[olecapt]

Originally Posted by High Desert Nevadan

Find a bank owned property you want, low ball them and see what they say. I wouldn't buy anything these days except from a bank, you're never going to find a more motivated seller.

Nonsense. On the good bank buys they simply sell it to one of the other three bidders. The view that nice properties 20% or 25% off have no bidders is daft. Went after a nice one over the weekend. Bid list. There are four other bidders.

You will also find that there are lots of buys below 300K. But above 400K there are very few.

[High Desert Nevadan]

There's still some ways to the bottom yet. The banks are going to wind up with more and more houses on their ledger books. Still it's the best place to start IMO.

[olecapt]

Originally Posted by High Desert Nevadan

There's still some ways to the bottom yet. The banks are going to wind up with more and more houses on their ledger books. Still it's the best place to start IMO.

First thing is hire someone to represent your interest who actually knows how it is going. For the moment the local market appears to have bottomed. Whether it will take off and drop some more in the spring we will see in the spring. But for now the deals are the low end bank properties. In the middle and high there are few and mostly shorts that may prove illusory. Work hard chasing one for a couple of months and then it goes away.

[High Desert Nevadan]

Yeah I'm not shopping right now. But it's a great time to buy. I'm as happy as can be to see that ridiculous bubble pop, and I hope the bottom is about 18-24 months out.

[nevada]

I just went to the foreclosure auction on dec 8. the prices are way lower than 05-'06, maybe around 100-200k less. My personal opinion: New homes may have deals right now, but a cheap new pool cost is about 30k. Most new homes are on smaller lots. Houses w/ pools only sell for around 10-20k more than w/out pools. You can get foreclosures (most are newer homes)and some haven't been lived in, that are less than builders can or will sell for. Don't pay much more than $100/sq ft. 400k-500k now will get you a very nice house.

[deefromlv]

Just sharing my experience with foreclosures/short sales. Put a bid in on one (we ended up withdrawing our offer because we felt uncomfortable with the payments in terms of our budget). There were 5 other offers on it but we were told we would have got it even though we put in one of the lowest bids because we were the strongest buyers (great credit scores, mortgage all ready set up and ready to go and offering a 14 day close). We just put in an offer on another short sale (much more in tune with our budget) and the agent for the property immediately pulled it from the MLS and submitted to the bank. We are the only offer on the table. Now these are more moderately priced homes, but it shows that there are still bank deals out there that regular joes can get.

BTW - How did the banks do with selling all those foreclosures at those auctions? Did a good many get sold?

[Eric Young]

Originally Posted by nevada

I just went to the foreclosure auction on dec 8. the prices are way lower than 05-'06, maybe around 100-200k less. My personal opinion: New homes may have deals right now, but a cheap new pool cost is about 30k. Most new homes are on smaller lots. Houses w/ pools only sell for around 10-20k more than w/out pools. You can get foreclosures (most are newer homes)and some haven't been lived in, that are less than builders can or will sell for. Don't pay much more than $100/sq ft. 400k-500k now will get you a very nice house.

Las Vegas Review-Journal - December 5, 2007 - "Home Auction Draws Bids, Criticism"... http://www.lvrj.com/business/12144541.html#

You may want to take a look at the article on the auctions that have been popping up in Las Vegas lately.

And, yeah, that's me quoted in the story, so you know where I stand on the matter.