Las Vegas Foreclosure & REO FAQ: Answers for Buyers

What is an REO home?

An REO (Real Estate Owned) home is a property that has been foreclosed and is now owned by a bank or lender. These properties didn’t sell at auction and are listed for sale by the institution.

Are REOs cheaper than regular homes?

Often, but not always. REOs may be priced below market value to sell quickly, but banks usually rely on appraisals or broker price opinions to set a fair market price.

Can I get a mortgage on a bank-owned property?

Yes. Most REOs are financeable using conventional, FHA, or VA loans—unless the home has serious issues. If repairs are needed, rehab loans like FHA 203(k) may be an option.

Do I need a special agent to buy a foreclosure?

 It’s strongly recommended. REO transactions are different from standard purchases. Michelle Sproul is a Certified Distressed Property Specialist (CDPS) who has worked directly with banks and understands the process.

Can I inspect an REO home before buying?

Yes, and you absolutely should. Banks sell properties “as-is” many times without utilities being turned on such as water, power& gas. They don’t make repairs, so inspections are critical to avoid surprises.

How long does it take to buy a bank-owned home?

Once your offer is accepted, the closing process is similar to a regular home—usually 30 to 45 days. However, offer review by the bank may take a few extra days up front.

Can I make a lowball offer on an REO?

You can, but banks want close-to-market price offers. If the property is newly listed or priced competitively, low ball offers are usually ignored. 

 Can I see Vegas REO listings now?

Yes! Visit my Search Foreclosures page to view the latest bank-owned homes available in the Las Vegas area.

You can also view my Bank Owned Listing Result Page from my other website https://MichelleSproul.Realtor .