
What do you got?
Have you?
Speaker 1 (19:07):
ever seen.
So the way our MLS works is assoon as you like, type in
information and press enter,boom it posts right.
Speaker 2 (19:13):
And then it posts everywhere.
Speaker 1 (19:14):
It goes Zillow, if you have syndication, yeah To
everywhere on the planet.
It's syndicated everywhere,right, and there's times that
people forget a zero.
Speaker 2 (19:26):
Yes, yes, I can't even tell you how many times
when I'm looking at the hotsheet in the morning at house,
I'll be like oh yeah, that'swrong and I'll text the agent.
I'll be like I'd like to buythis house today, but you might
want to adjust your pricebecause it's wrong.
Speaker 1 (19:40):
And I think it's so funny is because whenever that
happens, and almost every timethat happens, I know about it
because I'll have some buyers orsome people that aren't even in
the market buying or whatever,just come out the woodworks and
call me and be like hey, Trish,this house is 36,000.
And I'm kind of thinking thatit might work for us.
Speaker 2 (19:59):
I'm like sure you are .
I'm kind of thinking I lovethat.
I'll be like I'll take two ofthem.
I'll buy the whole neighborhoodif I can.
Speaker 1 (20:09):
Might work for you and a lot of other people, but
it's not.
They forgot a zero andsometimes two zeros.
Yeah yeah, yeah yeah.
Speaker 2 (20:14):
So, and it happens, which is hysterical when it
happens, I have texts, severalagents been like um, I want this
house, yeah.
But once you realize you'vepriced it wrong, you might want
to just adjust it and they'relike oh my gosh, thank you so
much, yeah, yeah.
Speaker 1 (20:29):
I just tell people you know most of the time where
I see it, I'm like I'll check onit, but I'm pretty certain they
just they just forgot a zero.
And then you log into the MLSand they've already fixed it,
cause they probably got in athousand calls within the five
seconds that it was wrong andit's back to whatever the normal
price is with the right amountof Then all of a sudden it has a
price increase.
Speaker 2 (20:50):
Yeah, you're like, gee, I wonder why that happened.
But that sort of leads back tothe question on.
There are always so many buyers, investors, people lurking in
the background that you don'teven know are in the radar,
because people you haven'ttalked to in six months, eight
months, a year.
All of a sudden they're like,hey, I saw this house and I'm
(21:12):
like, oh yeah, no, this house iswrong, you're not going to get
that house.
Speaker 1 (21:16):
You're not in the market to buy, but right now I
think I'm going to do it Like36,000.
Give me one, sign me up.
Speaker 2 (21:22):
Sign me up.
I'll take two.
Thank you, yeah.
Speaker 1 (21:26):
That's funny.
Talk about one question takingour whole show.
Huh, Well, that's okay.
Speaker 2 (21:30):
Well, last week we only did two questions.
It might be we only do twoquestions this week.
That's fine, that's fine.
Our second question that we'regoing to get to is from Betty,
and she has land in Pahrump butshe doesn't have a well.
They said that she has to buywater rights before a well can
be installed.
Is that right?
Speaker 1 (21:51):
Absolutely 100% correct Betty, that is, pahrump
has issues with their water andwith the water rights and you
have to own rights to water onthe property before a well can
be installed.
There are some places inPahrump I believe Strickland
(22:11):
Drilling is one of them, ifthey're still doing it that will
sell water rights along withthe well, but places like Great
Basin out there that you have tobuy the water rights from a
third party dealer.
There's a couple third partylike dealers of water rights out
there.
I would like when this firstlike became a thing you know I'm
I remember calling like the youknow Pahrump utilities and I'm
(22:33):
like can you sell me waterrights?
And they're like no, and I'mlike how is that?
I need to buy water.
Where can I get my water?
Yeah, like how is that that theutilities aren't selling it.
It's not like the governmentselling it, it's certain people
that I guess own so much landand they have these like extra
rights that they can assign toothers or sell to others and
(22:54):
things like that.
So as they become lessavailable, the prices are
increasing on those Definitelysomething.
If you're looking to buy landin Pahrump and you want to
develop that land one day.
I mean this is an issue youneed to consider, review and
make sure that it makes sense toyou.
Speaker 2 (23:13):
Right, and sometimes properties out there do convey
with the water rights.
Speaker 1 (23:16):
Some of them do.
