Great Las Vegas Foreclosures
I don’t think anybody can argue that there are plenty of buyers looking to snatch up the Great Las Vegas Bank Owned Homes that are hitting the market. Case in point, Take a look at this Bank owned Rhodes Ranch Home by clicking on the link below:
When I called to see if it was still available (something we have to do with every good deal nowadays) I was informed that there were already 30 offers submitted. It was listed on 9/17/2008 and they have already accepted an offer and are just waiting for the banks signatures so it’s still showing up as available for sale.
This is the same old story across Las Vegas when you come across bank owned homes at a great price. My whole point of this is to educate you that despite all of what You think You might have heard about buying a Las Vegas Foreclosure and submitting offers 20% below the already below market value asking price.. your chances of getting the property any lower are slim to none.
Las Vegas Homes are Selling. While there are plenty of Las Vegas homes sitting on the market at prices buyers are not interested in, when they do have a good price, buyer activity is pretty strong.
As an example, Below is a table of sales of homes in the guard gated golf course community of Rhodes Ranch that have closed escrow (sold) in the past 90 days.
Pay Attention to The List Price and the Actual Sales Price:
| Address | List Price | Sales Price | Close Date | Days on Market |
| 138 Short Ruff Wy | $275,000 | $273,000 | 07/25/08 | 4 |
| 53 Broken Putter Way | $276,000 | $288,000 | 08/04/08 | 8 |
| 328 Broken Par Dr | $224,900 | $234,000 | 08/12/08 | 2 |
| 248 Tie Breaker Ct | $249,900 | $258,000 | 08/18/08 | 19 |
| 349 Falcons Fire Av | $251,900 | $300,000 | 08/19/08 | 2 |
| 34 Tall Ruff Dr | $359,900 | $356,000 | 08/20/08 | 6 |
| 55 Back Spin Ct | $289,900 | $289,900 | 08/20/08 | 7 |
| 410 Center Green Dr | $254,900 | $255,000 | 08/21/08 | 22 |
| 171 Rancho Maria | $424,900 | $445,000 | 08/22/08 | 5 |
| 599 Center Green | $499,000 | $422,500 | 08/22/08 | 10 |
| 9 Chateau Whistler | $499,900 | $535,000 | 08/25/08 | 1 |
| 62 Cascade Lake | $349,900 | $350,000 | 08/26/08 | 11 |
| 72 Ocean Harbor | $435,000 | $450,000 | 08/27/08 | 6 |
| 162 Cliff Valley | $349,900 | $340,000 | 08/29/08 | 5 |
| 280 Broken Par Dr | $224,900 | $230,000 | 09/03/08 | 0 |
| 208 Dog Leg Dr | $224,900 | $225,000 | 09/04/08 | 15 |
| 262 Parisian Springs Ct | $460,750 | $500,100 | 09/05/08 | 1 |
| 520 Sinfold Park | $439,000 | $435,000 | 09/05/08 | 23 |
| 72 Sandy Bunker | $239,900 | $237,900 | 09/12/08 | 2 |
| 253 Sea Rim | $243,900 | $244,000 | 09/18/08 | 8 |
So… If you really want to buy a Las Vegas home you need to be prepared to act. This includes being pre-approved for a loan or having proof of cash funds available to submit with your offer. REO Agents are not submitting the offers to the banks or even accepting offers without one of these two requirements. If you wait to do this until after we’ve found the great Las Vegas foreclosure for sale, there is a pretty good chance that you’ll be looking for nothing.
For Las Vegas Home Sellers
This is what you are competing against. If you don’t want to price your home right with the current market conditions, be prepared for a long wait as the banks go through getting rid of their inventory. There are currently 5,745 Bank Owned homes available for sale on the Las Vegas MLS and the Notice of Defaults being filed are still coming.
If a hardship has created a situation where you really need to sell and you owe more then the home is worth, you might want to seriously consider doing a short sale.
You can learn more about doing a Las Vegas Short Sale or use the information below to contact me directly.
September 9, 2009 at 7:45 am
[...] Chasing Down the Great Las Vegas Deals: This is the same old story across Las Vegas when you come across bank owned homes at a great price. My whole point of this is to educate you that despite all of what You think You might have heard about buying a Las Vegas Foreclosure and submitting offers 20% below the already below market value asking price.. your chances of getting the property any lower are slim to none. [...]