Home Buying in Las Vegas>Question Details

Spring66, Home Buyer in Las Vegas, NV

What problems can arise from buying a property which title is a Trustee's deed upon sale in Nevada?

Asked by Spring66, Las Vegas, NV Thu Jul 7, 2011

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8
Trustee Sale aka "BUYING AT THE COURTHOUSE STEPS"
Buying foreclosure at the courthouse steps means [and not limited to the following]:
1. All Cash - meaning money must be in cashier's check and available to the auctioneer at that moment
2. No warranty, no guarantee, no title insurance. The Rebo signing mess means could win the bid and the courts could take the house back from you.
3. You have no idea how much repair is needed since you would need to pay for inspection before going to the auction and there is restricted access to most foreclosures and you would be paying for an inspection not kowing you will win the auction.
4. Auctions at the court house steps get cancelled over and over again. How much time are you willing to waste while perfectly good houses are available in the regular market?
5. If you contract with an agent to represent you at an auction, you will be paying a commission.
6. Your competition at the courthouse steps are some of the shrewest real estate investors that you will ever meet. They have repair people ready to rehab any winning bids, and usually know how to flip property.
7. Must know before the sale--- hoa liens, tax liens, back property taxes, and IRS liens.
8. Unexperienced buyers do buy the second (while the experienced sharks watch them)
9. This is NOT someplace for newbie's to look for a real estate bargain.

If you want a referral [direct phone contact] of an experienced and reputable "Trustee Sale Specialist", please let me know.

Thanks and have a great day! :)
Julia St. Marie, Prof. Corp. RRG, ABR, RSPS
A Trusted Buyer Agent for Las Vegas Real Estate - If you need something specific, please let me know
Certified REO Specialist
Realty ONE Group
702-355-H-O-M-E (4663) direct
LVRealEstateLady1@yahoo.com
http://www.LVRealEstateLady.com

No Costs-No Obligation.....
Be one of the first to know....."Instant Email Notification" of Foreclosed properties -- http://lvrealestatelady.com/Foreclosure_Notification.html
Look at MLS Inventory—Easy-- http://search.lvrealestatelady.las.mlxchange.com/
2 votes Thank Flag Link Thu Jul 7, 2011
Almost every investor has checked out the trustee's auction to see if there is really a great opportunity to make a great purchase. The risk of "as-is", all cash, and no inspection makes the purchase a high stakes gamble. The people bidding have in place repair crews that can get the work done quickly and with less cost.

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. For a Free list of Bargain Homes, see website or Call +1-702-499-7037
0 votes Thank Flag Link Sat Jul 9, 2011
A $70,000 bid at the courthouse steps means you have to show the auctioneer cash or cashiers check for $70,000, and, if you need to bid more, you have to show cashiers checks for any additional bidding. The deals you can get directly from the Bank REO might cost 10% to 20% more, but you can get financing and an inspection. Nobody is stealing property at the court house steps

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. For a Free list of Bargain Homes, see website or Call +1-702-499-7037
0 votes Thank Flag Link Thu Jul 7, 2011
Thank You for the question. If the transaction is a regular purchase(By regular I am talking about a property not purchased at the foreclosure auction) The title & escrow company will do a prelimanary title report on the property. The Prelim should show all liens and everything recorded against the property.When you finance a property the lender will require any liens to be paid and removed.If that can't be accomplished you don't want to buy it. There will also be title insurance on the property. If you purchase at auction we can also have the Escrow company run a prelim and also you want to make sure you are purchasing the First Trust Deed. Don't laugh, I have seen a person I know purchase a 2nd.You will always need a good agent to represent you.
Thank You
Suzie Marquardt
Realty One Group
702-234-7653
Fahrnyteam@yahoo.com
http://www.FaceBook.com/Fahrnyteam
0 votes Thank Flag Link Thu Jul 7, 2011
Hello:

Everything that the agents below have written is true. Just be prepared for anything to happen in our crazy market you just never know what may show up on these properties.


Penny O'Brien
Simply Vegas
3042 S. Durango
Las Vegas, NV 89117
702.321.9383
Penny@PennysProperties.com
0 votes Thank Flag Link Thu Jul 7, 2011
I believe you are speaking of receiving the deed when purchasing at the trustee auction sale?
The deed is not the issue--- it is the liens that are typically associated with the sale that you as the new owner are responsible for---
This is what you have to be aware of before the sale--- hoa liens, tax liens (both property back taxes and any potential IRS liens levied on the propery)- and of course the big one-- you want to make sure that foreclosing party is the 1st mtg and not the 2nd---
these and other issues can be answered if you contact us-- we have a team that stricly focuses on the trustee auction sale for both buy and hold individuals and buy and flip investors----
Web Reference: http://www.mayteamlv.com
0 votes Thank Flag Link Thu Jul 7, 2011
Your main concern would be is how many liens may be attached to that trustee's title. Check first before to assure yourself of liens against that property.
0 votes Thank Flag Link Thu Jul 7, 2011
Provided there is nothing wrong with the title and it is clear and the sale is done with the proper authorities, then there is nothing wrong with this sale nor will there be a problem recording the new owner!
0 votes Thank Flag Link Thu Jul 7, 2011
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