Roberta's Las Vegas Real Estate Blog: Las Vegas Foreclosure List.....Get The Real Deal for Free!

Las Vegas Foreclosure List.....Get The Real Deal for Free!

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In a previous blog about Las Vegas Foreclosures, I mentioned a certain 3BR, 2 bath and almost 1300 sf. Henderson, NV single family home that was on an online foreclosure list, as a "new" REO (Bank Owned) listing and priced under $30,000.

This listing is fed to other real estate search sites, and is still available here as an active listing along with many others like it at Yahoo Real Estate Foreclosure Listings.

At that time I originally posted there were only 4 properties under $30k on the Las Vegas Multilist, none of them in Henderson. Two were manufactured homes with one in Tonopah, NV, one a locally listed vacation condo in Thailand, the last a condo in need of heavy refurbish here in the Vegas Valley. For a better understanding of all this, that original blog post is found here.
This home was actually on the Las Vegas MLS for $169,900 and was under contract due to close 3/7/08, the following day from my other post. According to the entry with the Recorder's Office this past week, the actual price was $174,525. That's the real deal on that REO foreclosure, not the under $30,000 price. Still appears to have potential as a good value, since the home sold in 2006 for $260,000.

As I've come to find out, these foreclosure listings go even ridiculously lower. How about a 3BR, 2Bath, 2748 sf. REO home built in 2002 for only $2,030? Ahh, I don't think so. Like so many of these Foreclosure Listings I have had passed along to me, it appears there are an awful lot of errors. For the one I just mentioned and one page with some other examples, check my post on Las Vegas Foreclosure Auctions.

Normally banks don't sell their own foreclosed properties themselves. They turn them over to an agent that puts them on the MLS. The exception would be a home in pre-foreclosure, but many of those turn up as short sale listings. The ones that don't normally require an awful lot of research, and again it appears that some of these low priced listings that appear online are for any title action taken against a property and not necessarily available.
Just so you know, I'm not against foreclosure listings. There is obviously an interest in them and they can be a useful tool. These homes need to be purchased for the housing market to stabilize, and offer some great savings for those looking to purchase before they're all gone.
I do have some issues with the lack of correct information they may provide. I know if I presented online listings at prices that were a tad off, like the over $139k difference with this Henderson home, or listed properties that weren't actually available, I'm sure I'd have some answering to do and face some penalties...and rightfully so. I don't believe it's good to have misinformation out there, and what I've been seeing is a lot more than just a typo, or a few errors.

Although not foreclosures, this AOL Real Estate site (In Beta, to be fair) lists "The Las Vegas Market" in a box down on the right hand side. It claims over 50,000 homes are for sale here. Funny, the Las Vegas MLS only claims 38,164 total listings, including rental, office and commercial properties, vacant land and those that are under contract. Better yet, this site lists that only 1 home sold in Las Vegas last month. Take a wild guess and I'm sure you can imagine it was just a little higher than that.

Should you find a listing for a Las Vegas Foreclosure, or any other you may see around the Internet, and want to find out if it's actually listed and at what price, feel free to use my Las Vegas MLS search. With this one you can input street name and specific price, and see if it's a real deal listing, or just some less than accurate raw data. There's no sign up required to use it, and no free trials before you have to pay to subscribe.

http://search4lasvegashomes.las.mlxchange.com/?Page=2647164

For those of you outside of Las Vegas and interested in foreclosures, you should look for a local agent that may offer a similar free local search. You may even want to simply contact a REALTOR® and let them automatically send you updated foreclosure listings in your price range and other requirements. I bet that just like me, they'll even email them to you for free. That sure beats paying up to $50 a month for access to a whole bunch of foreclosure listings, that may or may not be the real deal.

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

Comment balloon 3 commentsRoberta LaRocca • March 16 2008 08:11PM

Comments

Roberta: great information about so called "new" REO or foreclosures in LV. I heard before that there are a lot of fake sites advertising all sorts of super deals all over the country and I am glad you exposed the truth here.The other false claim of 50,000 foreclosures when there are only 36,000 total listed properties on the MLS is unbelievable! This is a national problem and the more we write about these rip off sites the better. Nice Job!

Posted by LLoyd Nichols, SW Florida Homes (Premier Florida Realty of SWFL) over 11 years ago

LLoyd: The sad part about this is that these inflated numbers are not only blasted all over the net, but often quoted by the media as a "leading source". Between the counts and the prices that are off base, it creates an inaccurate impression that harms us all. The Housing Market boom drove the post 9-11 recovery, and it's slowdown is now slowing our economy. The stock markets have dropped and are unstable, the dollar has lost value, inflation has crept upward, and jobs lost. This misinformation comes at a price that comes out of everyone's wallets, not just those involved in housing.

It also harms those who could afford to buy a property at today's prices, but is waiting for the market to bottom out. The deals and selection are out there right now. If they wait until they "know" there's a recovery, they've missed the bottom...and the selection. The only way to know the market has recovered is when inventory drops and prices are on steadily the rise. Perfect market timing is pretty impossible to nail down, but this mix of incorrect data sure doesn't help anyone make an informed decision.

Besides that it also causes the public to distrust real estate agents. It makes us appear we're hiding the good deals, or that we don't have access to them, since our listings don't match theirs. Truth is, if the foreclosure deals are actually out there we do have them. Even keep buyers informed of what is actually available as soon as it's there, and without those subscription fees.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) over 11 years ago
I firmly believe in purchasing foreclosed properties, but just like a normal real estate investment, you have to be city growth and market health conscience. Do your research and find the best foreclosed property markets before investing.
Posted by Grant Hammond, Nashville Homes (Metropolitan Brokers, LLC) over 11 years ago

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