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).
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: