Las Vegas Foreclosures - Las Vegas Bank Owned Homes, Condos for Sale
Foreclosed or bank owned homes, condos and high rise condos are responsible for the 50%-75% price reduction in Las Vegas, Henderson, and North Las Vegas since 2006. Everyone loses on deals which end up in foreclosure, especially the poor home owner.
To search for Las Vegas, Henderson and North Las Vegas foreclosures (bank owned) homes and condos, click Las Vegas resale homes for sale on left column.
We will discuss issues involved in buying foreclosures (bank owned) homes and condos through the Las Vegas MLS here. To see how to buy foreclosures from the Las Vegas real estate auction see:
In troubled times foreclosure sales offer bargains and we have explained issues involved in buying foreclosures:
- Difference between making an offer on a Las Vegas foreclosure or bank owned home or condo and a regular sale. Making an offer on a bank owned home is not the same as making offers of Las Vegas traditional sale homes or short sales.
- Buying a Las Vegas foreclosed home or condominium is well worth the hassle, don’t lose patience discusses why it makes sense to make offers on bank owned homes or condos and why REOS get multiple offers.
- Buying a foreclosed (REO) Las Vegas home or condo is well worth the hassle, only the smart and strong win part two, discusses how banks process offers which affects the offer price.
- Buying a foreclosed (REO) Las Vegas home or condo is well worth the hassle, only the smart and strong win part three, What happens to your offer after it is submitted to the bank. Do not get disappointed because you got a few rejections.
- Buying a foreclosed (REO) Las Vegas home or condo is well worth the hassle, only the smart and strong win conclusion. Possible outcomes of offers that are submitted to the bank and the escrow process if you are the winning bidder.
Other issues include lack of disclosures from the lender and the fact that foreclosed or REO homes and condos are sold as is. If you buy one and the roof comes down on your head, TOUGH. That is why home inspections are necessary.
Making offers on Las Vegas foreclosure (bank owned) homes or condos
- The listing Las Vegas Realtor has to confirm receipt of the offer and and then submit it to the lender. At this point neither us, nor the foreclosure listing agent can influence when we get an answer back from the lender.
- The seller either accepts the offer as is or counters. If an agreement can be reached, the lender will replace the sales contract with a bank addendum and offers the buyer to take or leave it. If the buyer agrees then he/she submits an Earnest Money Deposit (EMD) to open escrow.
- The home or condo is sold as is, buyer must do a home inspection to verify the condition of the house or condo and submit appraisal contingent repairs demand if or required by the lender/appraiser in order to fund the loan. Most banks will not pay for repairs if not required by the lender/appraiser. Cosmetic repairs such as carpet, paint, holes in walls will not be done by the banks.
- If financing is needed, we send a copy of the contract to the lender.
- There are no property disclosures but you will get the HOA documents (CC&RS) if the home or condo is a part of home owner association.
- Buyer has 5 days from the receipt of HOA docs to approve or reject CC&RS (Nevada Law).
- Any exception or clouds on the title should be found by getting a Preliminary Title report.
- All unknowns should be answered by the end of due diligence since buyer's deposit money becomes non-refundable.
- If all goes well with financing, escrow closes and then usually within a day or two, the deal is recorded and the property is yours.
Please see services provided to Las Vegas home, condo, lofts and townhome buyers for our services to you.