In the last blog post,  $1 Billion Las Vegas real estate note auction, Retail I stated that I picked 10 good Las Vegas retail properties that will run in the note auction. Please e-mail me for additional info about them.  You can find my contact links on top of the left column.

By far and away the best Las Vegas commercial real estate deals are foreclosures or bank owned properties and there are less than 40 listed in Las Vegas the commercial real estate MLS for the whole valley. Non-distressed retail properties that are listed in the Las Vegas commercial MLS sell for around $60 per square foot for class (C) buildings in low income areas, better class (A)retail properties sell for about $250 per square foot. The asking price for a retail property in Rampart Street in Summerlin is $800 per square foot.

Conversely, comparable bank owned (REO) retail properties to those running in the Las Vegas note auction sell for $80-$180 per square foot which is 25%-30% discount over non-distressed. I project that the note for the retail properties will offer investors an additional 20%-30% discount over the comparable bank owned (foreclosure) properties.

 However, there has to be a good discount for buying the note and going through the foreclosing process (it is not as bad nor as expensive or time consuming as judicial foreclosure states) as opposed to buying the property as bank owned after the bank forecloses on the property or buying the property from the Las Vegas Trustee Sale Auction. By the way, the act of foreclosure which changes the owner of the property from the borrower to the lender takes place in the Nevada trustee sale auction.

I called several attorneys to ask about the foreclosure process for commercial properties in the State of Nevada.  Jim Smyth and Josh Correlli of Kaempfer, Crowell Law Firm in Las Vegas were kind enough to answer my questions while a few others weren’t. They said that if there are no complicating factors the commercial foreclosure process takes less than 6 months and could cost less than $20,000, due to the fact that Nevada is NOT a judicial foreclosure state. However, complicating factors which are beyond the scope of this article can make the foreclosure process much longer and costly. Only a foolish investor will bid without having lawyers involved from the beginning and I have a couple of great ones for you. Actually a couple of owners (borrowers) had tried to turn in the titles of their properties to the lender more than a year ago and the lender refused.

The other issue is that many borrowers declare bankruptcy to avoid specific performance (the lender can sue the borrower to make up the difference between the loan amount and sold price of the property). This is NOT an issue here since these are non-recourse loans and the lender can NOT bring up the issue of specific performance.

Many of the 10 retail properties that I have picked should be priced at about $150 per square foot and I project they can be purchased at below $100 per square foot, now that is called a DEEP DISCOUNT.

Summary:

 I have picked 10 of the best listings for Las Vegas retail properties which will be run in the biggest commercial real estate auction ever in the US.

These ten listings are mostly over 70% occupied and in some of the best retail locations in Las Vegas, North Las Vegas and Henderson

The reason for the note auction is that many of these listing were either refinanced or purchased in 2004-2007 and now their value is less than 40% of the mortgage.

These Las Vegas retail properties will provide the new owner with double digit cash flow.

Due to confidentiality agreement I can’t write about specifics of each property. Viable investors can call me for further info 702-478-7800. Masoud

For one thing, Las Vegas is no Detroit, there are very few undesirable properties here and the majority of retail properties are in good locations and 3-4 in the most desirable locations. For example the property that is located at 11105 South Eastern in Henderson is located at the mouth of and serves the huge Anthem community, awesome location.

  I have picked about 10 of the best listings and my picks are viable, occupancy is over 70% and are money making Las Vegas commercial properties.  Some with 70% occupancy and in the best locations, however the income gained from these operations can’t service their outstanding loans. In some cases the borrower is two years late and in one, the owner wanted to turn in the title (Deed in Lieu) and the lender refused, why? See Effect of Zombie Loans on Las Vegas real estate market 2011

 So if these are great properties, why are they broke, why are banks auctioning off their notes?

1: Well many of these properties have been refinanced in 2004-2007 for stupid amounts of money and the owner (borrower) has already taken their original investment out of the property. In other cases the loan was used to purchase the property at the peak of the real estate bubble.  If that was NOT the case many of these properties would NOT be in trouble today. Loan to value (LTV) ratio for some properties are in the 150% range while the property is 80% occupied.

2: The real estate market crash that added to their vacancy, however I highly doubt if these properties would have been viable without the crash. Banks were throwing money away in 2004-2006.

For example; one would be hard pressed to find a better located retail property than one on the corner of Sahara and Decatur. Check out the traffic count: about 90,000 vehicles a day and around 150,000 people within the 3 mile area. Now a foolish bank made a $56,000,000 or about $170 per square foot loan on this property and the post real estate crash has left it with 150% LTV. Auction.com puts the real estate value for this property at $33 million now! I wouldn’t hold my breath to see such a bid. The owner (borrower) has offered to buy back his loan at discount and the bank rejected it because it is NOT in their DNA to cut principal for a borrower, although it has happened for some other large properties in Las Vegas. Now if someone ends up with this property at, say at $15-$20 million, then the LTV ratio will go down noticeably and make this property viable again and a good investment candidate.

I will discuss other Las Vegas Retail Properties in the note auction later

PS: Nevada is NOT a judicial foreclosure state and call me 702-278-7800

I discussed what happened in the first Las Vegas real estate note auction and why it provides Las Vegas real estate investors with an unequalled opportunity to invest in Las Vegas commercial real estate at deep discounts. But first things first.

What does a commercial real estate note buyer really buy?

The investor buys an amortized schedule of future monthly payments for a loan that is backed by commercial real estate.  For example, the investor buys $1000 monthly payments for a period of 15 years. However future money must be discounted back to the present time due to inflation. We can calculate the return, by determining the net present value of an investment property’s cash flow and sale proceeds for periods of X number of years. The value of any investment is simply defined as the total cash that an investment will throw off during its existence.

A few listings in the Las Vegas real estate note auction are performing loans and will be sold as such.

Big deal so where is the opportunity?

The vast majority of properties auctioned off in 3 weeks are non-performing loans and great candidates for foreclosure. Some property owners haven’t made a payment on their mortgage for two years and there is little chance of saving the property from foreclosure. There is no reason for the borrower (current owner) to want to keep making payments on a property that is 100% upside down. These notes will be sold at deep discounts for several reasons.

1: Most real estate investors are not familiar with buying notes, thus less competition.

