Reno Foreclosures - Reno Bank Owned Properties
Reno foreclosures are a sign of the economic times.
There is a difference between a foreclosure and a short sale. A short sale is where the owner of a home is trying to negotiate with their mortgage company to accept a lesser pay off than the homeowner owes. About 80% of these do not close escrow and expect a long frustrating escrow.
A foreclosure is where the bank has gone through the legal process and has taken possession of the property. Now if you write an offer on one of these properties you are negotiating directly with the bank and they want these properties sold and off of their books. They will typically price the home based on what their Reno Realtor is telling them. This will usually be about 3% under the market and if they get a strong offer will give it very strong consideration.
"About 20% of all the homes on the market in Reno and Sparks are foreclosures and 30% are short sales".
Search all the Reno area Foreclosures
Up to $100,000 | $100,000 - $200,000 | $200,000 - $300,000 |
$300,000 - $400,000 | $400,000 - $500,000 | $500,000 and up |
You will see lists posted in the newspapers and on some websites of notice of defaults. This is the early stages of foreclosure and from this point will usually take about 4 months before the bank takes over the property. Once the bank owns the home there are certain agents in this area that represent these banks and will put the homes on the Reno MLS just like any other property. You can search all these foreclosed properties on the link above.
Dave being interviewed on KRNV TV about Reno Foreclosures
Paying a fee for lists of foreclosures
There are companies out there looking for your money to send you vague and out of date lists of foreclosures. If you are looking at one of these companies I would Google them and look at the problems that some of their customers have had, don't waste your money or time on these services.
If you are working with another agent please contact them and have them show you the homes you choose, if they do not offer this service you might want to re think your strategy. I have been doing this for 24 years in the Reno area and will help you find a home that makes sense for you.
Call me for an imediate response at 1-800-692-1193
Reno Real Estate by Community - Reno Homes For Sale