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FREE - Request Available Las Vegas Foreclosure and Short Sale Listings By Email
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What is a Property Foreclosure?
(All Las Vegas Foreclosures and Short Sales are included in our Las Vegas MLS Searches)
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Foreclosure terminates all rights of a homeowner to his/her property in a process that returns the property to the lending institution.
Some homeowners facing foreclosure will be able to avoid foreclosure but the number of Las Vegas foreclosures is increasing daily.
The foreclosure process begins when mortgage payments are not made at their due date, for any reason, even death.
Foreclosure proceedings typically start with a formal demand for payment, usually a letter from the lender, referred to as a Notice of Default (NOD). The notice is a threat to sell the property, terminate homeowner rights and evict the homeowner from the property. Normally the notice will be sent when the mortgage payments are 3 months delinquent, however, right now because of the immense number of foreclosures, there is usually a delay in serving the NOD, sometimes for months.
Almost every state provides for a redemption period where the homeowner has an irrevocable right, during a certain period of time, to cure the default. A good real estate attorney can give needed information and details.
The downside of purchasing these properties from a bank
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- They are purchased "as is" from the lender or HUD, no guarantee of condition
When sellers realize they're going to lose their home, it's not uncommon for them to stop caring about the home and to remove or even destroy features and items in the home, sell appliances and even kitchen cabinets |
- Buying a foreclosure is not for the faint of heart, is best handled by the pros and usually not recommended for first time homebuyers. No matter what "seminar" you attend, it's not preparing you for the reality!
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