There are still many good valued properties for sale in Las Vegas even though our inventory has gone down a lot in the last six months. I just checked our realtor system and there are 79 single family homes for sale under $50,000. There was one priced at $35,000, which was the lowest. We are in a market right now that is experiencing multiple offer situations on many of the homes being sold. This causes an increase in some cases of about 15%. You might want to consider buying a home in the $70-$80,000 range and using your cash as a down payment and financing the balance of the purchase. You should discuss this with a lender so you can get accurate information as to what you could qualify for. I would be happy to refer several good lenders in this town that can guide you through the closing process and in getting qualified. Even though many of the properties for sale are getting multiple offers, there are many that aren't, so don't get discouraged. Let me know if you would like for me to email you photos and information on the homes on the market that are for sale.
I'll look forward to hearing from you and helping you in the home buying process!
Prudential Americana Group
The current $50,000 house 3+2 you see available has been passed over by seasoned investors who like to maximize profits.
My current investors are looking ar $80,000 to $100,000 in good neighborhoods, that rent for $1000 to $1200 a month
David Cooper Investor with Buyers Agent License at Since 1917 Realty 702-499-7037
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Do not worry about paying liens including the mortgage balance. To record the property in your name, those items must be cleared and you will have title insurance to see to it that gets done.
As to bidding over list price, my experience is that you may find offers 10% over list, but not quite as bad as you expect.
There are still opportunities for you to purchase a home in Las Vegas for $50k but you have to act quickly once you find something you like. It also depends on what area of town you would like to live in and if you don't mind doing some repairs. You will have more selection if you are interested in buying a condo/townhome then a single family residence.
You are correct about multiple offer situations and possibly having to pay over list price especially under the 100k price range. I would check out this website http://www.hudhomestore.com click on nevada then enter clark in the county section. Then click on the price tab to organize the homes by price. This website will show you all the HUD homes available for sale in Las Vegas and Henderson.
There are loan programs available for you, which will give you more buying power and you can use the cash you have as your down payment.
Contact me with any other questions you may have.
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph