Las Vegas Real Estate Auctions - Foreclosure Auctions in Las Vegas
Las Vegas foreclosure real estate auctions are one of the best ways to get a great deal on a home, condominium or commercial real estate. Like any other investment, profits gained from buying Las Vegas real estate is proportional to the risk taken and our job is to manage the risk and maximize profits through buying at Las Vegas foreclosure real estate auctions.
Buying from homes, condos or foreclosure real estate auction in Las Vegas, Henderson and North Las Vegas, Nevada
Greater Las Vegas real estate auctions, including homes, condos or other foreclosure properties provide buyers with a good opportunity to find bargains or fail miserably. The process of buying any type of real estate, especially homes and condos at auctions, should be divided into separate categories, each needing a separate area of expertise.
When a borrower fail to pay his mortgage for a while, then the lender will foreclose on the property by running it at the Trustee Sale Auction (foreclosure auction) where the act of foreclosure takes place. If the property is not purchased by a third party, then it becomes bank owned (REO) which will then be listed in the Las Vegas MLS. Those properties that fail to sell at retail prices will be auctioned in a bank owned real estate auction like the REDC public auction. We discuss buying from the Trustee Sale Auction separately the rest is discussed in buying from Foreclosure (bank owned or Repo) real estate auctions.
Concluding a risky real estate transaction and the expertise that is essential in buying from a real estate auction are explained below.
- Bidding and buying from Las Vegas real estate auctions.
- Different types of real estate auctions in Las Vegas, including absolute auctions, reserve bank owned (Repo) auctions and the real foreclosure real estate auction, Las Vegas Trustee Sale Auction
- How we prepare our customers for a real estate auction
We go into much more detail about Las Vegas real estate auctions in a series of blog posts in the Las Vegas homes and condos auctions blog. Here are sample blog posts Want to buy from a Las Vegas home or condo auction? Know what you are doing or Las Vegas foreclosure auction, process and pricing
- The sale is usually AS IS. Meaning the home or condo or commercial real estate is purchased as is where is. Depending on the type of the sale, disclosures and warranties could be waived and not given to the buyer. After you close your deal, if the roof of the property comes down, tough.
- The fact that these properties are sold as is doesn't mean that you have to buy them as is. Ask us how.
- Auction companies put the information such as CC&Rs (Covenants, Codes and Restrictions enforced by the applicable home owner’s association HOA), preliminary title, and a purchase contract and other due diligence material on their web-site. Buyers are advised about reading all pertinent due diligence information prior to bidding.
- Auction requires you to be at least pre-qualified, if not they have mortgage officers at the sales site to pre-qualify you.
- If you haven’t followed our
instruction for the best Las Vegas real estate deal and have the auction company
finance you, you have missed the opportunity to shop for the
best mortgage rate and terms.
You are locked into one lender at
the bidding time (you make an official offer). The auction
company may be paid a referral fee from the on-site lender at
When you get a mortgage, annual percentage rate (APR) and other loan origination fees impact your bottom-line and monthly payments. Obtaining a mortgage that charges you higher interest rates or loan origination fees can wipe out any discount that you got by buying an auction property.
- The final price doesn't include financing charges and closing cost.
- Buyers are expected to pay a commission (premium) to the auction company in addition to the amount of their winning bid. For example 5% of the final bid price will be added to your final bid amount to arrive at the final price.
- The auction premium or commission is usually divided between the auction company 3%-4% and the buyer's agent 1%-2%. You gain absolutely nothing by not being represented by a real estate agent at the auction, the auction company keeps the whole commission if you are not represented and you are on you own and clueless.