2: Banks do not expect full market value for these loans, if the note was performing, it wouldn’t get more than 80 cents on the dollar and these notes are non-performing.

3: Most institutional note buyers are NOT familiar with Las Vegas real estate market, and newspapers have scared that heck out of them.

4: Relatively straight forward process of foreclosing on a Las Vegas property scares investors and the reason is lack of knowledge.

Some asked me why all these banks are selling their loans now. My answer was see Effect of Zombie Loans on Las Vegas real estate market 2011.

I will discuss Las Vegas note auction that starts on May-17 further

City Place Apartments has 224 studio, one and two bedroom units. The rental average was $500/month and occupancy rate was 56%. The place was run down due to the current owner’s inability to keep the place up. I went and talked to a couple or residents there. The gross income generated from this property was $67,500.

Upon close inspection I estimated that if the owner spent $1 Million more to upgrade appliances and kitchen cabinets, carpets and common areas, the occupancy rates would go much higher than current 56%.

City Place Apartments’ note was sold in a Las Vegas note auction

The Las Vegas real estate auction didn’t heat up until the last couple of hours from dead line, the reserve (minimum price set by the note seller) was met and one very lucky Las Vegas real estate investor purchased a seriously non-performing note for this apartment building for $3.8 million dollars. Assuming that the new buyer would immediately move to foreclose on the property and would spend the additional million dollars to upgrade the property, the total cost for the new owner would run about $4.8 million dollars that when divide by the number of units his costs per unit would have run about $17K per unit. It is IMPOSSIBLE to find such pricing for an apartment complex in Las Vegas, even in rough areas.

Of course the winning bidder only purchased the note and now has to foreclose on the property, which may be time consuming, but the legal fees shouldn’t be that bad. Now let’s look at the income generated by 80% occupancy which is not unreasonable after upgrading the property. The gross income runs about $80K/month and assuming 25% (very conservative) in expenses, 60K net income per month or $720,000/year is possible. Even though I gave you the worst case scenario about the money needed to upgrade the property or 25% in expenses, still cash on cash return for this property would be 15%.
Now another Las Vegas commercial real estate note auction is coming up where hundreds of million dollars in office, retail, industrial and multifamily properties will be auction off in Las Vegas in 3 weeks.

If you are an institutional investor or have many millions sitting in a bank account which give 1% interest, you should not miss this opportunity. This is by far the best way to invest in Las Vegas commercial real estate that I have ever seen. If you are interested call Masoud at 702-478-7800.

What are Zombie loans in Las Vegas real estate?  Zombie loans are non-performing real estate loans that the borrower has stopped payment on a long time ago (in some cases for two years) but banks refuse to foreclose on the loan. These are dead mortgages that the owner (Borrower) wants to get rid of and the banks don’t want to foreclose on.

Why are banks refusing to foreclose of non-performing loans?

1: All of the sudden banks have found God and started to love their customers? Wrong

2: Banks can’t afford to foreclose on these loans? Probably right

I have heard this from two people that I highly respect and would appreciate input from those who know more than I do about this.

When the US government went over the banks books they learned that if all their assets were depreciated to present value, most banks would go out of business. So they let the bank keep the original value of their assets until it changes hands. For example if they foreclose on the property.

I am NOT an economist, however what they said matches reality, and this is the reason that it takes about two years to foreclose on residential properties in Las Vegas. Additionally, there are many commercial properties in Las Vegas where the owner (borrower) quit paying their mortgage 2 years ago while the building is sitting empty doing nothing. When I try to contact the bank, asset managers will not talk to me to sell the note (mortgage, loan) while they refuse to foreclose on the non-performing loan themselves.

Additionally, if they have to foreclose on the property they put the full loan amount as the minimum bid which assures that no other investor would bid on the property at the Las Vegas Trustee Sale auction. This way they do not have to depreciate the loan on their books and this is exactly what happens at the trustee sale auction a majority of times.  A good example of banks refusal to foreclose would be a 178,000sf industrial on Wynn Road which has been sitting empty for a couple of years and when I had a viable owner user with proof of funds and contacted the trustee in the matter, the bank refused to talk to me. Why, because they had to depreciate their books by $6,000,000 if I was successful in doing the transaction.

Now those who are making a living as a Las Vegas real estate analyst by predicting a tsunami of foreclosures obviously are ignorant of the above and it is their job to know. The astronomical bank profits that news channels report will eventually give the banks the ability to get rid of more bad assets and it is happening in real time in Las Vegas.

Las Vegas commercial real estate note auction

The best opportunity to invest in Las Vegas commercial real estate is coming up next month in the form of a non-performing note auction for tens of millions of dollars in commercial real estate notes. These are non-performing loans for multimillion dollar office, retail and industrial properties. In this auction investors can purchase non-performing loans which they can foreclose on later and get the property at deep discounts from other buying opportunities in greater Las Vegas including bank owned commercial properties. I will explain this process in a future blog.

Anyway, now you know why I titled the last blog post Las Vegas Voodoo real estate market, because we got Zombie loans all over the Las Vegas area and no one can see them.

If you want more info about the Las Vegas commercial real estate note auction, call me at 702-478-7800, Masoud.

A competent Las Vegas real estate analyst should possess, categorize and know how to use the necessary data that I have discussed in the last 2.75 blog posts. I will not repeat them here but take a look at part 2.75 of the series.

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-2.75 of 3

 About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-2 of 3

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-1 of 3

So far I have discussed different types of foreclosed properties that sell through the Las Vegas Trustee Sale Foreclosure auction and explained that the Trustee Sale Auctions cover Clark County which includes Las Vegas, Henderson, and North Las Vegas.

I have also explained that the carryover of homes that are sold back to the bank in the Greater Las Vegas area are about 75% of the total foreclosed real estate that have sold in the Trustee Sale Auction. The total carryover of unsold bank owned or REO homes that carry over to the present day would be 2,000-8,000 homes since 1/1/2009.

Now, those national real estate experts who repeat 30,000-50,000 shadow inventory homes have to explain how they have calculated 22,000-42,000 homes that remain unsold by banks from late 2006 through the end of 2008 and they can’t.

