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Posts Tagged ‘Buying a Foreclosed Home in Las Vegas’

Foreclosures in Las Vegas, NV

Thursday, June 17th, 2010

Has it always been your dream to invest in property? Or, are you looking for a new, fun, and exciting place to live? Then you should definitely consider purchasing a foreclosed home or condo in Las Vegas. Las Vegas has something for absolutely everyone. Even if it is your first time buying a foreclosed home, there are realtors waiting to help you every step of the way! This article will offer some friendly advice if you are considering purchasing a foreclosed home.

Buying a foreclosed home can be a very simple process. Many realtors in Las Vegas understand that it may be your first time purchasing, and can inform you about the necessary documents you need to file and the responsibilities associated with foreclosed homes. The advice of this article is simply, don’t be afraid to ask! There is no such thing as a dumb question, as the old saying goes.

Right now, foreclosed homes are starting at the low $30,000s in Las Vegas. Isn’t that unbelievable! But it is so true. There are luxury condos in high rise living buildings like Trump Towers and Turnberry that are going for only $50,000, but they are valued at over $200,000 and more! Now is really the time to buy real estate, because you will probably never see foreclosed homes this cheap again in your life.

Buying foreclosed homes in Las Vegas is the greatest investment anyone can make. The city is gorgeous and thriving. People will be wanting to move to Las Vegas in the future, so be the one that profits now.

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Forclosures in Nevada

Monday, May 3rd, 2010

I live in Las Vegas, Nevada. In my county alone which is Clark County, there are over 12175 homes that have been forclosed as of March of 2010. That’s a good and bad number. Why good and bad you ask? Bad because that is a lot of families or people in general that have lost homes and had to relocate due to the economy. Good because those that have survived the “recession” are now able to reap the benefits of all the now low prices on homes. I am proud to write this article to say that I am one of the ones that can reap the benefits. Banks are going crazy to find decent customers to finance a home too. As long as you have a good down payment decent credit, you can actually obtain the house of your dreams or if you dream bit close to it. I just did some research on www.lasvegasfreeforeclosurelist.com and a home with 5 bedrooms and 3 full sized bathrooms is on sale for $212,000!!!! In Las Vegas that home is normally for about $300,000. If you live in the Reno area on realestate.yahoo.com, homes with 4 bedrooms and 3 full sized bathrooms are being sold for $242,900!!! The point is, with the banks owning the majority of the homes in the Nevada area, homes are being sold for dirt cheap right now. Even if you don’t have the greatest credit in the world, save your money and increase your down payment. Nothing gets a bank excited more than a large down payment. Don’t feel rushed though, the economy is still bad and these homes aren’t going anywhere as long as unemployment is still on the rise. So be patient ang pick your dream home soon. I know I am!!!!

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Thinking of investing in a Las Vegas REO property?

Friday, March 19th, 2010

So what is a REO? An REO, is an abbreviation which stands for, Real Estate Owned properties. These are the homes that the lender has foreclosed upon, and has taken back full possession of the property. The foreclosure is complete, which gives the prospective buyers more barging power to reduce the sales price.

Why is a REO property a better priced home than any other house that is listed for sale? There are several reasons that the real estate owned properties sell for a substantially lower price than other homes.

First of all, a bank has incentive to sell the property as soon as possible to avoid possible vandalism, which would further decrease the properties value. Second, when the owner is selling the property, it is personal, and all of their prior investments are included in the sales price.

Real Estate is a supply and demand industry. The current market in Las Vegas, has a much larger supply than demand. According to realtor.com of the National Association of Realtors, there are over 16,000 homes available for sale in the Las Vegas area, under $350K. A home that may have been a million dollar home in 2004, is now in this price range. There are also several single family homes available under $20K.
Some banks are auctioning off their inventory of REO homes, while others are listing them with local real estate brokers. It is not rare for a lender to offer special incentives to a buyer who purchases one of their REO homes. These incentives are offered to encourage the buyer to obtain the financing from the current lender of the property. This offsets the losses for the lender, and has benefits for the buyers.
This is definitely a buyer’s market, maybe there is that perfect deal waiting just for you, in Las Vegas, NV.

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Buying a Foreclosed Home in Las Vegas, NV

Thursday, February 18th, 2010

Foreclosed homes offer significant advantages in terms of cost, but they come with important caveats which home buyers should be well aware of. The large number of foreclosed properties in Las Vegas, Nevada ensures that houses of almost any price range and in almost any part of the city can be purchased at an extreme discount. But many of these properties have been left abandoned for months and have been subject to vandalism, rot, and structural decay. Banks simply do not have the staff or resources necessary to keep these homes occupied while they wait for sale.

Few people realize how quickly a property deteriorates when it is unoccupied. When humans move out, wild animals quickly move in, and many abandoned properties have become infested with rodents. Additionally, many small problems become large when left unattended. Slow leaks can become major floods when there is no one to shut off the water. Bad wiring can turn into a fire hazard when no one is there to replace it. There may also be other problems left by the former occupants, such as rotten food or damaged appliances.

It is therefore important for any potential foreclosed home buyer to have the property examined and appraised before making a purchase. Trained inspectors can find out if a house has serious structural problems or other unforeseen expenses. This can help a homebuyer avoid being stuck with expensive repairs or a house they can’t live in simply because the bank did not maintain the property.

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