A short YouTube how-to where Neel Dhingra demonstrates finding foreclosure listings (example: Las Vegas on auction.com), explains common auction rules (many are cash-only and prohibit traditional financing), and advises that buyers must often bring full funds upfront—sourcing cash from personal/family/investors—and can refinance afterward in some cases.
One way to get a crazy deal on a property in today's market is to buy a foreclosure or a bank owned property. But it's a little complicated. So let me show you. So you're going to call auction.com and type in the market that you're looking at. So let's just look at Las Vegas, Nevada. So it looks like in Las Vegas, Nevada there are 68 properties and then there's probably more if we were to zoom out into outlying areas. Okay. Now once you find one of these properties, you can look at what are the opening bids, whether it's a bank owned property, whether it's a foreclosure sale, if it's in person. Some of these are online auctions, so you can actually bid online. But here's the thing, most, most of these properties do not allow financing. So that means when you see this, cash only, that means you can't get a loan. You have to actually come in with the full purchase price for the property. So this is probably going to be sold under market value and some of them are going to be severely under market value, but you can't get a loan. So what you would have to do on these is raise the money from yourself, family members, friends, maybe a group of investors to buy one of these properties and then you could go ahead and take the financing out afterwards. Now there's going to be some other deals where you could get a traditional loan on it, but for most foreclosures, you're going to have to put together the money first and then get a loan afterwards.
