Las Vegas is leading the nation with the number of homes going into foreclosure status. Here is a list of myths or misunderstandings that Las Vegas homeowners have about foreclosure properties.

Myth 1: I can still save my home even after it has gone to foreclosure auction and has been bought back bay the bank.

Truth: While I won’t say that is a totally impossible I have yet to read about or hear about anyone being able to save their home after the foreclosure sale has been completed.

Myth 2: I had someone I know make an offer on my home as a short sale and even though they performed the foreclosure sale they are still working on the offer.

Truth: If your home has gone to foreclosure sale, that means that what ever offers the bank were working on were most likely declined. After foreclosure sale your offer would be null and void being that you (the previous homeowner) no longer legally own the property, thus you can’t legally sell a property that you don’t own.

Myth 3: After the foreclosure sale, I checked the tax records and I’m still listed as the owner, so I still do legally own my property.

Truth: In the state of Nevada, it is not a requirement that a transaction be recorded with the county assesor office for a transaction to be legally binding. So on the trustee sale date, when the bank buys back the property, they are the legal owners of the property from that day forward whether it’s been recorded at the Clark county assessors office or not.

Bryan Knight, REO specialist in Las Vegas, NV 1-800-977-0959