Everyone in the housing market these days is looking for a “steal.” But around the country purchasers are finding that buying a property through foreclosure or at auction is not an easy process. There is no standardized format for purchasing, and banks and auction houses are selling these properties “as is, where is.” So “buyer beware” is certainly applicable.
Currently the number of Las Vegas foreclosures is among the highest in the nation, and foreclosed inventory on the market has driven down prices in the Valley substantially from the all time highs of 2005. Investors are returning to the city to pick up great deals and benefit from the strong local rental market, while first time buyers are taking advantage of affordable housing. Lower priced Las Vegas homes under $250k are even receiving multiple offers, lending strength to the belief that the Las Vegas price decline may have bottomed out.
For those desiring to take advantage of the lowest prices in the past three years, but leery of buying a “lemon,” a series of FREE 45 minute seminars on foreclosures and Las Vegas auctions is being sponsored by the Tonnesen Team of Prudential Americana Group Realtors. Speakers will be acknowledged specialists in the foreclosure and auction process. Participants will receive printed information on the “how to’s” of purchasing along with detailed property listings, and there will be an open question and answer period. Each foreclosure seminar will cover a different area of the Las Vegas Valley, and each auction seminar will cover a specific upcoming auction event.
The next free auction seminar covering the details on the upcoming Hudson and Marshall Auction will be held on Tuesday April 1st at 6pm at 871 Coronado Center Drive, Suite 100, Henderson, NV. This auction will cover 100’s of properties around Las Vegas, Henderson and North Las Vegas, with starting bids beginning in the $50k range but also covering high end luxury properties as well. (Exact dates and place for the auction are yet to be announced, but it will take place sometime in mid April.) This seminar will include: getting pre-registered to bid at the auction, a catalogue of the properties to be auctioned, how to do your due diligence prior to the auction, how the auction process works, what to take with you to the auction, and a preferred lender on hand to pre-qualify you to bid.
The next free foreclosure seminar will be held on Sunday April 13th at 2pm at 871 Coronado Center Drive, Suite 100, Henderson, NV. Foreclosures in the areas of Anthem, Seven Hills, Green Valley and Lake Las Vegas will be covered. Included at the seminar will be our “Top Foreclosure Picks” followed by an optional private tour of properties. This seminar will include information on: the differences between foreclosures and shortsales and how it affects you as a buyer, what to expect when bidding on a foreclosure – what the bank will and will not do, doing due diligence on foreclosure properties, a complete list of foreclosed properties in the day’s featured area, agents on hand to do a custom search of foreclosure properties that meet your budget and a preferred lender on hand to pre-qualify you to put an offer in on a foreclosure (required on all bank owned properties)
Call 702-958-7654 to register now, or register online at: www.greatlasvegashomes.com/las_vegas_real_estate_investments.htm to participate in upcoming seminars.
In addition, every client who purchases a foreclosure or auction property from the Tonnesen Team will receive discount coupons for their home inspection plus the preferred lender will contribute a new washer and dryer!**
**Purchaser must use the preferred lender for their mortgage and close escrow to receive a free washer and dryer.
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