Just take a look at the total number of bank owned homes that are listed in Las Vegas Valley MLS, it is about 1590. In the last 30 days, 61% of the bank owned homes that were listed in the Las Vegas MLS and were priced less than 250,000, closed escrow (sold) in less than 30 days and sold to mostly cash buyers. This number goes up to 76% for foreclosed homes that sold in less than 60 days and average sold price/ asking price is about 102%.

Even though Las Vegas residential real estate activity has come down appreciably, most of these foreclosed homes that are priced right get multiple offers in a couple of days. Three months ago, bank owned homes and condos would get 40 offers in a couple of days. Any bank repo home that hit the market sold.

I have written a blog post about the  effect of foreclosures (bank owned homes) on the Las Vegas homes market and have given days on market for listings by price range. We could use a couple of thousand more foreclosures and they would not have an appreciable effect on the real estate market.

So I ask again: Why banks would hold back homes for more than 1.5-3 years and risk further declining prices when all they had to do is to list the home in the Las Vegas MLS, and sell it automatically. Banks are not that stupid. It just takes a few months to prepare a home that has been just foreclosed for the retail market. Banks have to change the title of the foreclosed home, list it with a Las Vegas Realtor or real estate auction and in many cases do major repairs before listing it in the MLS and that is the reason we have probably about 8,000-10,000 unsold bank repo homes.

In the last 2.75 blog posts I have explained that given the right data, it is easy to calculate the number of Las Vegas shadow inventory homes and I have given the formula for it too. I am not a Las Vegas Real Estate Analyst, although more than half my time is spent researching Las Vegas real estate market.

A competent real estate analyst should keep track of what type of properties sell at the Trustee Sale Auction for example, homes, condominiums, land or commercial real estate and keep track of how many of these foreclosed properties are disposed of through Las Vegas MLS or real estate auctions from 2006-present Just like I have showed. And only then can they give a good estimate for the shadow home inventory in Las Vegas. If these real estate analysts have done their homework they can provide a good estimate with a margin of error of 1000.

If these national real estate analysts who drop doom and gloom about our real estate have not done their job, then any number about Las Vegas real estate that they give the public is baseless allegations.

The next time one of these guys give an interview and says we have 30,000 – 50,000 shadow home inventory in Greater Las Vegas, ask them to prove it, I can’t wait for them to do so.

I am writing this blog post while waiting in Nellis Air Force Base Hospital in North Las Vegas for my buddy Frank’s heart procedure. It is not dangerous and we will take him back home shortly. Even though I am allergic to hospitals because I have had 14 surgeries in them, this one seems to be nice and orderly.

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-2 of 3

About Las Vegas Trustee Sale Auction and Las Vegas shadow home inventory Part-1 of 3

So far I have explained and given the formula for calculating the number of shadow inventory of homes in Las Vegas and how “national NOT experts” may not make a distinction between the number of homes that are foreclosed and sold back to the bank, which banks market as bank owned, REO homes for sale in the Las Vegas MLS or other public real estate auctions like REDC or Hudson Marshall. I am reproducing the formula below.

 (The number of shadow inventory homes in Las Vegas, Henderson and North Las Vegas) = (Number of homes that have been foreclosed and sold back to the bank) – [(number of bank owned homes that have been sold through Las Vegas MLS) + (Number of homes that have been wholesaled or sold through various real estate auctions in Las Vegas)]

To calculate this formula one has to take a look at the Las Vegas real estate market history. In 2003-2005 anything that hit the market sold, New home builders could not sell Las Vegas homes any faster than they could build them, Foreclosure real estate troubles started in late 2006 and is ongoing.

Total number of foreclosed properties sold through Trustee Sale Auction in Clark County for 2009 and 2010 and bank owned (REO) real estate that have been sold through Las Vegas  MLS

Again:

1:  The total number of foreclosed properties includes all types of residential and commercial real estate in Clark County, not only homes. I am using Clark County numbers since Trustee Sale Auction numbers are for all Clark County and not Greater Las Vegas only.

2: 10,673 bank repo properties did not sell through Las Vegas MLS. Many of these are individually mapped parcels of residential land which were sold to Las Vegas new home builders in bulk sales, residential properties that have been sold through increasingly infrequent public real estate auctions in Las Vegas.  Commercial properties sell through commercial real estate agents in Las Vegas or get auctioned. I do not know what these numbers are, but Las Vegas real estate analysts should.

3: In 2010, 11,104 properties have been sold back to the beneficiary (another name for foreclosing lender). On the other hand 11,102 bank owned (REO) properties have either sold or are currently listed in the Las Vegas MLS (8948+2154=11,102) and I am not including other sources of selling bank repo properties. No shadow home inventory carry over here.

4: So far I have been discussing properties, or real estate as general terms and not the number of foreclosed homes and have been using Clark County numbers and not Greater Las Vegas Valley which includes Las Vegas, Henderson and North Las Vegas plus unincorporated Clark County. Interestingly all the big Casinos, including City Center are located in Unincorporated Clark County.

May the Good Creator bless you all and thanks for the prayers, even though I am not great but I feel much better than yesterday I can actually move around. THANKS.

A word about comments and trackbacks: I have started to allow trackbacks for my blog posts, but I usually wait a couple days to see if the page is there or not as many evaporate overnight. But as far putting the trackback in comments, it is not cool and no one would click your link because you have published my blog, if you have something to say then comment, otherwise use trackback as I will NOT allow them in future.

Social networking: Las Vegas homes, condos and commercial real estate page on Facebook

I will finish the series about shadow inventory homes next, I promise.

Distressed Las Vegas homes, condos or commercial properties that are delinquent and would be foreclosed upon are given to a trustee to sell them in the Trustee Sale Auction in Las Vegas. This is the auction were the act of foreclosure takes place, thus the real foreclosure real estate auction in Las Vegas and where the best deals can be found. Public real estate auctions such as REDC auction bank owned homes.

Connection between Las Vegas Trustee sale and shadow inventory of foreclosed homes

The shadow inventory of Las Vegas bank owned homes or condos had to be sold in the Trustee Sale Auction in Las Vegas first, thus, the pre-requisite for finding out what is the number of shadow inventory of bank owned homes or condos that the banks are sitting on for fear of price reductions, I have to discuss the Trustee Sale Auction in Las Vegas and then I will provide whoever wants to get to the bottom of this the formula to calculate the number of Las Vegas shadow inventory of homes.

