Buying a Home in Las Vegas – That House is Vacant And Looks Like It Is In Foreclosure, How Do I Buy It?
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:
- Listed as short sale
- Gets declared in bankruptcy
- Goes back to the bank in a trustee sale
- Gets purchased by a private investor at the trustee sale
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: