[vegas_rookie]

No I'm not. I just feel like there is money making opportunity with this but not everyone involved is being 100% truthful. Do you know how I can access any of these filings? If any?

[Croce]

The only thing you need to know about the Las Vegas RE market is that you missed your buying opportunity by a couple years. Sorry, but that's the truth. The best homes in the nice neighborhoods are all premium priced now. There are reasonable priced homes around - but no bargains. It is what it is.

[winter-rabbit]

If you think you understand the LV RE market, you really don't understand the LV RE market.

[usnftcret]

There still are a few homes that can be picked up at the trustee auctions for below market prices. Due diligence is required as these are "as is" and cash only.

[lvoc]

Originally Posted by vegas_rookie

No I'm not. I just feel like there is money making opportunity with this but not everyone involved is being 100% truthful. Do you know how I can access any of these filings? If any?

You really think GLVAR has refused to list houses so someone else can make money off them?

Here is an action for quiet title where the prior owner is trying to beat off a HOA lien sale.


Sample Complaint for Quiet Title After Foreclosure Sale in Nevada

YOu can go to the District Court case records and look for quiet title actions. To follow what is going on you need to go to the court house and use their screens to view the actual documents.

You are however wasting your time and energy. This is a bet that had to be placed before the court came down and may still not pay off.

[WestieJeff]

This.

Some people bought HOA liens at trustee sale for $1,000-$10,000 (mostly) and were lucky if they were still holding them when the court ruling changed. Even then, they are being contested by the banks, My understanding is at the present time no title company will issue title insurance for owners who acquired the home via HOA lien who are attempting to sell.

The old strategy since lenders could still foreclose on the home after buying a HOA lien was to rent out the home for a year or two until the bank got their act together and finally foreclosed on the home. A risky strategy since you might need to repair the house and then you have an unknown amount of time where you'd be able to collect rent. HOA liens were priced accordingly.

Now that the ruling has changed, people are now willing to pay far more for those HOA liens, essentially bringing them up to market price. Basically, it's just too late in the game.

Some people got really lucky with that ruling. Lookup "Red Lizard Productions" if you want to see one of those lucky buyers. I was looking into buying one of the homes he picked up at HOA lien auction. They picked up probably half a dozen homes via HOA lien for around $5,000-$10,000 each and they're worth $300,000+.

Originally Posted by lvoc

You really think GLVAR has refused to list houses so someone else can make money off them?

Here is an action for quiet title where the prior owner is trying to beat off a HOA lien sale.


Sample Complaint for Quiet Title After Foreclosure Sale in Nevada

YOu can go to the District Court case records and look for quiet title actions. To follow what is going on you need to go to the court house and use their screens to view the actual documents.

You are however wasting your time and energy. This is a bet that had to be placed before the court came down and may still not pay off.

[vegas_rookie]

Lvoc... So what you are saying is the Nevada supreme court ruling from last year would not apply to me since my purchase date was after the ruling?

[vegas_rookie]

WestieJeff, why are investors willing to pay far more now if they can't sell them? What is their current strategy? Just hold them as rentals?

[lvoc]

Originally Posted by vegas_rookie

Lvoc... So what you are saying is the Nevada supreme court ruling from last year would not apply to me since my purchase date was after the ruling?

No. I am saying that two years ago you could buy the house for the price of a house that you would lose to a bank in 1 to 3 years. Today that same house might actually be obtainable with title and will cost as other such houses. And there is a substantial continuing battle with the banks or the homeowner as to whether the HOA foreclosure was properly noticed etc.

Basically the whole concept of HOA Foreclosure changed radically on the court decision...and values of those houses changed radically.

The truth is no one knows yet where all this is going to end up and the legislative session can easily blow the whole thing in an entirely different direction. It is a place where a few very knowledgeable operators may guess correctly and make a lot of money. But they also may get burned and walk away out millions in legal costs and no significant return.

It is not as place for a beginner.

There is a nice shiny 12 unit apartment for sale on Carey...$35k A door or so. That is for new people who don't want to lose a lot of money.

[WestieJeff]

Let me rephrase. I believe HOA lien sales which occur after the ruling are OK to sell. The ones bought prior to the ruling are the contested ones.

Any HOA lien sale that occurs today is a major lapse by the lender.

Originally Posted by vegas_rookie

WestieJeff, why are investors willing to pay far more now if they can't sell them? What is their current strategy? Just hold them as rentals?