Foreclosure Purchase Guidelines

Las Vegas has seen its fair share of foreclosures in the recent past. Astute investors score big if they know what they are looking for and if they are patient. An article on News 3 in Las Vegas suggested some guidelines for investors looking to make a purchase at the court house.

1. Do your due diligence - Many times those buying a home have very little time to investigate problems. Previous residents are not always kind to a home.
2. Liens - Some properties at auction come with tax liens that must be satisfied by the new buyer.
3. Auction Dates - Auction dates move back frequently. It can take a lot of patience.
4. Existing Mortgage - Make sure the value of the property is higher than the amount owed to the foreclosing party.

Some experts say 40% of homes in default will foreclose. That said, there are plenty of opportunities. I would suggest reading up on the article. Then consider purchasing properties in Las Vegas.