Mesquite Nevada foreclosure properties appear to be growing in numbers, last week I received a list from a local title company with 24 new notice of default filings. I was contacted by a property manager this week, she wanted to know if I could give her a heads up in advance about which properties are going into foreclosure. She said they are having problems with tenants being given a week or less to move and no one gets any notice, including the property manager. She said the tenants are losing the rents they paid and the deposits they put up and given no choice but to vacate. Of course the property owners got notice, but they are not warning the manager or the tenant.
The property manager went on to say that in many of the cases she has seen recently these tenants did not have the means to make the move. First and last months rent, deposit, utility transfer costs and fees, cost of moving, etc., for many this was an unplanned and unmanageable expense. Many could not even get the time off work to move so suddenly. Then she explained that if they have pets or are smokers, or have too many vehicles or any number of other issues, she may or may NOT be able to find them a new home on such short notice. These are families who pay their bills on time, did not borrow any funny money, or speculate in the real estate market, minding their own business and yet they are caught in the foreclosure mess. More completely innocent casualties of the greed.
Another observation from an agents point of view about foreclosures, if it says foreclosure or bank owned, buyers seem to be lulled into some false sense of security that it must be a good deal. Cash buyers are really at the mercy of the agents and the banks, since no appraisal will be required. In some local neighborhoods we have bank owned properties getting far more attention than normal owner listings and it appears the only reason is that the sign says Bank Owned Property. They may not be a better value at all, especially when condition is taken into consideration.
Bank owned and foreclosure properties may or may not be a better value. Mesquite NV real estate market knowledge is the only way to really know for sure. You can get that from a qualified knowledgeable agent, or you have an independent appraisal done. To buy just because the bank owns it could prove to be a huge mistake. And from my point of view, we have seen enough dumb mistakes.
Finally this, I wrote an offer this week on a bank owned property in Mesquite, NV for a very savvy buyer. The bank came back and said OK we have three offers, who wants to offer the best bid? The buyer I am working with had the control and sense to know it may be time to back away. Banks NEED to sell these REO properties, they are motivated sellers, they would like to lure you in. They would love to draw you into a bidding war with a couple of other pre approved buyers.
Just because a bank owns it, does not assure you that it is a good value. Hire a qualified buyers agent to represent you, use a calculator for price per square foot to compare, and be patient. Do your best to keep your emotions out of the process and don't be afraid to walk away. There are going to be plenty more for you to chose from in the months to come.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702 346-7200
435-862-5951
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