Differences Between Short Sales and Bank REOs or Repos

As you know, it is a great time to be a "buyer" in our Las Vegas real estate market. Pricing on homes is almost back to the 2005 level, with many of them reduced to be "moved" by the banks. REOs and short sales currently make up almost 40% of the Las Vegas homes for sale.

Bank repos, also known as REOs (real estate owned), are properties that have already been foreclosed upon by the bank. They may be in pretty rough condition, and it is very common for the landscaping to be completely dead and have to be replaced. They are sold "as is, where is" with no warranties. But in some cases you can make your offer contingent upon an inspection to see if any major repair work may be required. (Some banks won't allow the due diligence period for an inspection, so you may have to have one done prior to making an offer.)

Having said all that, you can get a "good deal" with a bank owned property as long as you allow for these extra costs and buy the home for the right price to begin with. Just because it is a foreclosure, it may or may not be a great deal.

Short sales are a different creature. The homeowner is behind on their payments, and, in most cases, is hoping that the lender(s) involved will let them sell "short" of what is owed. This means the bank(s) has to approve the sale. Again, in some cases, the house will be listed at an extremely low price designed to entice offers. These offers are brought to the lender (s) for approval and if there is more than one offer, the bank(s) will negotiate the prices up, if possible, to reduce their losses. Some banks may take 30-45 days to even respond to an offer, perhaps hoping to get more than one. And the bank usually does not sign off on the offer until just prior to closing, which means they may also accept a new offer up to that point. So even though you have verbal acceptance, until it is actually signed, a short sale can be revoked at any time.

Don't overlook regular owner occupied "turn-key" homes in this market either. Lately, most homes are priced to compete with the foreclosures: they come with home warranties and they don't need out-of-pocket cash dropped into them like most of the Las Vegas foreclosures do.

If you think you are interested in a foreclosure or short sale, send us the general parameters of what you are looking for: price range, number of bedrooms, pool, location etc. We will be happy to place you on our automatic email update system that will immediately send you any new listing that comes on the market with your foreclosure criteria. (The best ones go fast, so be prepared to act quickly!) Or call us at 702-985-7654 to discuss doing a customized search for you.

Amazing Deals on Units Available Pre Closing at the Palms

Even at the Palms Place, where most buyers were the young and the wealthy with cash to burn, there were some buyers that knew a good investment when they saw it. They took the plunge and plunked down a 20% deposit on one of the elegant Palms Place condo hotel units hoping to make a bundle by the time the property was built.

Unfortunately in the meantime the national economy stalled and the Las Vegas real estate market dropped. Now, almost four years later, many of these same buyers are unable to obtain financing in the aftermath of the subprime market debacle. They are desperate to find a buyer just to recoup part of their deposit.

The units below are all available on the pre closing market. The original purchasers of these units want to assign thier contracts prior to closing with the Palms, and these prices are far lower than the units that have closed and are already listed for resale! Check out the one bedroom unit for only $700k! Now THAT is MOTIVATED!!

1 Bed
Strip View
1.199,000

1 Bed View
Mountain
1.088,000

1 Bed View
Mountain
1.088,000

Studio
Strip View
651,900

Studio
Strip View
615,000

Studio
Mountain View
537,000

Studio
Mountain View
525,000

Studio
Strip View
548,000

Deal of the Day - 1 Bedroom - Strip View - $700,000 - Deal of the Day!

* All units are fully furnished
* Closing March 2008
* Studio (approx) 620 Sq. ft.
* 1 Bedroom (approx) 1,220 Sq. ft.
**Please note, the units are all on the upper level floors. Residential units start on the 8th floor. Floors 13, 14 and all of the 40's have been skipped due to superstition.

If you would like to find out the details on the assignments, please give me a call at 702-985-7654 right away!

If you can't quite afford the Palms Place but really want to buy Las Vegas high rise condos, there are also some GREAT deals to be had in the Residences at MGM starting in the high $300s.

Las Vegas Foreclosures and Auctions – Free Seminars on Buying a Dream Home, Not a Nightmare!

Everyone in the housing market these days is looking for a “steal.” But around the country purchasers are finding that buying a property through foreclosure or at auction is not an easy process. There is no standardized format for purchasing, and banks and auction houses are selling these properties “as is, where is.” So “buyer beware” is certainly applicable.

Currently the number of Las Vegas foreclosures is among the highest in the nation, and foreclosed inventory on the market has driven down prices in the Valley substantially from the all time highs of 2005. Investors are returning to the city to pick up great deals and benefit from the strong local rental market, while first time buyers are taking advantage of affordable housing. Lower priced Las Vegas homes under $250k are even receiving multiple offers, lending strength to the belief that the Las Vegas price decline may have bottomed out.

For those desiring to take advantage of the lowest prices in the past three years, but leery of buying a “lemon,” a series of FREE 45 minute seminars on foreclosures and Las Vegas auctions is being sponsored by the Tonnesen Team of Prudential Americana Group Realtors. Speakers will be acknowledged specialists in the foreclosure and auction process. Participants will receive printed information on the “how to’s” of purchasing along with detailed property listings, and there will be an open question and answer period. Each foreclosure seminar will cover a different area of the Las Vegas Valley, and each auction seminar will cover a specific upcoming auction event.

The next free auction seminar covering the details on the upcoming Hudson and Marshall Auction will be held on Tuesday April 1st at 6pm at 871 Coronado Center Drive, Suite 100, Henderson, NV. This auction will cover 100’s of properties around Las Vegas, Henderson and North Las Vegas, with starting bids beginning in the $50k range but also covering high end luxury properties as well. (Exact dates and place for the auction are yet to be announced, but it will take place sometime in mid April.) This seminar will include:

getting pre-registered to bid at the auction
catalogue of the properties to be auctioned
how to do your due diligence prior to the auction
how the auction process works
what to take with you to the auction
preferred lender on hand to pre-qualify you to bid

The next free foreclosure seminar will be held on Sunday April 13th at 2pm at 871 Coronado Center Drive, Suite 100, Henderson, NV. Foreclosures in the areas of Anthem, Seven Hills, Green Valley and Lake Las Vegas will be covered. Included at the seminar will be our “Top Foreclosure Picks” followed by an optional private tour of properties. This seminar will include information on:

the differences between foreclosures and shortsales, and how it affects you as a buyer
what to expect when bidding on a foreclosure – what the bank will and will not do
doing due diligence on foreclosure properties
a complete list of foreclosed properties in the day’s featured area
agents on hand to do a custom search of foreclosure properties that meet your budget and needs
preferred lender on hand to pre-qualify you to put an offer in on a foreclosure (required on all bank owned properties)

Call 702-958-7654 to register now, or register online at: www.greatlasvegashomes.com/las_vegas_real_estate_investments.htm to participate in upcoming seminars.

In addition, every client who purchases a foreclosure or auction property from the Tonnesen Team will receive discount coupons for their home inspection plus the preferred lender will contribute a new washer and dryer!**
**Purchaser must use the preferred lender for their mortgage and close escrow to receive a free washer and dryer.

http://www.prweb.com/releases/2008/03/prweb791764.htm