In the state of Nevada, mortgage lenders can protect themselves from losses by the process of foreclosure. When a Reno home owner with a mortgage gets behind and defaults on the mortgage payments, the lender can foreclose and sell the property at a public auction. Potential buyers of these Reno foreclosures can hunt them down with local foreclosure listings. They can then prepare money and bid to buy the foreclosed homes and land at the foreclosure sales.
Find Reno foreclosure listings by looking in Washoe County newspapers. The state requires lenders to use a county newspaper where the Reno foreclosure is located to run a public foreclosure notice. That would be Washoe County in this case. A Nevada foreclosure notice must appear once a week for three weeks. In addition to looking at local newspapers if you live in Reno, you can also use USNPL (Usnpl.com/nvnews.php) to find Reno and Washoe County newspapers. 50States.com also has a list of online newspapers you can access.
Search the Reno foreclosure listings to find properties that meet your requirements. In addition to the address of each foreclosed home in Reno, you can find the amount due on each property. Use this information to compile a list of foreclosed properties on which to make a bid.
But make sure you visit each property before making a final decision. While it is difficult to compute a fair market value on Reno foreclosed properties, that’s what you need to do if you want a smart bidding strategy. The only way to get a good house deal through Washoe County foreclosure sales is by setting a maximum bid that is below the home’s value. You can also ask neighbors for additional neighborhood information and maybe even Reno-area real estate agents or appraisers to help you arrive at a fair market value on each Reno foreclosure.
Look at each listing to get the information on bidding and buying each property. The lender puts the terms of sale in the foreclosure notice. Note that you may need cash on the auction day to complete the purchase.
Obtain a Nevada deed after winning an auction to buy a Reno foreclosure. A deed is essentially legal proof that you bought a foreclosed home in Reno.
Head to the Washoe County recording office for real property records. Merely possessing a property deed is not enough. You must file it so that members of the public who check the title will be on notice that you have an ownership interest in the Reno foreclosed property.
Nevada Legislature: Chapter 107: Deeds of Trust