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.