Yeah, some of them have alreadypurchased, and then it conveys
with the water rights.
Speaker 2 (23:21):
So when you are purchasing out there, that's
something that you have to takeinto account.
Speaker 1 (23:24):
Yeah, it's a part of the purchase agreement too.
So, yeah, there's um, and justto give like a generalized idea
of within the last year, cause Ihad somebody purchased water
rights within the last year.
They bought two acre feet ofwater rights for um $15,000.
So that was separate from theprice that they paid for the
(23:45):
property, which prompt landsstill pretty cheap.
Speaker 2 (23:48):
Prompt lands still pretty cheap and it's in Nye
County, so you do have waterrights, because here in Clark
County you can't drill a well.
Speaker 1 (23:57):
Yeah, and so that was just the rights.
That didn't include the well.
Also, another thing to keep inmind in Pahrump area is in most
of Pahrump if it's under a halfacre it will be connected to
public water in a lot of areasin Pahrump.
Speaker 2 (24:13):
Yep, yep, yep, yep.
And the water people you canget it from.
You can buy your water rightsfrom the private land owners.
The water right brokers arewhat the words you were looking
for for the people who do it,the water right brokers, and
they have their license and theyspecialize in that some
development companies and thenthe Nevada division of water
resources who oversees it.
(24:35):
You can't actually buy thewater from the Nevada division
of water resource, but they'rethe ones who sort of are the
governing body and oversee whathappens out there.
Speaker 1 (24:44):
Yeah, cause I was about to say I did.
I remember contacting like likethe government agency, because
I was like if you, you know, Iwas helping someone that was
purchasing land find a resourcefor rights.
And I was like, well, you know,you'd think you'd want to go
through like the state or thegovernment or whatever you know,
to make sure it's like legit.
And yeah, they were like, no,we don't sell it, you have to go
to a broker.
Speaker 2 (25:03):
Yeah, they don't sell it.
They will make sure that thetransfer of the sale the water
rights is approved to ensurethat it's legal and valid, but
they're not the actual ones.
Speaker 1 (25:12):
You go and buy the water rights from Right and if
you have a piece of land inPahrump that has a well already
on it, then you're good, you'regrandfathered in, you don't have
to worry about that issue.
It's already.
The rights are already therebecause the well's already on
the property.
Speaker 2 (25:31):
Yeah, and that's kind of the way you have to do it in
Vegas too the properties, sincewe can't go in and get water
rights and drill wells.
If you buy a property sayyou're out at Wagon Wheel or
Centennial or someplace that'sstill zoned county you'll find
properties, especially like theolder horse properties from the
70s and stuff.
They'll have wells in place andsometimes it's a single well
(25:56):
for one property or it's ashared well and then there's a
well account and you have to payX amount for each house into
that account to pay for theelectricity and have a reserve
in case something goes wrongwith the well.
Speaker 1 (26:05):
Yeah, yeah, absolutely so.
Um, yeah, but definitely, um,look into that If you're looking
to purchase uh, water rights isa question you want to know an
answer to and, um, I would, Iwould advise, before purchasing
the land, to check into the costof the water rights.
What all the you know all theinformation on that, because
(26:27):
that should affect the um, yourconsideration of purchasing it.
Speaker 2 (26:31):
Yeah, definitely, but um, I do love the idea of
having a well in water rights.
Speaker 1 (26:37):
Oh no, I think it's wonderful, I think it's cool.
Speaker 2 (26:39):
Yeah, I think it's wonderful, it's a doomsday
prepper in my mind going okay, Ineed an off-grid property that
has a well and solar and just incase of an emergency.
Speaker 1 (26:49):
Yeah Well, that is in Pahrump.
There's plenty of options forthat and it's a growing city,
gosh.
Every time I go out there I'mlike it's bigger again.
Speaker 2 (26:58):
Yeah Well, it reminds me of how Vegas in the late 80s
and early 90s was.
Do you remember driving around?
There'd be like these bigparcels of desert, and then
there might be, like you know, alittle couple subdivisions, but
like no grocery stores or gasstations have really gone in.
And then, all of a sudden, thebill they just started building
(27:20):
up around everything.
And so when I go out to prompt,compared to where it was, say,
12 years ago versus where it isnow, the amount of growth is
like wow, do you remember Trump?
Speaker 1 (27:33):
We're not talking politics here.
