Friday, September 17, 2010

Las Vegas Real Estate Foreclosure Auction in October!

Hudson and Marshall is back with a new auction of 153 properties in the Las Vegas Valley! This will be by far the largest auction they have held in more than a year. Auction properties will include every type of Las Vegas real estate, from small condos to single family homes to luxury high rise residences. The auction will be held at the JW Marriott hotel at 1 pm on October 9th, and auction properties will be held open for viewing the previous weekend on October 2nd and 3rd from 1 pm until 3pm.

In addition, early viewings and pre auction bidding are available through your Las Vegas real estate agent, and you should choose an agent that is thoroughly familiar with the auction process. Auction properties do NOT list prices, and your agent will need to do a lot of research to come up with an appropriate bid amount. Your agent’s commission will be paid by the seller and there is NO cost to the buyer. Since the auction house only looks at the highest bid, whether or not the buyer is representing himself or has an agent, it pays to have an experienced auction agent at your side!

One thing to keep in mind on auction properties is that there is a 5% buyer’s premium that will be added to the winning bid amount, so a Las Vegas home that goes for $150K will actually cost the buyer $150,000 plus the $7500 buyer’s premium in addition to normal buyer closing costs. Offers cannot be made with any kind of contingencies, including inspections, appraisal or financing. Escrows must close within 30 to 45 days, and on the day of the auction, successful bidders will be required to present a $2,500 non-refundable cashier's check as earnest deposit. (Many auction properties CAN be financed, as long as your lender can close within the stated time period.)

To receive a complete list of auction properties being offered, please contact us at sold@greatlasvegashomes.com and we will be delighted to send you the auction brochure.

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