Nevada Foreclosures

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Nevada Foreclosures

The foreclosure market is a very hot one right now due to falling property values all over the country, but Nevada foreclosures are proving to be exceptionally good deals lately. And with today’s technology you don’t even have to live in Nevada to gain access to unbelievably low deals from Las Vegas all the way up to Carson City and Reno. I’ve been doing this business on the internet for about five years now, and haven’t visited a single property I’ve flipped in the same amount of time.

What Were Banks Thinking?

To understand why Nevada foreclosures are such a hot item right now, we must first examine what caused the housing bubble of the 1990’s and 2000’s to inflate, and subsequently what caused it to burst. From the early 90’s until very recently banks were lending freely to people with questionable ability to complete the mortgage and eventually own the house. As economic conditions slowed in 2007, all of the sudden hundreds of thousands of people couldn’t meet the minimum payments on their mortgages all at once.

Pop Goes The Market

This is what is known now as the bursting of the housing bubble, which experts are now calling the catalyst of the current world recession, and Nevada was an epicenter of this collapse. Banks stopped lending when they realized how unlikely it was that they would recoup their assets, further slowing the economy and driving more properties into foreclosure.

It’s A Investor’s Dream Time

This is why the foreclosure market actually does better in a recession: supply is way up and demand is way down. An individual facing foreclosure doesn’t want the bank to repossess the house and leave him penniless, so he is forced to sell his equity (roughly how much he has paid off) and sell it quickly. As a result of this, investors like me buy up his equity and assume his mortgage for as low as 60% of its market value. Relist on the market, find a buyer, and pocket the difference.

You Don’t Have To Be In-The-Know Anymore

Granted, that is the general theory behind working in the foreclosure market, but it is a bit more complicated than that. The foreclosure market, especially ones as volatile as Nevada, used to be looked at as an impossibly competitive market reserved only for real estate gurus and insiders. And indeed it was: you needed to be “in the know” and already pretty established to gain access to the foreclosure lists and find those basement bargain prices.

Your List Could Be Your Fortune

Nowadays though, there are countless websites that practically give away these lists (with far more information about the properties than the old fashioned way) for a small subscription fee. Usually after cutting one Nevada foreclosure deal, the subscription cost will be negligible. Most offer a free trial period for you to experiment with as well.

Ready To Get Started?

One of these websites (indeed the one I do most of my business through now) is RealtyTrac. I subscribe to dozens of these lists of this one just seems to have the widest selection of properties and the most information on them. I’d highly recommend giving their free trial a spin, and deciding from there if the foreclosure market is right for you. It really is one of the most remarkably easy and lucrative investments to be made today.
Photo By Gaetan Lee