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Faleula Pea, Home Buyer in Las Vegas, Las Vegas,...

How can I buy this this house that listed on auction?

Asked by Faleula Pea, Las Vegas, Las Vegas, NV Thu Sep 2, 2010

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Contact: 702-630-4488
Leonard Flores
Premier Real Estate
Email: leonardflores@yahoo.com

Try...Auction.com
Web Reference: http://www.auction.com
0 votes Thank Flag Link Sat Jan 11, 2014
Hi Faleula,

Most auctions are held on the courthouse steps. If you've discovered an address that you are interested in there should be contact information or a sale date included in the advertisement. There are some very specialized rules for auctions and you'll want to do your homework to make sure the property doesn't have any existing liens, find out if you can get interior access (probably not) and you'll need a heft deposit on the courthouse steps. But lots of patience and research could pay off with a great deal for you.
0 votes Thank Flag Link Wed Aug 22, 2012
Hello Faleula

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Alex Natour
702-595-7338
0 votes Thank Flag Link Sun Nov 7, 2010
Hello Faleula,

The answer is: it depends on what type of auction is showing on the listing or signage.

If it's a HUD property then it would be sold by electronic bid only, through an agent registered with HUD.

Other listings will direct the buyer's agent to the auction company's website where your realtor can submit an offer for you.

Some properties are being auctioned at a specific location, time, date, etc. as part of a bulk auction house event. It would be best to go to an event such as this with your realtor, who can guide you through the registration and bidding process, all the way through to closing.

As mentioned by one of the other agents, auctions are also held at the Court House on delinquent properties.

All of this may sound difficult and confusing but as a realtor experienced in auctions I can help you through it!

I am registered with HUD and additionally have taken clients to the bulk auctions where they have successfully bid and purchased property. I would be happy to work with you on this or any other real estate transaction. Give me a call at 702.521.5299

Looking forward to hearing from you.

Barbara Richie
Encore Realty Group
0 votes Thank Flag Link Fri Sep 3, 2010
Hello Faleula,
The auction process is not that complicated. I have successfully represented buyers at these auctions. As a buyer my services are free to you.
Please feel free to call or email me with any questions.
Thank you,
John J. Longeway
Keller Williams Realty
PH- 702-325-4833
Email- jjlongeway-homes@kw.com
Web Reference: http://www.JJLVRealtor.com
0 votes Thank Flag Link Thu Sep 2, 2010
If it is an auction, you should contact teh auctioneer to find out when the auction is, ask for a copy of the auction rules and details, compete a search of the deed to make sure you know if there are any liens, 2nd mortgages, back taxes or hoa fees owed that you would have to pay if bought at auction. Then assess what the house is worth in todays market so you know what to bid. Then make sure you have the cash neccessary to pay the bid if you win as auctions do mnot allow mortgage contingincies.
0 votes Thank Flag Link Thu Sep 2, 2010
Faleula,

You did not attach a link to the house you are asking about so I can not give you a definative answer.

There are usually two types of auctions that take place to sell Real Estate.
1.) Trustee Auction: These auction are held daily (monday-friday) in the parking lot of Nevada Legal News. Individuals can purchase properties at this Auction, but you must pay in cash and have the cashiers checks in hand with you. You also have risks because you buy the house subject to all the liens for delinquent HOA dues, property taxes, SID's etc.. You also buy the properties without interior access so you do not know the condition of the interior and the owner or tenants might still live in the house. If someone lives in the house it is the purchasers duty and cost to legally evict them from the house.
2.) Auction companies: The largest company is Auction.com. These companies hold auctions of properties that have already been foreclosed and are typically owned by banks. Most of these properties are vacant and can be viewed and inspected prior to the date of the auction. You are buying the properties in as-is condition, but they usually allow you about thirty days after the auction to close and they do allow the buyer to get a new loan of their choice of the property.

Let me know if I can answer any further questions or if I can help you out at all with your search.

Ron Johnson
REALTOR
Elite Realty
(702) 595-9743
0 votes Thank Flag Link Thu Sep 2, 2010
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