Las Vegas Metro Foreclosures
I’ve had several people ask me where they can easily find foreclosed homes in metro Las Vegas (Las Vegas, North Las Vegas, Henderson). I’ve put together a list that I will update about once a week depending on traffic. Here is the link to the list. At the time I am writing this message, there are 585 homes on the list.
A few considerations on foreclosures:
- All price ranges and all locations: There are hundreds of foreclosed homes available at well below market prices in all price ranges and all areas. This includes million dollar homes too. However, there are some considerations on buying a foreclosed home.
- May require substantial upfront investment: Most of the foreclosed homes that I have seen need substantial work/investment up front to make them livable but most are priced accordingly.
- You have to act fast: The best deals are snapped up in a day or two.
- Sold “As is”: The homes are generally sold “as is”. This means you legally release the seller of all liability and it is up to you to discover any defect. If you find it later, it’s your problem. This is unlike buying from an individual who lived in the home and knows all the homes peculiarities. When they are selling the home to you, they have to provide disclosures. If they fail to disclose something, you can generally collect treble (3x) damages.
- There are not a huge number of these homes in any given area (despite what the press says) so you will need to be more flexible.
For many people, these considerations are not show-stoppers and will enable you to buy a home at rock-bottom prices. One important note – JUST BECAUSE A HOME IS IN FORECLOSURE DOES NOT MEAN IT IS A GOOD DEAL! You need to consult with an agent (like me) that knows how to determine the market value of the home based on condition, size and location.
Eric Fernwood
702-358-8884
Eric@ISellLVHomes.com
