Our market is clearly shifting from Las Vegas Foreclosure sales to Las Vegas Short Sales - as of today 26.9% of all homes sold in Las Vegas year to date are via a Short Sale. We expect this trend to accelerate moving forward as more and more banks and financial institutions work with homeowners to prevent foreclosures. Again, the trend is clear, by the end of this year 30-40% of all sales could be Las Vegas Short Sales.
Las Vegas Short Sale
We frequently get asked questions about how a Las Vegas Short Sale is handled and thought it would be useful to address some of these questions via this blog post:
Q. I am looking to buy a Las Vegas Short Sale – what issues should I be aware of?
- Las Vegas Short Sale is not guaranteed, the negotiation process can take a great deal of time, with 30-120 days on average to complete the process.
- The Las Vegas Short Sale listing agent can alter the closing date prior to accepting the final counter offer and the approval letter to give you and your lender the proper time to complete financing if your offer is accepted.
- You must remember a Las Vegas Short Sales is processed based on one buyer and one offer; for that, changes cannot usually be made after initiation.
- Each Las Vegas Short Sale is Buyer/Offer specific. If the Las Vegas Short Sale is closed/denied for whatever reason, the process will begin anew when a new buyer comes in.
- If you are being told this was a previously accepted short sale offer so that means your offer will be approved too, that may not always be the case – you are working/negotiating with big institutions (banks) in many cases and the situation can change.
- Requests to postpone a Las Vegas foreclosure sale, to allow more time, are not guaranteed. The seller and his agent should both make the request.
- Finally any changes in the Las Vegas Short Sale process made after the Approval may result in further delays for revisions and/or re-approvals.
Q: I am looking at a house that’s around $400K with the bank allowing 6% closing costs. My closing costs are only around 3%. Why would I want the other 3%?”
A: Many buyers use this additional incentive to buy down their interest rate for a Las Vegas Short Sale. For example, a 5.000% rate could possibly be bought down to as low as 4.375% with the extra 3%. And, this could potentially save you $1,000’s per year or $10,000’s over the life of the loan.
If you have more detailed questions about a Las Vegas Short Sale please don’t hesitate to contact us via our toll-free number 877.360.2030 or Contact Us Form (click). Finally, we have a detailed overview page about a Las Vegas Short Sale via our site if you want to do more research.
