Las Vegas Foreclosures - Bank Owned Homes, Condos for Sale

The number of Las Vegas foreclosures sales have been shrinking for the fifth year and has fallen below 8% in 2016 while the inventory of bank owned listings in the Las Vegas MLS that are not under contract is about 3.5% of total listings.

The vast majority of bank owned homes or condos listings are in lower price ranges and due to a chronically tight inventory of homes and condos for sale, these listings do NOT offer the discount they once did.

Buy bank owned (foreclosed) homes and condos for sale in Las Vegas, Henderson and North Las Vegas

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 and then choose foreclosures.

 We will discuss issues involved in buying foreclosures (bank owned) homes and condos through the Las Vegas MLS here.

We have done a blog and video tutorial about

To see how to buy foreclosures from the Las Vegas real estate auction see:

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

  1. 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.
  2. 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.
  3. 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 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.
  4. If financing is needed, we send a copy of the contract to the lender.
  5.  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.
  6. Buyer has 5 days from the receipt of HOA docs to approve or reject CC&RS (Nevada Law).
  7. Any exception or clouds on the title should be found by getting a Preliminary Title report.
  8. All unknowns should be answered by the end of due diligence since buyer's deposit money becomes non-refundable.
  9. 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.