If you are considering purchasing a pre-foreclosure or a foreclosure in Las Vegas, there are a few things that you should know. While it is certainly possible to get an amazing deal on these distressed properties, you have to go into the purchase having done your homework. Each of these tips will help you avoid the most common mistakes associated with purchasing pre-foreclosure and foreclosure properties in Las Vegas.
Pre-Foreclosure Properties In Las Vegas
These distressed properties may be available as a short-sale property. A short sale, if approved by the lender, the bank may allow you to purchase the home at less than what is owed on the property. It is important to understand, however, that this process can be time-consuming, and many properties will enter into foreclosure before the approval is granted.
You may also be able to purchase a Las Vegas pre-foreclosure home for the balance that is owed on the mortgage. You will have to work closely with your Realtor and the bank to make this happen in your favor. Make sure that you are familiar with local pricing so that you do not pay too much for the property.
Keep in mind that these properties may not have been properly maintained due to financial reasons. When you make an offer on a pre-foreclosure home, you will need to bid low enough to cover potential repairs or at least obtain a full inspection of the property to know what you’re getting yourself into.
Foreclosure Homes In Las Vegas
If the home enters into foreclosure, you will be able to place a bid on it at the foreclosure auction. These auctions are posted at the courthouse and notifications are printed in the paper. Foreclosure sales can be canceled at any time, so check the morning of the sale to ensure that it is still taking place.
The home will have a starting bid of what is owed on the mortgage in most cases. Sometimes, depending on the lender, they will start the bid at or near the valued price. Know what similar houses are selling for in the area so that you do not overbid by working closely with your Las Vegas Realtor.
Many auctions will require that you can pay for the house in full at the time of auction or with a few days. Research the terms of the auction so that you are prepared. You will also have additional filing fees and auction fees to cover if you win.
With both types of homes, the most important factors to consider are repairs. Foreclosed homes in Las Vegas that have been empty for a while may suffer damage from the elements, pests, or vandals. You must take into account all these possibilities before placing your bid.
Want To Start Investing In Las Vegas Real Estate?
Pre-foreclosure and foreclosure homes in Las Vegas do offer some of the best local deals for real estate investors. However, they do require a significant amount of research and due-diligence to reduce your risks and maximize your potential for returns. The best way to set yourself up for success with investing in Las Vegas real estate and pre-foreclosure or foreclosure homes is to hire an experienced Las Vegas Realtor.