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I Want to Buy a Bank-Owned Home, but do the Repairs Out Weigh the Cost Savings of the Home?

Bank Owned Home For Sale Sign In Front Of New House

Wow! We are asked this question almost every day.  As we have heard from TV, newspapers, the grocery store, and our family and friends, Las Vegas is experiencing a higher than average foreclosure rate.  Many people wish they were in a position to snatch up a great “home bargain.”  Please read on for those in a place to buy a first or next home.

As an avid movie devotee, the last thing I want is for a new homeowner to fall into the traps found in the movie “Money Pit” with Tom Hanks and Shelly Long.

In most cases, a bank-owned home is priced below market price to move house quickly from the lending institutions’ books.   The great price does not always tell you that the home is priced “As-Is.”  The home has often been vacant for many months without power, gas, or water.  A Las Vegas home is not designed to be without these necessities for an extended period.  For example, a home without heat in the winter can shrink and swell without air conditioning in the summer.  In both extremes, damage can occur to the drywall, stucco, window, doors, cabinets, etc.

To answer the question posed in the title, each house must be taken on a case-by-case basis.  In some cases, the repairs may be a blessing in disguise because the new homeowner may have the equity to remodel the broken-down kitchen into the magazine dream kitchen.  In other cases, the home may be best if you passed and found the next great deal.

To receive a proposal on the repairs of your next “bargain,” please consider Custom Homes By Chateau, LLC for your next job. Contact Brett Primack at 702-858-4051 or

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