We get a lot of clients that search online and find our website. The main key words they type in seem to be Las Vegas home search, Las Vegas mls and Las Vegas free home search. One of the questions that seems to come up often is: “ Do you have access to the secret list of foreclosures that another company said that they have”? “They told us that if we would work with them, they would send us a copy of all the foreclosures that are not even available to the general public”. Well, I think it’s time to shed some light on this issue and I’m going to share with you the real secret. Are you ready? There is no secret list!
That’s right, no secret list. Why would a bank want to keep their foreclosures a secret? Wouldn’t the goal be to sell them as soon as possible and let as many professional agents know about them as fast as they can? Of course and that’s what they do. All bank owned foreclosures are listed with the board of realtors on the multiple listing service or MLS. If your agent has a current real estate license and is a Realtor, they have access to all the foreclosures on the market. Be careful if someone tells you different. Here are three tips to help you find the better buys.

1. Search the areas of town that were most affected when the market dropped. The areas of town that had the most foreclosures have the lowest asking prices.
2. Not all foreclosures are good buys. If the home has been stripped or damaged, be careful and check the comparable sales.
3. Area is everything and more important than the asking price. If you don’t know the area the home is in, get help.

We have had a lot of interest lately regarding investment properties. Since Las Vegas is the foreclosure capital of the country, clients are buying these bargains and renting them out. The rental market here is better than you would expect. CNN just came out with an article yesterday that ranks Las Vegas as the number one place to buy a rental home in the US. They researched our market and are predicting that the rental market will remain strong here over the next several years and the return on investment is very attractive. Here are some tips to consider if you are looking for an investment home.

1. Area of town is probably the most important consideration. If you do not know the city, get help.
2. Bank owned foreclosures are considered to be the best values but do your homework and get a home inspector to check the property.
3. Cash is king, if you’re paying cash you have a better chance of getting your offer accepted.
4. Check all the comparable sales in the community before you make an offer.
5. Ask the seller for a due-diligence period so you have time to do your inspection.
6. Take your time and don’t get into a bidding war. Make your highest and best offer and let the cards fall where they may.

We listen to our clients and realize that their priorities are more important than anything in the home buying process. The Las Vegas home search is not easy and if you don’t know this market, it can be very confusing. You can contact 10 different realtors and get 10 different opinions on where the best values are. The Las Vegas Valley is so spread out that it may not be worth the expense or time to commute if you work on the other side of town. Do your own research and don’t let anyone rush you into making the wrong decision. Here is some feedback from our clients that should help you in this process.

• The price of the home should not be your main focus. Of course, it’s very important but the home should be more about your lifestyle.
• Ask the neighbors in the community how they like living there and what the benefits are.
• Hire an expert to check the home for any major construction issues.
• Check the comparable sales in the same community and make sure your home is not overpriced.
• Ask for a due-diligence period of at least 10 days to check any issues the property may have.
• Do not get into a bidding war. Set your maximum price and don’t go above it.

Desert Homes Realty specializes in representing Buyers and our business has noticed a sharp increase. The interest rates are at record lows and the home prices could not get any better. What are you waiting for? Jump in, the water is fine. Elvis has left the building so to speak. Many of our clients are saying that they do not want to miss out on this opportunity. They are concerned that prices will go up quickly and they could get priced out of the market. We are also noticing that the bank owned foreclosures are getting multiple offers. This really is a good sign of things to come. Don’t worry; there are still plenty of bargains to go around. We are still seeing homes in upscale communities selling for less than half of what people paid for them a few years ago. Here are some tips that you may want to consider in your quest.

• Do not assume that the seller will come down on the asking price. Many of these homes are selling for substantially more.
• You will need help if you want to be taken seriously in this market. Sellers want to see offers written professionally.
• Don’t get discouraged if your offer is not accepted. Move on and find a better one.
• Look for homes that are new on the market. If you find that perfect home, get your offer in ASAP.
• The importance of a professional pre-approval letter is critical. Your offer will go nowhere without one.

• Don’t get caught up in a bidding war. Set you limit and stick to it.
• Price is important but should not be your only concern. Area is everything.