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Chris Rubeis
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Real Estate Owned Homes

What is a Real Estate Owned Home in Las Vegas

Thursday, June 17th, 2010

There are plenty of real estate owned homes in Las Vegas. There are plenty of good short sale agents in the Las Vegas area who can help you with your key real estate questions. The number of foreclosed homes in Las Vegas has continued to rise in many situations. Bank owned homes are something that the banks end up trying to get their books. This means that you can find a home as a part of a bank’s REO division fairly easily. The banks may be willing to knock five to ten thousand dollars off of the homes in their REO division. This means in many situations that you can get these homes at bargain basement prices.

They even have foreclosure seminars at local hotels that will give you an idea of what a particular home in the area which has been foreclosed upon may be selling for. The people of Nevada would be proud to know if their foreclosure crisis is being handled properly.

There are so many banks out there who truly want to get these bad assets off of their books, but they simply do not have the resources and the buyers out there in order to do. The demand is not meeting the supply when it comes to the Vegas real estate market. This can be said about the housing situation all over the country.

The taxpayers around the country do not want to spend more money dealing with the foreclosure crisis in a place like Nevada.

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REAL ESTATE OWNED HOMES IN LAS VEGAS, NEVADA

Monday, May 3rd, 2010

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.

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Foreclosed properties stacking up in Las Vegas

Thursday, March 18th, 2010

Las Vegas is one of the cities that has fallen victim to the ailing economy. The bank owned properties seem to just keep increasing, as well as the rate of unemployment. The banks have been auctioning off homes by the droves for over a year. There has been as many as six hundred homes auctioned in a single day.

In the past, if a buyer wanted to purchase a home at an auction, it was common for the bank to require the buyer to pay all cash, or a large non-refundable deposit to give a mere ten days to close the sale. These days, the deposit is typically minimal, and the buyer has a full thirty days to secure financing, and close the sale, as they would in a normal real estate transaction.

The biggest problem, that both the buyers and the banks that own the foreclosed properties, are facing, is the condition of the homes. When a frustrated owner is forced out of their home through foreclosure, they have been notorious for removing items such as light fixtures, doors, cabinets, counter tops, and even the plumbing.
Another factor contributing to the deteriorated condition of these homes is vandalism.

Buyers and agents are often urged to use extreme caution when viewing these vacant properties, as it is common for vagrants to take up residence in the vacant homes.

There are many great deals for real estate investors in Las Vegas right now, although most economist agree that the real estate market has not yet hit rock bottom.

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Real Estate Owned Homes in Las Vegas, NV

Friday, December 11th, 2009

The number of and variety of REO properties – Real Estate Owned Homes – is increasing in Las Vegas, NV. Of course, these properties are increasing in other parts of the country as well, but in Las Vegas there are some really interesting opportunities for a savvy investor who wants to make some money in real estate.

These are properties where ownership reverts to the mortgage company, usually after an unsuccessful foreclosure auction.

Of course you can get a great deal on such a Las Vegas property, but it is crucial to perform due diligence before even considering making an offer. While the mortgage company (or bank) might do some repairs or improvements, you will need to see for yourself EXACTLY what needs to be done and determine the actual value to you.

Of course, if you are interested in generating income from Las Vegas real estate, a Real Estate Owned Home can be a great opportunity; most of the time, rental properties do not require as much TLC as a property you are trying to sell. So some cosmetic work, along with a little landscaping, can go a long way toward helping you generate income from such a purchase.

The bottom line is this: whether you are looking at real estate owned homes in Las Vegas or anywhere else, do your homework and prepare to put in a little elbow grease. These are great opportunities and, over the long run, I think they are incredibly smart buys – especially right now.

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