In today's real estate market, with around 2 million foreclosures expected in 2009, it is not uncommon to see a foreclosure tour bus loaded up with prospective homebuyers who are all hoping to find the best deal on a bank owned home in the Las Vegas Valley.  If you are interested in purchasing a foreclosure, here are a few things to keep in mind to make the best of your foreclosure tour. 

• Sign up for tours run by buyers' agents, who approach the properties with the buyer's needs in mind, not the sellers'.  Be sure to find an agent who is professional, knowledgeable, and honest about the homes you'll be viewing.  Most of the homes you'll see are distressed properties, and you'll need an agent who is willing to talk with you about all the repairs the home will need and how much that will allow you to knock off the asking price.
• Choose a free tour that is easy to sign up for, and tours in the right area of town (if you're interested in buying in Henderson, be sure the tour shows homes in that area; otherwise it will be a waste of your time).  Also, avoid tours that require a lengthy interview or application asking for your financial information, or those that don't provide drinks or snacks - you'll be on the bus for several hours.
• Don't consider purchasing any of the homes you see on the tour.  You'll only be seeing a small sampling of the available homes in any given area, and in a wide price range.  Use the homes you see as a guide, choosing only one or two in your price range to give you an idea of what's out there.  Your agent can then show you several other properties like those you are interested in to decide which is best for you.
• Be prepared for the terrible shape many of the homes you'll see are in and consider repairs part of the deal, not a liability.  Needed repairs enhances your bargaining power, and you need to be equipped to use it.  Also, don't be discouraged by high asking prices.  If your agent is good, he or she will tell you if the listing is overvalued, and by how much. Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property.  Feel free to ask their opinions and gain from the knowledge they've already acquired.
• Tap the expertise of your fellow bus riders - many of them are likely to be investors looking for a rental property.  Feel free to ask their opinions and gain from the knowledge they've already acquired.Don't feel obligated to use the lender on the bus, but do ask any questions you have about the mortgage process.  You'll still want to shop around to get the best rate possible.

Whether you're an investor or looking to get a great deal on a home you'll live in, I am here to help.  With a background in finance and lots of experience selling bank-owned homes, I am prepared to give you the help you need in finding a foreclosed property that would be a good match for you.

Have foreclosure questions?  Give me, Yonas Woldu a call - I'm your real estate expert in the Las Vegas Valley!  Also visit my Vegas Real Property website and the new AskYonas website