Nevada Foreclosures and Foreclosed Homes for Sale

The average Nevada foreclosure process takes about four months, mainly because the majority of foreclosures are processed out of court. The first step toward foreclosing on a home requires that the lender notify the borrower that a notice of default has been filed. Once this is accomplished, the borrower has 35 days to respond to the notice by paying the default amount in full.

If the homeowner fails to pay off this amount within the specified timeframe, the lender forecloses on the home and schedules an auction. The auction is usually scheduled three months after the initial notice of default has been filed. The auction notice must be posted in three public places at least 20 days before the sale, in addition to being published in a local newspaper once a week for three weeks.

Nevada law requires all foreclosures be sold through a third-party trustee. It is the trustee who will conduct the auction and communicate with the winning bidder. Once the winning bid has been accepted, the entire purchase amount must be handed over to the trustee by either cash or a cashier's check. If the full amount is not paid immediately, another auction may be scheduled.

There will be different procedures and timelines for foreclosures which are currently being heard by a court, so it is important to consult with a Realtor to determine the exact process for these foreclosures. Real estate agents in Nevada are aware of the laws and procedures for judicial foreclosures in the state, and can provide helpful advice and guidance for interested parties.

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