Banks and other lending institutions currently own over 14,000 real estate properties in the Las Vegas area. They would like to own ZERO properties. For the average person who would like to buy a home, this provides a great buying opportunity.

Real Estate Owned (REO) properties are real estate that the bank has already foreclosed on and now own. Banks do not want to be landlords, they want to be lenders. Banks need to sell these properties to replenish their equity reserves so that they can create more loans.

Banks will often sell the REO properties below market value, just to move the property off of their balance sheets. This will create tremendous buying opportunities for you to buy the house of your dreams. This is especially true in today’s financial climate, where the bank often gets a Federal subsidy for every house they move. The bank may actually be making more money by selling the property at a lower price, just to get it off their books.

One factor that every buyer of REO property needs to be aware of is that these properties are usually sold “as is” by the bank. Often the bank does not know the condition of the property, and they don’t care. But, as a potential buyer, you should be very concerned about the condition of the property. A complete home inspection should be performed before you buy any REO property.

REO sales can be a great real estate bargain for you to buy, but you need to aware of the exact condition of the property before you buy it. A real estate professional can help you with the process and make sure you don’t over pay for any REO property.