[JohnG72]

Now this is interesting:

In early March, with B of A coming off its Nevada moratorium, I had a few properties in escrow, so I decided to deploy the last $200K I had available. The number of properties pushed through the Las Vegas auction site in March to third parties has been remarkable. I picked up five this month. Any rumors of an end to the foreclosure problems in Las Vegas will be dashed when the March foreclosure numbers are announced. Remember you heard that here first.

One in eight: Nevada has 167,564 empty houses - Irvine Real Estate & Irvine Homes - Irvine Housing Blog

[fishordie]

Originally Posted by JohnG72

Now this is interesting:



One in eight: Nevada has 167,564 empty houses - Irvine Real Estate & Irvine Homes - Irvine Housing Blog

Wait a minute, I was told I could not get this kind of return... Oh wait, I never listened to those folks and have been getting this kind of return on quality low price REO and short sale properties for almost 2 years now.
This is why it is important to be informed, be on the ground and find your own great deals.

Good post John.

FOD

[tony soprano]

Originally Posted by JohnG72

Now this is interesting:



One in eight: Nevada has 167,564 empty houses - Irvine Real Estate & Irvine Homes - Irvine Housing Blog

Vicente the Fox. Classic! That blog has always been one of the better ones. I had forgotten about it. Thanks for posting that up.

[JohnG72]

Originally Posted by fishordie

Wait a minute, I was told I could not get this kind of return... Oh wait, I never listened to those folks and have been getting this kind of return on quality low price REO and short sale properties for almost 2 years now.
This is why it is important to be informed, be on the ground and find your own great deals.

Good post John.

FOD

I'm pretty sure due to the relatively low number of non short sale properties combined with the current number of amateur cash investors, that provided you get a property for a very low cash price, a flipper can do ok.

As the article points out, buying a trashed property causes problems as does the potential of owner occupied.

Experts can do well I think. People unfamiliar with things I think will almost certainly lose money.

[007 license to sell]

Nevada Bill Tries to Stop Damage of Foreclosures
[SIZE=2] [/SIZE]

This article is important for buyers and sellers. As a buyer this could mean that Bank owned properties could be in better condition in the future when purchased. Nevada is proposing a new law to prosecute anyone whether a home owner or tenant that vandalizes, take appliances or fixtures. Anyone who has looked at properties have seen the mess that is left behind when some home owners or a tenats leave.

Also anyone with a Fannie Mae loan looking to do a strategic default could face legal action from Fannie Mae to recoup the mortgage debt. Check out the link below

[SIZE=2]Source: [/SIZE][SIZE=2]“Nevada Bill to Crack Down on Willful Foreclosure Damage,”[/SIZE][SIZE=2] HousingWire (March 21, 2011)[/SIZE]

[fishordie]

Originally Posted by JohnG72

I'm pretty sure due to the relatively low number of non short sale properties combined with the current number of amateur cash investors, that provided you get a property for a very low cash price, a flipper can do ok.

As the article points out, buying a trashed property causes problems as does the potential of owner occupied.

Experts can do well I think. People unfamiliar with things I think will almost certainly lose money.

Hi John,

I have never purchased any property in all a these years which did not have a clear title and the owner/tenant removed completely from the property.
I always take pictures as soon as I can get in of the REO or Short sale to verify no extra damage was performed prior to my walk through prior to close of escrow. Without that walk through, clear title and removal of occupants and furnishings, I would never take the property by closing escrow. Again, buyer beware as many agents convinced their clients to take the property from the foreclosure with a tenant in place. Bigg mistake.

FOD

[SportyandMisty]

CNBC reporter quotes Haver Analytics that a double-dip national "housing recession" is underway (whatever that really means).

"... Total new home sales in February fell 16.9% to 250,000 (AR) after a 9.6% January decline that was less than reported initially. Expectations were for 290,000 February sales according to Action Economics. Sales have fallen by three-quarters from the all-time record 1,279,000 in 2005. The decline in February sales was most pronounced in the Northeast where a 57.1% m/m drop left them at a record low. Sales in the Midwest also dropped a sharp 27.5% to a record low. Home sales in the West registered a lesser 14.7% to the lowest level since October while sales in the South were off 6.3% m/m.

With the decline in sales last month, the inventory of unsold homes rose to a 8.9 months supply and roughly equaled the recent high of 9.1 in August. The median price of a new single family home dropped 13.9% to $202,100 from an upwardly revised January level."

Haver Analytics

[WestieJeff]

Originally Posted by fishordie

Hi John,

I have never purchased any property in all a these years which did not have a clear title and the owner/tenant removed completely from the property.
I always take pictures as soon as I can get in of the REO or Short sale to verify no extra damage was performed prior to my walk through prior to close of escrow. Without that walk through, clear title and removal of occupants and furnishings, I would never take the property by closing escrow. Again, buyer beware as many agents convinced their clients to take the property from the foreclosure with a tenant in place. Bigg mistake.

FOD

The properties in the article being discussed were bought at trustee sale. You buy there as-is, where is. You don't get keys, title insurance, or anything.

It's a risk, but any deal can work if the price is right.

[fishordie]

Originally Posted by WestieJeff

The properties in the article being discussed were bought at trustee sale. You buy there as-is, where is. You don't get keys, title insurance, or anything.

It's a risk, but any deal can work if the price is right.

Hi Jeff,

I have never participated in a trustee sale where I have not had placed into the agreements something to the effect I would be receiving a clear title and the clear statement no person may occupy or reside in the residence at close of escrow. To be honest I have never seen a first trust deed or lender trustee sale contract that does not contain those kind of clauses nor am I sure a property can go into a first position lender trustee sale and close escrow without clear title or removal of the occupiers but since I have never had to deal with that issue I am not positive what the law is in this regard. Of course I only deal on purchasing from the first trust deed holder or the lender who now owns the property. I do not buy second or lower tier purchases. You are correct however, there could be other pending liens on the property but once you are in the first position it should not be a problem. Yes, there could be headaches from those who have positions behind you but that is another story. And yes, you can still get title insurance which covers any liens created prior to you obtaining the insurance. However liens such as workman's liens, could be filed after you purchase the property but they will be in a position behind you. IRS tax liens are an entirely different matter and must be investigated. You should always obtain some sort of title/lien search before purchasing at a trustee sale. Trustee sales are not right for someone who is not familiar with all aspects of the process.

Now I have seen short sales where there is room for negotiation with the existing tenant or owner to stay in the home after close of escrow but I have never seen this with a trustee sale.

As far as condition of the house at a trustee sale you are correct. The only guaranty in this regard is there is no guaranty.

FOD

[007 license to sell]

Here is the latest on Vegas home prices. One thing that they don't mention is the homes that the banks are sitting on and not releasing. 1 in 8 homes are sitting empty, the banks are controlling inventory and prices so keep that in mind when looking at properties.

Ypu have to plan that whatever you purchase now you need to be prepared for the value to go down. This market isn't for the faint of heart it's a housing market that is going to be volitile until we get through the foreclosures. That is why you need to be in for the long hall 5 to 10 yrs. If your not prepared to that then you should wait.

Las Vegas home prices down 5.2 percent from last year

Like Diana Olick I am a realist, not a pesimist or an optimist, here is her report today on CNBC regarding a housing dble dip:

<LI id=linkslist32862008 class="ll_bullet cFont cf11 clr">Why Housing Is Going Through a Double Dip<LI class="ll_bullet cFont cf11 clr">source: CNBC Diana Olick blog