What it takes to get a good deal on Las Vegas foreclosure homes and condos
While Las Vegas foreclosure homes and condos provide for some of the best deals, this is not true about all bank owned homes that are listed in the Las Vegas MLS.
Actually if you make a full price offer on a Fannie Mae or Freddie Mac foreclosed home or condo that is just listed in the MLS, I can pretty much guarantee that you have paid 15%-20% more than the current market value based on comparable properties or comps. But then again if you buy a HUD Home listing that is just listed in the greater Las Vegas MLS, you have paid close to the market value, it all depends.
We have been talking about foreclosures in our Las Vegas real estate market updates, but in this video we will talk about what buyers should know before making an offer on a foreclosed home, condo or town-home in Greater Las Vegas.
In this video we will talk about the current inventory of REO listings in the Las Vegas MLS, what is to come in the next few months, and different policies by banks when pricing their foreclosures. And finally what it takes to find a good foreclosure deal.
There is a big disconnect between asking prices in the Greater Las Vegas MLS and current market values. The median price for Las Vegas homes that are not under contract is $45,000 more than the median price for sold COMPS which we define as the current market value. This includes foreclosure listings too.
In this video we showed that due to the low numbers of Las Vegas foreclosures and high asking prices by banks it takes a lot of patience and know how to find a good buy.
We hope that you have found the information in Las Vegas foreclosure homes and condos buyer’s guide useful.
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