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Bank Owned Properties


bank owned propertiesWe are all keenly aware of the many Las Vegas bank owned properties for sale. Many of these properties need some kind of repairs or rehab. The banks that own them want to spend as little as possible to make them sell.

We had to give an estimate on replacing some appliances that had been stolen from a bank-owned house. One of the items was a stainless steel double wall oven. As you might guess, these are not cheap. A builder-grade model typically starts at just under $2000.00.

We submitted a proposal and the soon after the agent called and said that the bank's asset manager went on Craigslist for Las Vegas and found a double wall oven for $75.00. Naturally, the asset manager was questioning our pricing. Now you might ask yourself how someone could sell such a beautiful appliance for a mere fraction of what it normally would cost. The answer is that is was a vintage 1970's oven in the most sought-after color: avocado green!

The bank moans because they sold the property "as is" and doesn‘t feel that it has to spend a dime, and the buyer wants a new kitchen like you might see on MTV's "Cribs". Somewhere in the middle the two shall meet. In this case the bank gave a credit to the buyer and closed the deal. Another day in the life of a Las Vegas Handyman.

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