Las Vegas Real Estate Talk!

[sweet_mayhem]

what are some of the drawbacks you found in buying foreclosed properties in vegas?

[eerie]

Using the bid system for HUD purchases is a shot in the dark. There are no second chances, either. If someone outbids you, you lose.

The repos in Vegas were alot more trashed then houses in other parts of the country I live/ have lived in.

Not sure why - but anything not nailed down was always removed.

[sweet_mayhem]

wow, that's not bad...THAT'S TERRIBLE! really? the thing about the bidding is just ridiculous. in our country, since not many people know the potential of buying foreclosed properties, not many people attend these auctions. your lucky if you have your eye on one of the properties listed for auction. my friend once attended this auction where only 3 of them came. since there was only a few of them, she was able to haggle with the facilitator for the contract price of the foreclosed apartment building which she has already visited. she got the property for almost half of its price!

[eerie]

No, here HUD homes are done by sealed bid. You have to submit through an authorized HUD realtor.

[kelkat]

Sealed bids are never any fun, but they do keep you from "getting caught up in the moment."

I would just hate to find out that my bid was beat by $100's or worse $1.

[eerie]

Sometimes you have the same bid as 3 other people, but there is only one winner. (Or loser depending on how bad the property is!) Then the seller, in this case HUD Or VA will look at each offer and find the one best for them. For instance, one is a cash deal whereas the the other is financed, the seller will choose a cash deal. It's a faster closing and not likely to fall through, wheras mortgages can and do.

Or, another preference would be that someone was buying the home to live in, as opposed to an investor buying to flip it for profit. (Investors are only allowed on so many Federal repo deals in a year.)

[wondering]

I've heard that sometimes you're responsible for any liabilities that come with the house ie. lawsuits, etc. Do you know if this is true (anywhere) and in Vegas?

[techluck]

I would be interested in the answer to that one. What an unending nightmare- the title search would have to be really thorough.

[eerie]

Not if you have a title company involved in the sale. That's what they are there for. They do a title search, and basically, you are paying them to insure that no judgements ever come up against your house - from a previous owner.

In the unlikely event that something does come up - they handle it. That's what they were paid to do.