Las Vegas Foreclosures are truly a great bargain. Although some people are afraid to buy them primarily based on cosmetic issues; i.e. holes in walls, bad carpet, missing appliances, etc.
But, smart investors are snapping up foreclosures in our market and getting cash positive deals on a wide variety of foreclosed homes.
We believe “work force housing” is emerging as hot market segment for Las Vegas Foreclosures. “Work force housing” can typically be found in neighborhoods where the median price of a home 1-2 years ago may have been in the $150-250K range and these homes may be found in outlying areas 15-20 minutes from the Las Vegas strip.
These houses in today’s market (foreclosed of course) can be purchased for under $100K or less, depending on the state of the house. You can typically resell or rent them if you get a great deal of say $.10-.30 on the dollar after making cosmetic repairs.
Some advice if you are weighing the purchase of a Las Vegas Foreclosure.
- First and foremost, work with a professional well trained realtor that understands all aspects of the foreclosure buying process. Their are hidden pitfalls and challenges in this type of real estate transaction and you want someone on your side who can provide you with valuable perspective about home values, contracts, bidding process, timelines, etc.
- Extensive due diligence is an absolute must. As the vast majority of foreclosures are sold on an “as is” basis, you want to carefully inspect the property before you make an offer.
- Think about using a licensed appraiser – it will cost you a few hundred but we have several appraisers we have worked with on a long term basis that we trust who can help you determine the absolute real value of a Las Vegas Foreclosure.
- Consider an all cash offer if you can afford it. Some Las Vegas Foreclosure transactions will require your closing (completing the transaction) in just a few days. If you don’t have your financing arranged ahead of time (we recommend this to all clients) you may lose the deal as you won’t have time to arrange financing.
- Think about buying a Las Vegas Short Sale instead of a foreclosure. A short sale involves a transaction with you, the homeowner and the bank – it can be tricky to negotiate but you can get a great deal and have more time to arrange financing if needed.
We are selling homes/property here in Las Vegas! Many of the homes being sold are foreclosures but getting this inventory off the market is a good thing and helps to improve our overall market. For great deals please visit our Foreclosure Listings Page and/or call us at 877.360.2030.
