A Las Vegas Short Sale occurs when a lender agrees to take less than what is owed on a home mortgage. These types of sales are rising rapidly here in Las Vegas, driven by multiple factors. including the realization by many people that this is a good way to avoid a serious ding on their credit via a Foreclosure.
Here’s how you can profit on a Las Vegas Short Sale:
- Many Realtors don’t want to deal with a Las Vegas Short Sale (we do) so this means there are good deals out in the market that are not high on the radar screen.
- Not to be negative, but “short sale” is a misnomer – the average real estate transaction takes 30-45 days, a “Las Vegas Short Sale” can take 2-6 months, so be patient.
- Remember the old maxim about squeaky wheels? Well, once your deal has been found and your paperwork is in stay in touch with your realtor and make sure they are contacting the bank.
- Approximately 14% of all homes across the US are underwater on their mortgages; meaning they owe more than the home is worth and there is available “inventory” of homes.
- Hire a Realtor that is a Certified Distressed Property Expert; this means your Realtor has taken specialized training to deal with “distressed” sales and that your paperwork with their designation will in most cases get shifted to the top of the pile at the banking institution.
- Remember you dealing with a bank here, so price your offer with some forethought with your realtor – banks crunch numbers for a living and they are going to crunch yours.
So, call us today(877.360.2030) if you are interested in a Las Vegas Short Sale or visit our web site: LasVegasRelocation
