Las Vegas, NV: Could this be a new trend to get rid of inventory?

Auctions seem to be getting more and more attention across the country and more specifically in the Las Vegas NV market.  Currently there are quite a few bank owned properties, and that number is rising.  Also, Las Vegas inventory has been reported to be at record numbers.  Does this calculate for a ripe Las Vegas, NV auction market?  Could be, according to this recent article in the LVRJ.

HOUSING MARKET: LV homes head to auction block
Some 100 properties slated to go up for bid
By HUBBLE SMITH
Las Vegas REVIEW-JOURNAL

Nearly 100 Las Vegas homes will be sold at auction Sunday, but don't expect to get some kind of unreal deal just because banks are anxious to rid their balance sheets of carrying costs.  Los Angeles recently had an auction of 400 real estate-owned properties and the auction house boasted a 95 percent delivery of the broker's price opinion, Alexis McGee of Sacramento, Calif.-based Foreclosures.com said. "That just means the auction company got a broker to say what they would list it at. That's kind of a streamlined appraisal," she said. "Broker price opinions are typically at or above market value. They're rarely lower."Dallas-based Hudson & Marshall will auction the Las Vegas homes Sunday at noon at JW Marriott, 221 N. Rampart Blvd.

Should you need Henderson or Las Vegas, Nevada mortgage advice, or have questions pertaining to the purchase of a new home in Nevada or refinancing your existing mortgage in Nevada, please feel free to contact me directly so that we may get your questions answered.

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Rey "Steak Dinner" Gallegos
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Five Star Mortgage
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6 Comments on Las Vegas, NV: Could this be a new trend to get rid of inventory?

I had seldom heard of auctions here...but lately I'm hearing about them more and more, and it's hard to convince a buyer that they need a REALTOR for these...they have a 'high bid' in mind and that does not take into account the fee for representation.  It's been a little frustrating.  I've heard too that investors are overbidding on these too...I'm not sure they are worth it.

08/03/2007 12:41 PM by Mary Warren, Las Vegas Real Estate (Keller Williams Southern Nevada)

Mary, Do you know if they have to pay the fee regardless of a successfu sale?  Also, what is the standard fee for the auction?

08/03/2007 01:32 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

Steak,

I like how you set your posts up, but I know very little about Nevada...

Good Job,

Tom Weiss

08/03/2007 05:44 PM by Thomas Weiss (Thomas R. Weiss)

Tom,

Thank you sir!  I appreciate that.  Keep reading and I will give you all the NV info I have!

08/03/2007 05:49 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

We have started seeing these in ABQ. Not the kind of numbers you are saying but I do think it something to keep track of.

08/04/2007 12:54 AM by Albuquerque Real Estate | Ashley Drake Gephart (Keller Williams Realty)

Ashley: I actually think it may be good.  The only reason I say that is because it will speed up the foreclosure cycle so we can turn this bad boy around!!! 

08/07/2007 05:05 PM by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

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Loan Officer: Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)
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