You can succeed in buying bank foreclosures if you are prepared and hire the right agent.
First. Get your financials in order. Banks will not even look at your offer unless you have evidence you can purchase the property. Years ago, this wasn’t necessary and there are investors who are still hung over from the good old days where a good credit rating or signature meant something.
Second. Find a good buyer’s agent. If you are truly an investor, you want to work with someone who only handles investors. There is a substantial difference in the purchasing process between a primary home and an investment property. A good investment buyer’s agent knows market rents, has resources for rehabbing properties and has the skills to find you a tenant. Contact us if you want a free list of pre-screened agents who have experience in purchasing foreclosed properties (702) 619-6215.
Third. Keep an open mind. Most investors who don’t live in Las Vegas are misinformed about which areas to purchase in and what types of properties to purchase. Probably the worst source is a friend or relative who lives in Las Vegas. Unless a bad agent is trying to show you their company listings, you should be open to suggestions.
The process for buying bank foreclosures.
- Get an up to date Foreclosure List. Start with a foreclosure list from a licensed agent. To find out why this is important follow this link: Why Bank Foreclosure Listings are Important (Click Here)
- Look at a lot of properties. On average, an investors needs to look at 4 properties to make an offer on one of them. To make 6 offers, you need to look at about 20 or more properties. This is a volume game.
- Make a bunch of offers. The minimum number of offers should be 4 properties. Any less than 4 offers is a wasted trip to Las Vegas. Currently, you need to make about 4 offers at or slightly above list to get one accepted. If you increase your offer price, you can lower this number. To take this example to the extreme, you could make 12 offers at or below list and get one accepted.
- Cross your fingers. There is a considerable amount of luck involved in getting an offer accepted. The more offers you make, the luckier you will get. It is common for an investor to get an offer accepted even though they weren’t the highest bidder because the highest bidder fell asleep at the last minute and didn’t get bank addendums back to the bank fast enough.
- Pay attention. When buying bank foreclosures and making offers, it’s extremely important to monitor phone calls, text, voice mail and email. Pick your preferred method and stay in touch with your agent. If you get an offer accepted, you have just 24 hours to go through a fire drill. If you fall asleep, go on vacation or simply get lazy, you will have to start this process all over again. If you are lucky, your agent will work with you again.
Are You Interested in Buying Bank Foreclosures in Las Vegas? Call us Toll Free at 1 (800) 736-8866 just to chat, investor to investor or for a referral to a great Las Vegas Bank Foreclusure Agent -or- use the contact us form to let us know how we can help you.
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