There are many homes in the las Vegas area that are at a deep discount. In an article in the Las Vegas Sun, the article stated that in some areas local homes are experiencing a double digit increase in property prices.
There's are many factors to look at when purchasing a house for investment. You could buy a house at foreclosure sale, but you would have to see whether or not the house is occupied. There are rules against flipping homes that are foreclosed upon that are currently occupied. God forbid, that you purchase a houses, and the tenant is not cooperative in moving out, and you are involved in a lengthy eviction process. In addition, of course you would like to see how much rehab costs are, how long homes are taking to sell in that neighborhood (thereby affecting you holding costs and opportunity costs), and of course the or ice they are selling for. If you are purchasing at foreclosure you will need to purchase with cash. You will also have to be patient, and hold firm with your purchasing criteria, there are a lot of bidders bidding against you at Nevada Legal News where the sales take place.
You can also purchase short sales, however short sales are not as great of a deal as foreclosures. Possibly 15% discount. Many of the same factors above apply with regards to short sales. However, there are pros, you can usually see the house with regards to a short sale, whereas with a foreclosure, you might not be able to see the house before you bid on it.
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Keller Williams Realty Marketplace I
Terri Robinson team