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Mel, Home Buyer in Sunrise Manor, Las V...

is buying a foreclosed property a long process?

Asked by Mel, Sunrise Manor, Las Vegas, NV Thu Jan 14, 2010

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Hi Mel,

Buying a foreclosed property is NOT a long process; if it is foreclosed it is owned by the bank... the bank has to pay taxes on it, they have to keep HOA fees paid, and there is no emotion in it on the banks end. They have already appraised it, and they know how much they want for it. They try to price competitively, to get rid of the property and minimize associated costs.

Cash is king (& common in today’s market), whether Foreclosure or ‘Short Sale’, no matter the price.

Now, this is not guessing, these are facts I have analyzed, for all properties in Clark county/Henderson, up to 3 bedrooms, within the last 30 days:

Remember, Days on Market is List Date to Sale Date, so the actual Contract Date to Sale Date is Shorter

**FORECLOSURES**

*CASH SALES*
SqFt Sale Price Days on Market
High 6,908 $580,000 335
Low 448 $11,500 0
Average 1,510 $95,111 40
Median 1,338 $75,000 20

DOM Breakdown
0-30 Days 61.9%
31-60 19.3%
61-90 7.3%
91-120 5.2%
120+ 6.3%


*CONVENTIONAL, FHA, VA*
SqFt Sale Price Days on Market
High 6,101 $960,000 419
Low 660 $36,000 0
Average 1,939 $151,066 39
Median 1,784 $134,950 21

DOM Breakdown
0-30 Days 63.0%
31-60 18.0%
61-90 8.3%
91-120 5.0%
120+ 5.7%




A 'Short Sale'… WELL… is an animal:

**SHORT SALES**

*CASH SALES*
SqFt Sale Price Days on Market
High 5,544 $850,000 1,260
Low 520 $19,000 0
Average 1,528 $111,678 80
Median 1,333 $88,155 46

DOM Breakdown
0-30 Days 43.8%
31-60 14.6%
61-90 9.7%
91-120 9.7%
120+ 22.2%


*CONVENTIONAL, FHA, VA*
SqFt Sale Price Days on Market
High 5,440 $750,000 1,306
Low 843 $35,000 0
Average 1,982 $160,201 237
Median 1,816 $135,500 199

DOM Breakdown
0-30 Days 36.0%
31-60 14.1%
61-90 9.8%
91-120 8.5%
120+ 31.4%


Let me know any questions you have.


I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.

Search the Southern Nevada MLS Live at http://www.markfleysher.com

Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com
Web Reference: http://www.markfleysher.com
2 votes Thank Flag Link Fri Jan 15, 2010
1 to 2.5 months
there is not that many left in Las Vegas.
You can find more short sales and flips.

CALL ME I CAN HELP YOU WITH YOUR REALTY NEEDS

MARIA LESZCZYNSKA
REALTY ONE GROUP
702-524-4729
0 votes Thank Flag Link Tue Dec 4, 2012
It takes average 35 days to close on an REO.
If a buyer is paying all cash and the home does not have an HOA.....it could be even faster.

Mel....please feel free to contact me at 702-355-H-O-M-E (4663), should you want to own a home in Las Vegas....thanks much and have a great day!

Julia at Realty One
702-355-HOMe
0 votes Thank Flag Link Mon Jan 25, 2010
Mel,
Buying a foreclosure doesnt normally take too long. 30-45 days. Now a short sale, thats a whole different story!

Matt Laricy
Americorp Real Estate
Brokers Associate,e-PRO
mlamericorp@aol.com
708-250-2696
0 votes Thank Flag Link Mon Jan 25, 2010
HI Mel,

No.
It is usually 30-45 days to get it closed if the buyer has a loan.
If the buyer pays cash, it can close in just a few weeks. The long processes are other types of situations like short sales. If you would like some claification, you can email me, as I have definitions of all these processes that I can email to you!

Sincerely, diane 702.401.0307
0 votes Thank Flag Link Mon Jan 25, 2010
Simple Answer - It can be Mel - depends on your definition of "long". i would say, good rule of them is you can be get to closing in 60 days or less

There are actualy numerous classifications a property can be in that need to considered here are a few of the most common:

Foreclosure
Repo/REO - not the same as foreclosure
Short Sale - home owner is working with the bank in a settlement, these present some challenges
"None". This is the typical owner selling their property

There is an interesting sub classification buried within Repo/REO that presents incredible savings to particular 'professions'. Not sure if that applies to you here in this case.

All appropriately priced property types typically get mulitple offers on them, and the owners get to choose which one is best for them. Offers include all kinds of conditions not just the money part that may sway the 'sellers' one way or another.

It is true that the Foreclosure/Repo/REO properties are selling quickly due to the high interest in Las Vegas for investors who are buying with cash. Cash sales take out some of the complications for sellers, hence they recieve more favorable notice/acceptance.

There are a lot of people interested in the investment/value of Las Vegas Real Estate right now. My simple advice if you are wanting to play in this market:

1) get on top of new listings coming on the market for the price and area you are interested in - I can help
2) make smart/educated offers as soon as you are comfortable - I can help
3) cross you fingers - I can do this too
4) don't give up - I never do
5) plan a great house warming party - i will be there

Harry Jones
Century 21 Consolidated
2820 E. Flamingo Las Vegas, NV
702.575.9680
0 votes Thank Flag Link Sat Jan 16, 2010
Buying a foreclosed home already owned by the bank should not take a long time. The bank is prepared to receive offers and decide which offer they are willing to accept. Sometimes they will wait a while and gather as many offers as possible before making their final decision.

On Your Team.
Irena Popilevsky
(917) 579-4455
http://www.irenapopilevsky.com
0 votes Thank Flag Link Fri Jan 15, 2010
Hi Mel,

Mariah is right. Depends on a lot of things. Cash sales are the fastest and Conventional, FHA, VA loans usually 30-45 days depends on the individual lenders work loads. One thing you need to make sure is you have a good agent represent you in a bank owned property sale. As a buyer, you have many rights to protect you if the paperwork is completed correctly. As an agent, we have many timelines to follow, for example; inspection, HOA resale package, etc. So a good agent can make the process smooth and painless. Happy home hunting.

Best Regards,
Web Reference: http://www.nvroy.com
0 votes Thank Flag Link Thu Jan 14, 2010
Hello Mel....When you have an accepted contract, the escrow process is approximately 30-35 days for foreclosed properties.

Please feel free to contact me at 702-355-H-O-M-E (4663) whereas we could meet and I will be very happy to give you all of the details about the process.

Thanks much and have a great day!
Julia St. Marie
Realty One Group
702-355-HOME
http://www.LVRealEstateLady.com
0 votes Thank Flag Link Thu Jan 14, 2010
Hi ! Every sale is different. Depending on where the funds are coming form wether you are paying cash or taking out a loan. Every bank has its own set of rules and criteria for the type of loan you have. I have closed Bank owned home in less than 30 days and that was with an FHA Loan! If you are interested in a Bank owned Property I will be very happy to do everything to help you find the right one for you.
Mariah
Coldwell Banker
Las Vegas, Nv
mariahhomepro@cox.net
702-250-5424
0 votes Thank Flag Link Thu Jan 14, 2010
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