I See a Las Vegas House in Foreclosure & I Wanna Buy It!

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Buying a Home in Las Vegas – That House is Vacant And Looks Like It Is In Foreclosure, How Do I Buy It?

That Las Vegas house is vacant and it looks like it is in foreclosure, how can I buy it?Multi House

The question gets asked often & many scenarios can play out with pre-foreclosure properties:

  • The owner may catch up on payments
  • The owner may get a loan modification
  • The owner may file bankruptcy which could tie up the property longer
  • The owner may list it as a short sale
  • The owner may give back the title to the bank in a deed-in-lieu of foreclosure
  • It may go to a trustee sale where a private investor buys it or goes “back to the bank”

The only way it MAY be listed in the MLS is if it is:

Even in the above scenarios, lienholders can “bundle up notes” and sell a large lot of properties to private hedge funds.  Private investors purchasing a home at a trustee sale may also rent out the home rather than turn around and resell it.

In my experience I would say only about 50% of pre-foreclosure properties make it into the MLS in the first year after it goes to pre-foreclosure because so many scenarios can happen!

View the latest Las Vegas foreclosure homes for sale:

 

Posted by

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comments (4)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

The best way for someone to get a good handle on properties that might be vacant or bank owned is to contact you for coaching and representation.

Thank you for commenting on my post.

Jul 09, 2014 11:24 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, Renee, an often asked question.  Unfortunately, all to many sites show these pre=foreclosures and really don't clearly state that these homes are not currently for sale.

Jul 09, 2014 09:33 PM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thank you for stopping by Joe!

Gabe - exactly!  They do not state which lienholder is foreclosing also!

Jul 10, 2014 10:11 AM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee.The whole Foreclosure approach has certainly went from a grab bag approach to a complex art form. You are the best artist in Las Vegas

Jul 10, 2014 11:48 AM