RE/MAX International Chairman and Co-Founder Dave Liniger met with some of the top housing officials with the Obama Administration last week in Washington D.C. to advocate for a streamlined Short Sale process that would help to stem foreclosures, assist homeowners facing foreclosure and help to advance the recovery of the real estate industry and the broader economy.
We support his perspective and feel making Short Sales a more accepted practice could really help the overall Las Vegas Real Estate market return to more normalcy. Our sense locally is that banks are starting to embrace the Short Sales process as well.
Las Vegas Real Estate Short Sale Overview
Many of you may not be familiar with what a “Short Sale” is. A Las Vegas Short Sale occurs when a lender is willing to accept a reduced mortgage payoff amount on an existing mortgage held against a home, typically because the homeowner is in some financial difficulty.
A short sale helps the homeowner and the bank avoid a foreclosure, although the homeowner does take a hit on their credit report. It’s basically a win/win for all parties, including the local neighborhood, as the home is occupied during the sales proces, versus being empty after a foreclosure. For more Details please visit our Las Vegas Short Sale Page.
Perspective on Short Sales
Our Chairman’s perspective on Short Sales, (which we agree with) is that if a Las Vegas Short Sales process is treated more like a standard real estate transaction it would make a significant contribution to reducing the number of vacant and Foreclosures nationally.
We certainly have our share of Foreclosed Homes here in Las Vegas and one of the significant problems in neighborhoods where we may have multiple homes in foreclosures is the negative impact on the neighborhood, with homes sitting empty that are not being maintained properly.
