13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Nevada (Free & Paid Methods)
This guide will help you unlock the secrets to getting great real estate investment deals by finding lender-repossessed and pre-foreclosure properties for sale.
You will learn unique strategies based on building a network of local real estate-related professionals as well as using free and paid online and offline tools.
I’m Bob Vieira, the founder of Universal Short Sales. On a regular basis, my company deals with short sale properties, which is a type of pre-foreclosures.
Let’s start with the most modern and innovative methods to find foreclosures in Nevada.
PropTech Platforms
Real Estate Bees
Real Estate Bees (REB) is an online platform designed for industry professionals looking to take their real estate business to the next level. It provides access to robust tech stack, statistical data, comprehensive informational resources, and much more.
This includes pre-foreclosure and REO leads for real estate agents, investors, and wholesalers. All the leads are strictly generated via inbound marketing channels unlike data scraping, aggregation, and other outbound methods used by most other platforms.
Delinquent property owners from all over the US utilize the REB platform to find reputable house buyer companies in Nevada who’d be interested in acquiring their distressed property — so they are highly motivated.
As a user of the platform, you can get access to these distressed properties, submitted by other industry professionals, absolutely FREE! You simply need to sign up to DealAlert, which is an advanced, yet free, property matching engine developed by Real Estate Bees.
In addition, you can also access distressed properties, submitted directly by property owners, by purchasing distressed seller leads through our advanced real estate lead marketplace.
Other Platforms
There are a plethora of other real estate investor lead sources, wholesale real estate tools, and apps for real estate investing.
The majority of these tools can be connected to one of the real estate investor lead management software tools that you probably use to keep in touch with various types of motivated sellers.
The following web apps offer you leads on foreclosed homes and pre-foreclosure deals:
The following ones won’t offer many REO properties, but they are still good for finding pre-foreclosures:
Foreclosure.com
Here is one of the best-known REO search engines specifically designed to find foreclosed properties and pre-foreclosures — Foreclosure.com.
It’s a paid tool. For about $40 per month, you can get access to everything you need on this platform to find Nevada foreclosures. There are other pricing plans available, too.
What sets Foreclosure.com apart? Firstly, its exceptional user-friendliness stands out. Upon membership signup, you gain access to a well-organized list of leads.
Browsing through the site is a breeze, which adds an extra appeal for folks like me who might not consider themselves tech aficionados.
What especially earns my favor is its map feature. This tool allows you to search foreclosures by address, offering a comprehensive list for every state in the country.
Simply click on Nevada, and voilà — all the foreclosure data you need is at your fingertips. Finding foreclosures online has never been easier.
Now, let’s shift gears and explore one more online marketplace that gives another good answer to ‘where to find cheap foreclosed homes for sale in Nevada?’
Auction.com
Standing out as the nation’s premier real estate auction platform, Auction.com is a giant in the industry holding its status of one of the best places to find foreclosures.
The platform is designed primarily for real estate auctions — foreclosures and property short sale deals, but you can also find various types of personal property there.
For many people, an important reason why it’s one of the best websites to find foreclosures is that it doesn’t charge you a membership fee.
Instead, you bid on a property, you win, and pay a buyer’s premium to Auction.com.
However, a word of caution is in order when engaging in property auctions. The less cash reserves and investing experience you have, the more vital your real estate investment due diligence checklist becomes to you.
Oftentimes, an auction won’t allow you to inspect a property before bidding on it. If you can’t afford the risk, better postpone getting into buying houses at auctions.
Zillow
For some investors figuring out how to look up foreclosures, the most popular real estate website — Zillow — will be a great source to start with.
Zillow, a globally recognized brand, has garnered popularity not just among homeowners but also among investors wondering where to find properties to wholesale or keep as a rental.
It offers a wide range of Nevada real estate for sale, including good opportunities for getting a foreclosed home.
So, how to find foreclosures in Nevada on Zillow? Easily. Log into the interface, input the city or county of interest, and filter the results effortlessly.
