Years ago, some real estate investors would almost get misty eyed at the mere mention of a property auction or foreclosure in Las Vegas. Of course back then, both were exceedingly rare and offered some fairly hefty bargains—usually. Marketers haven’t forgotten their response so it has been no surprise to see commercials and press releases about massive foreclosure sales and property auctions here in the valley. The hype generated has been fairly huge but the reality has come up short. With so many bank owned properties for sale in Las Vegas, competition for home buyers has reached unheard of heights.
A good example would be the recent Monterey condos auction. There were 80 condos up for auction on October 26th. A few days later, I received an email stating that there were several condominiums still available for sale. I think part of the problem with recent auctions are two fold. First that they are competing with so many other properties for sale already. Inventory levels have been going down in Las Vegas, but they are still way about normal. Second, because they are attracting a lot of first time auction goers and many aren’t familiar with the rules, regarding minium bids, buyer’s premiums (% of the winning bid tacked on the price) and the big one, financing and deposits. Plus other fees that are added.
If you are looking for a “great deal”, your best bet is to talk to an agent familiar with the area. Call us at 702-493-8033 with the type of property you are looking for. Let us help you find your next home or condo.
{ 0 comments… add one now }