Las Vegas is the #1 city in foreclosures in the nation. As a real estate professional, I can look at the market and see the wonderful opportunities to own a piece of Las Vegas. Foreclosures have affected every segment of the market, including some of our luxury homes.
Some current statistics to put things into perspective:
- 3,864 homes have sold since May 1, 2008.
- 2,416 of those homes were Foreclosed Properties. That’s 62%!!!
- There are currently 3,711 Foreclosed Single Family Homes on the market.
Buying foreclosures is similar to purchasing a regular home for sale. Here are a couple of things you need to be aware of when purchasing a foreclosure in Las Vegas.
- Banks are now pricing properties so aggressively to attract multiple offers which end up driving the sales price UP.
- Banks can take as long as they want to respond to an offer. Even though there is a time to respond on the contract, I’ve waited three and a half weeks to get a response for one of my clients recently.
- Properties are sold AS-IS. I am currently working with a buyer who was able to get more repair money, but most lenders financing properties now won’t allow it. We ended up rolling that extra credit into his closing costs.
- You HAVE TO BE PATIENT! Banks have been routinely late on closing dates. They have been known to take their time reviewing the final HUD-1 statement before giving the buyers the keys.
- Banks are motivated sellers without any emotions. It’s the weirdest thing to see. They look at the bottom line. More earnest money deposit and more money down looks better to a bank, but they do accept first time home buyer programs.
My real estate team has moved away from the big bus tours, and decided to give better quality service rather than herd people like cattle through houses that might not fit their needs. If you’d like to get a full list of foreclosed properties on the market in your price range and area, please email Felipe Crook at Felipe@felipecrook.com and let me know what you’re looking for. Here’s a sneak peak at what’s on the market:
These are just of few in each price range. LOTS to choose from. If you’d like a full list of what’s one the market, email me at Felipe@felipecrook.com or call me directly at 702-683-2169 for more personalized information.
Happy House Hunting!!
Felipe Crook
Prudential Americana Group Realtors
Las Vegas, NV 89117
Las Vegas Luxury Homes 