Las Vegas Foreclosures – The Crazy Market of Las Vegas Real Estate

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The real estate market is not as normal as it is today in Las Vegas. As a foreclosure home buyer, after hearing the news that Las Vegas is the number one highest foreclosure rate in the country, I would think that prices would be super low compared to others. Unfortunately, the case is the opposite of what you might expect. I recently tried to purchase a house that was recently released for sale by a bank. With the asking price of one property of 68,000 US Dollars, I decided to buy it. I was dismay to learn that multiple offers were presented to bank for the property.

This type of bidding war is occurring on properties all over Las Vegas. Banks are releasing less and less foreclosure properties. Word out on the street is, the banks are hanging on to their inventory to create a premature sellers market condition to increase their selling price.

If your one of the lucky ones, there are still lots of properties with a replacement value that is double the selling price.

Prices over the last two months have increased steadily in the lower priced segment, on luxury segment, prices are falling at a lower rate, which would indicate that the bottom is here and the time is finally here to buy.

If you’re a potential investor,

-Accept the fact that the price is not going to be your buy price. With so much competition, be ready to pay at least 10% premium for the property you want or possibly a lot more..

-Be all set to pay in cash is at all possible. Wanted properties tend to draw all the cash buyers. If you want to compete? Have your cash ready.

-If you don’t have the cash for a cash purchase. Have your documents ready for the mortgage companies. Most mortgage companies will require you to be pre qualified with them before presenting them an offer.

-Make use of a seasoned realtor that has the experience in this sort of market and also is knowledgeable in dealing with the banks.

As for myself, I am patiently waiting for my next ideal property to to be listed in the market and I’m prepared to begin bidding for it.

Hopefully, my experience will help the next would be foreclosure buyer for Las Vegas bank foreclosures and for Las Vegas luxury homes.

*** The author is an avid fan of these sites las vegas foreclosures homes and Las Vegas luxury homes.

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