Buying Las Vegas foreclosures for sale, watch this tutorial
Before the Great Recession, Las Vegas foreclosures for sale were few and did not sell at big discounts. That changed and our Valley became infamous for the high number of bank-owned homes or condos and high-rise condominiums listings selling at big discounts.
However, we are back to the good old days and the number of bank-owned listings in the MLS has been about 2% of total listings for a long time. As it comes to high-rise condominiums it has not gone past a handful.
The video below, buying Las Vegas foreclosures watch this tutorial, was recorded in 2015. In it, we talk about the low number of foreclosures which has greatly shrunk since then.
We also discuss different policies by banks about pricing their listings, when price drops can be expected and why bank owned homes or condos could be initially priced far above more upgraded non-distressed comps.
The vast majority of Las Vegas bank-owned homes or condos for sale listings are in lower price ranges and due to a chronically tight inventory of listings, these listings do NOT offer the discount they once did.
Getting an offer accepted in the current market is another story; so we have prepared a page about what happens after making an offer on Las Vegas bank-owned homes or condos.
Foreclosed listings are sold as is, if you buy one and the roof comes down on your head, TOUGH. That is why home inspections are necessary.
It should be mentioned that after many foreclosure deals, for the first time ever the bank required us to forgo inspection for their fixer-upper home to accept our offer which we advised our client to reject immediately and he did.