Monday, March 9, 2015
VIP Realty Group is the preeminent HOA foreclosure company in Las Vegas. We have bought and sold over 250 properties over the last 3 years. We currently manage over 250 properties in town through our in-office Property Management Division, and continue to be on the cutting edge of the HOA foreclosure market here in Las Vegas as well as other states.
We have a list of 50+ HOA foreclosure properties that are currently available for resale. The majority of these properties have been bought at the HOA foreclosure auction over the last 2 to 3 years. Most of them have taxes and 2nd HOAs up to date and/or paid off and utility liens cleaned up. They have been rehabbed, rented, and are currently managed by our Property Management Division.
Prices on these properties started at about 10 cents on the dollar a few years ago at the auctions and have risen to about 70% of retail value at the auctions. On September 18th of 2014, the Nevada Supreme Court ruled in favor of the HOA foreclosure sale that in essence extinguished the first deed of trust that was held as collateral against the property.
Our HOA foreclosures are for sale at 55-65% of retail value, depending upon the condition of the property. This price is not only under the price at the auctions but in addition these properties are virtually turnkey in that former owners/ bad tenants have been removed, the properties have been rehabbed and rented, liens cleaned up, and are producing a steady cash flow.
These homes would sell for a higher price if we were able to get title insurance at this time. Since the title insurance companies are insecure regarding how to handle these properties they are not insuring them at this time, and some investors are selling them off at 55-65% of retail value.
Through a judicial process a Quiet Title/Summary Judgment can be obtained and 100% marketable title can be achieved. This process will cost money in attorney fees and will take time (2 months to a year is currently being projected); however, even after this process is done and paid for, the properties will still maintain a very favorable equity position as they are being bought and sold at prices way below current market value. We have attorneys that can handle the quiet title/summary judgment process, a full service property management company to look after the properties, contractors that can rehab the homes and get them into play as soon as possible, and a team that is the most experienced with overseeing every aspect of managing your HOA investment.
If you are at all interested in learning more and/or purchasing some of the HOA properties that we have available please pick out no more than 3 at a time and let us know which ones you have interest in. We will put those 1-3 properties under contract with you. We will get you any and all information that you request regarding these properties. You will have 7 days to close the transaction. It will be a cash transaction that will come without title insurance. You will become the new deeded owner of the property. We can continue to manage the properties for you or you are welcome to pull them out of our Property Management Division and manage them yourselves or with another property management firm.
If you are interested or have any further questions please contact Glenn Plantone, Broker and Owner of VIP Realty Group and local HOA foreclosure expert, at (702) 656-3264 today!