Nevada lenders protect their loan money through the power of foreclosure. When a home owner defaults on a mortgage loan, the lender can proceed to sell the property at public auction. In Nevada, buyers can find foreclosures through the lenders’ required public foreclosure notices. Buyers can then use the notices to find Nevada foreclosures and prepare for the public auction. Bidders who place and pay the highest bid at the auction become the buyer of foreclosed homes in Nevada.
Look for Nevada foreclosure listings. The best way to find foreclosure notices and listings in Nevada is through newspapers. When a lender sells a Nevada foreclosure, it must advertise the public auction in a newspaper of general circulation in the foreclosed property’s county. The ad must appear once a week for three weeks. If you live in Nevada, it should be easy to find local foreclosure listings. However, if you want to look statewide, then you need to resort to the Internet. Go to Usnpl.com/nvnews.php and look for the newspaper links. Click on the individual links and search for the foreclosure notices in each newspaper.
Now that you have listings, you simply look at the listings to find out the time, date and place of the Nevada foreclosure auctions. In Nevada, all counties have a specific place for all local foreclosure auctions. This will be either the courthouse or some other locally designated location to sell foreclosed properties. Once you find the place, it will be the same place for all foreclosure sales in that county.
Look at each listing to find foreclosed homes in Nevada counties that you might like to purchase. You will see the address of the properties in each notice. Drive by to scope out the property and see what you can find out about each property. However, you do not have a right to actually inspect a property. So just ask real estate agents or neighbors in that area to help establish an approximate market value for the foreclosure. You need to use that to help you determine a maximum bid for each foreclosure that you would like to purchase.
Show up at the assigned time and place to bid on the Nevada foreclosed properties. Note that each listing also gives the necessary instructions for bidding on and paying for the homes or land. Follow those instructions exactly to preserve your purchases.
Get a deed from the lender’s trustee if you place the highest bid and purchase a foreclosure at auction. A property deed shows that you bought the property and took ownership (or at least the same interest as the person who defaulted on the mortgage).
Take the deed you receive from the lender’s trustee and proceed to the recording office in the same county as the foreclosure that you purchased. Recording the deed gives notice to the public that you have an interest in the property and helps you in the event another person makes any kind of claim on the property.
Nevada Legislature: Chapter 107: Deeds of Trust