Questions and Answers to Get a Good Deal on Las Vegas Real Estate

Here are some common questions and answers on getting a good deal in the Las Vegas real estate market which has been flooded with foreclosed homes. The large amount of foreclosures in the Las Vegas real estate market has made it a buyers market. Which basically means there are more houses on the market than qualified buyers.

One of the services that Michael Ray offers is daily detailed listings of Las Vegas homes. Just email your custom search request or call (702) 501-1508. Since many home buyers today begin their Las Vegas home seach online, you will find detailed listings of the current Las Vegas real estate market on this site.

Q: Where should I start to get a good deal to buy a foreclosed home?

A: The first place to start to get a good deal to buy a Las Vegas home is with yourself. Even if you are just thinking of buying a Las Vegas foreclosure home in the coming year, then there are many things you should be doing in the months ahead to prepare. It starts with some of the most obvious such requesting a copy of your credit report. You are entitled to a copy of your credit report free each year. Make sure to clear up any errors and update the information if needed.

Then put yourself in a good position financially by paying off as many credit cards as possible. This will require some self discipline to deny yourself the new furniture or that vacation you might have been considering, but if you are saving money AND paying off debt, then your financial picture will look much better when you are ready to talk to a loan officer. The reward for your self discipline will be not only a loan approval but a better interest rate as well.

Q: Do I need to be preapproved to make an offer on a foreclosure?

A: When you see a low price on a Las Vegas foreclosed home, don't be surprised if there are going to be multiple offers being made on that home. Remember, you are not the only one looking. Banks selling a foreclosure often will not even consider an offer unless it is submitted with a prequalification letter. If a seller of a foreclosed home has done a price reduction, then a preapproval letter can be more attractive to a seller than just a prequalification. A prequalification is only a rough guess on how much you can afford with no guarantee your loan would be approved.

A preapproval from your lender is more in depth, it will mean your mortgage lender has already checked your financial position and they will be approving you for a set amount of loan.

Q: Where is the best area to buy in the Las Vegas market?

A: There are huge price reductions on foreclosures in every area of Las Vegas. Many people are setting their goals on the best areas of Las Vegas such as Green Valley and Summerlin and then watching for the foreclosures to be in a price range they can now afford. If you intend to hold the property as a rental or to live in for the next years looking for appreciation when the market improves then you will be taking advantage of this market.

Looking to the best neighborhood you can comfortable affording is a smart move, since buying in a well kept area will be important down the road. Good areas that feel safe to live in are always going to to a better property value. And if you can find a foreclosure in a good neighborhood with great schools that just needs some cosmetic improvements then so much the better!

Q: Is a low offer the way to start negotiating a home purchase in a buyer's market?

A: One of the first steps to start is to know the Las Vegas real estate market for that type of home and in that area of Las Vegas. Sit down with your Las Vegas real estate agent and go over what you are looking for in a home and do the homework on the location you are interested in. Sometimes a particular school can make the homes in one area of Las Vegas more valuable than homes a few blocks away. Perhaps you have seen a Las Vegas foreclosure home offered at $100,000 less than what it had sold for two years ago. While you might hope the bank is hungry enough that they would take an offer of half the current asking price, don't count on it. You will be wasting your time with such an offer. Worse yet, the home buyer who put in a more realistic purchase offer will get the home you wanted.

Your real estate agent can help you find out what comparable houses in that area of the Las Vegas real estate market have recently sold for. Of course it is only natural to try to get an offer accepted at the lowest amount possible. Your Las Vegas real estate agent can guide you to putting in a realistic offer that would be close enough to bring a response of a counter offer rather than a flat rejection.

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