Home Buying in 89135>Question Details

Nina, Home Buyer in 89135

I would like to purchase a pre foreclosure property that is listed at $6761- on trulia Address Garden Mist it is a 2bed 2bath condo what is my next

Asked by Nina, 89135 Wed Jun 16, 2010

next step?

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Nina - There are no condos on Garden Mist available for $6761. Every unit listed there is selling between $120,000 and $175,000.

If that is linked to a Realtytrac listing, that amount would probably be for an HOA lien, or taxes or some other loan owed on the property. It is not what the property will actually sell for. In fact, the least expensive properties available right now a some one bedroom condos on Bonanza, listed for $15,000 each and there are 3 of them. It goes up from there.

Banks are getting market price. We have very little inventory and they are not selling properties here for 5-10 cents on the dollar. If it sounds too good to be true, it usually is.
1 vote Thank Flag Link Wed Jun 16, 2010
Hi, Nina.

Our recommendation is that you find a Real Estate agent that specializes in this area. Some websites are confusing and very misleading. In order to save yourself lots of time and heartache, talk to someone who specializes in this area. Those who try and "take the bull by the horns" themselves, find it costs them more in the long run.

You can succeed in buying bank foreclosures if you are prepared and hire the right agent.

First. Get your financials in order. Banks will not even look at your offer unless you have evidence you can purchase the property. Years ago, this wasn’t necessary and there are investors who are still hung over from the good old days where a good credit rating or signature meant something.

Second. Find a good buyer’s agent. If you are truly an investor, you want to work with someone who only handles investors. There is a substantial difference in the purchasing process between a primary home and an investment property. A good investment buyer’s agent knows market rents, has resources for rehabbing properties and has the skills to find you a tenant. Contact us if you want a free list of pre-screened agents who have experience in purchasing foreclosed properties (702) 619-6215.

Third. Keep an open mind. Most investors who don’t live in Las Vegas are misinformed about which areas to purchase in and what types of properties to purchase. Probably the worst source is a friend or relative who lives in Las Vegas. Unless a bad agent is trying to show you their company listings, you should be open to suggestions.

The process for buying bank foreclosures:

Get an up to date Foreclosure List. Start with a foreclosure list from a licensed agent. Look at a lot of properties. On average, an investors needs to look at 4 properties to make an offer on one of them. To make 6 offers, you need to look at about 20 or more properties. This is a volume game.

Make a bunch of offers. The minimum number of offers should be 4 properties. Any less than 4 offers is a wasted trip to Las Vegas. Currently, you need to make about 4 offers at or slightly above list to get one accepted. If you increase your offer price, you can lower this number. To take this example to the extreme, you could make 12 offers at or below list and get one accepted.

Cross your fingers. There is a considerable amount of luck involved in getting an offer accepted. The more offers you make, the luckier you will get. It is common for an investor to get an offer accepted even though they weren’t the highest bidder because the highest bidder fell asleep at the last minute and didn’t get bank addendums back to the bank fast enough.

Pay attention. When buying bank foreclosures and making offers, it’s extremely important to monitor phone calls, text, voice mail and email. Pick your preferred method and stay in touch with your agent. If you get an offer accepted, you have just 24 hours to go through a fire drill. If you fall asleep, go on vacation or simply get lazy, you will have to start this process all over again. If you are lucky, your agent will work with you again.

For more specialized information, feel free to contact us at any time,

LV Property Search
Info@LVPropertySearch.com
0 votes Thank Flag Link Tue Sep 11, 2012
Hello Nina,

Heather's answer below is correct. I pulled up the records for Garden Terrace condos and see where the HOA placed a lien on a unit for unpaid HOA dues which triggered the "Pre-Foreclosure" status.

There are services that automatically pull information from the County records system when liens are placed on a property and then list the properties as "Pre-Foreclosures".

I know these condominiums extremely well (I was selling them Brand New back in 2002) since they are in the area of Las Vegas I specialize in. The chances of anything being available for sale in there (or even in the 89135 zip code) for less then $75,000 is slim to none.

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



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0 votes Thank Flag Link Sat Sep 8, 2012
Hello Nina, I as well couldn't locate a property for $6,761.00 on the MLS. If you would like you can go to my website http://www.VegasHomesbyMikeStone.com and do a search. The information you will find there comes directly from our MLS. Please let me know if I can be of any assistance to you!

Michael Stone, REALTOR
Keller Williams The Marketplace I
702-824-4011
0 votes Thank Flag Link Fri Aug 17, 2012
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