Another Auction On Bank Owned Foreclosure Properties In Las Vegas
And once again, there’s very few of the 300 properties in “Vintage Vegas”. As I’ve said repeatedly, the foreclosure problem was primarily a suburban problem. But there are a several that I’ll be paying close attention to, and if you’re strictly investing, all of them are in play.
It’s going to be a 2 day event, though strangely enough on a Saturday and Monday. The dates are March 22 and March 24. All of the properties and the rules, dates, and most everything else about them can be found at the Real Estate Disposition Company website.
There’s over 300 properties to be auctioned.
At the earlier ones, which occurred late last year, we were pretty blown away at the prices that were accepted, and sometimes we were shocked at the bids that subsequently got rejected by the banks.
We’ve heard that the fall out rate was enormous, and that mostly it was because buyers did not have their financing securely in place prior to making bids. The contracts that have to be signed by the winning bidder CLEARLY state that the auction properties are NOT CONTINGENT upon financing. If you don’t know what that means….
In preparation for the December Auctions, I wrote a series of posts on how to play the auction game.
First: You’re going to need to know yourself, and the limits of your money, time and energy.
You need to know what your goal is. Are you going to try to “flip” the house? Are you going to rent it? Are you going to live in it? Are you going to narrow down the homes to just ones that need no work? a little work? a whole rehab? Are you going to do the work yourself? Do you know contractors, painters, handymen etc. to do it for you?
The best way succeed in step one is to sit down with me and have a consultation. Let me ask you the right questions, so that we’re working only with the right answers. Those answers will determine your success or your failure, or whether you even want to move to step 2 at all.
All of the posts regarding the previous auctions have been compiled here, if you want to get caught up on past history. I think history will repeat itself.
I’m just beginning to wade my way thru the 300+ homes to be auctioned, and will try to get to see all the Vintage Vegas ones in the next few days.