Foreclosure or bank repo auctions are becoming increasingly popular in Las Vegas and can offer a great opportunity to get a bargain if bidders do their research prior to attending the auction and know how to bid at an auction. A bit of luck is needed also.
More than 300 bank repo homes and condos where auctioned in REDC’s Foreclosure Auction in Las Vegas. How many sold is unknown and will not be announced by the auction company. The only way to find out how many of these homes and condos sold at the auction is to check on them individually at Clark County.
We have added pages to our web-site, Las Vegas Homes, condos and commercial real estate about these real estate auctions, including a page about what happens at a real estate foreclosure auction, why people buy from a Las Vegas real estate auction and what could defeat them and How we prepare our customers for a real estate auction. Since these pages cover a lot of the issues which can affect a buyer at a real estate foreclosure auction, I am only going to analyze a home that to my surprise didn’t sell at the auction, and discuss pricing at the foreclosure auction be it a home, condo or commercial properties. The trick is to come up with a correct price for the property.
The home I want to discuss is 2804 Kinknockie, which is located in the southern part of Anthem in Henderson. This 2066 square foot, 2 story building was originally listed for 444,000 in 11/06 and has had successive price drops since then. The last asking price was $329,000 in 3/08; this house is no longer listed in the Greater Las Vegas MLS.
The highest bid at the auction for this property was $240,000 and to my amazement it did not sell. This could be due to three factors:
1: There was no high bid. I believe that there was a good bid on this property.
2: The high bidder did not qualify for a loan as pre-qualifying was not required prior to this Las Vegas foreclosure auction, all that was required was a $5,000 cashier check.
3: The bank didn’t accept the high bid. This may look reasonable due to the asking price at the time of the foreclosure auction.
I will analyze the pricing and why the bank should have accepted the high bid in the next post.
Related Web-site pages: Las Vegas Foreclosure or Bank Repo Homes and Condos Auction Bus Tour, Las Vegas Foreclosure Homes and Condos Real Estate Sniper Bus Tour Process, Las Vegas, Nevada Homes and Condos for Sale Short Sales, Foreclosures, HUD Homes and Fixer-uppers,