Find Las Vegas Foreclosure Homes
Read any recent news story about the real estate market in Las Vegas and the amount of foreclosed homes in Clark County will be front and center. Southern Nevada has consistently ranked as one of the top areas in the nation for home foreclosures. As a homebuyer, you may be interested in considering purchasing a foreclosed home. Before you start shopping, there are several important points you should consider.
Understanding the Price
Bank owned properties can be tempting because they are often listed at bargain prices. It is important that you understand that in most cases the list price for a foreclosed home is only a starting point. If you want the property, you will have to offer more than the list price. This can be confusing because it often works opposite of the traditional home buying process. Instead of negotiating a lower price with the owner of the property, you are competing in a race with owner potential buyers. You need to be prepared to offer your best and highest price early.
Understand the Competition
Along with the price, it is also important that you understand who else may be interested in buying that foreclosed home you want. People interested in real estate as an investment often shop for banked owned properties. Instead of looking for a new home, they are interested in properties they can turn over for a profit. Investments buyers almost always pay cash which can put you are a disadvantage. Make sure you have your financing in place and ready before you start searching properties if you want to try and compete with the cash buyers.
You Handle all Repairs
Nearly all banked owned properties are sold “as is.” That means you will be making the repairs. If you are looking for a move-in ready house, foreclosed properties are not going to be your best choice. At a minimum, you will likely need to replace the carpeting and other flooring, repaint the interior of the house, and install new landscaping. Other more extensive repairs may also be necessary. Regardless of how expensive the repairs will be, the bank will likely not come down in price. The bank is selling the house in it’s current condition and the repairs are your responsibility. Make sure to factor in the cost of making the home livable when considering the discounted price of a foreclosed home.
Choose an Agent Who Understands Foreclosures
Buying a bank owned property is a totally different process that buying a house from a current owner. Experience in traditional home sales is not enough for a realtor to understand the foreclosure buying process. If you are interested in buying a foreclosed home, talk to a real estate agent who understands the process. At the Brown Blankfeld Group, we have agents experienced in the foreclosure market who will be happy to guide you to finding and buying the perfect bank owned home. Contact us today to find out more information.