We are first time buyers. We have a limited budget in terms of a monthly payment on a home not what we qualify for. We want to make sure we live

Asked by Esthermparada, Las Vegas, NV Wed Jul 9, 2014

within our means. So foreclosure properties look promising. However I am really unnerved by the whole process and have heard horror stories about mortgage deals not closing, the bank taking extended time to close. Is it advisable to buy a property that is a foreclosure? What is the difference with foreclosed properties and short sale properties? My hubby is a commercial demolition supervisor so he and our friends are handy. What advice would you give us on buying a fixer upper!

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David Cooper’s answer
David Cooper, Agent, Los Angeles, CA
Wed Jul 30, 2014
What does your credit look like? If you don't have a 620 FICO score or better, you won't get financing. Most Bank Owned and Short Sales are cash only from seasoned vetererns.

David Cooper Las Vegas Buyers Group
Fixer Uppers and Foreclosures http://www.lasvegaswinner.org
0 votes
, ,
Thu Jul 10, 2014
Hello Esther,
When shopping for a home, the best place to start is with a free City First Loan Pre-Approval. By simply clicking the link below or calling me directly, and going through a simple application process.....I can start you on the path to home ownership where you can bid with confidence. I can also place you with a seasoned Realtor to help you with your contracts so that you will be represented the way you deserve to be. Call me today, or click the link below to ask me how. I look forward to hearing from you!

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City First Mortgage Services
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Las Vegas, NV 89147
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1 vote
Diann Tonnes…, Agent, Las Vegas, NV
Thu Jul 10, 2014
Most fixer uppers are sold "as is where is" including traditional sales, foreclosure properties or short sales. You most definitely need an inspection by a certified inspector to make sure you know what you are getting into! In addition, there are usually other items that will come up during the renovation process, so you need to have extra funds in reserve "just in case."

Short sales are pre-foreclosure properties where the seller owes more to the bank than the property is worth. The bank does not own the property, but they have the right to decide if they will accept less for the property than the balance that is owed to them. This process can be quite lengthy, and you are not assured that the bank will accept your purchase price. Foreclosures have already been taken back by the bank and are owned by them. Here is a link to the major differences between the two:

http://www.greatlasvegashomes.com/las-vegas-foreclosures-and…

Please don't overlook traditional sales that are fixer uppers. You can often get just as good of a deal on those properties. And right now 85% of the current listings are traditional sales, so you will have a much larger selection to choose from. It's all about the sales price and potential market value anyway, not who the seller is.

Here is a link to ALL the homes currently for sale in Las Vegas by price range, including short sales, foreclosures and traditional sales. These listings are updated every morning so you won't spend hours looking at homes that already are under contract with a buyer. (The national sites like Trulia and Zillow are never accurate like the local sites are!)

http://www.greatlasvegashomes.com/

Hope this helps!

Diann Tonnesen
Berkshire Hathaway HomeServices
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
1 vote
Annette Law…, Agent, Palm Harbor, FL
Wed Jul 9, 2014
Look at FORECLOSURES
Avoid Short sales.

Talk to your REALTOR. Your REALTOR can give you greater assurance in regards to your purchase authority and the best strategy.

The experience will be directly related to the real estate you select. Each bank owned property will be adhering to the policies of the lender. They are different.

The easiest are HUD, and Fannie/Freddie.
Talk to your REALTOR.

Best of Success,
Annette Lawrence, Broker/Associate
Remax
Palm Harbor, FL
727.420.4041
1 vote
Donna.wrich, Agent, Las Vegas, NV
Thu Apr 16, 2015
A foreclosed property is one the bank has taken back and is now selling. A short sale is one that the bank has not taken back yet. The seller is attempting to sell the home for less than what is owed on the property. If a seller takes your offer on a short sale, the bank will need to approve it.....no guarantees.

You can find a good price on a traditional sale also, so you should continue to consider those also, as long as they fit in your budget.

If you would like me to find some homes for you to look at, contact me.
http://Www.homehuntinglasvegas.com

Best of luck! Don't get discouraged. It is all worth it once you have the keys to your new home in hand:)

Donna
REALTOR
Shelter Realty
http://Www.homehuntinglasvegas.com
0 votes
Sean Everett, Agent, Las Vegas, NV
Tue Dec 2, 2014
Great deals still exist in the area. Send us an email with your criteria at EverettGroupLV@gmail.com. In the email let us know what price range is comfortable for you. Based on your needs and wants in a property we can send properties your way.
0 votes
Robert Adams, Agent, Henderson, NV
Tue Dec 2, 2014
I have a very reliable lender if you would like to speak with him. please shoot me an email and i will send you his contact info. He can get you approved and explain all of your financing options that are available for your exact financial scenario. Once you are approved we can help you find the perfect home that meets your needs.

