Approximately 50-75% of the homes sold in Las Vegas the last 60-90 days have been Las Vegas Foreclosures. Our advice isn’t fixed in stone, as our market is certainly evolving rapidly. But, should help to give you perspective on buying a Las Vegas Foreclosure.
Las Vegas Foreclosures – $50-150K Price Range is Hot
There is a great deal of competition in our market right now, especially in the $50-150K price range, with many investors making all cash offers. We don’t want to discourage you, if you are a potential homeowner; but, it’s extremely important to have your financing in place prior to starting your search.
Look at Las Vegas Foreclosures that Need Repairs
Small cosmetic repairs on a Las Vegas Foreclosure can be a good thing. We mean if there is no major or structural damage to a home, you may save a lot of money by making a few thousand dollars in repairs, as many investors or other potential homeowners will shy away from this type of a Las Vegas Foreclosure.
We have a great team of experienced contractors that we have worked with for years that we can recommend to you. Of course you want to get an estimate on any needed repairs prior to making an offer and you want to carefully inspect the home yourself.
Las Vegas Foreclosure Market is Healthy
The “sky is not falling” here in Las Vegas, with a tidal wave of Las Vegas Foreclosures. The banks who own these foreclosures know how a home should be priced to generate offers and the best return. They are not releasing massive amounts of inventory into the market, quite the opposite, we sense they are releasing foreclosures slowly into the market.
Here is a good example of a Las Vegas Foreclosure that is priced at $148K, with 4 bedrooms, 2 baths, with approximately 1,600 square feet in Henderson:
