With the financial crisis hitting everyone and making it impossible for people to repay their loans, such as home loans, automobile loans and other bank availed loans, Reno Foreclosed Homes and Houses for Sale, are really in demand. This is because these properties are being sold really cheap and those who have a little money stashed away or are capable of taking a loan and repaying it make hay while the sun shines and use it to buy up these properties at distress sales which are foreclosure auctions. Reno homes and real estate deals make big money for those who can invest in it now and sell it off later for a whopping profit. Reno is the third largest state in Nevada and is the county seat of the County of Washoe; it is also refereed to as “the biggest little city in the world” and is known for its casinos. Harrah’s Entertainment which is a gaming corporation started in this town.
Repossessed and foreclosure houses
The difference between a repossessed house and a foreclosure house is that the former has been taken over by the bank and put up for auctions already whereas the latter is still a mortgaged property and cannot be inspected as it is still in the owner’s possession. As the number of foreclosures has increased all banks which have given loans to people who have not been able to repay it are bogged down with these properties. These properties are the handed over to various property auctions so that they can be sold through them to the public. Though there is more paper work in buying repossessed houses or foreclosure houses they are much cheaper than new houses and much more profitable because of this. If the house is well maintained and not too old you really stand to benefit by buying one of these government foreclosures houses.
Do some research on the property
Though most banks and lending institutions will make sure that the titles of these properties are clear, it is always better to check things out yourself before you bid or quote a price for it. The first thing you should do is to find out the market value of the property so that you can have a rough estimate of what it should cost you after discount. Check out all the documents and see that there are no hidden loans on the house apart from the bank loan. The next thing would be to inspect the construction of the house, check the plumbing, the electrical work and wiring, see if there is any leakage or water seeping from anywhere and if the wood work is strong. This is something which is a must so that you know what repairs might have to be carried out on the property and what it will cost you. While bidding for the property, bear in mind the cost of the repairs which will be an additional expense.