We get asked a great deal on our Las Vegas Foreclosure Bus Tours by investors and first time homebuyers about how to buy a Las Vegas Foreclosure.
What is a Las Vegas Foreclosure
Many people are confused about what a Las Vegas Foreclosure is and how the financial process occurs. A Las Vegas Foreclosure is a process or real estate transaction that enables a lender to recover the amount owed on a loan that has been defaulted (not paid) by selling or taking ownership (repossessing) of the property securing the loan.
The process starts when a borrower/homeowner defaults on a mortgage loan payment and the lender files a public default notice, typically referred to as a Notice of Default. The Las Vegas Foreclosure process can end in one of four ways:
- The borrower or homeowner reinstates the loan by paying off the default amount to during a grace period determined by Nevada law.
- The homeowner (borrower) sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history
- A third party may buy the property at a public auction.
- The lender takes ownership of the property and plans to resell the property on the market.
Issues to Be Aware of When Buying a Las Vegas Foreclosure
- Work with a Las Vegas Realtor who is “foreclosure experienced” – a good number of our agents are Certified Distressed Property Experts. Which means they have taken specialized training to know how to deal with Las Vegas Foreclosure sales.
- Be prepared to make multiple offers on homes – in spite of what you may read and here, good deals on Las Vegas Foreclosures do exist; but, you may be competing with others to get them, especially in the under $100K price range.
- Get your financing lined up ahead of time - many of the other parties you will be competing with will have done this. And, in case of multiple offers the party with the financing in place may get the property, as this saves the banks time and money.
- Be patient, you may have to look at a number of Las Vegas Foreclosures to find the one that fits your needs.
- Take a hard look at the Las Vegas Foreclosure house (physical structure, history of house, financial situation, etc.) and the neighborhood it is in.
- Look beyond cosmetic damage – if you see some cosmetic damage to a house bring in a contractor (we have a list we work with) to give you an estimate and factor accordingly. But, slight cosmetic damage may turn off other parties and in the long run could save you a great deal of money on a Las Vegas Foreclosure.
We hope this information is helpful – please call 877.360.2030 or info@LasVegasRelocation.com or Visit our Web Site for more information.
