- FORECLOSURES -
- REPOS -
- BANK OWNED PROPERTIES -
- REO's -



What is an REO or Bank Owned Property?

REO stands for "Real Estate Owned". This is what the Bank or lender calls their repos. The Bank loaned money to someone to buy the property. When the loan wasn't repaid as promised, the Bank took the property back through the legal means of foreclosure. To know what the bank paid for the property (or more commonly what the amount they had to reconcile by filing foreclosure), take a look at the tax records which is public information to all.

How good a deal will I get?

That depends. Bank owned properties are typically offered at a fair price - maybe a little better. Factors determining their price are the same factors that any seller uses: Location of property, condition of property and recent market sales prices which are used to establish a value. If you make an offer too low, you risk alienating the seller and it's not uncommon that they just won't respond. Be fair and reasonable and leave yourself room for counter-offers.

I made an offer - when will I know if it's accepted?

Banks take about 5-8 business days to respond. It's a bank so the person that receives the offer typically has to have it reviewed by their committee or person of authority. The cleaner the offer (most reasonable in price and terms), the quicker the response. More than likely the bank has many other properties they're trying to sell right now so it does take a little time.

What about costs, inspections and pre-approvals?

1. You can ask for anything in your offer. Again, a clean offer motivates the seller rather than having to hash even more details.
2. Do get an inspection. Make your offer subject to your approval of the results.
3. Pre-approvals are a definite must! If you have cash - great! If you're like the rest of us, get your financing approved before submitting your offer. Some sellers require you obtain financing through them. The reason is they need to have control if you are truly qualified or not. More than likely that have already lost money on their investment with the former home owners so they want to make sure that your pre-approval is firm. Being they are now owners of the property that they really don't want to own, you may be able to close the transaction faster since they already know the property details.

Will the Bank tell me if there's something wrong with the property?

Understand that these properties are sold "as is". It's not reasonable to have a bank know the exact condition of a property they foreclosed upon nor is it a legal requirement they disclose anything. Now you see why that inspection is so critical. REO's come with no promises, no guarantees and for you as a buyer - no recourse if you find out later there's no electrical panel in the house.

Anything else I should know?

Work with a Realtor to represent and look out for YOU. The Bank has their own Realtor that is looking out for them. Develop a relationship with a Realtor and they'll provide you lists of homes to visit that are bank owned REO's - free of charge. Narrow down your choice of location, style of house and price range and let your Realtor know what you like and don't like about the property. That helps her/him to narrow down what she'll send you so you're not looking on the west side of town if you want to live on the north side. Be honest and be diligent and you'll be successful!






Selling?

If you're planning to sell your property in the next few months, I can help you establish your property's current market value. Simply choose Market Analysis and fill out the requested information. I use comparable sold listings to help you calculate the fair market value of your home - the same properties an appraiser will use. There's no obligation on your part. I never charge anyone for this service.

Buying?

Automatically receive property listings by e-mail. I search the local MLS listings and non-MLS properties to find the properties that suit your criteria and forward via email to you immediately. Simply choose Dream Home Finder and fill in the requested information. Or, search for yourself by clicking on the "Search the MLS" link. No cost and no obligation - it's part of my service.


Specialization

*I want your investment decision to go as smooth and stress-free as possible whether the investment is in the purchase and sale of a home, multi-family units or if it is income/commercial property.

*I continually research market data and trends within the cities of Las Vegas, Henderson and Boulder City to keep both of us educated and up-to-date.

*I know the worst thing for a buyer or seller is the "unknown". I always have the time to keep you informed on where we're at in the process and what efforts I am making to see you through to achieving your goal.

*I'm a homeowner and real estate investor myself so I know the process and how to navigate the paperwork. I share all my resources from lenders to home inspectors to a handyman.

*After the transaction is closed, I remain in touch with you to help you with any questions you may have and provide you with information such as upcoming community events.


Foreclosures & Properties for Auction

When you click the Foreclosures link on the left hand side, you'll see one page for the latest properties that have a recorded notice of default filed as well as a list of properties that are going to be auctioned off and their auction dates. There may or may not be some bonafided "deals" with these types of properties.



The most important aspect that a buyer needs to keep in mind is that 1) Time is of the essence and 2) Caveat Emptor. Simply put, you're going to buy the house "as is" so do your homework! And when a property gets down to this stage, there's not a lot of time left so get your financing ducks in a row before you look at these types of properties. Don't be disappointed - be prepared.



Personal

Ah... Las Vegas. I remember when I-15 had no speed limit! I live urban - 5 minutes from the Strip - although my entire neighborhood was once part of a large ranch in the southeast part of town. I love being close to the fabulous restaurants, the shows, the awesome music venues and the people watching of the Strip. Yet the other side of me loves spending time on atv's out in the desert, camping with my family and our two energetic pound dogs, cruising around on Lake Mead or exploring old mining and ghost towns. I'm a member and supporter of First Friday in Las Vegas, The National Wildlife Federation, the American Humane Assn, and an active volunteer with the American Red Cross.