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Las Vegas Foreclosure Myths

Myth #1 - Banks Are Giving Properties Away
Banks have already made their money and are in no hurry to let go of them far below market value. Bank owned properties are flying off the shelves at above list price. If you bid on 20 properties at list value, you have just a 10% chance of getting one of them.
Myth #2 - All Banks Use The Same Process
There is no method. Even the same banks have different methods based on who is listing the property. The same bank will provide an answer in 2, 5, 30 or never. The only consistency you will find is among listing agents. Some are awesome, some suck and some are just ok. What is very important to know is that you can't bid on some major bank owned properties unless you are approved by them. That's right. You could be the Dali Lama and have a million dollar credit line with Bank of America and still not be able to bid on a Countrywide home.
Myth #3 - Repo Listing Agents Want to Talk With You
90% of them are buried under mountains of paperwork and won't give a newbie the time of day. Generally, another agent will answer the phone and that agent's objective is to show you their listings because they get both sides of the transaction. If it makes you feel any better, less than half will return my phone call and I have an offer on the table!!! The reason I close so many deals is that I'm persistent and know how to get inside.
Myth #4 - Auctions Are The Bomb
You have to wade through a lot of crap to find a diamond. A bank will probably reject the highest bidder unless it's the price they want. What the auctioneers don't tell you is that the bank has final say. Read the fine print - I'm not making it up. Many investors finally throw their hands up and come back to me.
Myth #5 - You Have The Same Tools As A Real Estate Agent
I don't like the real estate conspiracy any more than you do. I can also testify that there are some scary agents out there. The reality is that the "PUBLIC" information listed on web sites is just a fraction of the information you really need. What you don't see is critical information about the status of litigation, short sale status, how many offers are on the table or which bank that owns it. That stuff isn't public and you could end up purchasing a property full of land mines.
Myth #6 - All Real Estate Agents Are Rotten Scoundrels
Most of the rotten scoundrels are now working at Albertsons because they couldn't hang with the tough during a down market. The agents that are left are the hard core veterans you want to work with. Buyer's agents have plenty to show you and listing agents really only want to talk with buyer's agents. We are back to the good old days of agents working hard.