- 1). Research various areas of Nevada to determine where you want to buy a foreclosed home. Many parts of Nevada are rural; however, urban and suburban homeowners are also susceptible to foreclosure. Driving around to inspect different neighborhoods may allow you see foreclosed homes, often noticeable by an orange sticker in a front window or on the door. Note any Realtor information listed on a sign in the yard; the home may be for sale by either the current homeowner or the bank.
- 2). Hire a Realtor who sells foreclosed homes for various lenders in Nevada. Lists of foreclosed homes in Nevada can also be found on websites such as Foreclosure.com, Foreclosures.com or Realtytrac.com.
- 3). Set up financing by getting preapproved by a lender; this allows you to make an offer when you find a home and know that financing is already available to you for purchase of a foreclosed home in Nevada. Complete a loan application and provide required financial paperwork, such as pay stubs, tax returns, debts, and a list of assets and collateral owned.
- 4). Make an offer once you have found a foreclosed home that you like in Nevada. This will be in written form to the homeowners if they are selling through a bank-agreed short sale for less than they owe on the mortgage (technically, this is a pre-foreclosure sale), or written form to the lender if the house is bank owned. If the home is being sold at a sheriff's auction, you may attend and personally bid on the home against anyone else also interested in the property.
- 5). Purchase the Nevada foreclosed property with a cashier's check from the lender you have chosen, either at the closing meeting when paperwork is signed or at the sheriff's auction. Take the time to go over all paperwork that is being signed; if possible, have an attorney with you--in addition to the Realtor--to read all contracts for purchase before signing. Keep a copy of all signed paperwork for your records.
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