We get questions all of the time from clients about how they should approach buying a Las Vegas Foreclosure. Here is a short overview of what steps you need to take, coupled with some background detail:
1. Identify Property or Home – we can work with you to identify the right property or home or you can Search our MLS Listings, which feature a section of Las Vegas Foreclosures. If investing, we can also run through financial modeling with you that is a proprietary system we have developed.
2. Get Title Research – once the right Las Vegas Property or Home has been located we will do a thorough Title Search on the property that you have identified and/or bring in one of our Preferred Vendors. You/we want to be sure there are no liens on the property that have not been cleared prior to the completed transaction, as these can cause significant problems downstream.
3. Negotiate – be prepared to negotiate a lower down payment, reduced interest rate, lower asking price and/or even a reduction in closing costs. Many vendors may be willing to waive some of the closing costs or offer a reduction on the down payment or interest rate.
4. Making the Offer – most banks today have a lot of Las Vegas Foreclosure inventory they want to sell, but the final price is impacted by the number of offers, the amount of inventory the bank has, location and condition of the property and other intangibles. Experience has taught us, even if the listing agent at the bank has indicated the list price is firm, there still may be room to negotiate on behalf of our clients. Don’t be afraid to let us negotiate on your behalf – deals can be made, but you have to negotiate based on facts and reason.
5. Financing – it is critical to make sure your financing is in place prior to making an offer; or, you have little or no chance of buying a Las Vegas Foreclosure. If you have good credit many banks will loan the full price of the Las Vegas Foreclosure, although this can vary by individual bank. Some banks may only require a 10% down payment and if you are a Foreclosure Investor with a large amount of equity in another home you may be able to arrange a substantial line of credit. But, again, you want to have your financing in place.
