Home Buying in Las Vegas>Question Details

Rita Scruton, Home Buyer in Las Vegas, Las Vegas,...

I am interested in purchasing a condo in the Vegas area, what are the advantages and disadvantages of a foreclosure?

Asked by Rita Scruton, Las Vegas, Las Vegas, NV Thu Oct 24, 2013

also would like a safe area close to strip, or on bus route as will not have a vehicle.am a single women looking for a place for our winter months,I plan on retireing in a year or two and probably would resale in 10-15 years, what advise would you give me?

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Answers

17
Last I saw only 8% of available listings were REO's/Foreclosures. So I would pursue purchasing them but also stay open to short sales and private sales. This will increase the amount of homes that will show up in your search results. Around 80% of available listings are now traditional sales.

If you would like to discuss this in more detail please fill out our buyer's form or contact me directly below. Here is our buyer's form: http://lvrealestatehelp.weebly.com/buying-real-estate.html




I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

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0 votes Thank Flag Link Tue Oct 29, 2013
My partner and I specialize in High-Rise Condos on and around the Las Vegas Strip. We highly recommend this area for ease of travel and quick access to many amenities (restaurants, shopping, etc). The strip high rises offer the convenience of city-style living and those who live here actually have the luxury of walking to things very nearby which is rare in our vastly spread out city. The Strip also offers a wide array of bus lines, many bus stops and even nearby access to a monorail.

We work with many retired couples who choose this area for the convenience and frankly, the unique fun the area offers.

We would love to show you some of the opportunities that are available in this area.

Contact us at http://www.LuxeVegasRealty.com
0 votes Thank Flag Link Mon Oct 28, 2013
Flamingo Road 3 to 4 miles West of Strip has some really 1st class condo projects that are still 30% below what they were in 2005/2006. Safe area, on the bus route, gate guarded and still very nice.
1 bed under $100,000.

David Cooper Superior Investment Results Since 1994
READ MORE http://www.lasvegaswinner.org
Call me At 1.888.616.6226 RIGHT NOW!
0 votes Thank Flag Link Sun Oct 27, 2013
It will take some time to talk to you about the advantages and disadvantages of foreclosures. One way or another it could lead to something else too...I would like to explain our whole market to you , so that you totally understand it before you go shopping. Also I could get you set up with a lender to help you understand that part of it too. You would need to get a lender pre approval before you go shopping. Please call or email me . Thanks
0 votes Thank Flag Link Sun Oct 27, 2013
There are properties in your desired requirements however it depends on your budget. Register on my website and I will refine your request and answer specific questions you may have. http://www.lasvegasluxuryhomes.us
I have 2 1 bed 1 bath with great resale potential.
0 votes Thank Flag Link Sun Oct 27, 2013
I have one at Canyon Gate.... A Guard Gated Community that you may be interested in....

Please call me when you have a moment and we can discuss your criteria and time frame...


Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Fri Oct 25, 2013
Please call us ..in 10 min. We can share with you all the pros and cons. Kim and Matt. 702.501.0973
0 votes Thank Flag Link Thu Oct 24, 2013
Hello Rita, you will get a lot of replies to this so I assume you will probably need to interview a few agents, which I would love to be on that list. I am a native of Vegas , been a Realtor for 17 years and Im a relocation specialist and certified in 2nd home purchases. Please let me know if I can help in anyway. Feel free to call or email me anytime. 702-239-6900 and Rhondasellsvegas@gmail.com. Also visit my web site at http://www.AllLasVegasHomes.Com . Hope to hear from you.
Rhonda
0 votes Thank Flag Link Thu Oct 24, 2013
Hi Rita!

You should consider both traditional sales and foreclosures to make sure you know what ALL your options are. Because there are so few foreclosures on the market in Las Vegas these days, they are not necessarily any less expensive than a traditional sale.

And you should always take into account the condition of the property. Foreclosures are generally offered "as is where is." That does NOT mean they are in poor condition, but if minor repairs are necessary, the banks will not do them. They will only make major repairs which affect habitability.

The biggest question when purchasing a condo is actually: ARE YOU FINANCING? Most condo projects in Vegas are NOT financeable. The banks won't finance in projects that have a very low owner/occupant to second home/investor ratio. With Las Vegas being a winter destination (just what you are looking for!) we have a lot of second homes here. So if you plan on financing, it will definitely restrict the number of choices you have. You may also want to consider town homes. Generally speaking, financing is much easier on those and the lifestyle (lock and go!) is very similar.

That being said, we have some LOVELY areas to live in that are convenient to stores, hospitals, and bus lines. You didn't give a price range or size that you needed, so I wasn't able to send you a link with hand selected properties. Bbut you can view all the current condo listings at:

http://www.GreatLasVegasHomes.com

This is a local site and the listings are updated every morning so you don't spend hours viewing properties that are already under contract or even sold like you do on the national sites. If you would like to share more information on your size and price range requirements, I will be glad to do a personalized search for you based on local knowledge.

Hope this helps!

Diann Tonnesen
Prudential Americana Group Realtors
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Thu Oct 24, 2013
Rita,
There are already some pretty good responses to your question below regarding pros/cons of a foreclosure. The bottom-line is that unless you have a lot of time and patience, it may not be the right way to go and worse, should the deal go sour you could very well miss out on a property you would've loved to have purchased that was a traditional sale.