There are many quotes from Las Vegas real estate analysts about the number of shadow inventory homes and condominiums, The estimates is as much as 30,000-50,000 and some keep repeating these number to news organizations that interview them.  Even esteemed professionals like Dr. Mary Riddel who is the interim director of The Center for Business and Economic Research at UNLV, thinks the number of shadow inventory of homes in Las Vegas area is 25,000 and I respectfully disagree and think it is much lower.

The mathematical formula to figure out the number of shadow inventory in Las Vegas

Las Vegas foreclosure real estate sold through Trustee Sale Auction

Las Vegas real estate analysts should keep a very good track of the number of homes and condominiums which are sold in Greater Las Vegas by type and category. I don’t have the time or desire to dig up these numbers although I tried.

1: There is a law in Nevada which mandates that any property which is going to be foreclosed on be run at the Trustee Sale Auction. Trustee Sale Auction (foreclosure auction) is where the act of foreclosure takes place. The reason for this is that banks should not profit on foreclosing a property. This means that if someone bids one more cent than the foreclosing loan, the bank is out and only other third party bidders can compete with the original bidder. This problem no longer exists in Las Vegas as there aren’t many auction properties that are worth the foreclosing loan.

Related Website pages: buy Las Vegas homes for sale

Social networking: Las Vegas homes, condos and commercial real estate page on Facebook

I will discuss two different types of sale at Trustee Sale Auction next

MGM Grand Signature condos for sale in Las Vegas, MLS pricing VS foreclosure auction pricing part one

Signature at MGM Grand condos, invest in the Las Vegas high rise condominiums, part last

I have discussed MLS pricing in Las Vegas for one bedroom condos at MGM Grand, here is the blog post about studios or junior suites. MGM Grand studios sleep four people, but in one room and the kitchens are much smaller than in the one bedroom suites.

MGM Grand Signature studio condos pricing

Studio condominiums at MGM Grand have been selling through Las Vegas MLS for $130,000-$201,000. Again, higher floor units with the Las Vegas Boulevard views sell for more than lower floor condominiums. However, whoever paid $210,000 for the penthouse unit has overpaid about $30,000, the asking price for this condo was $137,000. Lower mountain view condominiums sell for $130,000-$150,000 and the Strip view condos sell for $150,000-$201,000.

Similar condos in the foreclosure auction have sold for about $20,000-$35,000 less than MLS prices. There will not be much of a saving for lower floor mountain view condos but a 32^nd floor Strip view condo has sold for $145,000 in the foreclosure auction while a 33^rd floor condo sold for $175,000 and another on the 36^th floor for $201,000.

How a Las Vegas real estate investor wants to buy a MGM Grand Residence condo depends on their preference as there are all the good things about a MLS transaction like escrow and title insurance and inspecting the property before one closes escrow, but real savings can be gained through buying these condos through Trustee sale auction (Foreclosure auction) in Las Vegas.

I would love it if you would let me know who you are by becoming my friend on my Las Vegas real estate  page on Facebook or Masoud’s MySpace.

Signature at MGM Grand condos, invest in the Las Vegas high rise condominiums, part last

The rush on the MGM Grand Signature condos in Las Vegas seem to have subsided and prices seem to have stabilized as prices have appreciated by 20% in the last six months.

A look at the sales report for the last 3 months shows one penthouse floor 1394 square foot 2 bedroom condo which is constructed through joining a one bedroom and a studio sold for $540,000 or $466 per square foot. This MGM grand condo was not a short sale or foreclosure and the seller lost hundreds of thousands of dollars on this deal.

One Bedroom Condominiums at MGM Grand Signature MLS pricing VS foreclosure auction pricing

Eight one bedroom condominiums have sold through Las Vegas MLS in the last 90 days and selling prices have been $180,000-$260,000. A one bedroom condominium at MGM Grand is 847 square foot and may or may not have a balcony and sleeps four.  Seven out of eight sales have been foreclosures and one short sale. Few short sales in MGM Grand close escrow due to the fact that many of the sellers can’t prove hardship which is essential to do short sales.

 Lower floor condos and those with the airport and mountain views are cheaper than the higher floor condominiums or those with the STRIP (Las Vegas Boulevard) views. While the highest price for a one bedroom condominium with mountain views was $210,000, sale prices for the higher floor Strip view high-rise condos start at $230,000. As you can see a difference of $50,000 for a one bedroom condo is not unreasonable. Those who only pay attention to asking prices and not Comps should know that two one bedroom condos with asking prices of $182,000 and $187,000 sold for $245,000 and $238,000. Again, asking prices mean nothing; it is the Comps that count.

One bedroom condos at the foreclosure auction which we call trustee sale in Nevada have been selling below the MLS prices and $20,000-$50,000 savings over the MLS prices is possible. Two condos on the 28^th and 30^th floors have sold for $200,000 and one Strip view one bedroom unit on the 27^th floor has sold for $188,000. As you can see the MLS counter parts are selling for $230,000-$260,000, while buying at the foreclosure auction saves the buyer the trouble of bidding on a MLS foreclosure or short sale. The deal of the year has been won by an investor who paid $132,000 for a one bedroom condo on the third floor, I do not expect to see this price again.

At this moment there are no foreclosed (bank owned) MGM Grand condominium listed in the Las Vegas MLS as these get intercepted at the foreclosure (trustee Sale auction).

Foreclosure or trustee auction comes with its own risks as the buyer cannot legally see inside of the property which he/she is buying as it belongs to the person who is getting foreclosed upon. The act of foreclosure takes place in the trustee sale (foreclosure auction). However this does not pose a great problem for the MGM grand condos since all the one bedroom and studio condos are the same inside except for the views. Lastly, the buyers at the Trustee sale auction are responsible for paying back taxes and HOA (condo) fees. We do the title search and lien search for back taxes ourselves and the buyer is responsible for our 5% commission. We can save a bundle for the buyer.

I will discuss junior suites in the next blog.

I would love it if you would let me know who you are by becoming my friend on my Las Vegas real estate  page on Facebook or Masoud’s MySpace.

I have always written that attending a Las Vegas real estate auction and buying from one requires expertise that most real estate professionals in Las Vegas lack, let alone amateurs. Some silly buyers call me and want me to give them pointers on how to buy a from a real estate auction so they can do this on their own. I am in business to make a living, my job is not to teach silly people to do something that takes years of experience in both buying from auctions and doing real estate transactions.

