Las Vegas REO Home

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Las Vegas REO Home

What is a Las Vegas REO home? Las Vegas REO home simply stands for “Real Estate Owned” – it refers to property that is owned and in possession of the lender, as a result of a Foreclosure Process.

Where can I find a Las Vegas REO home and who can buy them? Anyone can buy an Las Vegas REO home, whether you are a prospective homeowner or investor who wants a great deal on a home. There are lots of different sources for locating Las Vegas REO homes – the best way is to contact (small plug) our dedicated Las Vegas REO home and Foreclosure team and we can search the MLS and also access a list of Las Vegas REO homes that we are handling as a result of our relationships with Financial Institutions.

Another way to locate Las Vegas REO homes is to directly contact lenders, but each one handles Las Vegas REO home properties differently. Larger lenders post Las Vegas REO homes on their web sites in many cases, smaller lenders typically have one person in charge of the bank’s Las Vegas REO home properties. Research can be quite time consuming if are trying to do it on your own.

Is purchasing a Las Vegas REO home property that much different from standard real estate transactions? Most Las Vegas REO home properties are owned and listed by corporations, as opposed to individuals - this makes the process more specialized and it requires in-depth knowledge of each lender’s rules and regulations.

Why should I buy an Las Vegas REO home or bank owned home? One of the biggest advantages of buying an Las Vegas REO home (ignoring the obvious that you should get a very good deal) is that you are purchasing a property without liens or other types of encumbrances – as in most cases, prior to a lender (bank) making an Las Vegas REO home available for sale, they will expunge all liens or claims against the property. This means there are no shadows (issues) hanging over the property, be it a second or third mortgage, taxes, mechanics lien and/or any liens by creditors.

Working with our dedicated Las Vegas REO home and Foreclosure team, we can negotiate directly with the lender’s loss mitigation department on your behalf to discount the price of the property, so it is priced below market valuation.
Other than price, most buyers of Las Vegas REO homes can usually negotiate favorable lending terms that are below existing market rates.

What is “earnest money” relating to a Las Vegas REO home? Earnest money refers to the deposit that is given to the seller by the buyer to bind a transaction or assure payment, just like most traditional real estate transactions.

What type of shape is an Las Vegas REO home in generally? The shape of the home varies depending on lots of variables - remember the seller (bank or financial institution) does not make any representation or warranty relating to the condition of the property (see below).

How important is an inspection for a Las Vegas REO home and who pays for this? An inspection is very important when buying a Las Vegas REO home and the purchaser pays for this expense. An inspection is important as you are buying a home that has been foreclosed and you need to know if there are any serious problems such as structural, electrical, septic, etc.

Buying Las Vegas REO homes is a highly specialized transaction and the negotiation and closing process directly with a Bank or Financial Institution can be convoluted – let our market-honed dedicated Las Vegas REO home sales team help you find and negotiate the right deal.

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