[leo_075]

Does anyone know where I could look to find out about buying foreclosures in Las Vegas area? My mom is interested and she lives there, but doesn't know where to look. Any websites that I could look into? Also, I have read that builders are offing their empty homes cheap because they're at a stand still, know how I could find out about those?

Any help appreciated!

[airics]

you need a realtor and no the builders arent selling the houses "cheap"

[jpk]

Not to be flippant, but almost any house you see with a for sale sign in Vegas will be a bank owned repo.

If you want to go a step further and buy homes at auction or before a repo, then there are sites that help you do that. But if you just want to buy a foreclosed home, throw a rock in any direction on any street and you will hit a foreclosed home for sale. They aren't hard to find.

[airics]

actually it is probably smarter to buy the house once the bank owns it anyway... at the auction, the banks usually end up with them.. and DEPENDING ON THE AREA there may be alot or very few repos.

[leo_075]

Thank you for your replies. She does need an agent though to do this?

[airics]

the right agent will point you in the right direction.. and how do you intend to view the houses without one? all will have lockboxes.. and there is alot of paperwork.

[leo_075]

Good to know....I guess she assumed that whatever bank owns the house would have a representing agent that would show it, but I get your point.

[airics]

i dont think you would want to deal with the selling agent, best to have your own for negotiating purposes... there are several knowledgeable people on this forum that will probably chime in soon.. they can be of more help.... to give an example, i bought my repo for 19k under asking (this wont happen again since repos are selling like hotcakes) and he even got countrywide to pay for all the closing costs. i made offers on 2 homes, one was listed in rhodes ranch at 240k, i offered 255k, it sold for 280.. the other is the one i own

[olecapt]

Originally Posted by jpk

Not to be flippant, but almost any house you see with a for sale sign in Vegas will be a bank owned repo.

If you want to go a step further and buy homes at auction or before a repo, then there are sites that help you do that. But if you just want to buy a foreclosed home, throw a rock in any direction on any street and you will hit a foreclosed home for sale. They aren't hard to find.

Well you are only a little flippant...but lots wrong. The market is only 10 or 12% REPO, maybe 20% short.

Sold are almost half REPO, a couple of percent shorts. Note also that all REPOs are not deals.

It is difficult to sort without an agent.

[jpk]

Dude, 1/10 houses for sale being a repo is a LOT of repos on the market (and sure feels even higher than 1/10 in Vegas). They are easy to find in Vegas. In the Seattle area they are exceptionally rare (<1%).

To the original poster, I forgot to mention that some banks list their repos on their website. Countrywide does this at Properties Owned by Countrywide - REO Homes