Sometimes you have to be creative to find an affordable home in a rapidly growing city. Steady demand can push prices too high and keep many buyers from entering the market unless they look for deals beyond the MLS and for sale from proprietary sites. The good news is that rapid growth fuels other housing markets not seen in most cities. In Las Vegas, one of the fastest growing urban areas in the country, the foreclosure real estate market is a good fit for many buyers and investors with limited resources.
Ironically, it’s often because property values are so high that they are then valued so affordably: many buyers take out large mortgages, only to not pay them off, especially if property values don’t continue to rise rapidly.
Foreclosed properties can fall into a variety of categories, including HUD, bank owned, and real estate owned. These distinctions generally specify who owns a property after it goes through the foreclosure process; In most cases, the owners are the bank or mortgage lender, unless the mortgage is insured by the government or a private institution.
Finding a foreclosed home or property can be as easy as searching the MLS. Many websites offer free databases of foreclosed homes; Government agencies such as the Department of Housing and Urban Development and the Veterans Administration also provide public lists of foreclosures under their jurisdiction. But working with a real estate agent is probably the easiest way to make sure you’re looking at all of the foreclosed properties available in your market. An agent will search all available databases for you and provide regular updates on foreclosed properties that meet your needs. A real estate agent can also manage the property transaction and ensure that all legal steps are followed in purchasing your home.
Buying a foreclosed home generally requires less time in the search process, simply because there are fewer properties available, but often more time learning the market and the rules that apply, especially for first-time buyers and investors.
