Buying at the Auction Becomes More Difficult

 

 

In recent months, REO sales have continued to plummet in Las Vegas.  REOs are properties that have been foreclosed upon, have been sent to the Trustees’ auction, and then have returned to the bank.  These bank-owned real estate assets, or REOs, are then placed on the market for traditional buyers or investors to purchase through a standard MLS listing.  Because foreclosures have slowed to a mere fraction of their pace from a year ago, the number of properties at the auction has dropped dramatically and competition for these properties has increased to a frenzy level.  Many properties are bid up higher than they are worth and banks have no need to buy them back.  Hence the decline in REOs.

This increased competition for bargain properties has affected investors and their ability to snatch up potential rental properties at the Trustees’ sale auction.  I recently interviewed Richard Weiss on my radio show, “The Las Vegas Real Estate Reality Hour,” about just this topic.  Richard has been a professional buyer at the Las Vegas trustees’ sale for several years.  If you are interested in learning more about how the Trustees’ auction has changed and how to purchase properties through the foreclosure auction, visit my website and listen to the recording of Richard’s show.  All of my back episodes are available for listening at www.teamplantone.com.  On the left side of the home page is a radio icon.  Click on Playlist and then click on Buying at the Trustees’ Sale.