Where can i find foreclosure houses in Las Vegas?
Question:
Answer:
Check the county clerk records. It has to go thru the court system before it can be foreclosed.
yahoo has a site under real estate. http://realestate.yahoo.com/;_ylc=x3odmt...
on right click on foreclosed
Depends, there are many stages to a forclosure. Most sites tha have "foreclosure deals" are a scam. You can get addresses in default from a title company (make friends with a Realtor who can get it). These are homes that are in the first stages of foreclosure and haven't yet been taken back by the bank. Some are vacant, some aren't.
Then there are the auctions at the court house, where bidding starts at what is owed on the property. House is as is.
It all depends. The banks of course have quite a list of REO's in their books. Usually they have marked these homes back up to full market value, and are willing to discount them to sell them. The discounts on average will range from 5 to 15% depending on the fees the bank encumbered through the foreclosure proceedings, and whether or not they can profit from the property.
More often than not this is NOT the way to go. In today's market many homeowners were foreclosed upon with no equity in the home. If this is the case then the lender is further in the red at the very beginning and are less likely to deal. They have to factor in advances made to the state for taxes, fees to the trustee that handled the foreclosure, fees to the attorney filing on their behalf, and fees for both a seller's agent and a buyer's agent. The typical foreclosure cost the banks anywhere from $30,000 to $60,000 depending on the circumstances. Also in purchasing from a bank they ask you to accept the property in as-is condition with any problems becoming yours.
The best way to go is a pre-foreclosure short sale. This allows you to purchase the home from the homeowner at a negotiated discount. The current homeowner is usually behind or in default at this status and needs a way out. The bank has not incurred all the fees and is more willing to do anything possible to avoid the costs associated with a foreclosure.
The best place to go for a foreclosure home is to find a realtor or mortgage agent who specializes in foreclosures. These opportunities are plentiful and if you find a professional can save you quite a pretty penny.
Devan_Reaves@yahoo.com
If you want to find foreclosure houses which the owners already expressed to want to sell then try foreclosure investor network. As I heard it costs a little bit of money but it earns you tons more money but I am not sure how much you have to spend.
Banks are not the best source when a property is in foreclosure. The bank is not the owner and they can not talk about the borrower. Banks who have taken a property back (after the auction failed to produce a buyer other than the bank) are a source of houses for sale. REO is the term for such property.
See the links below for an overview.
google forclosures in las vegas.
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