Las Vegas Real Estate Blog

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Can i really find good Foreclosure deals at the County Clerks office?

I spend a few minutes each day answering real estate related questions online by email or on websites set up for the public to ask questions and receive responses.  I've noticed similar questions tend to come up and sometimes I know I've answered it before, but can't recall where. There have also been times where I put a good deal of effort into preparing an answer and later found the question had been deleted.  Well, I thought, why not post my answers to my own blog? 

btw, Spelling and grammar in the questions have been left "as asked".

The Question:

Can i really find good Foreclosure deals at the County Clerks office?

I am currently look to buy a foreclosed home or home that is going through preforeclosure. I just wanted to know if my local county clerks office shows me houses that are being auctioned or are they showing homes that in the process of being forclosed.

 

My Answer:

 

The answer may vary by location, but in Las Vegas, Clark County Nevada, the information you'll get from the county recorder's office would be "notice of default" which investors would consider "pre-foreclosure". Getting the default list gives investors time (about 5 months before repossession) to contact the owner and attempt to work out a win-win-win solution. In the current market, because of fallen home values, it's rare to find a situation with enough equity to be profitable for the investor.

 

You'll also find the "notice of trustee sale" at the county recorder's office. This is the notice that the property will be sold at auction in about 30 days. Here you'll need to show up with cashier's checks for the full purchase amount on the day of the auction. No inspections, btw. Lately, because of fallen home prices, there are no bidders at these auctions, and the bank (note holder) becomes the high bidder by default at the amount that was owed on the note.

 

If you're researching a specific address, the county office should do just fine, but if you're looking for well organized lists, you'll find them much more accessible and user friendly when you get them directly from a title company or real estate agent.

 

I offer Las Vegas area foreclosure lists at http://www.foreclosures.investinvegas.us

 

Comment balloon 1 commentDamon Botticelli • August 11 2008 12:57AM

Comments

Very valid, pithy, suciccnt, and on point. WD.
Posted by Candie over 5 years ago

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