The Las Vegas Valley leads the nation in Foreclosure property, this creates lots of buying opportunities. Here is a link you should visit for daily updated Foreclosure listings in the Las Vegas area.

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Understanding the Nevada Foreclosure Process

Foreclosure Process- Anytime someone records an action against your property it becomes a public record. If you have had a notice of default recorded on your property, you will be contacted by investors, attorneys, loan officers and Realtors trying to help you get out of your situation.

Notice of default- This is the notice that the bank gives you when you have been in default on your loan for over 30 days. In Nevada most banks will give you two to three months before initiating a foreclosure process but by law, they can foreclose on you as soon as you are late. This notice is usually recorded by a 3rd party handling the foreclosure for the bank. The average fee that these 3rd parties charge is around $1500.00. This notice will be sent to you by regular mail and by certified mail. Do not think that just because you did not receive this notice or did not pick up your certified mail that you are somehow not going to be in foreclosure, this is not true! You will still lose your home if you do nothing!

1-35 Days from the notice of default- Your time frame to bring the loan balance current in Nevada. After the 35 days, your lender has the right not to accept the arrears and ask for the loan balance to be paid in full. Now, this may be the law but lenders rarely call the whole note due and payable. They will make more money by collecting interest and keeping the loan than asking you to pay off the whole loan. So the bottom line is if you were to go to the bank with all of the arrears they will usually accept the money and bring the loan current.

35-90 Days from the notice of default- The only thing that happens during this time is your late charges will accrue as well as your monthly payments will be added to your outstanding loan balance.

After 90 days - . The Foreclosure Company has to set the sale date. They have to post the sale date in a public place (usually at City Hall) and publish the date in a newspaper (usually a business press) this has to be done for three weeks prior to the actual sale date.

111 Days- Approximate Foreclosure date. This date may vary based upon when the foreclosure date was set and also depending on how quickly they do their job.

Should You Buy New or Should You Buy a Resale Home?

If you are getting ready to buy a home in the Las Vegas area, one of the biggest decisions you will need to make is whether you want to buy new construction or an older home. This can be one of your biggest decisions in your home selection process. Do you know the differences between the two kinds of homes and why people choose one over the other? Here are some things to consider, to help you compare and make that decision.

You Typically Get More for Your Money With Resale Homes. New construction homes tend to cost more, feature for feature, than older homes since they have the newest features. Additionally, older homes are usually taxed less as well, depending on the local jurisdiction.

New Homes Have Updated Safety Features. When you buy newly built homes, you will find all the current safety features that have been developed with the most current technology and safety guidelines. This means that there will likely be fewer safety hazards and it may be better for your family's safe environment.

New Homes Are Built With New Material. With a new home, you will have new materials and appliances. That means fewer maintenance troubles for you, and less worry about something breaking for the first few years.

Older Las Vegas Homes Tend to Have Larger Lots. When you buy an older home, especially if it was built before 2000, you often have access to a larger yard than with a new home. This is because new construction homes are more frequently put closer together on smaller parcels, with much less space for big yards and recreational space.

New Homes Are More Efficient. Window and appliance makers have made great strides in improving the efficiency of their products. Improved energy efficiency in windows means better insulation Winter and during our hot Summers. More efficient electrical appliances mean better energy efficiency and lower energy bills.

Older Homes Are More Traditional. If you're looking for a traditional home, resale homes are just right. Older homes usually have features like a dining room, a family room and other such features, that were always standard few years ago.

New Homes Have Modern Construction and Design. In addition to having newer appliances, newly built homes incorporate updated features that people today have come to expect. Engineered materials, tile roofs, stone countertops and other features are usually expected on new construction homes.

Resale Homes Are Usually More Easily Negotiable. Buyers can negotiate a better price on older homes than they can on new construction ones. In places where need for new construction is healthy, it is more difficult to negotiate for a lower price. This could result in getting more value in a resale home for the amount you would pay for a small new construction home. The is especially true in Las Vegas with our current Foreclosure inventory.

There are several advantages to buying an older home, but there are also advantages to buying a new home. The final decision is a matter that comes down to one's personal preference. Either way, evaluate your options before deciding. That's always the best way to get the home of your dreams.

To search all new construction that is currently for sale in the Las Vegas area click here.

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