Just a real quick post about Las Vegas Bank Owned Homes aka Las Vegas REO homes. We know the Las Vegas real estate market in our specialty markets (primarily Las Vegas Master Planned Communities / Las Vegas golf course communities) like the back of our hand and we have been concentrating on some of the great Las Vegas bank repos that pop up available for sale along with Las Vegas new home builders looking to get their standing inventory off of the books with great price incentives.

Something that you need to realize when you are working with a Las Vegas real estate professional that knows the market is when they highlight properties that are good deals, the offering prices are already far below the CURRENT market values and will not last long. Here is a perfect example:

We highlighted a Rhodes Ranch Home that popped up on our unique search program that we have set up that was far below our current value search. (We have something set up so when Las Vegas homes that come available for sale below our comp values in our specialty neighborhoods, we are instantly notified which enables us to instantly notify clients.)

This Rhodes Ranch deal that popped up was being offered for $241,900 which equated to well under $60,000 from our current comps. The day it came up for sale, we were notified and notified somebody who was interested in purchasing in this area and within two days, we had an offer in on the property …and five other buyers had offers in to.

It needed minor work to the tune of new paint and carpet but other then that, it was in good shape.

Now… Here is the big mistake that potential buyers are making. You might think or read somewhere that because a home is a bank repo that you can come in and take another 20% off of the price. This is NOT TRUE in Las Vegas when the home is already priced 20%+ below current market values. You are not the only one scouring the great Las Vegas real estate deals right now and we are not the only Las Vegas real estate professionals on top of what is going on. Trust me, we keep running across the same people when we check out the great Las Vegas real estate deals that are also on top of the market.

The image below shows what happened on this particular Rhodes Ranch bank owned home.

Rhodes Ranch Bank Repo

As you can see, it was listed for $241,900 and on the market for six days. One of the other offers that was submitted and accepted was for $242,000. So, if you took the great advice being offered in some book or foreclosure site written by somebody who is not on top of the Las Vegas real estate market, you lost out on a great deal.

While not all Las Vegas bank owned homes are a good deal, if you are working with a professional that knows the values, the really good deals they highlight to go after are already Fantastic Deals. This particular bank repo had been purchased back in October of 2005 for $419,500. All of the recent sales for this particular floorplan in this neighborhood were over $300,000 so it really does not make sense to come in with an offer that is another $40,000 below an asking price that is already far below current market values. You can certainly do it, but you are wasting your time and losing money.

Keep in mind that what you may be reading about advice on purchasing foreclosures is more then likely written by somebody who has no clue about Las Vegas real estate. I’ve read some of the advice about coming in with lower offers for foreclosures, etc.. and it should be saying BELOW the CURRENT MARKET VALUES and not below the asking price.

Now.. one thing we do before writing up any offer is provide the most recent comparable sales. It’s not a guessing game and when you are working with a professional for the really good deals, you can either listen and be successful, or jump on a bus with other looky lou’s for a field trip looking at the Bank owned homes sitting on the market because they are not such good deals. Your choice. Prices have dropped and buying activity for Las Vegas real estate has picked up significantly in the past couple of months.

You can request a list of Las Vegas bank owned homes at our Las Vegas real estate website. We are proactive.. not reactive. In other words, once we zero in on what you are looking for, we are going to pinpoint the good Las Vegas real estate deals. While we write up the contracts, you set the desired price… Just keep in mind that if the property is already below current market values, other Las Vegas real estate professionals are also going to be on top of it. If it’s a really good deal, it’s going to be gone in days.

As always.. use the information below to contact us to get started. We’ve been helping clients get great deals on Las Vegas bank owned homes and protecting their best interest for years and the process is nothing new for us. You make your money when you buy.. not speculating on what future values might be.

Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Bank Owned Homes | 702.592.3058