Las Vegas and the state of Nevada have become known as hotbeds for foreclosures. When a Las Vegas home owner defaults on his mortgage loan, Nevada law permits the lender to foreclose on and sell the mortgaged property. The lender must first post public notice of a sale so that buyers can show up and bid on a property. Buyers who participate in bidding on Las Vegas foreclosures can place the highest bid to buy foreclosed homes in the Las Vegas area.
Look for Las Vegas foreclosure listings by using Clark County newspapers. Under Nevada foreclosure law, a lender must advertise the foreclosure sale in a newspaper of general circulation in the county where the foreclosed property is located. In the case of Las Vegas foreclosures, that would be Clark County, the home of Las Vegas, NV. The notice must appear once a week for three weeks. Besides picking up local papers to find foreclosed homes in Las Vegas, you can also look online. USNPL has a list of Nevada newspapers with online editions at Usnpl.com/nvnews.php. Use those papers to find Las Vegas-area foreclosed homes and land lots.
Search through the foreclosure listings to find foreclosed properties in the Las Vegas area that fit within your budget and other preferences. You can find the address of the properties and the amount due. These foreclosure notices will also tell you the time, date and place of Clark County and Las Vegas foreclosure auctions.
Once you have compiled a preliminary list of properties, then you need to visit these Las Vegas properties to make a final decision. The basic idea behind bidding on foreclosures is to determine the fair market value of each property so you can set a maximum bid that is below that amount. People like neighbors in the same neighborhood and Las Vegas real estate agents and appraisers can help you get information for this determination.
Attend the Las Vegas foreclosure sales for the properties you ultimately decide you want to buy. Bid on them and then follow the trustee’s instructions to pay for any foreclosed homes in Las Vegas that you buy.
Warning: You should get the payment and sale terms from the listings BEFORE you go to the auction. You may have to pay cash and sometimes full payment right at the auction.
Get a property deed from the lender’s trustee after paying for a Las Vegas foreclosure. It is always important to get a deed because it is like a receipt. But with an enormous transaction like a real estate purchase, the deed is far more important than a product receipt.
Take the deed you obtain from the trustee and file it with the recording office in Clark County. Just getting a deed is not sufficient to protect your ownership rights. You must file it to give others notice of the existence and timing of your property rights in your Las Vegas foreclosure.
Nevada Legislature: Chapter 107: Deeds of Trust