I have repeatedly written that one needs to find targets to shoot at and before a buyer even thinks to buy from a real estate auction, he/she should find target properties through the Las Vegas MLS, find out exactly what the comparable properties sell for and only then start to wait for a comparable property to hit the auction.  Keeping in mind what I have written about buying from a Las Vegas real estate auction, then one can attempt to buy from the auction. If a buyer does everything right, that doesn’t guarantee success in a real estate auction. Click on the link below for the story of experienced real estate investors who hired a Las Vegas Realtor to help them, researched about 50 homes, were the highest bidder on one property and ended up with nothing since their bid did not satisfy the reserve price by the bank.

Investors Picking Up Cheap Las Vegas Real Estate

The deal is doing everything right in a Las Vegas real estate auction doesn’t guaranty success, but not doing everything correctly only guaranties failure.

The difference between professional auction buyers and amateurs is that the professional knows why he is attending the auction and the amateur doesn’t. The professional auction buyer is there to make a deal, amateurs may stumble upon one. I was there to make a deal.

The reason that I am so hard on buyers that attend a real estate auction while not represented by a Las Vegas Realtor or real estate agent who is experienced at buying from the real estate auction is that they are doubly blind and their mistakes either cost them a good deal or they end up paying too much.

What really happens in a real estate auction in Las Vegas?

Bidding at a real estate auction requires expert management of three separate but related factors that will decide the outcome.

1: Real estate auctions are business and not personal, ego kills. The bidder attends an auction only to buy real estate or to gain intelligence on some kind of property, not to make enemies.

2: In a real estate foreclosure auction, or any auction for that matter, the bidder has to fight off other bidders; so it is imperative to identify the competition and figure out their strength, weaknesses and motivation, if at all possible

3: At the same time that a bidder is bidding, he/she has a conversation with the auctioneer. Most real estate auctions, including foreclosure auctions have a minimum or reserve that is set previously by the seller. The auctioneers know how much the reserve is and have to do all they can to get the bids to approach the reserve or get close enough so that they can lean on the seller, and believe me they will pressure the seller to make the deal happen. I have done both sides.

A professional buyer communicates with the auctioneer by bidding fast or slow or raising bids by diminishing amounts and taking a longer and longer time to respond when nearing the limit.

What happened when I bid on the Allure, Las Vegas high rise condominium:

A pretty lady was sitting next me and was talking the whole time with a bidder on her cell phone. She bid a few times on a couple of other units, however she didn’t act like an auction expert. I asked her if this was her first time in a real estate auction in Las Vegas and she said yes!

 Question; what is she doing there and why someone would let a clear amateur bid for him or her? I already knew that she was not a good bidder, but didn’t know her motivation.

The same lady started the bidding at $200,000, I bid $250,000 and the only reason for that was to see who the competition is and if there is more than one bidder, the amount was low enough for others to jump in, it turned out to be the same lady. She bid $275,000 and I answered with $300,000, her next bid was $310,000 and I raised it $340,000. Why so fast and furious? I believed that would get my investor a great deal at that price so why mess around and at the same time I let her know that I was strong and meant business, so she could drop out. Guess what, she didn’t drop out.

Next she bid $345,000; I raised that to $347,000 and announced that this could be my last bid by saying one last time. Now why would I do a thing like that? The reason is either she was bidding in behalf of another buyer, in which case I was telling her that I am not going to fight her. Remember, ego kills at an auction. Or she was bidding on behalf of the seller, which I suspected was the case and I was telling the seller that I am not willing to go much higher and if he wants to sell, back off. Well that didn’t work and she bid again at $348,000, I announced that $350,000 is my final bid and set down the bidding paddle. She raised the bid by $1,000 and said that her bidder will go much higher. WOW, I’ve never seen a bidder announce after her winning bid that she will go much higher‼ Fatal mistake in an auction!

Anyway, we left immediately after as best laid plans don’t always work out, but I walked out with all I wanted to learn about the auction. The name of the game is gathering intelligence.

Like Paul Harvey who recently passed on used to say “and now you know the rest of the story.”

 I hope that if you didn’t get anything out of this, at least you learned NOT to attend real estate auctions in Las Vegas without being represented by a knowledgeable Realtor or real estate agent.

Related web-site pages: Las Vegas high rise condominiums for sale- buying Las Vegas high-rise condos, investing in Las Vegas real estate- Las Vegas investment properties, Investing in Las Vegas residential investment properties such as Las Vegas, Henderson or North Las Vegas homes, condos and high rise condominiums.

I registered a client whom I had just had the privilege of meeting in person an hour before. This gentleman is a real businessman from Texas who has major real estate investments all over the world. By real, I mean he is the kind of person whose word you can take to the bank, no contracts needed and I did not sign any with him. He got my word too and he can take it to the bank. I came to the US when I was 18 and lived in the Midwest for 24 years, so I can understand Midwesterners and they understand me. I especially get along well with Texans as I am a Big 12 guy all the way and root for Big 12 teams.

I told my investor to read my last blog about Allure, Las Vegas condos and provided him with a bunch of statistics and took him to Allure to preview my favorite model. I have previously written about my favorite high rise condo model and it is the 1824 square foot and that is the only unit I asked him to consider buying and he agreed. I also set a high limit of $350,000 since there was a 10% auction premium which would bring up the final bid to $385,000 for an unfinished unit. The flooring and any decorations had to be purchased and installed by the buyer. I am not going to discuss why I set this limit but I have my reasons; I should save some info for my clients.

I did not count how many bidders attended the auction but I think it was less than 100. We all got registered and the auction started. The auctioneer stated the auction rules and that this is a reserve auction. Reserve auction means that a minimum price which is set by the seller has to be met before the bid is accepted.

The auction terms included the following “the auction is not contingent on financing, appraisal, inspections or CC&RS. It also said “the seller and the high bidder will meet in private and the seller will accept or reject the high bid” and “the 15% Earnest money deposit is non- refundable”.

I am not sure that the seller can wave contingency on CC&RS but that is for an attorney to decide.

