
What if your realtor told you looking at Las Vegas home foreclosures was the simplest and easiest way to find your new home?
Would you be wondering what impact CityCenter’s reduced high-rise listings were going to have on the housing market? Are you curious about foreclosure rates close to the Strip? Or, concerned with Las Vegas foreclosure tax laws? Are you asking yourself if these properties were right for you?
You should be asking yourself each and every one of these questions before making the decision to go this route.
Buying distressed properties in Vegas can certainly be an ideal technique for getting inexpensive homes in an expedited fashion. If, and that’s a big “IF”, you do it the right way and make sure you’re well informed about what you’re getting into.
How IS the local economy? How does it affect your choices?
Vegas’ newest residential project, CityCenter, should be the #1 area of concern on your mind. People have a tendency to assume Vegas foreclosures are always good buys no matter the surrounding local circumstances.
This could not be more wrong.
In actuality, when major housing players like CityCenter start reducing rates across the board foreclosures in close to downtown can lose some of their appeal. Foreclosures in neighborhoods like One Queens Ridge Place in the southeast part of the city are much more likely to come with less economic risk.
What are the foreclosure rates downtown, and should it concern you?
According to the Las Vegas Review Journal, residential foreclosures are down in the areas closest to the Strip, and it’s commercial real estate that’s facing foreclosure problems. In fact, new developments are going up in communities like Seven Hills which is only a short ten minute drive to downtown. What does this mean to you?
Unless you’re looking to in the market for commercial foreclosures in areas like CityCenter or Town Square, you’re better off searching in the upper west side of the Valley in neighborhoods like Providence, Canyon Gate, or The Lakes Alternatively, you might want to consider renting or purchasing non-foreclosure condo-hotel type properties like MGM CityCenter, MGM Grad, or even the Platinum if downtown is where you’re sure you want to be.
How will foreclosure tax laws affect you?
All Las Vegas foreclosures are subject to what’s called a “notice of default” law. This means local banks like Red Rock Community Bank & Evergreen Home Loans are only required to provide correspondence regarding the mortgage to the original homeowner. Therefore, if the original owner defaults on the loan these banks can lawfully seize the property. Visit the Las Vegas Chamber of Commerce for approved/preferred vendors & a complete foreclosure related business directory.
Are these kinds of properties right for you?
Alas, this final question is all up to you. The point is, you should be asking all of these questions (and more!) before deciding if Las Vegas foreclosures are right for you. These various local websites can help you learn more about community affairs, job growth, and emerging trends that might influence your decision to buy distressed properties here, just be sure to type “foreclosures” into their search box:
Las Vegas Sun – lasvegassun.com Las Vegas Review Journal – reviewjournal.com Las Vegas City Life – lasvegascitylife.com
I encourage you to seek out the answers to these important questions on your own first, and then have a candid conversation with a licensed realtor that has already established him/herself in the city. If you’re not sure where to find one that fits this criteria, check with The Greater Las Vegas Association of Realtors. Pay extra attention to the company’s history and involvement in local community affairs.
By: Jessica E. Bitts