For a Quick Update on this Question... with the current market and how competitive it is to buy a Bank Owned Home in Summerlin.... you are best off using an experienced agent that knows how to set up the searches for instant notification from the Las Vegas MLS.

Just a tip...

Paul Francis, CRS
Prudential Americana Group - REALTORS http://www.SummerlinRealEstate411.com
702.592.3058

We are specialized in all Las Vegas and Nevada, presenting all of the bank owned ( REO ) properties Las Vegas has to offer for sale daily.
http://www.lasvegasbestforeclosure.com

You can search yahoo for foreclosures at http://realestate.yahoo.com

You can get a list of Summerlin foreclosure homes http://www.foreclosures.investinvegas.us/

The list is available for the Las Vegas and Henderson area, so be sure to enter Summerlin in the "property criteria" field.
You can request bank owned foreclosures, trustee sales, and pre-foreclosure lists.
You'll be able to view pictures, addresses, maps, aerial images, and detailed property information for free for as long as you would like. You can also save and comment on your favorite properties.

Paul,

Actually many banks are doing the complete opposite from what you have explained. They are listing their properties far below market value in order to gain multiple offers and create a bidding war. The majority of the time, the property sells at or above the list price. Definitely a smart technique that was used back in 2004.

Most foreclosed property sells below market price and it is possible to save as much as 10% or more by purchasing properties owned by a bank (called Real Estate Owned or REO). Although you can get a good deal buying REO property, there is also more risk because the bank is not required to make the same disclosures that are made in a private party sale.

Foreclosed properties are also sold at a Trustees’ Sale, but since you need cash and can’t inspect the property, most Trustee Sale properties are bought buy the bank who foreclosed. If you’re interested in getting a deal at the Trustees’ sale, you will want to read the Los Angeles Times article “The Foreclosure Bargain Hunt”

http://www.latimes.com/classified/realestate/news/la-re-fore…

The best web site to research pre-foreclosure and Trustee Sales is RealtyTrac.

http://www.realtytrac.com

Most banks hire real estate agents to market and sell their properties and most bank owned properties are listed in the Multiple Listing Service (MLS) to increase their exposure through cooperating brokers. Banks often prefer to initially offer their properties at or above the market price and then go through price decreases until the property sells rather than accept early "low-ball" offers. As the price for these properties goes below the market they can sell very quickly so you really need to be monitoring the properties daily and be ready to move in order to get a deal.

If you are interested in finding a foreclosure that the bank is selling through an agent, you might want to refer to the Web Reference below that I update weekly with most Summerlin REO property for sale.

Probably your best opportunity for find foreclosure homes is by working exclusively with a good agent. It is possible for us to search with that perimeter. Remember, banks don't sell properties themselves, they are always listed. Second, there are some incredible deals out there that are not foreclosure homes, from new homes to resale homes, there is plenty to choose from. I love working with buyers.

Denise,
I would use Google to do a search for those terms in your area
I have found success with http://www.rehabahouse.com but they dont have property in every area. they have non-mls property on their site as well.
sites like foreclosure.com simply list the properties that banks foreclosed on but were NOT sold at the court house steps, meaning, other investors passed on the deal so the Bank had to take the property back and try their luck on the local MLS.

Hi John,

If you're looking for actual preforeclosures / Trustee auctions, the notices are filed with with the Clark Co. recorder's offices and sales listed in legal notices in the Las Vegas Review Journal, for example. These properties do require a lot of research, and may not be able to be inspected before bidding. Some may not actually make it to sale if a forbearance or other agreement is reached prior to the sale.

For potential preforeclosure short sales or foreclosed bank owned properties, I would also suggest contacting an agent. They can email these properties as they're listed. Unfortunately I've seen some of the online listings on homes that aren't actually available or have listed prices that aren't correct. I did a recent blog that explains a little more.

http://activerain.com/blogsview/425955/Las-Vegas-Foreclosure-List

I also wouldn't necessarily look exclusively for foreclosures. There are also some great values in resales, and if nothing else they will give you a comparison to help you determine value. Using a REALTOR®, they can automatically send you properties specific to your area of interest, property type, and price range. Plus other property specific information that can effect your decision, including sales or property tax history, and HOA / Master Plan fees or assesments if applicable. That can save you a lot of time sifting through the ones that don't fit your needs or have additional fees that may exceed your budget.

John, you are very smart to be looking into property in Vegas. This is by far the best buyer's market we have had in the past five years (actually it is the best one I have seen in the past 25 years in real estate!)and we are having fun finding our clients great deals. Though since many of these are foreclosures it is actually more work to get the banks to accept our offers. But it is worth it in the end.

We are running a series of foreclosure seminars here in Vegas and our next one is on April 13th, just in case you are free to fly in! :) Or to sign up for upcoming seminars, you can go to http://www.greatlasvegashomes.com/las_vegas_foreclosures_and…

Actually all agents have access to the foreclosure properties through our MLS system, which is much more accurate than realtytrak.com or foreclosuresus.com. But as Len said below, most agents really are NOT experienced in this process and do not know how to work with the banks to get your offer accepted. That can cost you thousands of dollars in both time and money. We do specialize in foreclosures, shortsales and auction properties. There is a 200 property Hudson and Marshall auction coming up on April 20th that have some great homes going on the block and some are in Summerlin which is a beautiful area. There will be another one as well later this year if that is too soon for you to consider.

If you would like, I can send you a list of foreclosures in just Summerlin. What size of home are you looking for? Bedrooms? Baths? One or two story? Maximum price range? If you can provide me with those details, I will get something out to you right away.

And something else you don't want to overlook as well, motiviated sellers who are NOT in foreclosure who are pricing their homes to the foreclosure properties to get them sold. It's happening! Especially if you are willing to go with a home that might be 10 years old where the seller has enough equity to still get out with some money. Those homes may be in better condition and offer home warranties rather than being in "as is" condition. It really doesn't matter if a home is a foreclosure or not, what matters is getting the best deal on price and condition!

Try doing a search just by low prices for the size of home you want by zip codes at http://www.greatlasvegashomes.com/las_vegas_neighborhoods_in… for both Summerlin and Summerlin Hills. Or if you email me what you are looking for, I will pick out some homes I think are winners for you. sold@greatlasvegashomes.com

John,
I specialize in foreclosures here in the Las Vegas area. The type of foreclosures I deal with are either bank-owned properties or short sales (pre-foreclosure). You should hire an agent that deals with these types of deals on a daily basis. That is one of the most important aspects of a smooth transaction. These types of deals are extremely complicated for the average agent. Many agents have very little education on these types of deals, yet they still try and drag a client through the process. I would love to help you find a great deal in Summerlin being that I have extensive knowledge in these types of transactions. Let me know and I would be happy to email you a list of properties that match your criteria. I will also preview any homes that you have an interest in purchasing so I can see if it is worth your time. My contact info is below. Hope to hear from you soon.

Len McGuirk
Specializing in Short Sales & Bank Foreclosures!
(702) 203-6688
RealtorLen@cox.net

John,

I am going to assume you mean bank REO properties (properties that the banks have foreclosed on, not pre-foreclosures). Currently in Summerlin banks have listed 32 properties that are REO's. I can provide you will a list of REO's anywhere in Las Vegas. Vegas offers many opportunities and bank REO's are just one, give me a call and I can go over all your options.

Ken Maher
Prudential
702-401-6523

summerlin in las vegas
yep, nice area http://www.realtytrac.com

anyways

good luck

All foreclosures are published in a local newspaper or magazine or on the bulletin board of the court house steps. You can also ask a Realtor in that area and see if they can assist. May I refer you to a reputable and experienced Realtor there?