Speaker 2 (27:34):
No, we'll save that for a different day.
Speaker 1 (27:36):
I remember Pahrump 12 years ago, I mean it was so.
It was like there used to be,like when you went out to
Pahrump, when someone would say,like, go out to Pahrump, it's
like a couple of trailers in themiddle of nothing.
You know, it's like what.
Speaker 2 (27:50):
Right, it didn't feel like it was a city or a town.
Speaker 1 (27:52):
Yeah, I mean maybe not 12 years ago, maybe 20 years
ago.
I've been here my whole life.
Speaker 2 (27:57):
But when?
Speaker 1 (27:58):
we were young.
Speaker 2 (27:58):
When we were young.
Yes, not that we're old.
Speaker 1 (28:01):
It's like someone said they lived in Pahrump and
you're like why?
Speaker 2 (28:08):
Well, because it really just was a teeny, tiny
little desert town.
Now it feels like a desert city, if you will.
I mean it does have, you know,modern amenities in big box
stores and restaurants and stuff.
So it's, you know, it's growing.
Let's put it that way, it'sgrowing Yay.
Speaker 1 (28:29):
Pahrump, yay, pahrump .
I remember when my husband andI were like first dating so it
was quite a while ago but we,you know he had a friend who
lived in Pahrump and we weregoing to like a, you know, like
a pre Thanksgiving dinner orsomething there and they, they
had sent us like a gate code andI'm like, who lives in a gated
(28:50):
community in Perth?
I was like what in the world ishappening?
Speaker 2 (28:54):
Girl.
They even got a golf course outthere and a racetrack and a
winery.
Speaker 1 (28:59):
Yeah, well, that was the beginning portion of
Mountain Falls.
Speaker 2 (29:02):
Okay, okay.
Speaker 1 (29:03):
They were like in the first phase of Mountain Falls,
but it was just so, yeah, but itwas just so, um, yeah, it was
just so like bizarre.
I was like how, what's?
Speaker 2 (29:12):
going on here, yeah, yeah.
Well, what's going to be crazyis think about it in another 15
years, when they've built allthe way out to blue diamond tour
.
It's almost touching um springmountain, and then perump is
coming towards Spring Mountain.
It might just be like how we gofrom Vegas right into Henderson
(29:33):
seamlessly.
We might just be going intoVegas, into Spring Mountain,
into Pahrump, and the valley isgoing to have to just grow that
way.
Speaker 1 (29:43):
Well, they're literally paving the way for it
right now, because they fixedthe road They've widened the
road, you actually get cellphone service the whole for it
right now, because they fixedthe road, they widened the road,
you actually get cell phoneservice the whole drive out
there now, indeed you used tolose it because there's a jump,
the hump over to Pahrump,because you have to go through
the mountain and you always lostconnection.
Speaker 2 (30:04):
You'd be talking, talking, talking gone.
Speaker 1 (30:06):
Yeah, so now it's like cell phone service is
seamless through the whole ride.
Speaker 2 (30:10):
The roads are wider, and well-maintained.
They've added big box stores,so it's definitely a place that
is going to see some growth inthe future.
So there's opportunities forinvestors to make money out
there for people who workremotely and want to be within
within a 45 minute um jump tothe strip.
(30:31):
Uh, they might be putting thatspaceport, which is still in
Clark, but on the County line.
Speaker 1 (30:38):
Right.
Speaker 2 (30:38):
So that could add, you know, some tourists and
industry and stuff out there.
There's other plans going outin Pahrump that people are
excited about and the growth.
So just think about where it'sgoing to be in another 12, 15
years.
Speaker 1 (30:52):
Yeah, wow.
Speaker 2 (30:54):
It is happening, it is all happening Growth and
change.
Speaker 1 (30:58):
So if somebody wants to talk to you about growth,
change, purchasing water,whatever.
Speaker 2 (31:05):
I'm so easy to get a hold of.
Just, I have this phone with me.
It goes everywhere I go.
You can call or text me702-379-9948.
I know you have your phone withyou always as well.
They can call or text you.
Speaker 1 (31:19):
Yes, 702-308-2878.
And if you guys are watchingour show, please like share,
subscribe.
Check out our link tree atrealtycheckvegas and we'll see
you next week.
Speaker 2 (31:33):
Have a great Halloween, everybody, be safe.
We'll see you next week, vegas.
Bye, bye.
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