I agree that for the most part you'll find the short-sales and REO's on the Las Vegas MLS searches. Banks typically don't handle the transactions themselves, only the approvals. The exception might be those that walked away and a notice of default issued / Trustee sale. Those can be very tricky, especially in today's market where most often more is owed than the value of the property. Even more difficult to do from across the country.
There is a feeding frenzy on these pre and foreclosed properties, and the value isn't always there. Yes, I've seen some of these homes that were great deals, but others...not really. I had clients out just the other day to view an REO property that was priced under market. The entire kitchen was gone, cabinets, appliances, you name it, just an empty shell where it used to be. The rest of the house? The fixtures and wall cover plates removed, carpet gone, and badly in need of paint and repairs and that was just a quick visual. Needless to say when you take into account what was needed, the property would end up being priced well above market. So you may even want to know a little more about the property than just how many garages, and most likely you won't find it in simple foreclosure listings.
This foreclosure crisis has left many with a false impression that those are the ONLY properties that are a good value. So many are shutting out traditional sales and focusing exclusively on them, and as mentioned, multiple offers and above asking often coming in on these properties. In some cases getting to the absurd and reminds me of the flippers that over inflated prices here to begin with. They weren't buying based on value, it was just a race to be the winning bid.
The fact is the entire market prices have dropped. It really doesn't make much sense to ignore an at market or below home simple because the word "foreclosure" isn't attached to it. What difference does it make if you still get a home at a great price? Why would you want to limit your selection, with over 20,000 homes on the market? Why think getting a home as-is with limited or no disclosure or recourse, from someone that couldn't afford it and possibly the proper maintenance, automatically indicates a super deal? Or that buying in a specific high foreclosure area, that may take longer to recover, would necessarily offer the best investment?
I think by widening your search to include "plain old resales" and even some of the the reduced price new home standing inventory offers another advantage...perspective. It allows you to compare them to the foreclosures to truly determine their actual value in the marketplace, not just against other foreclosures. That is the only way to know what you're really getting for your dollar.
I would suggest searching the Las Vegas MLS in your price range and housing requirements, and look at everything that is available in that window. When you're ready to buy, contact an agent that will have access to even more detailed information about the properties, and may even be able to preview them for you. On listed properties the sellers are the ones picking up the tab, might as well use it to your advantage.
If you're still looking for that bank owned / foreclosure list, you can get it for free at http://www.foreclosures.investinvegas.us
You'll be able to view pictures, addresses, maps, arial images, and detailed property information for free for as long as you would like. You can also save and comment on your favorite properties...and see how many garages each home has ;)
We have access to multiple las vegas real estate foreclosures. We have our own listings, but we also have access to Pre - Listings where you can bid before it even reaches the MLS! Give us a call at 702-604-7738 or e-mail email@example.com. You may also search the Live MLS Feed for FREE on our website at http://www.findlasvegasforeclosures.com
That's a huge jump from $100/sf to $197/sf. Do you know how hard it is to find homes priced under $100/sf? Even if you find them, good luck getting them. They are usually REO properties and they usually have about 20 offers on them which go way over list price. You can definitely find nice homes for less than $197/sf in those areas you mentioned also. It doesn't sound like you are familiar with your own area. I also noticed in another posting that you stated that it's not a good time to buy here! It is a great time to buy now! Everyone knows it is a great time to buy right now. That's why we have less inventory on the market than we did at the beginning of the year.
Because properties are listed on Realty Trac.....or on Trulia ....as "foreclsoures"....it does not mean these houses are for sale. It means that a legal action has been filed against the owner of the property and the plaintiff is making a financial claim. Properties may be listed on Realty Trac, Trulia, or another source for an amount of $20,000. That reflects the amount of the legal claim. It does not reflect an intent to sell, nor an offering price.
IMO, a buyer is much more likely to find a deal with an REO property vs. a foreclosure.
In my best recommendation, look at the market in totality for good opportunities without bias to whether the properties are short sales, foreclsoures or neither. Buyers often become excited about opportunity when they hear the word foreclsoure.....but, it simply isn't true. Foreclosure does not equal "good deal."
There are many opportunities in the marketplace........keep your options open to explore any and all.
Best of luck......and, BTW...where in NJ are you?
I was an investor well before I became a Broker-Salesman. I have been told by my clients/partners that I have provided them with more information about the Vegas market than their real estate told them in days of searching and looking at homes. Vegas is a land of opportunity NOW and is a great place to buy now while we can still negotiate great deals. If you want one of the best Broker-Salesman on your team, CALL ME NOW (702) 293-1960. I will be glad to provide you with more information and help you find the best possible deals based on your criteria and needs.
I won't direct you to my site because I feel you shouldn't be searching for yourself. You should hire an agent to do that. That's what we get paid to do. Don't just jump on someone's site and get emailed everything out there. Your inbox will get flooded and you will not get anywhere.
If you want, give me a call at (702) 203-6688 or email me at LenM@AmericanaGrp.com and I will be more than happy to try and earn your business. I will find out what you are looking for in a home, then I will do the research myself. When I find some good deals that match your criteria, I will let you know via email or phone. I am more personal when I do business. I don't like to just flood your email inbox with thousands of homes, many of which are no longer going to be available. It is not very professional to me.
Also, Realty Trac does not list properties. They are just to capture buyers and send them to an agent. Prudential Americana Group actually has the largest market share of listings in the Las Vegas area. That is irrelevant anyway because I would show you properties listed with everyone, not just my company. It just shows you that many people trust us with their business.
Again, I would love to EARN your business. Just feel free to contact me via phone or email and we'll get started. Thank you for your time.
Len McGuirk, Realtor
Prudential Americana Group
You need to be very careful about pulling up foreclosures on the internet. What is happening in our market right now, is foreclosures are receiving multiple offers on properties (sometimes dozens). The agents who "specialize" in foreclosures often do not change the listings to pending and you are probably looking at many properties that are no longer available. You should use a site that uses LIVE MLS feeds. Our site http://www.BallenandBallen.com allows you to search the MLS Live just as an agent would. You may need the agent to go further in the transaction, or to discover the history on the property etc.
It would be to your advantage to let the seller pay for your Real Estate Services. In Las Vegas, YOU do not pay the Realtor fees to help find you a property, the Seller does. Why not let the agent pull available homes for you, so you know what you are dealing with?
We help buyers everyday in foreclosures (listing & sales) and would be happy to help you if you need it. In any event, we wish you the best of luck. It's a great time to buy in Las Vegas!
John A. Brassner, MBA, Realtor
Windermere Summerlin Real Estate
Cell Phone: 702-808-9816
10777 West Twain Ave, Suite 105
Las Vegas, NV 89135
If you sign in on Realty Track, they will forward your name to a Realtor... This is a website where Agents pay to get leads from them.
You can search the MLS for free from my website below... Or if you email me exactly what type of property you are interested in, including areas, price range, etc. I would be happy to email you what is available, as well as notify you of New Listings as they come available on the MLS.
There is definitely no shortage of Foreclosures/Bank Owned homes in our current market... I have helped multiple Buyers find ideal properties of this type and would be happy to assist you in any way that I can.
Take Care... Best of Luck to you in your home search...