Also please keep in mind that foreclosures now only make up less than 10% of the available listings in our market so you might want to keep your options open on traditional sales as well. Whether a REO or traditional sale just make sure it is a good deal based on the comp value of the home nnot the list price. a ton of sellers and listing agents are still living in 2012 and 2013 and are asking way above what the home is actually worth. My team and I would be happy to walk you through all of this. Please let me know if I can be of and assistance.

I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

"CONNECT" on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/

"LIKE" on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…

"FOLLOW" on Twitter: https://twitter.com/ShortSalePros
0 votes
Chad Roberts, Agent, Henderson, NV
Tue Jul 29, 2014
Welcome to the property ownership. It is an exciting and sometimes, a daunting undertaking. Since you are a first time home buyer, I would advocate contacting a Realtor to assist with all facets of the process. It is a huge asset that you are open to a home that may cosmetic to renovation work. As others have mentioned, make sure you obtain an inspection. Often, assume that whatever project is at hand, it may sometimes cost more than estimated and take longer than expected. As for the home buying process, please let me know if I may be of assistance. My website can help with budget preparation information.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes
Dorene Slavi…, Agent, Torrance, CA
Tue Jul 29, 2014
My advice is to be very careful and hire all the inspectors you think you might need, in order to discover the true condition of the house you want to buy. When you are looking at distressed property you are looking at homes with repair issues, so you have to be prepared to deal with them. Some "repairs" are more expensive then others.
Before you buy, find out exactly what common repair items cost such as... new roof, new plumbing,new electrical, and foundation work so you know ahead of time, what you will have to spend ( on top of the price of the home) to be able to live there safely
0 votes
Robert Adams, Agent, Henderson, NV
Mon Jul 28, 2014
There are several down payment assistance programs and tax credits you may qualify for. Your first step is to talk to a reputable lender that can run your entire scenario and explain all of your options. If you would like me to refer you to the lenders we use please shoot me an email and I will reply with the contact info. Then once you have your financing in place we can discuss your buying strategy and go after the properties you like. If you would like to receive listings that match your search criteria in the meantime (while getting approved), you can fill out my buyer's form here and I can send you properties that match. Even though you are not ready to submit offers you can see what is in your expected price range as well as see how fast these homes are selling.

Please feel free to contact me directly to discuss further.

Best Regards,
Robert Adams
Licensed Real Estate Broker in NV, MA, & RI
NV Broker/Salesman at The Adams Team at Rothwell Gornt Companies
C:702-349-9175
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

MA & RI Real Estate Broker at Sankey Real Estate
C: 508-250-0345
RobertAdams@MArealestateHELP.com
http://www.MArealestateHELP.com
RobertAdams@RIrealestateHELP.com
http://www.RIrealestateHELP.com
0 votes
Daniel Richa…, Agent, Las Vegas, NV
Mon Jul 28, 2014
Esther, no problem! First, I am a REALTOR and have lots of personal experience with the very questions you are asking. Second I have been a licensed general contractor and have had to decide many times on whether buying a "fixer upper" was more cost effective than buying one already "fixed up"

Currently, there are over 3000 homes for sale in Las Vegas that can be owned for payments lower than renting the very same property. You can go here to find those homes, organized by typical monthly payment.
http://www.glvresales.com/Web/AR475125/CustomContent/index/5472376

Homes being sold as "Short Sales" take a long time to close (4 months to over a year). Foreclosures are just like regular sales. The listing price has already been approved by the bank, so it is a simple act of making an acceptable offer and getting the loan.

If it would help, go to the web site listed above. You will be asked to leave your contact info and from that, I will be able to personally help you.

Best wishes!
Daniel
0 votes
Renee Burrows, Agent, Las Vegas, NV
Wed Jul 9, 2014
If you are buying a foreclosure they are not necessarily the best deals. Fannie Mae and Freddie Mac have been overpricing their properties for over a year. There are better opportunities to be had out there.

If you are financing and looking for a "fixer" that could be an issue too unless you go the FHA 203K rehab financing route.

Short sales are also good opportunities but there is no guarantee that it will be approved at your purchase price and you can wait a long time before that bank approval comes which means you could miss out on more opportunity.

I have written a list of the 10 most common items that can "blow up" a transaction: http://www.lasvegas-realestate-communities-homesforsale.com/…
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jul 9, 2014
A short sale is contingent upon the sellers bank accepting the price. They can take a long time to hear and are not guaranteed to be accepted. Bank owned homes are a better deal. If you have a buyer agent who is well experienced with them,m it can go very easy when they guide you. With bank owned homes you know what you get, you have to inspect it before making an offer to make sure your offer reflects the condition and you know what you are getting into.
0 votes
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