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Old 05-28-2009, 01:54 AM
 
95 posts, read 224,249 times
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I hear conflicting stories about the conditions of REO properties. Some (mostly buyers) say that majority REO properties they have inspected need repairs, while, on the other hand, a realtor told me that at least half of the REO properties on the market are in move-in or close to it condition.

For those of you who have checked out some REO properties in Vegas, can you share your observations? I wonder what the real situation is.
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Old 05-28-2009, 06:16 AM
 
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I've been in my REO condo for four months--no repairs, three new appliances.
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Old 05-28-2009, 09:07 AM
 
Location: Here and there, you decide.
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my reo only needed appliances (including dishwasher) and some cleanup. i have seen some missing the whole kitchen (counters and all), i have been in some where everything was in the process of getting stolen. so you just have to look.. as for buying sight unseen, i don't have the guts for that one.
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Old 05-28-2009, 12:36 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 35,513,212 times
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Abouot 10% need extensive work. About 30 or 40% need appliances or some minor work...carpet, paint, wall board fix. About half are move in ready...they may still need a frig or such but nothing significant.

The ultimate are the dollups...Just closed on one with brain new paint, carpet, appliances and gorgeous pool with new pool heater.

Still relatively inexpensive but hot dirt cheap. .
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Old 05-31-2009, 10:11 AM
 
Location: North Las Vegas
1,631 posts, read 3,685,802 times
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Quote:
Originally Posted by jwt8070 View Post
I hear conflicting stories about the conditions of REO properties. Some (mostly buyers) say that majority REO properties they have inspected need repairs, while, on the other hand, a realtor told me that at least half of the REO properties on the market are in move-in or close to it condition.

For those of you who have checked out some REO properties in Vegas, can you share your observations? I wonder what the real situation is.
I noticed lately the REO's I have been showing are in much better condition than a few months ago. You still have to be careful and have an inspection previous owners have been know to pour quick crete down drains and turn on faucets when the leave and flood the place causing mold problems. So have an inspection, if the inpsector thinks there could be mold then you will have to hire a licenced mold inspector seperately for that.
I know you say mold in Vegas, it can be a major problem and expense.

When homes sit empy they are prone to vandals and theives. I have shown homes that the air conditioners and furnaces as well as all the copper wiring was stripped from the home, along with all the appliances, cabinets.
Also REO's can take a long time and now with prices so low I have seen as many as 40 offers on one property. So make sure you are pre-approved through a bank for a loan or have proof of funds if your paying cash.

And don't try to low ball with so many folks looking for good deals you need to be competitive in your offering. And remember the appraisor will have the final say on what the property is worth so if the appraisal comes in lower than you change your offer to the lower appraised price.

Hope this was helpful
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