One of the great things about Vegas is that there are some really cool properties here and with interest rates still very low, you can get a good deal on home you will love. Please don't hesitate to call me if you have any questions, or would like to start seeing what's available.

Best Regards,
Rocky
Keller Williams Realty - Southern Nevada
702-858-3788
rwilkinson@grandculdesac.com
0 votes Thank Flag Link Thu Oct 24, 2013
Hi Rita,

The biggest advantage you will have in buying a Bank owed Property in todays market is if you are doing an FHA (3.5% Down) or VA Loan. You won't have a seemingly competitive disadvantage. Some bank (Homepath) also offer a 30 day look see for owner occupiers to get first chance before the house is open for investors.

The negatives, in the past, bank owned properties usually meant lower asking price. Today that is just not the case. Ask your agent to run a comp on the property to give you the appropriate approximate price the should be listing the property at, to make sure the bank isn't making you "pay" for that 30 day look see advantage.

You have a lot of wonderful choices her in Las Vegas. We have fabulous east side neighborhoods as well as semi-urban west side neighborhoods that are not to far from the strip. Each area has great shopping close by and would be convenient for the bus routes.


Search http://www.Las-Vegas-Real-Estate-Home.com

Regards,

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-405-7659
E-mail: smokey25@cox.net
http://www.philScheinman.com
0 votes Thank Flag Link Thu Oct 24, 2013
Hi Rita

currently in Las Vegas, the largest inventory of homes us equity sale. Although we do see a small increase of bank owned properties into our inventory.

Buying a bank owned property or from equity seller is about the same with the exemption thT we you purchase a bank owned property most likely it will need more repairs done andin most cases the bank dose not know the condition of the property.
Many buyers have the impression that when buying property from the bank, they are getting " better deal " , just to realize that in some cases they are paying more tans getting caught in the excitement if bidding war.

I would suggest to look at both bank owned Short sales and equity sale properties to be able to find your perfect condo and see what's available in the market so you can compare.

To receive a customized search for condos, please contact me at 702-992-7754 or email cvegashomes@gmail.com.
You can also search for all the homes for sale in Las Vegas at http://www.cvegashomes.com

To receive a FREE market conditions Las Vegas including sales by zip code, contCt me.

Rena Levy
Global Broker/Associate
Realty Executives
702-992-7754
Cvegashomes@gmail.com
Web Reference: Http://www.cvegashomes.com
0 votes Thank Flag Link Thu Oct 24, 2013
Hi Rita, the advice Bill gave you is good sound advice. In the end, I don't feel foreclosed properties have any greater advantage than purchasing any type of property. I feel it would be wise for you to look at all condos that meet your criteria rather than limiting yourself to only foreclosed ones. You may very well select a foreclosed condo in the end but atleast you explored all of your options.

I would like to help you find a nice one that fits your needs. If you will give me a call at 702-370-1072 or you can reach me via email if you prefer at lauri365@aol.com and I will be happy to assist you. I will send you everything that's available based on your criteria and I will include the HOA fees in your view so you can take that fee into consideration as well.

Laura Bauer
Foundation Realty, LLC
702-370-1072 - Direct
lauri365@aol.com

http://www.trulia.com/voices/profile/Real_Estate_Pro-Las_Veg…
0 votes Thank Flag Link Thu Oct 24, 2013
None. It is the same as purchasing a property from a regular seller. The disadvantages are that the place may be trashed and you have to put a lot of money into it to make sure that it is in working order. Sometimes, though, you get lucky and there is nothing wrong and you get a great property. Make sure you get a home inspection by a licensed home inspector on any property you purchase.
0 votes Thank Flag Link Thu Oct 24, 2013
Advantages = QUICK CLOSE
Disadvantages - Buyer beware.
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Buying a foreclosure requires the buyer to be more thouough regarding their due diligence. This can not be overstated.
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Then, as Bill pointed out, what may appear to be a good deal can become less of a deal when you become the owner.
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Give Nakia a call. Your best insurance to acheive your goal is to have a great guide.
Nakia even provided a telephone number.

Best of success,
Annette Lawrence. Broker/Associate
Remac Realtec Group
Palm Harbor, Fl
727.420.4041
http://www.FirstLookHomes.us
0 votes Thank Flag Link Thu Oct 24, 2013
Thank you Annette for recognizing my response...

Bill
Flag Thu Oct 24, 2013
Hello, there are many pros and cons to purchasing a foreclosure. Contact me for more information. 702-318-1244.

Thanks,

Nakia Woodson
0 votes Thank Flag Link Thu Oct 24, 2013
Although I'm not familiar with the Vegas RE market any local agent the best advice one could give is to never buy property without considering its resale potential in the future. It's impossible to predict the future but one should be able to use present day information to minimize the risk involved.

The only advantage of purchasing a "foreclosure" is that they typically represent the best values for property sales. This doesn't mean they are the best options because a foreclosure that needs 50k in repairs that is selling for 15k less than a property that requires nothing, may not be a good consideration.

My advice is to consider the entire market when buying property. Those that narrow their search to one small corner of it could be eliminating their best options.

Hope this is helpful.

Best regards,

Bill
0 votes Thank Flag Link Thu Oct 24, 2013
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