Greater Las Vegas real estate auctions buyer’s guide

About Las Vegas real estate auctions

Greater Las Vegas real estate auctions provide buyers with a good opportunity to find bargains or fail miserably and some have lost tens of thousands of dollars due to simple mistakes.

The process of buying homes and condos at a real estate auction should be divided into separate categories, each needing a separate area of expertise.

Picking the right property to bid on and getting ready to bid

Those who want to buy homes, condos or high-rise condos from a real estate auction should spend a great deal of time on finding the right property which is not easy.

The first obstacle is that bidders are strongly discouraged from seeing the interior of these properties. So the bidder doesn’t have any idea about what the interior of the property looks like or in what condition it is in. If the listing was listed in the MLS prior to being auctioned off we can have an idea about what the interior looks like, but not the condition.

However, NOT all bidders follow these instructions and if the property is vacant they will try to enter the property. Bidders who do not trespass are at a big disadvantage. One bidder would take a locksmith to the homes that he wanted to bid, gain entry and change the lock.

The other issue is determining liens on the property which most will have.  Extreme care should be exercised when buying since liens for back taxes, back HOA fees, and some service fees like trash collection fees come with the property and have to be researched before bidding. Failure to do so and relying on the auctioneer reports which are given to bidders as a sample report can cost thousands of dollars.

After getting as much information as possible and determining total lien amounts, a comprehensive market analysis needs to be done to determine property value for the condition it is in and the highest bid amount. Then the bidder should start praying relentlessly that his/her desired home or condo will run as scheduled (not happening).

A house under a gavel representing Las Vegas real estate auctions

Bidding:

Bidding depends on the type of Las Vegas real estate auction including the Las Vegas Trustee sale real estate auction where the act of foreclosure takes place, live foreclosure and short sale auctions on Wednesdays or online auctions which we discuss in Bidding and buying from Las Vegas real estate auctions.

Like any other investment, profit gained is proportional to the risk taken. Our job is to manage the risk and maximize profits through buying at Las Vegas foreclosure real estate auctions.

We go into much more detail about Las Vegas real estate auctions in a series of blog posts:

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High Rise For Sale

8255 Las Vegas Boulevard, Las Vegas, Nevada 89123

2Bedroom(s)
1Bathroom(s)
40Picture(s)
1,368Sqft
Luxury Live Auction! Bidding to start from $333,000. Experience the very best of Las Vegas living at One LV. This updated 2 bedroom, 2 bathroom is located on the 15th Floor offering multiple views from the deck and windows that are simply breathtaking. Large open living room with room for entertaining or relaxing.
$333,000

Single Family Residential For Sale

4644 Painted Hills Street, North Las Vegas, Nevada 89031

6Room(s)
2Bathroom(s)
43Picture(s)
1,420Sqft
GORGEOUS HOME LOCATED ALL SINGLE STORY HOME COMMUNITY! OPEN FLOOR PLAN,GOURMET KITCHEN OVER LOOK TO THE LIVING ROOM, FRANCE STYLE EATING AREA. HUGE CEILING LIVING ROOM LARGE MASTER SUITE WITH WALK IN CLOSET. NICE SIZE YARD AND HUGE COVER PATIO, BEAUTIFUL DESERT LANDSCAPE AND VERY EASY TO MAINTAIN.
$335,000

Single Family Residential For Sale

11161 Gammila Drive, Las Vegas, Nevada 89141

4Bedroom(s)
4Bathroom(s)
12Picture(s)
3,699Sqft
Southern Highlands* 2Story/4bdrm/4bth/+Casita w/ Full Bath* 3Car* 3487squ ft* Courtyard* High Cathedral Entry Ceiling * Large Formal Living & Dining Area* Granite Counters* Island* Title Throughout Dwnstrs* Carpet Upstrs* Intercom System* Family Room w/ Fireplace* Spacious Bedrooms w/ Jack & Jill Bath* Kids Quarters area* Mountain Views* Primary Bath Separate Shower/Roman Tub* Large Walk-I
$530,000
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