On September 18th, 2014 the Nevada Supreme Court delivered an unexpected ruling in favor of the savvy and adventurous Investors in Las Vegas who had taken a gamble and purchased properties through HOA Foreclosure auctions. The Nevada Supreme Court ruled that the bank’s first lien position had been completely wiped out, which means that all of the Investors who purchased HOA Foreclosure properties (sometimes for as little as thirty cents on the dollar!) now own the properties with no loans against them. The gamble that these Investors took has now paid off as millions of dollars in equity was created in a single day.
The majority of these properties are now completely rehabbed and rented out through property management programs with all liens cleared and all HOA dues and taxes up to date. These properties are insured, managed, and hold a steady cash flow with excellent rates of return. Some of these properties remain un-rehabbed, presenting an excellent equity position for the Investor who wishes to experience the fix and flip opportunity, or for the new buyer who wishes to fix up the home on his or her own to their exact liking. While these properties now contain clear title, please keep in mind that some of these properties are in owner occupied or rental restricted communities, and the new owners will have to abide by all rules and regulations of the existing HOAs.
If you were not one of the Investors who took the gamble before the Nevada Supreme Court ruling passed, fret not. An opportunity exists for you to still purchase these HOA foreclosure properties for less than retail value. VIP Realty Group is presenting an exclusive opportunity for Investors to purchase these properties at 67% of retail value. This is still a tremendous discount from their true value! Why would anyone part with these properties at only 67% of their value instead of full retail price? This is because even though the banks no longer have first positions on these properties there still may be some legal (attorney) wrangling needed to clear title fully and to get these properties in a position that allows them to be re-sold with clear and marketable title.
Every investment has its risks but the risk involved with these HOA foreclosure properties has significantly dropped. Even if purchased at 67% of their retail value these properties present an excellent opportunity for real estate Investors to earn instant equity in great properties!
For more information on how to invest in one of these great properties contact Glenn Plantone, Broker/Owner of VIP Realty Group and local HOA Foreclosure expert, today!
Glenn Plantone (702) 656-3264
For more information please read: http://www.reviewjournal.com/business/housing/court-ruling-seen-clarification-foreclosures-market