Bank Of America Has Nearly 300 Ugly Foreclosed Properties In Las Vegas & Henderson

Posted under Bank Owned, Foreclosures, Ugly Houses by Louie Frias

What makes a house ugly? Essentially, they are properties that are in need of some degree of repair – from minor cosmetic to full on rehabilitation.  

Some ugly properties may lack such “amenities” as windows, doors, plumbing fixtures, flooring, cabinets, even entire air conditioning units and can become a popular hangout for drug addicts and vagrants. We have even seen instances where a disgruntled former homeowner has poured concrete down all the toilets! 

Some cities can and do, fine property owners (typically banks) thousands for numerous code violations.  

A particular ugly property in Sarasota, Florida was assessed $275,000 in outstanding fines from the city and $25,000 in code violation fines that the investor was able to have repealed to $375. He then purchased the property for $7,000 and resold it “wholesale” for $18,375 to another investor, who then sold the two-bedroom house for $30,000 to a “retail” (homeowner) buyer. 

The key to success in this facet of real estate investing is to help people stuck in ugly houses or people who find themselves in ugly situations like foreclosure, divorce or job loss that need to move.

Using your local MLS and a highly qualified real estate agent is the fastest method of locating such properties. Some may be listed and some real gems may be in their private inventory: aka, “pre-listed”. 

Before buying an ugly property, get it inspected by a certified inspector to reveal any hidden items that could lead to a HUGE evaporation of your investment dollar- making you an ugly investor. 

You can access the entire Las Vegas MLS to find your next property at NO COST and with NO personal information needed at: HowToBuyABankHome.com