Buying a Home in Las Vegas

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Buying a Las Vegas Short Sale

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Buying a Las Vegas Short Sale
(All Las Vegas Short Sales and Foreclosures are included in our MLS Searches)


As of 3/10, Las Vegas still has the highest foreclosure rate of any metropolitan area in the Country which might be a factor in lenders being more willing to accept short sales rather than bear the expense of a foreclosure.   Depending on the source, 21 to 28 of all existing home sales here last month were short sales, up 2 from last month.   And there are still many
Las Vegas short sales available. 
 

There is an upside and, of course a downside to buying a short sale property. 
A few short sale buyer tips...

  • Be prepared for a lengthy escrow, rarely is there a 30 day close on a short sale, very often it has taken several months
  • Patience - It takes time...it can take weeks or months to get even a response from the lender - and then they may choose not to accept the short sale at all, or with renegotiation of terms.   
  • Just because the property as listed as a short sale doesn't mean the lender will accept a short sale. 
  • Many listed short sale properties are listed much lower than a lender will accept so if it is priced below market for no obvious reason, the lender will counter with market price - not below market price.  If your offer is 20-30 under market value, it probably will never hit the of the pile
  • When determining offer price, check pending sales prices.  With a two to five month closing time, the pendings will become the sold comps for your purchase 
  • If there is a second on the property, the second lender may not want cooperate.  This can add weeks to the time frame
  • Check to see if the Seller short sale packet has been approved and if the property has been approved for a short sale.  If not, this too can be another delay.  The seller is required to submit a good deal of paperwork and proof of hardship which might not be approved or even submitted
  • Find out how many offers have been submitted 
  • Do not waive your right to obtain inspections and make your offer contingent upon approving these inspections without penalty to you.  It's extremely important that you have a home inspection and other types of inspections appropriate to the particular property - it will most likely be at your expense but worth it.  Usually a lender won't pay for customary seller paid items including home protection plan for you, the buyer, inspections, buyer credits etc.  You'll be asked to buy the property "as is" which means no repairs will be paid for.   
  • Are the listing agent, and your agent experienced in short sales?  The listing agent  will be submitting paperwork and negotiate the sale - there are many details to be negotiated.  Your agent, the Buyers Agent, cannot talk to the bank.  If the agents are inexperienced, you'll risk increased chance that your offer will be rejected.  

    Talk to Sandra Salsbury - 877-353-9339 - She can give you more details.  She specializes in short sales and has a great track record of 100% closed short sale transactions.  The norm is 1-2 of 10 short sale transactions close.  She's a good Las Vegas Realtor to have on you side!     
Las Vegas short sale homes and Las Vegas foreclosures are included in our Las Vegas MLS.  Please search here or fill out form below if you would like for us to email new listings as they become available.
 
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