<<<< UPDATE >>>>
CLICK for 2009 Las Vegas Foreclosure List Post
In a previous blog about Las Vegas Foreclosures, I mentioned a certain 3BR,
2 bath and almost 1300 sf. Henderson, NV single family home that was on an
online foreclosure list, as a "new" REO (Bank Owned) listing and priced under
$30,000. This listing is fed to other real estate search sites, and is still
available here as an active listing along with many others like it at Yahoo Real
Estate Foreclosure Listings.
At that time I originally posted there were only 4 properties under $30k on
the Las Vegas Multilist, none of them in Henderson. Two were manufactured homes
with one in Tonopah, NV, one a locally listed vacation condo in Thailand,
the last a condo in need of heavy refurbish here in the Vegas Valley. For a
better understanding of all this, that original blog post is found here.
This home was actually on the Las Vegas MLS for $169,900 and was under
contract due to close 3/7/08, the following day from my other post. According to
the entry with the Recorder's Office this past week, the actual price was
$174,525. That's the real deal on that REO foreclosure, not the under $30,000
price. Still appears to have potential as a good value, since the home sold in
2006 for $260,000.
As I've come to find out, these foreclosure listings go even ridiculously
lower. How about a 3BR, 2Bath, 2748 sf. REO home built in 2002 for only $2,030?
Ahh, I don't think so. Like so many of these Foreclosure Listings I have had
passed along to me, it appears there are an awful lot of errors. For the one I
just mentioned and one page with some other examples, check my post on Las Vegas
Normally banks don't sell their own foreclosed properties themselves. They
turn them over to an agent that puts them on the MLS. The exception would be a
home in pre-foreclosure, but many of those turn up as short sale listings.
The ones that don't normally require an awful lot of research, and again it
appears that some of these low priced listings that appear online are for any
title action taken against a property and not necessarily available.
Just so you know, I'm not against foreclosure listings. There is obviously
an interest in them and they can be a useful tool. These homes need to be
purchased for the housing market to stabilize, and offer some great savings for
those looking to purchase before they're all gone.
I do have some issues with the lack of correct information they may
provide. I know if I presented online listings at prices that were a tad off, like the
over $139k difference with this Henderson home, or listed properties that
weren't actually available, I'm sure I'd have some answering to do and face
some penalties...and rightfully so. I don't believe it's good to have
misinformation out there, and what I've been seeing is a lot more than just a
typo, or a few errors.
Although not foreclosures, this
AOL Real Estate
site (In Beta, to be fair) lists "The Las Vegas Market" in a box down on the
right hand side. It claims over 50,000 homes are for sale here. Funny, the Las
Vegas MLS only claims 38,164 total listings, including rental, office and
commercial properties, vacant land and those that are under contract. Better
yet, this site lists that only 1
home sold in Las Vegas last month. Take a wild guess and I'm sure you can
imagine it was just a little higher than that.
Should you find a listing for a Las Vegas Foreclosure, or any other you may
see around the Internet, and want to find out if it's actually listed and at
what price, feel free to use my Las Vegas MLS search. With this one you can
input street name and specific price, and see if it's a real deal listing, or
just some less than accurate raw data. There's no sign up required to use it,
and no free trials before you have to pay to subscribe.
For those of you outside of Las Vegas and interested in foreclosures, you should look for a local agent that may offer a similar free local search. You may even want to simply contact a REALTOR® and let them automatically send you updated foreclosure listings in your price range and other requirements. I bet that just like me, they'll even email them to you for free. That sure beats paying up to $50 a month for access to a whole bunch of foreclosure listings, that may or may not be the real deal.
If you are interested in relocating to Las
Vegas or would like information on Las Vegas real
estate, please email me email@example.com
or call me at 702-354-8988. I look forward to hearing from you!