Foreclosure in Las Vegas>Question Details

Nicole, Home Buyer in Lake Las Vegas, Hend...

when a house is in its final stage of forclosure does that mean you get it for the price listed?

Asked by Nicole, Lake Las Vegas, Henderson, NV Mon Apr 13, 2009

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No, there are many variables that determine the sales price. The term "final stage of foreclosure" can have several meaning when it comes to pricing too. In most instances, when you see a home listed and it is in the final stage of foreclosure, the home is being listed by the individual home owner's Realtor as a short sale. At that point, list price means nothing.

I suspect you may also be seeing homes listed by one of those companies that want you to pay money or give your credit card info to see "more information" about the property. Sorry trulia, I know they pay the bills, but that is a scam...sort of...

They do provide the information they claim, but what most people don't realize before they sign up is that they're paying for lists that are available for free from other sources. Also the homes that are in "the final stage of foreclosure" or have received a notice of trustee sale, are sold for cash on the spot without inspection, financing, and will often come with other existing liens. Buying a home at a Trustee Sale is not something a typical homebuyer would ever want to do.

Sorry for the rant, but there is a positive side, and that is there are plenty of bank owned homes, short sales, and just plain old sales, that are priced at bargain prices right now. Roughly 75% of all homes sold recently in Las Vegas are bank owned homes and Kathy is correct about many of them getting multiple offers and selling for more than the list price.

For a FREE list of bank owned homes, foreclosures, and/or short sales, and a promise to never ask for a credit card, visit:
http://www.investinvegas.us
0 votes Thank Flag Link Mon Apr 13, 2009
Nicole,

Absolutely NOT!

The home buying market is "hot" right now.....investor's from all over (even outside the U.S.) are swooping in and purchasing properties for MORE than asking price. It's actually becoming a bidding war for many prime properties.

I actually spoke to a realtor friend of mine in Las Vegas earlier this morning. The same scenario is going on in your city as in Southern California. Home's that are listed for a particular price are actually selling for anywhere from $20,000- $100,000 over listed price. They are also getting the appraisal for the selling amount too.

BUYER BEWARE!!!! If you have any questions about a particular property, 1st: Don't believe the price it's listed at & be careful with the interest rate being quoted on loans to purchase these properties.

Check with a licensed realtor!!! Honestly, experienced agents DO have the correct facts on the market - believe them & not what you see in an "ad" or on the "news".

Also, if you see a property that is what you want as "your new home", contact your realtor and put in an offer...today!

Best of luck!
0 votes Thank Flag Link Mon Apr 13, 2009
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