What happens after making an offer on Las Vegas bank owned homes or condos?
So you have found your desired Greater Las Vegas bank owned home or condo and have submitted your offer. Here is what could happen next.
- The listing Realtor has to confirm receipt of the offers on the Las Vegas bank owned home or condo and then submits it to the lender. At this point, neither buyer’s agent nor the listing agent can influence when we get an answer back from the lender.
- What the lender does with your offer depends on:
A: How long the listing has been on the market.
B: How many offers are made and how the lender feels about them. If there are many offers above the list price the bank picks the best deal and rejects the rest. We said the best deal, which may not be the highest offer.
C: If the listing has been on the market for a while with no or little action, then 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.
- Greater Las Vegas foreclosures for sale are 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 lenders 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 lenders.
- If financing is needed, we send a copy of the contract to the lender.
- The seller has to provide disclosures and you will get the HOA documents (CC&Rs) if the home or condo is a part of a homeowner association.
- Buyer has 5 days from the receipt of HOA documents to approve or reject CC&Rs (Nevada Law).
- Any exception or clouds on the title should be found by getting a Preliminary Title report.
- All unknowns should be answered by the end of due diligence since buyer’s deposit money becomes non-refundable.
- 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.
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