There are definitely a lot of great opportunities out there today. Many of the Las Vegas foreclosed properties are in decent shape; but, some are in very bad shape and few are extremely odoriferous. You will have to ‘weed through some pretty unattractive options.

Obviously, those who are endowed with skills necessary to fix up a Las Vegas foreclosure will benefit more so than those who have to hire out jobs. But, most of the prices these bank owned homes are listed at are so low, that you will still greatly benefit even if you have to pay for help on the foreclosure. I would say that you must be prepared to do some type of work when you purchase a foreclosed home, even if it is nothing more than a cleanup and painting. Many times there is more damage to contend with; but, the prices offered usually more than make up for the work that you need to invest in the foreclosure to make it whole.

If you are allergic to mold, you need to be aware that some of these foreclosed homes may have varying degrees of mold issues. Generally, you won’t know this until you see it.

Try to have your visionary glasses on when looking at most of these homes. If you can look past what needs to be corrected and see the potential of the foreclosure, you have a great chance of building nice equity and creating a wonderful investment for yourself.

Patience is a virtue… here in Las Vegas too. Patience is necessary once you find a bank owned home that you like and write an offer. The banks run on their own timetables. Some responses are timely while some are not, they may get several offers on the same foreclosure before they make a decision and render their response. Sometimes, you will need to bid over the asking price if the foreclosure is listed low enough and in good shape. This happens more often than you might think.

Finally, once you find a Las Vegas bank owned home that feels right, don’t wait to submit your offer. The longer you, wait the greater the chance of running into another buyer competing for the same foreclosure. If you like the home, and it is priced well, you most likely won’t be the only buyer in Vegas who is interested, there are a lot out there who are solely seeking the best deal they can find on a foreclosed home, which is often times found with the Las Vegas bank owned properties. If you have to compete you will most likely pay more for the foreclosure.

For more on foreclosed homes feel free to contact me or my Team.

These days, it’s hard to hear much about the housing market without hearing the words “short sales” or “foreclosures” over and over again. This makes now the perfect time to learn more about these great opportunities to jump on a great deal, so please read on to learn about whether or not going with short sales in the Las Vegas area would be the best thing for you to do.

Many home owners today owe more on their mortgages than they can sell their house/property for; hence, the term “short sale“. These homeowners who need to sell today (or who have no choice but to sell today) have to be able to get out from under their mortgage commitment without having to pay this commitment in full. They would also like to salvage their credit if possible. In the past, short sales have actually been quite difficult, as the banks couldn’t seem to handle the workload; and, the buyers couldn’t wait out the length of time the banks were taking to make a decision. The banks need to decide just what they are willing to take on these mortgages as they are not going to be completely paid off. If a second mortgage is involved the process is that much more difficult. There are certain steps that the bank takes to methodically make their decisions. Once these decisions are made, there might be more approvals/signatures that are needed to complete the process and all of these still take time.

There does seem to be some hope for these short sales now and in the future. Legislation is supposed to be handed down to aid the banks in making their short sale decisions. There is talk about subsidies from the government to help the banks bridge the financial gaps they are experiencing in accepting these short sale payoffs.

Along with the improvements we should be seeing in short sales, there is also supposed to be improvements in mortgage restructuring. Many families could definitely benefit from restructuring the mortgages that they already have; and, then they would not have to sell (short or otherwise). I understand that there are certain ratios and guidelines that families have to meet for the loan restructuring; but, if they do, it should be cut and dry to get the job done. I have not spoken to many people who have had much success in getting their mortgages restructured. Hopefully, the legislation connected to this process will help more families be successful in this process.

If homeowners are out there who need to move, please give us a call and we will be glad to see what we can do to aid you in your sale (be it short or otherwise).

The greatest deals around these days are usually found in the bank owned/foreclosed market, and if you’re looking for that great deal, please read on. These homes are priced to sell fast and there are many buyers out there right now who are just like you. They’re out there looking for the knock out deal that can’t be beat.

Before we go on, it’s very important to make sure you aren’t fooled by thinking that all cheap houses are equal. Some are much better deals and require much less work then others.

Now, when you find a great bank owned home in Las Vegas you must move fast! If an agent tells you that the home might not last long, they aren’t just trying to pressure you into making a deal, they’re serious. Many of these bank owned homes sell with multiple offers on them, and many times when you submit your offer you are told to give your “Highest and Best” offer. That means you get one chance to put your best price forward for the bank to view.

The bank doesn’t have emotion when selecting a buyer for a foreclosure in Las Vegas. They want to see cash (as in proof of funds) and/or a qualified or pre-approved buyer (with a letter from a reputable mortgage company) with any offer. If your offer doesn’t have one of these letters it won’t even get submitted to the bank, and if you are in a multiple offer situation, you won’t have the chance to expect a counter offer. Your offer is either selected or rejected. If you really want the home you will most often have to pay full price or over asking price to beat out the other offers.

So, when an agent tells you there are other offers on this bank owned home, it is not a hoax. It is unethical for an agent to solicit an offer by creating a false scenario. If the agent you are working with is representing you as a Buyer’s agent it is his/her job to give you all the information they have in order to help you reach the decision that is in your best interest. If you really want the house, you’re probably going to have to pay what the bank is asking. But, in most cases, you’re getting one heck of a deal even at (or over) list price!