And then the first unit that was a 1223 square foot unit on the 8^th floor came up and the bidding started at $20,000. What the heck for? Do they think Allure’s builder will sell a 1223 square foot high rise condo for $17 per square foot, ha. I told my investor that we have amateurs who don’t belong in a real estate auction in Las Vegas and this is going to be like pulling teeth. Anyway, a bunch of people, whom mostly did not have any intention of buying from this condo auction, did not know jack about real estate or high rise condo pricing in Las Vegas and even less about real estate auctions were raising each other’s bid by small amounts, when the bidding got to $40,000 a smart aleck said $41,000. Usually auctioneers ignore guys like this. But the poor auctioneer was doing his best to get this crowd going so he played with them and ended the auction for this unit at $114,000. The winning bid is an insult and has a snowballs chance in hell of getting accepted. I don’t understand, didn’t these delusional real estate auction experts have nothing better to do on a Saturday afternoon?

Anyway, the same thing happened again and another condo at Allure, an 886 square foot condo brought a final bid of $145,000 plus 10% premium. The poor auctioneer finally lost patience and when no one offered a reasonable starting bid for another 886 square foot condo on 9^th floor he just pulled it. The 1563 square foot condo final bid was $200,000. Best of luck to the winning bidder on that and then thankfully our unit came up.

What happened with the condo unit that I bid on in my next blog

Why? Because many of the homes and condos that are auctioned at the next REDC real estate auction are those that are listed or have failed to sell through the Las Vegas MLS. And as for Trustee sales, many of these have failed to sell through the Las Vegas MLS also and ended up getting foreclosed.

Robert, like other real estate investors asked me to e-mail him Las Vegas homes and condos for sale listings that are suitable for investment.

 I did e-mail him some condominium listings on South Las Vegas Boulevard (Strip) that I personally think are good investment opportunities. I believe that condominiums in Manhattan and Park Avenue that are priced in the low $100 range per square foot are excellent investment opportunities; partly due to the fact that they couldn’t build them again for more than $150 per square foot. Park Avenue has some buildings that are under construction defect litigation so care should be exercised when making an offer on these condominiums.

Robert, who is an experienced real estate investor from the Washington DC area, didn’t like the cash flow that is generated through buying and leasing these semi luxury, South Strip mid rise condominiums and asked me to e-mail him

Las Vegas homes or condos listings for sale that can maximize his cash flow as well as have a chance of future appreciation.

Truthfully, I did not have a good answer for Robert, as I have not analyzed the difference between property types, such as a single family homes, condominiums, high rise condos and townhomes in different parts of Las Vegas for generating cash flow.

The deal is that property taxes along with Home Owner Association (HOA) fees for condominiums in Las Vegas can take a big chunk out of the rental income for the investors as the nicer the condo community and more amenities, the higher the HOA fees. For example; the HOA fees for a 2 bedroom, 2 bath condo for sale for $149,000 in Red Hills in Pueblo which is an upscale condominium subdivision in Summerlin, Las Vegas is $290 per month while the tax is $121/month. Units like this rent for $1050 per month with the days on the market of less than 20 days. However, a 2 bedroom and 2 bath condominium for sale for $94,000 in the Brava condo community has HOA fees of $170 and the tax is $142 per month. Units like this rent for $1000 per month with the days on the market of less than 30 days.

As you can see the net return on the investment minus tax and HOA fees for the condo at Red Hills can be about $640 for an investment of $149,000 while the unit at Brava Condos will return $690 after one deducts the HOA fees and taxes for an investment of $94,000. So in this example Brava will provide the investor with a much better cash flow.

So I have started a progressive analysis of these condominiums and townhomes and single family homes in different parts of Las Vegas, North Las Vegas and Henderson so I could provide investors like Robert with an educated answer.

Needless to say this is a tedious and time consuming process and may take a couple of months, and that is contingent on my worthless back improving a little. But when I am done, I will make my clients money.

While the HOA fees for most condominium communities in Las Vegas are usually higher than $100, many single family homes for sale in Las Vegas don’t have such a high HOA fee, but in the case of absentee owners a property manager is a must and property management companies charge 6%-10% of the rental income, so that makes up for the HOA fees that condo communities HOA charge.

I will peruse investing in Las Vegas homes and condos in future blog posts; however I will only discuss in general terms as the real data is for my clients only.

Related web-site links: buying Las Vegas condos for sale, Buying Las Vegas new homes for sale, Las Vegas, Nevada Homes for Sale, Short Sales, Foreclosures, HUD Homes and Fixer Uppers

I have researched the closing prices for three condominium conversion models in Adagio condominium community that have sold last year. The models are as follows:

A: 3 bedrooms 2 full baths, 1344 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $173,000 and the lowest was $147,000.

 B: 2 bedrooms 2 full baths, 1204 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $229,000 and the lowest was $141,000.

C: : 2 bedrooms 2 full baths, 1074 square foot condo with a fireplace in the living room and a garage. The selling price for this condominium at the condo auction was $147,000.

In the previous posts I have discussed pricing at this auction and have proved that those who have paid the highest prices have paid too much for their condos. How about those who managed to pay the lowest prices at the Summerlin condo auction. Did they get a good deal? Well 4 months have passed and new numbers are in.

As for the 1304 square foot, three bedroom condo, the lowest winning bid price was $147,000.  There are currently 8 condominiums listed in Las Vegas MLS for sale in the same community. The high asking price is $168,000 and the cheapest three condos are listed for less than $150,000, the lowest asking price is 139,000. So as you can see, one can offer less than $147,000 and have a very good chance at buying them. There are other 3 bed room condos in the same zip code with the asking prices starting at low $130,000. So those who paid the cheapest price at the auction got a so-so deal.

As for the 1204 model, the lowest winning bid was $141,000. Again, there are 2 condos listed in the same sub division for $149,000 and $139,000 respectively and another has sold for $138,000 in June 2008 and other condominiums in comparable communities are listed for sale for less than $120,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a real estate auction and buying the condominium “as is, where is”. Then again, why would you bid at an auction if there is not a “great deal incentive”?

As for the 1079 model, the winning bids were all $147,000. Do you really think that this is an accident, or that a very able auction team orchestrated this final price?  Again, there are 3 condos which are listed in the same community for $152,000, $145,000 and $125,000. The latter is a short sale and not as is, another has sold for $138,000 in June 2008, other condominiums in comparable communities are listed for sale for less than $135,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a real estate auction and buying the condominium “as is, where is”.

