Bank Foreclosure Listings in Las Vegas
If you want to buy a home in Las Vegas to either live in yourself, vacation at or rent out a Bank Foreclosure List is a great way to see what the prices are today, what is available in the areas of Las Vegas that you are interested in, and find properties to bid on and ultimately purchase.
Beware! Many foreclosure lists are out of date or contain errors. There are many web sites like Trulia.com can be used to get a feel for what prices are in the Las Vegas area but the information is not updated often enough to be reliable. We suggest you get a custom foreclosure list that is less than a week old from a real estate agent that is experienced in buying foreclosures in Las Vegas.
Donâ€™t Waste Time! A custom foreclosure list that draws from the most current MLS data will save you tons of time because it will not contain all kinds of homes that are already under contract! When we first started out we wasted time on several online foreclosure web sites and found out the hard way that they were a complete waste of time.
Las Vegas Short Sales
Short Sales are probably the most dynamic component of the Las Vegas real estate market. First of all, there is nothing â€œshortâ€ about them and itâ€™s a bit of mystery of how or why that term came about. There are real benefits to these types of distressed property sales.
What are they?
In summary, a short sale means that the bank is taking a loss on a mortgage to get rid of an asset. For example if Johnny owes $100k on a house and finds a buyer willing to purchase it for $70k, Johnny is asking the lender to take a $30k haircut. This is where you step in and can make money, if you do it right.
Try to focus only on the â€œapproved shortsâ€ that fall out of escrow. This is juicy ripe fruit that just hit the ground. The problem is that you have only a couple of days to pick it up. Your experienced buyerâ€™s agent will keep you posted on these. On average, one falls out of the tree about every 3 days.
Be patient. Both the listing agent and the buyerâ€™s agent have absolutely no control over this transaction. Some 18 year old at some remote lending institution is making all the decisions. There is no rhyme, reason or timeline that makes sense to anyone. If you call your agent to ask what is going on, they will say â€œno idea.â€ Banks donâ€™t return phone calls, emails or have any sense of urgency. If the property actually closes, you will get 48 hours notice to jump through fire and cough up the entire balance.
Be prepared to pay more. 90% of these types of sales involve a last minute â€œwe want more moneyâ€ from the bank. They have strung you out for several months and they figure that if you held out this long, you will be willing to throw more chips on the table to stay in the game. This is the point where most investors want to pull their hair out. Right or wrong, legal or not, the bank has the investor by the leg and they know itâ€¦.
If you have any additional questions in this area or any other in Real Estate, we are the team to talk to. Also, you are welcome to use our MLS SEARCH ENGINE to browse actual MLS LISTINGS on your own:
With you in mind,
LV Property Search
If you'd like to skype, we can communicate in detail. I can find you solid investments and my broker/partner is a professional property manager if you'd like this service as well. Both of us have 2nd to none reputations as knowledgeable and ethical agents.
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
All agents in Las Vegas are (or should be) very knowledgeable in short sales and/or foreclosures. It has been our entire market for 4 years! The question you are asking is for a lender, and also needs to be less vague. I would suggest you find an agent you want to work with and either work with their preferred lender or go to your bank or financial institution in which you have an established relationship and request for a loan. This will let you find out what you are capable of purchasing and you will have a solid foundation for your search! Thank you for posting, great question! Raina Musser
There will be no problem purchasing in Las Vegas. A high percentage of Buyers are from outside the country, so you being an American purchasing from outside the US is not an issue. The fact that your Credit score is measurable (for one who is outside the country) and so high is an indication of fairly smooth sailing with regard to obtaining a loan here. The fact that you are paid in Euros is also not an issue. Lastly, your high down payment should also solidify your ability to get a favorable rate on a loan.
I have been in Real Estate for more than 33 years, and specialize in Foreclosures (listing homes from the Banks),and negotiating Short Sales. If you will send me your criteria, I would be happy to send you a daily list of homes as they come on the market that fit your investment profile.
Best of luck, and thanks for reading.