With options like “foreclosures” or “pre-foreclosures” in the dropdown menu, and even the ability to search by auctions, Zillow offers a versatile platform tailored to your foreclosure exploration needs.
Nevada Multiple Listing Services (MLS)
Those who hold a real estate license can get REO listings through the MLS. If you aren’t licensed, you can have a realtor do it for you.
Nevada multiple listing services are similar in their interfaces and functionality, although some elements may differ.
To find foreclosures on MLS, navigate to the “My Search” tab. You will see homes for sale in Nevada.
In the drop down menu, select options like foreclosures, pre-foreclosures, or short sales. Then make adjustments to the search based on the size and other features you are looking for in an investment property.
Nevada Real Estate Wholesalers
You don’t have to look for foreclosed homes yourself. Nevada real estate wholesalers, who are professionals in generating motivated seller leads, have already done all the research for you.
Oftentimes, you can get a list of foreclosures in your area from a wholesaler, pick the one you are most interested in, and buy it with the wholesaler’s assistance.
Nevada property investors like finding wholesale real estate deals because most of the work has already been done for them — not only finding a house to flip but also negotiations.
Here’s how buying a wholesale home typically works: first, a wholesaler finds a motivated home seller willing to sell their house cheaper than the market value.
They sign a purchase agreement where the wholesaler is indicated as the buyer. Then the wholesaler offers you to take their place in the deal — to buy the house instead of them.
At closing, they assign the agreement to you, you buy the house at the price indicated in the contract, and pay an assignment fee to the wholesaler.
Although there is a fee to pay, your overall expenses are below the as-is market value of the house. So, you can still make good profit by selling it after renovation or by renting it out.
Many newbies to real estate investing, before getting into a landlord or house flipper career, start with working as wholesalers: this strategy requires almost no risk or financial investment.
For a more in-depth understanding of this strategy, delve into the guide on getting started in wholesaling real estate. You can also familiarize yourself with the rules governing wholesaling houses in Nevada.
Nevada Real Estate Agents
To get a foreclosed homes list, you can also use an REO (stands for Real Estate-Owned) real estate agent. Real Estate-Owned signifies the status of a property after foreclosure.
Once a foreclosure is complete, an REO agent takes care of marketing and selling the property.
Realtors in Nevada typically manage multiple such listings at the same time. They list them on the MLS and other REO property search engines.
These listings hit the market, and investors emerge as the primary audience for these deals.
With connections to real estate agents specializing in investment properties in Nevada, you can find REO properties before other investors learn about them from public sources.
Nevada Foreclosure Attorneys
Foreclosure attorneys in Nevada protect a bank’s interests and preempt any possible legal challenges or setbacks during a foreclosure process.
Some attorneys also serve borrowers who protect their interests from Nevada real estate lenders acting unethical.
Cultivating mutually beneficial relationships with foreclosure attorneys offers a pathway to find repossessed houses for sale. But what can you offer them in exchange for leads?
Probably the most obvious idea is a referral fee. Some lawyers may say their professional code doesn’t allow them to accept it, but it doesn’t hurt to ask.
Another benefit for foreclosure and short sale lawyers in Nevada might be simply the fact that you can help their client avoid a foreclosure by buying a property fast and for cash.
Think of other benefits you could probably offer them.
Nevada Short Sale Processors
For real estate investors seeking pre-foreclosure deals, establishing a robust connection with one of the Nevada short sale processors is paramount.
Short sale processing companies are hired by homeowners to help them oversee the whole short sale timeline, because the process is very complicated for a non-professional (here is what short sale negotiators do for the seller).
This means that processors can refer their clients to you. Not only will you get an investment opportunity but you will also have a short sale professionally processed for you.
The process of buying a short sale home is lengthy and intricate on its own. That’s why many investors steer away from short sales, making them a less competitive deal type.
Normally, short sale processors serve homeowners for free. This makes sense: a short sale, to be approved by a bank, requires the seller to be in financial hardship, meaning they can’t pay.