Click here to see the market snapshot for all the listings and the location map and hybrid satellite picture and map for 89 homes for sale and 11 recently sold homes that have 2-4 bedrooms, 0-4 bathrooms in the area of zip code 89128. This market snapshot includes the data for all for sale condominiums and sold condos that I have discussed in this series of blog posts.

In conclusion, these were the low price bidders and buyers, others paid thousands of dollars more. Not being represented by a competent Las Vegas Realtor cost these Las Vegas condo auction buyers tens of thousands of dollars.

 In How We Prepare Our Customers for bank repo home or condo auctions in Las Vegas I have written

“We will help you set an upper limit on your bid price. The upper limit is calculated by using the comparative market analysis (CMA) of like homes or condos, real estate market trend, asking price for competing homes or condos that are currently listed in Greater Las Vegas MLS and compensation for the additional risk involved in giving most of your rights away as a home or condo buyer in Nevada purchasing a home or condo AS IS”.

So, the correct way to analyze sold prices for this condo auction is that all the factors that I have written about have to be considered. Needless to say those who paid the top prices for the 1344 square foot condo ($173,000) and the 1204 square foot condos ($183,000) each at the auction have paid anywhere from $7,000-$25,000 too much. This is if we only compare the selling prices in the condo auction. Above numbers take in to account about a $17,000 discrepancy in the same model condo pricing due to location and upgrades.

I strongly suspect that those who bid the highest prices in this Summerlin area condo auction are those who were affected by the fast and furious action at the start of the auction, when there was no bid on any condos. Again below is how I describe this in the auction pages of the web-site.

“Good auctioneers make a lot of money and at times are flown to the auction site. Their job description is to cause as much confusion as possible so the bidders can’t tell if someone is bidding against them.

This type of real estate auction starts fast and furious with bids coming one after the other in a matter of seconds. A few homes or condos are declared sold within minutes and at high prices.

If the auction for the home or condo starts at $90,000 and the bid price is up to $130,000 within seconds and keeps going up way past the upper limit on pricing which we have set, and if the same home or condo miraculously falls out of escrow within minutes and is back on the auction block quickly; the chances are that there were no bidders to begin with and the property was sold to no one”.

Sadly these people actually thought that they got a good deal because

THESE CONDOS WERE PREVIOUSLY VALUED UP TO $250,000-$280,000.

When interview by a young and bubbly news reporter from one of the Las Vegas television stations, few buyers quoted the same ridiculous number when asked if they got a good deal in the condo auction. To add insult to injury the same reporter advised the prospective Las Vegas auction buyers to bid fast and often if they don’t want to lose on a great deal. This is a road map to the poor house; follow it at your own risk.

I have already discussed the highest price bids at the auction; these bidders didn’t get a good deal, even if we compare the sold prices for the one day condo auction. But no Realtor picks comparables based on a one day sale and other factors have to be accounted for.

So let’s go radical and pick the lowest priced 1344, 1204 and 1079 square foot condos that have sold in the condo auction and figure out if these lucky devils got a good deal.

Unfortunately you have to wait for the next post to find out.

Related web-site links: Buying Las Vegas condos for sale, Las Vegas homes and condos, real estate market news, : getting the best deal for a Las Vegas condominium

This is the second article in Las Vegas condo auction pricing, and if the buyers who purchased a condominium at Adagio condo auction got a good deal?

I have researched the closing prices for three condominium conversion models in Adagio condominium community that have sold last year. The models are as follows:

A: 3 bedrooms 2 full baths, 1344 square foot condo with a fireplace in the living room and a garage.

 B: 2 bedrooms 2 full baths, 1204 square foot condo with a fireplace in the living room and a garage.

C: : 2 bedrooms 2 full baths, 1074 square foot condo with a fireplace in the living room and a garage.

Below are the close of escrow dates and selling prices for the above condominiums in Adagio since May 2007

Even if we assume that the average selling price for the 1344 model condos at the auction was $160,000, this is still a 42% drop from the same time last year. Although this number is not accurate due to the small number of comparables, it is still a heck of a lot more accurate than the meaningless average, or median price of residential real estate in Las Vegas. At least I am comparing the same condos that are sold in the same community.

There is also a $27,000 discrepancy between the highest selling price at the auction which was $173,000 and the lowest price which was $147,000. As a rule, first story or ground level condos are priced $5 to 10 thousand dollars less than 2^nd floor apartments and this is due to the fact that upper floor

apartments ( penthouse condos) have higher ceilings and get more light, additionally no one is walking over their ceiling. Other factors in the price difference in these conforming condos could be having a pool view or additional upgrades. Given that these condos were converted by the same company, their upgrades were almost identical, thus any price discrepancy of over $17,000 is hard to justify.

The only explanation is that most of these Las Vegas condo auction buyers chose to not be represented by a competent Realtor and ended up paying too much for their condo.

Not being represented by a competent Las Vegas Realtor cost these Las Vegas condo auction buyers tens of thousands of dollars

Especially note worthy is a buyer that paid $173,000 for a condo which he/she closed in 4/2008, I strongly suspect that the buyer purchased this after the auction as there were 25 or more condominiums that failed to sell at the auction. This buyer has managed to have more than $30,000 in instant negative equity (upside down).

I keep preaching the necessity of being represented by a competent Las Vegas Realtor or a commercial real estate agent if you plan to buy real estate in Las Vegas or surrounding communities. Failing to be represented by a real estate agent could be fatal to your finances, and here is proof positive.

Still don’t believe me?

Then check out the 1204 square foot condo that has sold in January 2008 for an incredible $247,000. The highest price that was paid for a 1204 square foot condo in this Summerlin area condo community, was $252,000. Prices had dropped to about $225,000 within 4 months and kept dropping. These buyers paid $247,000 in January, while the highest condo price for this square footage at the auction was $183,000 and the lowest was $141,000. These poor souls have managed to lose $64,000-$100,000 in less than a month (the auction was held in Feb 2008) and have nobody to blame but themselves.

I will continue Las Vegas condo auction pricing and prices in the next post.

