subject: Foreclosures in Las Vegas: Buying Your First Distressed Home [print this page] Foreclosures in Las Vegas: Buying Your First Distressed Home
There are several reasons why foreclosures in Las Vegas are much sought after. The city alone boasts of economic growth being the gaming capital of the country. But even with a steady economy there are a huge number of distressed properties that prospective buyers can choose from. But market activity is brisk and often the good properties sell really fast so buyers have to be on their toes if they plan to purchase foreclosures here.
Foreclosures in Las Vegas are sold through auctions or through government and private listings. Buyers would first need to prepare their personal finances before launching a search for a home. Fortunately banks in the city offer great terms on housing loans and it would not be difficult to set up financing when the time to make a purchase arrives. What buyers need to do on their end is to obtain a home loan pre-approval from their bank or from any other mortgage company. This loan authorization will indicate the amount of loan available to the applicant.
Going Solo in Your Purchase
If it is your first time to venture in the city's real estate market, you may need to consult a real estate broker or agent operating locally. But you can definitely buy on your own as long as you practice caution and conduct your due diligence properly. If you opt to go the do-it-yourself route you will need a dependable online foreclosure listings service. These web sites offer the best list of foreclosures across the country. Most of these sites charge an affordable subscription fee for the full use of all the tools and resources on the site.
There are some things to remember about foreclosures in Las Vegas, which is true of all other foreclosed properties. These homes are sold as is and repairs will be borne by the buyer, this means you need to be able to conduct a formal inspection of the home prior to closing the deal. Sellers are not obligated to make a full disclosure in terms of the property's title and it is the buyer's burden to check with the city's records office if the title is clear of any liens or holds.
