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Las Vegas Foreclosure Homes - Bank Home Auction Foreclosures

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Las Vegas Foreclosures

Search and access thousands of Las Vegas foreclosures, bank REO homes, commercial real estate and bank home short sale auctions. Find up to date distressed REO foreclosure real estate community listings in Green Valley, Green Valley Ranch, Lake Las Vegas, MacDonald Highlands, Queensridge, Rhodes Ranch, Seven Hills, Spanish Trail and Summerlin.

Las Vegas has seen a significant rise in the numbers of foreclosures available as a result of the economic conditions that persist in Las Vegas, Nevada. A lot of information on purchasing this type of property, some good and some bad, is floating around which has sparked the interest of many potential home buyers and investors looking to cash in on this once in a lifetime opportunity. While the condition of the housing market in Las Vegas has had unfortunate consequences for buyers at the height of the market’s boom, the timing could never be better to invest in an unprecedented selection of a luxury foreclosure REO bank home at a fraction of the cost.

Silver State Realty and Investments Las Vegas real estate professionals have over 16 combined years of home and bank owned REO foreclosure experience. Our knowledge of the various types of foreclosures and stages of the foreclosure process allow us to walk our clients through the home buying process.

To search any foreclosure house in Las Vegas, use the form above to filter by area, price range, square footage, or number of bedrooms. To view foreclosure homes and any bank owned REO home, simply click search.

foreclosure homes in Las VegasHome Foreclosure REO Bank  Auction Listings in Las Vegas

There are two types of foreclosure homes in Las Vegas

1. REO or Bank Owned Real Estate.  REO stands for "real estate owned" also known as "bank owned real estate."

2. Foreclosure Auction Property or Foreclosure Sale Homes

Bank Owned or REO Foreclosures

REO or Real Estate Owned property are properties that have gone through foreclosure and are now owned by the bank or mortgage company. REO properties tend to involve a much cleaner and attractive transaction between the seller and buyer. Because the foreclosure home did not find a buyer at auction, the bank now owns it and is eager to sell.

What this means for the buyer is that bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that a REO may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

Foreclosed Homes for Sale at Bank Auction

The second type for foreclosure properties available to purchase in Las Vegas are home foreclosures that are for sale at bank auction. When buying a house or commercial property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you'll receive the property 100% "as is". That could include existing liens and even current occupants that need to be evicted.

Making Offers to Buy a Foreclosure in Las Vegas

It's commonly assumed that any REO foreclosure home must be a bargain and an opportunity for easy money. This simply isn't true. You have to be very careful about buying REO homes if your intent is to make money off of it. However you can find good deals if you intend to live in the property.

While it's true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.

The bargains with money making potential exist, and many people do very well buying foreclosures. But there are REO in Las Vegas that are not good buys and not likely to turn a profit.

Most banks have a REO department that you'll work with in buying a REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS like a company like ours that specializes in REO. Before making your offer, you'll want to contact the listing agent and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers.