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About a month ago, I wrote about the frustrations some agents were feeling. They couldn't understand why it was taking so long to get their short sale offers accepted.

I received many emails thanking me. Many wrote the same thing, "Aaron, now if you could tell us how to get our offers on bank-owned foreclosure accepted, we would really be grateful!!

Here you go......

During the housing boom, thousands of people stayed on the sidelines as the Las Vegas and national housing market skyrocketed.

With home prices doubling and even tripling in some areas, some of these people ended up getting priced out of the market. Many feared they would never be able to afford a house every again. They were wrong. Their day has come.

Today, Las Vegas leads the nation in foreclosures. Home values are down nearly 30% from its peak. In some neighborhoods, prices are at their lowest levels in seven to eight years. And banks are the sellers of most of our inventory.

Those who stayed on the sidelines during the last boom, as well as many investors, are hungry to make deals. Many more foreclosures are expected to flood the market in the coming months. This is creating a new, smaller, buying boom.

However, there is a tremendous difference between buying a home from an individual and buying a home from a bank. Failing to recognize these differences will likely result in a substantial waste of your time and your client's time. It is not uncommon today to spend tens, if not hundreds, of wasted hours with each other because your clients don't understand the difference.

I know agents who have now spent weeks and months with clients in a futile effort and no sale to show for it.

Let's try and end some of this today.

Leslie Carver is an agent at Prudential Americana and one of the top REO agents in Las Vegas today. I spoke with her about this challenge. An REO agent is one that specializes in representing bank-owned properties. There are not many REO agents in our market. Certainly not as many as you would expect. There are a lot of reasons why. Experience in REO being the biggest, but that's a topic for another time.

Leslie is a terrific, well-respected agent, who handles listings for many of the top banks in the country. Leslie and I have had transactions together in the past and she has spoken to groups on this subject recently.

According to Leslie, the number one thing you need to understand today about making an offer on a bank-owned listing is you will likely only get one chance at it.

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