Las Vegas Nevada Real Estate Blog

The Las Vegas real estate market has drawn much attention from publicity about the “good deals” that buyers can get buying properties in foreclosure or default.  An entire cottage industry has been developed, with investors and brokers targeting distressed properties to buy for less than market value.  But buying foreclosures is neither easy, nor cheap!  This type of purchase is definitely not for the beginner investor or first time home buyer.  Most properties do not sell for much under market value, as there are generally so many parties bidding on the same property.  In addition, these properties are sold “as is” - with no warranties, which can result in unexpected maintenance costs that cut into the future profit of selling.  Financing of distressed properties is quite different from a traditional purchase, in that a Buyer needs to have cash or a loan in place for a quick closing if his bid is accepted.   The response time from the bank, or Seller, usually takes longer, which can cause the buyer to miss out on other opportunities.  And lenders can consider other offers while reviewing your offer.  In situations where Sellers still own a property, but are trying to avoid foreclosure, the price that a Seller is willing to accept is often lower than the Lender’s acceptable price.  Buyers are actually dealing with more than one seller!  In the Las Vegas market, many homeowners purchased homes with little or no money down within the past 2 years.  Since they have no real equity in the home, there is really no room for negotiation on the price prior to forclosure.  There are ways to buy Las Vegas real estate for less than market value that are easier and more effective than foreclosures.  Call Las Vegas Properties for more information about these listings.