Las Vegas Foreclosure auctions are becoming increasingly popular
Las Vegas foreclosure auctions can offer a great opportunity to get a bargain if bidders do their research prior to attending the auction and know how to bid at an auction. A bit of luck is needed also.
More than 300 foreclosure homes and condos in Las Vegas where auctioned in REDC’s Foreclosure Auction. 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 in Clark County.
We have added pages to our website, Las Vegas Homes, condos and luxury high-rise condos about these foreclosure real estate auctions in Las Vegas, including a page about what happens at the auction, why people buy from a Las Vegas foreclosure auction and what could defeat them and How we prepare our customers for it.
Since these pages cover a lot of the issues which can affect a buyer at the 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. 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 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.
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