This means you will have to pay the processor’s fee. Just like when dealing with a wholesaler or an agent, make sure the fee is reasonable enough for you to still make a profit out of your investment property.
Nevada Real Estate Lenders
Besides using various web tools and intermediaries, you should also build connections with lenders. This will allow you to get repossessed properties from them directly.
Start with researching local banks and other real estate lenders. Collect their contact information.
Start making calls telling them you are interested in buying their foreclosed properties and making offers on homes whose owners can’t keep up with their mortgage payments.
Tell them you buy repo homes fast and for cash. They will be glad to hear from you because getting rid of non-performing loans and repossessed real estate is something they always want.
Start with smaller local banks — they are better for finding distressed properties quickly because with smaller companies it’s easier to connect with the right employee from the respective department.
Here is additional advice on how to get REO listings from banks.
Nevada Courthouses
The website or the physical location of your local courthouse is also a good place to find foreclosed houses.
While this method is more time consuming than some others on this list, it can be a good addition to your set of investment or wholesale real estate lead generation strategies.
Some counties have websites where you can get a foreclosed homes list for free. Otherwise, you will need to go to the courthouse and sift through papers.
Look for lis pendens records, a legal notice filed when an individual falls behind on mortgage payments.
When this happens, loan servicers in Nevada holding a primary claim on the property start a foreclosure process.
You can also find properties with unpaid taxes. Such houses are also going to be foreclosed (by the county itself) and sold at a ‘sheriff auction’.
Once you get a list of foreclosures from the courthouse, an often inevitable step is updating contact information of some of the property owners. This process is called real estate skip tracing.
One of the best real estate investor skip tracing software tools can offer you swift assistance in finding motivated home sellers‘ contact information such as phone numbers and emails.
And now, here’s another method you can utilize to find foreclosures in your area for free.
The first place to look would be the local county Notice of Default lists which are the homes with mortgages in past due status and the lien holder has filed the NOD notice of the home.
These are public notices and the local title companies can send daily lists to Realtors. This would be the easiest and best source to get in front of homeowners early and provide solutions to assist them.
Bank Websites
Heading directly to a bank’s website is another simple way to find out about foreclosures online.
Not every bank boasts a website with free search for bank-owned repossessed homes for sale. And those who do may not have a wide selection of houses in your location.
The widest choice is usually at large companies’ websites such as Bank of America. Still, their offers are limited in comparison to other tools, but sometimes you can find bank-owned properties for free there.
Their search functionality is similar to the ones on real estate websites: you select bank foreclosures in Nevada, property type, size, and other features.
And now, here’s my final tip on this list on finding foreclosures.
HUD Foreclosures
HUD’s official website makes finding foreclosed homes for sale for free easy for many investors who don’t want to spend money on leads when only starting a home flipping business.
A significant portion of the foreclosures in the country are tied to government-backed mortgages, primarily from HUD. Simply visit hudhomestore.gov to look at them.
Their foreclosed home search presents a fantastic opportunity to get free motivated seller leads.
On the website’s opening page, scroll to the middle section where you can seamlessly search HUD foreclosures based on your specific property preferences.
To find HUD foreclosed homes meeting your criteria, filter the results by county, zip code, city, state, and more.
HUD even provides functionality for refining your search based on the number of beds and baths. Not bad for a free government site!
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the founder of Universal Short Sales, the country’s fastest-growing short sale processing company.
Pooling together my wealth of knowledge on short sales and pre-foreclosures, I’ve meticulously crafted a valuable resource just for you — the Pre-Foreclosure Fast Lane course, available completely free of charge.
This course is structured into three distinctive phases:
- Short Sale and Pre-Foreclosure Fundamentals
- Lead Generation
- How to Monetize Pre-Foreclosures and Short Sales
Moreover, I generously share my 12-step system, walking you through the intricacies of how we execute short sales in our company.
Consider this course my gift to you — absolutely free. Delve in and enjoy the journey!
___
About the author
Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. Bob is an industry expert with a passion for guiding homeowners through the short sale process.