One of the latest trends in the Las Vegas real estate market is boarding a bus and visiting multiple foreclosed homes at one time. Whenever the market prices begin to plummet, the realtors are forced to come up with more creative ways to get buyers into view homes that are in distress.
It is not secret that the housing market in the Las Vegas area has been slow to recover since the housing bubble burst during the last recession. In some areas, the foreclosure rate has increased as much as 50 percent, and unfortunately this has left many foreclosed homes in the area. As a matter of fact, there are certain parts of Las Vegas that resemble a ghost town.
Despite the dismal state of the housing market, it has proven to be a dream for those who are looking to invest in Las Vegas real estate.
The Effectiveness Of Bus Tours
The real estate bus tours have proven to be effective because they offer one-stop shopping for buyers. It allows participants view all of the homes that are available, make a note of the ones they are interested in and schedule an appointment for a personal showing at a later date. The tours typically last no longer than two hours, and potential buyers may see up to eight homes during the tour.
Realtor Robert Lyle, an expert in Las Vegas condos for sale “Buyers will usually be required to sign an agreement stating that they will only use that particular realtor or real estate company for their entire home buying needs in Las Vegas. There is a loan officer on these tours that can provide buyers with information about interest rates, estimated mortgage payments, etc. of the properties that are shown during the tour.”
If someone is interested in a particular property, a loan agreement can be drawn up immediately. That is another advantage that buyers enjoy.
The Cons Of Purchasing A Foreclosed Home
Although it may be very convenient to view homes in this manner, it is also important to know that these foreclosed homes do come with risks. Often, these types of homes will be in need of repair and renovation. It is common for previous occupants to take their frustrations and anger out on the house.
These homes may have holes in the walls, torn carpeting or broken windows. The exterior of the home may also be in dire need of repair.
What Are REO Properties?
The good news is that there is an alternative to purchasing a distressed home. An REO property a real estate owned property that is owned by either a private investor or bank. These homes are generally in better condition, and there is less paperwork and red tape involved.
Consider hiring a private real estate investor if you are looking for distressed properties to invest in which can save you both money and time.