Bank Owned & Repossessed Properties – Las Vegas
Between 2007 and 2011, bank owned properties or REO properties (real estate owned properties, in bank terms) were in huge supply. However right now combined, they make up less than 4% of the of all homes for sale in Las Vegas. NV state laws passed in 2011 helped to slow down the foreclosure process significantly and further changes made in the 2013 legislature put into place new laws that further altered the process.
These properties have already gone through the foreclosure process and are now being marketed by the financial institution that owns them. For investors, some of the bank owned properties are “off limits” for the first 30 days they are on the market. it depends on what entity is selling the home. The idea is to attract buyers that intend to occupy the properties (especially first-time buyers) as a principal residence. In these cases, the winning bid is always the offer that gives the highest “net” to the seller. There are some issues to be addressed when making offers on these homes such as time frame for inspections, the importance of performing a thorough inspection, the care needed to protect earnest money deposits, paying attention to “as-is waivers”, determining value, etc. It’s our job to assist you with these issues and utilize our past success in selling these properties to your benefit.
In a nutshell, here we are dealing with a private seller that owes more on the property than the home is worth. That seller is typically negotiating with one or more lenders that have a secured interest in the property, and the idea is to demonstrate a hardship on the sellers part so as to convince the banks to allow a “short payoff” of the outstanding loans. The banks allow the home to be sold for fair market value and the seller can get out from under liens that exceed the home’s value. The big caveat here is not only must the buyer qualify for the purchase, but the SELLER must also qualify for the short sale. It is not always the case that a sellers request for a short sale will be approved. In some cases, they do not! You should understand that the asking price on these properties often has not been approved by the banks that hold the notes on the home. Therefore you could make an offer at the asking price, wait weeks or months, and still not get your offer accepted; or even rejected! There can be a substantial waiting period to obtain approvals when making offers on short sales; typically 3-4 months, possibly more. Currently, short sales make up about 5% of the homes for sale in Las Vegas. We have found that two of the most important factors when making offers on short sale properties are to deal only with sellers that are actual candidates to be approved for a short sale and to deal only with agents that have the knowledge necessary to negotiate and close a short sale. There are still some good values to be found in this segment of the market.
$290,000 : 9892 VISTA MEADOWS Avenue, Las Vegas4 beds, 3 baths
$239,900 : 3736 LAKE VICTORIA Drive, North Las Vegas3 beds, 2 baths
$81,900 : 2451 RAINBOW Boulevard #1033, Las Vegas1 bed, 1 bath
$580,888 : 4648 LEON DE ORO Drive, Las Vegas4 beds, 3 baths
$285,000 : 3021 MADAME PLANTIER Avenue, North Las Vegas4 beds, 4 baths
See all Foreclosure link.
(all data current as of 9/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.