About real estate sales in bulk in Las Vegas, Nevada
Currently there aren’t any bank-owned (foreclosed) homes that can be purchased directly from the banks in bulk at wholesale prices in the Las Vegas Valley. However, some investors who have previously purchased homes or condominiums from the Trustee sale auction do have a few homes which they have bundled together for sale to investors. Some of the wholesale homes have been fixed and rented and they are selling them as investment properties, which is fine and good. Except for:
These are not the bulk sales which investors call us about. When Las Vegas real estate investors call about bulk sales, they are asking for 15%-30% or more discounts which these do not provide.
The reason is lack of foreclosure (bank owned) homes or condominiums inventory. Currently we have 10132 homes, condominiums and townhomes which are listed in Las Vegas, Henderson and North Las Vegas, only 1927 of these are bank owned.
| Bank owned Las Vegas homes, condos and townhomes prices | Number of bank owned Las Vegas homes, condos and townhomes | Closed escrow or sold in less than 30 days | Sold price/asking price% |
| $1-$50,000 | 192 | 73% | 109% |
| $50,000-100,000 | 507 | 65% | 104% |
| $100,000-$200,000 | 907 | 57% | 101% |
| $200,000+ | 319 | 56% | 101% |
The table above shows why we don’t have any homes for sale sales in bulk in Las Vegas at wholesale prices. Just look at the numbers above and notice the fact that these homes closed escrow or recorded in less than 30 days since most are cash deals. Bulk sale buyers usually look for homes or condos that are priced below $100,000 and most prefer properties that are priced below $50,000 and there they run into the most competitive real estate segment of the market.
Now why would banks wholesale properties that sell for cash at 109% of the asking price? A quick look at homes and condos that are sold for $50,000-$100,000 tells the same story.
At this time the only way to get wholesale prices for Las Vegas homes and condos, as well as land and commercial properties is to buy them from the Trustee sale auction or foreclosure auction one by one.
Some new home builders have gone bankrupt and have lost the improved parcels which they were planning to build. This makes it possible to buy these individual parcels in the same subdivision in bulk.
Related Website pages: Las Vegas residential real estate for sale, Las Vegas real estate auctions
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Homes and land | CheckinOut // Jun 3, 2010 at 3:30 am
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