Bank-Owned Homes in Las Vegas
Buyers who’ve been on the sidelines may want to take a closer look at current conditions in the Las Vegas area — if they wait for sales to rise, their choices and negotiating position won’t be as good as they are now!!
As you all know there have been record breaking numbers of foreclosures in the past year in Las Vegas due to sub-prime loan ARM rates adjusting and going up effecting many home owner's mortgage payment. There have been so many foreclosures that the investors can not keep up with them all and some homes do not sell at the foreclosure auction. Therefore, when nobody buys the home the bank that loaned the money on it has to buy it back. Banks are not in the business to buy and sell real estate. So the banks are taking huge losses in today's market conditions!! Banks would rather take a loss and get their money faster than sit on a listing! I have been successful in negotiating with the banks to pay for my buyer's closing cost and get a great deal under market value! Let me show you how to take advantage of these great deals with built-in equity!
There is a lot of inventory out there and much of it has sat on the market for a while because of incorrect pricing. Finding the right home should be much easier this year. The big thing is that some list prices are higher and you will need me to negotiate to get to the "correct" price" and the best terms! I have been very successful in negotiating the price down even with banks, to achieve smaller payments for you!
Now is the time that we can make low offers, because there are a lot of vacant homes. Sellers/Banks have to drop the price just to get noticed, because they are stuck with the mortgage payments. Let me show you how to take advantage of opportunities in today's market conditions!
Bank-Owned Properties Drive Down Prices
Owners are likely to discount their asking prices 20 percent or more in communities where foreclosed/bank-owned homes make up 8 percent or more of sales, according to the study by Christopher Cagan, an economist with title insurer First American Corp.
In 1995, at the depth of the region's last housing downturn, lender-owned homes accounted for 7 percent of all sales — and sold at an average discount of 15 percent, the study found.
Source: Los Angeles Times, Annette Haddad (06/08/07)
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