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Category Archive : Foreclosure

Don’t Get Trapped Because Nevada Allows Deficiency Judgments

If you’re facing the possibility of losing your Las Vegas home to foreclosure and wonder if your bank can come after you for the remaining balance of your mortgage… yes it can!

Nevada home loans are known as full recourse loans, meaning that lenders can pursue deficiency judgments against homeowners who default.  In other words, after a foreclosure your lender can sue you for the difference between what you owe on your mortgage and the price that the bank sells the home for.

When you got your mortgage, you used your Las Vegas home as collateral on the loan, meaning that the bank can take the home if you fail to uphold your end of the deal (pay your mortgage on time every month).  But in Nevada (the laws are different in every state) that’s not the only recourse the bank has if you fail to meet your obligation. . . the bank can also get a deficiency judgment against you for any deficiency between the mortgage balance and the value of the home (what it sold for).

And that difference may be a lot. If you have a mortgage of $400,000 and your Las Vegas home sells in a foreclosure sale for $200,000, your lender can obtain a deficiency judgment against you for $200,000 as long as the lender files suit within six months of the foreclosure sale.

What should you do if you think you might face a deficiency lawsuit?

Remember lawsuits are expensive – even for mortgage lenders. So, just because you may be facing a foreclosure doesn’t mean you’ll be sued for a deficiency judgment. The reality is that if you don’t have enough money to pay your mortgage, you probably don’t have any assets for your lender to go after (so the lender might not even try). In most cases, if you cornered a lender in secret, they’d probably tell you they would prefer to settle on a short sale rather than the risk the expensive path of foreclosure.

But even if it’s not likely (and how likely it is depends on a myriad of factors) that you are sued there’s a good chance you’ll lose to your lender if they go to the trouble. If awarded a deficiency judgment, your lender can garnish your wages (take money out of your paycheck) and place liens against any of your other properties (second home, boats, motorcycles). You may be able to work out a payment plan to pay your lender back.

A deficiency lawsuit can be a scary possibility for any Nevada homeowner.  If you’re struggling to pay your mortgage, selling your Las Vegas home may be the best option.  No matter your situation (even if you owe a lot more than your home is worth) we can help. Call us right now at (702)376-7379 or visit

Disclaimer: Neither I nor my colleagues at Shelter Realty are attorneys. Nothing that we’ve written here or elsewhere on should be construed as legal advice.  If you’re facing foreclosure in Nevada, you should consult with a legal professional.

How to Find Las Vegas Distressed Properties

No doubt, every investor in Las Vegas residential real estate is looking for the best of all deals; buy low and sell high properties. Obviously, most of the best deals will be found in distressed properties and motivated sellers.

There are many ways to locate these kinds of properties. Try the classified ads in your local newspaper, specialized publications, etc. Look at For Sale by Owner (FSBO) ads, pre-foreclosures, which would be listed under notices of default, foreclosures, (trustee sales,) and auction notices, (tax sale properties.)

Check public records at the county courthouse, where you can find leads through divorce records, real estate auctions, default notices, and probate properties.

Comprehensive internet property finding services can be a very time-saving and efficient way of locating the kinds of investments that best meet your criteria. Paying a monthly fee to these services can be a cost-effective way of finding properties. The web lists any number of these sites, so check them out and find the ones that best meet your needs.

Distressed properties such as pre-foreclosures, Tax sales, short sales, REO’s, probate, foreclosure and divorce properties are where you are most likely to find the hottest deals.

Check with lenders to find the agents who are handling their REOs, and/or to locate bank owned real estate.

You , and the Realtor you work with, should maintain frequent contacts with bankruptcy, divorce  probate, and general real estate attorneys who can be excellent sources of information and leads to hot deals.

Properties up for auction can be located through various websites such as Realty Bid ( and Williams & Williams ( among several others.

The Housing and Urban Development agency (HUD) is another source of finding distressed properties. Sign on to this website as an investor and you can bid on their listings.

Try the Veterans Administration (VA) listings as well. The county real estate tax authority, the Treasury Department, the Internal Revenue Service, and the FDIC (Federal Deposit Insurance Corporation) are additional resources that can be more than useful in uncovering distressed properties.

The United States Marshals Service is charged with the responsibility of disposing of seized properties, and can be another possible source of finding low-priced homes.

There are many methods and sources of locating Las Vegas Distressed Properties and hot deals, including even driving around neighborhoods to locate properties, although that is not the most efficient method of finding good deals.

Certainly, do not forget that your real estate agent is a most valuable source of information as well, and can keep you updated on properties of interest. Your agent’s broker and attorney contacts, as well as interaction with other Realtors will provide you with a constant update of relevant data.

