Foreclosure Sales Overview

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We can help you find great deals on Las Vegas Foreclosed homes – but, it’s not unusual for Las Vegas Foreclosures to generate multiple offers. In some cases the bank will throw out all but two final offers and then ask the selected buyers to resubmit what is called “the Highest and Final” offer; or, they may accept the best offer at the start of the process.

A few tips our dedicated team of Las Vegas Foreclosure and REO Experts recommends.

1. Research Property History Carefully – let us help you obtain the bank’s purchase price via the Trustee’s Deed or Sheriff’s Deed. It can be generally found on the document itself, which can be obtained from the Tax Rolls or Title Company.
Review the amount of the loans that were once used to secure the property – in many cases the winning bid will be between the original mortgage balance(s) and the actual Foreclosure sales price, assuming the home is priced below market.
2. Weigh Comparable Sales – some listing agents are exclusive listing agents for REOs and handle just this type of transaction – they are always dealing in high volumes and usually apply the same pricing formula to all transactions. Meaning, we can base an offer to a certain extent on past history reflected in previous transaction to give us an edge versus other offers.
3. Understand the Number of Offers – no offers means you can probably offer less than list price, multiple offers means you need to be above the asking price. If more than ten offers, some may be all cash, which in most cases is preferred by Banks. If you are using financing, you may need to increase your price to be competitive with cash offers.
4. Have Pre-approval Letter – this can be a competitive process, so have a pre-approval letter in hand from your lender. You may also want to get pre-approved with the bank that owns the property, as banks don’t always trust other lenders and you can submit both preapproval letters simultaneously, to give more weight to your offer.
5. Repairs can act as a Roadblock – banks will occasionally pay for repairs but may not agree to do so during the offer stage. If problems arise during a home inspection then renegotiate after your offer has been accepted.
6. Reduce Inspection Period – if competing buyers have asked for 21 days for inspection and you have asked for 10 you will in most cases be perceived as having a better offer.
7. Be Flexible on Fees – offering to split fees may also help to elevate your offer versus others.

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