Originally posted by Bruce M.:
Richard Chang, yes I buy at the Clark County trustee sale. Don't even think about doing this unless you know what you are doing. This is not something to take lightly. Buying at trustee sale has many risks. I get reports from contacts I have in Las Vegas as to which properties are going to sale each day. I do not use recontrust or B of A. I search all title records and have someone in the title industry do that for me as well. I never bid on anything unless I know which position the loan is in that is foreclosing. I also know what liens are on the property prior to bidding. In NV HOA liens must be paid by the new owner. They don't go with the old owner like in CA for example. Many properties have HOAs there. Also there are tax liens, other liens called SIDS and even other utility liens. You have to know what you are doing. The deals are drying up quickly at trustee sale in Clark County so it is probably going to be a while until we see some better inventory because of the legislation I mentioned earlier.
Hi Bruce,
Thanks for the warnings on the process needed to safely bid on auction properties.
As you wrote, Investors must learn to access Title Company Trustee Data, county recording of liens ( Taxes, HOA, SIDS, LIDS, utility, mechanics etc ) as well as onsite inspection review or properties and neighborhoods etc.
As Andy, Leon and Bruce have said, it is a tough market in LV right now.
So, I'm hoping there are still a few deals out there that suit me. :)
Best, LA Guy
