Market Hot for Low Priced Houses

I had clients make a cash offer on a nice bank owned house in the $120K range, 1700 sq ft, priced at $68/ft today.
They offered a couple thousand below list. $68/sq ft equals the minimum comparable sale in past few months.
Average sale price is $74. Max sale is $80/sq ft. The property is in the 502 ML area - West central part of the valley.
Here is the response from the listing agent today.

"Grant,
The sellers will not entertain any offers below list at this time. We currently have 12 offers on this property,
6 of which are cash, and all of which are above list.
Please reply with your best offer by 7 am tomorrow morning.
Thank you!
Alan " (with Realty Execs)

My clients response was, "that is crazy." They are correct, and that is Las Vegas.

If you are looking at the lowest priced listings you can find and they already match the lowest comparable sales,
then if you still want to offer less money, you may be delusional. First ask yourself why your offer will be successful and win out over every other buyer in Las Vegas. If you don't come up with a real good reason, you need to make a higher offer.

Good Hunting!
Grant