Las Vegas Real Estate Talk!

[eerie]

When I lived in Vegas, I checked the HUD lists every week. I didn't buy a HUD home, though.

Are bank repos or HUD repos or VA repos selling better now?

[kelkat]

Repos can be a tricky situation. If you are buying them for the flip, then I'd look else where. With forclosures, the person has about two years to get the house back. Kind of nerve racking for potential buyers, so the flip doesn't come quick.

[eerie]

A HUD Or VA repo is a legal sale.

I think you are referring to tax sales, which is very tricky and very risky business.


There are no risks of the previous owner coming to take back a HUD or VA repo. You have a clean title.

[kelkat]

Wow. I just assumed a foreclosure was a foreclosure. Leave it to the government to make away around what everyone else has to deal with.

[eerie]

No, buying property that is made available because property taxes are owed is very risky business. The owner can and often will argue the sale for years to come.

You get property cheap, but have to be willing to lose it if the buyer comes back.

[LeighA]

We are looking at a house that has been forclosed. Assuming we move forward with it who is responsible for repairs?

[eerie]

You are. Repos are sold as is, where is.

You will be able to have an inspection, and in most cases, the electricity and water will be on in the house. This is for your protection, because there is rarely going to be any repairs made by the bank or institution who owns the house.

Buyer beware.

[wondering]

the post about arguing about it for years. Did anyone see the House of Sand and Fog? That was about a house that received foreclosure and it was a mistake.

[eerie]

Yes, that was an awesome, very sad movie. Very moving.

I think it was based on a tax foreclosure. I'm not sure how accurate that would be - that the girl is served with a notice and a few days later the property is sold to the Indian family.

Still, it's a great movie.