Foreclosure and REO List
It is true we have quite a few homes on the market that are Bank Owned, and some of these Bank Owned homes are a great deal. However, there are a few aspects of a buying a Bank Owned home that you should be aware of before getting to involved in the process.
- These properties will almost always be offered in “as-is” condition. This means the bank will not be doing any repairs during the escrow period. Typically, when dealing with a seller on a resale home, there is a “repairs budget” incorporated into the Offer Contract. This budget usually covers most of the minor issues that are found while doing the Home Inspection (and there are always issues found!). When purchasing an “as-is” property – none of those defects will be repaired.
- Most banks will not furnish the buyer with a Sellers Real Property Disclosure or SRPD. This essentially is list of all systems and features of the home and disclosure as to whether the Seller is aware of any problems (past or present, repaired or not-repaired) with those systems or features. The SRPD is required by Nevada Law. Banks will typically require that a buyer waive their right to the SRPD…their reasoning is that they (the bank) have no knowledge of the homes past. Nevada law still protects a buyer if the bank doesn’t disclose a defect that they are aware of….but typically they will not be aware of much.
- Most (not all) bank owned properties are in rough shape. Lately, I have started to see some that are in good condition – meaning most people could move in and live right away. But still it seems that most of the Bank Owned homes – especially those that are aggressively priced - are beaten up.
- Just because it is Bank Owned – doesn’t necessarily mean it is a good deal. There are plenty of Bank REO’s that are overpriced. Eventually, the bank will get down the a market price – but it is not uncommon to see them hit the market at or above most of the other resale homes on the market.
If that hasn’t scared you off – and you are still interested in taking a look at some Bank Owned (Foreclosure) homes in the Reno/Sparks area or just getting some more information...give me a call or email.
I maintain an updated list of available Foreclosed and Bank Owned homes in the Reno / Sparks, Nevada area. The database is updated daily...all sold and pending transactions are removed. If you are interested in Bank Owned properties, and would like me to send you a current list - , give me a Call, or start a Live Chat.
This list is delivered by email with a web link to all the property details (including images and a map link).
Note: Due to the large quantity of Foreclosed properties currently on the market, I recommend that you allow me to filter the list for you. For instance, maximum price range, number of bedrooms, specific area of town, minimum square footage, etc. Any combination of these features should filter the list down and make it a little bit more manageable to view. Most browsers will not display more than 75 to 100 listings via this format.
This list is absolutely free. No obligation.
