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The Stark Team 
702-236-8364
June Stark 
702 376-5220
8625 South Eastern Ave
Las Vegas, NV 89123

Buying Las Vegas Luxury Foreclosures

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Las Vegas Luxury Foreclosures are highly sought after by primary & secondary home buyers and investors. There are a few things to be aware of in mid 2012:

  • About 50% of the transactions for Las Vegas real estate are cash purchases. Cash does not have the power that it did in years past as our market is being scoured daily by CASH buyers. Here is a link to a page on one of our sister websites where we post the Monthly Sales Stats for the Las Vegas & Henderson NV Markets: CLICK TO VIEW
  • FNMA & Freddie Mac owned Foreclosures prohibit second home buyers and investors from placing offers on any properties for the first 30 days they are listed. Buyers are required to submit forms stating their intended use for the property and agreeing that is the answers are found to be false they will be obligated to a $10,000 fine. The rationale behind this is to give primary home buyers in need of financing an edge over cash buyers.
  • Regardless of whether you are a cash buyer or require financing, multiple offers are common. The bank will request your highest & best offer and will not tell you what the other offers are.
  • Condominiums will need to be all cash purchases in 90% of the cases, the exception being the FNMA & Freddie properties. Townhomes are more easily financable than condos.
  • A Loan Approval Letter (not a pre-approval) will be required to submit with the offer and occassionally we will need a COPY of the Earnest Money Deposit Check.
  • Cash purchases require proof of funds in the form of a bank or brokerage statement that is current within 30 days to be submitted with the offer. You may cross the account number off.
  • Purchases are AS IS. And AS IS means just that. You can inspect to your heart's content, and rescind during your Due Dilgence period as specified in the contract, and receive a full refund of your earnest money, but if the refrigerator was there during your inspection period and it disappeared after your Due Diligence period expired, the Seller will not intall a new one.
  • If you do not have the fortitude and/or inclination to deal with this AS IS environment, consider a new home in Las Vegas or Henderson. New homes are running at about $100-$125 psf and you get a ton of upgrades, builder warranty, quality construction with energy efficient materials 2012 style. We are well connected with the prime NYSE NEW HOMES Developers in LAS VEGAS & HENDERSON NV and can get you some pretty darn good deals on their inventory in beautful gated and guard gated luxury communities..
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visitors since 8/7/2012
The Stark Team & June Stark
Elite Realty
The Stark Ph: 702-236-8364June Ph:702 376-5220
8625 South Eastern Ave
Las Vegas, NV 89123 US
www.lasvegasluxuryhomes.com
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(C) Copyright 2013 by The Stark Team, Elite Realty, June Stark, Lauren Stark, Travis Scholl, Las Vegas Luxury Real Estate & High Rise Condo Experts. All Rights Reserved.


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Lauren Stark- Las Vegas Luxury Real Estate Agent (Elite Realty-THE STARK TEAM): Real Estate Agent in Las Vegas, NV