The bus that we have purchased for Las Vegas, Henderson and North Las Vegas foreclosure bus tour is being readied and hopefully will be ready in 45 days. I appreciate any suggestions on this matter. Please chat about this post and any other Las Vegas real estate and mortgage related subjects in our Las Vegas real estate forum.

PS: Great sadness has befallen our brothers and sisters in Myanmar (Burma) and China. My heart breaks when I see so much pain and suffering in the innocent faces of children who have lost their parents and other siblings and it breaks even more when I see the stricken faces of parents who have lost all their children. Please pray for them as they need it desperately. I also pray for a just punishment for the criminal Junta that rules this grief stricken country.

 I have promised to analyze what happened at the big auction in Summerlin area which was advertised heavily and attended by hundreds of Las Vegas condo buyers.

 The only way to find out what the selling prices for these condos were is to do a manual search of Clark County records as these sales are not reflected in the Greater Las Vegas MLS. Needless to say a manual search of grant bargain deeds is tedious and time consuming, but due to a large number of foreclosure and short sale transactions, this is the only way to come up with correct comps for any property. Las Vegas MLS data is no longer sufficient because they don’t include real estate deals that don’t involve a Las Vegas Realtor.

The Adagio condo auction was held in Las Vegas in early February 2008 and I assumed that most of the condos that have closed escrow in March 2008 are those that were sold at the auction, since the deadline to close the deal was one month from acceptance of the offer by the sellers.

Before I talk about the auction prices, I would like to discuss the condos that were offered at the auction and how much they were selling for since May 2007.

The models that I discuss include the following:

A: 1344 square foot condominium conversion with 3 bedrooms two full baths, fireplace in the living room and a garage.

 B: 1204 square foot condominium conversion with 2 bedrooms, two full baths, fireplace in the living room and a garage.

C: 1074 square foot condominium conversion with 2 bedrooms two full baths, fireplace in the living room and a garage.

Adagio is a Las Vegas condo conversion community that was purchased for over $45 Million Dollars and was subsequently converted to condos and sold individually. Adagio has 42 buildings and 282 condominium units, the seller paid about $160,000 per condo unit and spent additional money for repairing the condos and painting them from top to bottom. Needless to say repainting the whole condominium made it impossible to an untrained person to find defects by just eyeballing the condos, and this didn’t help matters as these condominiums were sold as is. I have talked about this and other issues that concern buying a condominium from an auction as these condos are sold as is. Please note that when a property is sold as is, it doesn’t mean that you have to buy it as is, ask us how. The seller also had equipped these auction condos with brand new appliances.

More on the prices for these Summerlin area Las Vegas condos that were auctioned, in the in my next blog.

Related web-site links: getting the best deal for a Las Vegas condo, Buying Las Vegas condos for sale, Las Vegas residential real estate market news

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,

My plan for creating the Las Vegas homes, condos and commercial real estate web-site had two goals. One was to teach perspective Las Vegas real estate buyers the fundamentals of doing a real estate transaction and the other was to reach the top of search engine result pages so it can be viewed by many, as I chose this method for our marketing program.

The web-site, blog and forum are only a start and my plan is to expand it to include other information that I can’t legally provide, such as legal advice or information that only a CPA can provide. The problem is to get these people to work with me and to donate their advice to my clients.

Google’s business plan consists of selling advertisement based on the key word search, and I decided to use the same principals to find partners. Needless to say, there are many real estate attorneys and CPA’s in Las Vegas and each would like to have their name seen online but this is not easy.

The other problem is that the public doesn’t realize what it doesn’t know when it comes to real estate transactions, most are not willing to learn, and then they get foreclosed on.

Las Vegas Real Estate Sniper Bus Tour, our foreclosure and auction homes and condos bus tour

A bus is a tool and tools can be used to better something or be used to cause harm. A knife in the hand a surgeon could heal a patient that got there because he was stabbed by another knife.

So what to do with our Las Vegas Real Estate Sniper bus tour?

The idea of a foreclosure bus tour started in Stockton, California and has caught fire since. The guy that came up with the idea freely admits that it is a gimmick to get customers.

Any Las Vegas, Henderson, or North Las Vegas Realtor can take buyers on a tour of foreclosure homes in Las Vegas that match their criteria, you don’t need a foreclosure bus tour for this, actually this method could be better since it is tailored to the customer’s need.

So what can a buyer gain by going on a foreclosure bus tour? Why should I be even attempting a real estate bus tour in Las Vegas?

Following issues had to be considered:

1: We don’t want to charge for the bus tour and these tours are not cheap to conduct.

2: We don’t want to conduct blind tours, and by that I mean that the tour must be tailored to our customers needs. There is no point in showing bus tour attendees properties that they don’t want or can afford.

3: We want to offer more than a bus tour; our goal is to educate buyers and sellers.

Our Solution

A foreclosure bus tour can give an incentive to buyers and sellers in Las Vegas to attend a mortgage financing and real estate buying class. The class would cover issues concerning buying foreclosure homes or condos, such as waiving the required disclosures, Las Vegas real estate market trends, different mortgage packages, first time home buyer’s assistance and how to harness the full power of the Las Vegas Homes, Condos and Commercial Real estate. Las Vegas homes or condos sellers should attend this class to find out what the buyer’s are looking for and also gain an understanding about pricing and market trends in their area.

We will be offering these classes with no strings attached

Our goal is to prevent any more disastrous transactions for anyone who chooses to attend the class. Here is where the web-site and Real Estate Sniper Bus Tour come in handy. No real estate agent has the power to get a real estate lawyer, an escrow agent and a mortgage officer to teach every single one of his/her customers about the issues that will be discussed in our class, for free. The web-site and bus tour make this possible and we are currently in negotiations to arrange this class.

At the conclusion of the class, those who would like to attend our bus tour can register for our free foreclosure bus tour. Investors who are versed in real estate deals do not need to attend this class; however a proof of financial capability to purchase a home or condo is required.

Anyone who would like to attend the bus tour will have a period of time to prepare for the bus tour and we will be able to arrange the bus tour based on their needs. We will not be conducting a blind tour.

I have added the pages that discuss our foreclosure bus tour to the web-site and you can find them below.

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,  Las Vegas Foreclosure or Bank Repo Homes or Condos Auction , How we prepare our customers for a real estate auction.