If you have any questions about distressed properties in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Investing in Las Vegas Real Estate – Pre-Foreclosures and Foreclosures Part II

The complexities involved in Las Vegas Distressed Property negations can be many, and an inexperienced investor without competent advisers might encounter major problems that could have many unpleasant consequences, including financial loss.

So, as a word of caution to the inexperienced, it cannot be said often enough that a thorough investigation and verification of all the factors involved in a purchase of this kind, by competent and trusted advisers, is the best assurance one can have of becoming a successful Las Vegas Distressed Property Investor.

In addition to a close and thorough inspection of the property by a licensed and experienced home inspector, other important issues must be investigated and resolved before committing to purchase a foreclosure or pre-foreclosure property.

Any additional encumbrances upon the property, in addition to monies owed to the lender, could cause unpleasant consequences for the buyer if a thorough title search and other investigations were not undertaken.

For example, the investor and advisers should have a thorough knowledge of all federal, state and county laws pertaining to the purchase of a distressed property from an owner, lender or government agency.

Outstanding utility bills, liens of any kind, and any title issues, such as the name or names appearing on the deed matching those on the title, etc., have to be examined and evaluated prior to any purchase commitment on the investor’s part

If a seller has declared bankruptcy, the seller no longer has the authority to deed the property to anyone. The proper filing through bankruptcy court and the disposition of the deed under the authority of the bankruptcy trustee is the final word on how a property is held or disposed of.

It is certainly advisable that the investor has satisfactorily checked out all of the above before making a purchase or no purchase decision. Use all of the safeguards at your disposal, (your advisory team, etc.) to protect yourself from any unforeseen consequences.

Buying REO properties at auction is one of the riskiest investment ventures a newcomer can choose to pursue. The dangers that a newcomer can face in the business of buying properties at auction, can easily be compared to jumping into a pool full of hungry sharks. The chances of survival are equally the same!

At auction you are bidding on “as is” properties, with no warranties or guarantees of any kind.  There could be liens or loans still pending.

There is always the possibility of a lawsuit by parties attempting to overturn the sale, there could be extensive repairs needed to get the property in saleable condition, etc.

Certainly, there are investors with a solid background of successful auction buying and selling, but if you are new to this phase of real estate investing, you most probably won’t be one of them.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Las Vegas Foreclosed Homes With Pools

Living in the middle of a desert where the temperature can be 110 degrees during the summer months, a pool is a near necessity. A Las Vegas home with a pool can be refreshing and add value to the home. But what about when the home has been abandoned because the bank has foreclosed on the home?

Now the pool is a problem if it hasn’t been drained.

I can’t tell you how many foreclosure homes I have shown that had a green pool in the backyard. Some pools were so bad that I could not even see the bottom. Many of the homes had backyards that were not secured and children could have easily wandered in the backyard.

Lets not forget that pools are a great place for mosquitoes to breed and mosquitoes are carriers of the West Nile Virus which can be transmitted to humans. These abandoned pools become stagnant and unless they are drained, they are not only a health hazard but a safety hazard. Children in the neighborhood can find their way into unsecured backyards and now we have a dangerous situation. Unsupervised children near a pool can become deadly.

If you see an abandoned Las Vegas Home with a pool, contact the city and file a complaint.

Las Vegas Foreclosed Homes Become Eyesores

It’s rarely difficult to determine which homes in a neighborhood are in foreclosure; as you are driving through the neighborhood homes that have brown grass, dying plants and weeds are very likely in the midst of foreclosure proceedings.

Is it possible that these foreclosed homes have a negative effect on the rest of the neighborhood?


Not only do foreclosed homes drive down value as banks price them lower to get them off their books, but the visual look of the property also affects the neighborhood. The visual effect of the neighborhood is a significant aspect in the buying process for potential home buyers.  If a neighborhood has numerous foreclosed homes, the neighborhood is going to look poorly kept causing buyers to possibly look elsewhere.

So who is responsible for cleaning up these homes? 

Once the bank forecloses on the home, they are now responsible for the up keep of the property especially if the home is located in a home owner’s association.  Homeowner’s Associations will often send letters to the bank to clean up the property and if they fail to handle the problems, the homeowner’s associations will levy fines.

So next time you find yourself home-hunting in a local Las Vegas neighborhood and you see what looks to be eyesore, yep, you guessed it; it’s probably a foreclosure.

Are you home-hunting in the Las Vegas real estate market? Looking for home values or rental information or other relocation information? Feel free to call at 702.376.7379 for assistance.