Is It Really a Bargain – Understanding REO Properties in Las Vegas, NV

Is It Really a Bargain – Understanding REO Properties in Las Vegas, Nevada

Many people are drawn to REO, or real estate owned property in Las Vegas because they think those properties always sell for pennies on the dollar. But the mere fact that a property is REO owned does not necessarily make it a great bargain. The price you pay for an REO property in Las Vegas is determined by the same factors that influence any Nevada real estate transaction, including the nature of the local Las Vegas Real Estate market and the current demand for houses. You can find some real bargains in the REO market, but it is not as easy as those late-night infomercial gurus make it seem.

No Need to Pay to Play

One important thing to keep in mind is that you do not have to pay big bucks for a list of Las Vegas foreclosures or REO properties in Nevada. (Scroll down to bottom of this article for a list of REO properties for sale in Nevada).  In fact, the Las Vegas Realtor® you would use to search for traditional properties for sale in Las Vegas also has access to the REO properties in your local market, and the broader market as well. Working with a real estate agent, preferably one who has experience with REO properties, is the best way to find the information you need. The Ballen Group, an award winning top .01% Las Vegas Real Estate Agent team at Keller Williams Realty Las Vegas Summerlin is experienced in distressed properties including Las Vegas short Sales and Las Vegas REO. Call 702-604-7739.

Once you find those REO properties, the discounts you can expect will vary widely, depending on where you live and where you are shopping. As you would expect, the biggest bargains are to be found in areas where the real estate bubble inflated the most. States like California, Florida and Nevada have large numbers of bank owned properties, and many of them are truly going for bargain basement prices.

Keep in mind, however, that a bargain price does not necessarily mean you are getting a bargain. Many of these REO homes were not in the best of shape before the bank took them over. After all, a homeowner who could not afford to pay the mortgage likely could not afford to fix the water heater or repair the basement either.

In addition, banks have so many REO properties these days that it is impossible for them to keep track of all of them and maintain them the way they should be. If you are not careful, you could end up pouring tens of thousands of dollars into your “bargain” REO property. If you plan to deal in the REO world, you need to work with an experienced home inspector, and perhaps a good contractor as well.

Once you have had the home inspected, it is a good idea to have it properly appraised as well. The bank probably did an appraisal when they first took over the property, but in this fast-moving Las Vegas real estate market that value could have changed significantly. Taking the time to have a thorough appraisal and inspection done is one of the best ways to protect yourself and your assets.

As with so many things in life, buying real estate owned property requires you to know the difference between a low price and a true value. There are some great bargains to be had in the REO market, but it pays to be cautious and learn all you can before making that first offer.

Here's a list of Bank Owned Homes (REO) in Las Vegas today