Short Sales in Las Vegas, NV
What to expect when purchasing a short sale.
When the economy crashed so did our housing market in Las Vegas, NV. Many home owners were so upside down on their mortgages they either lost their home to foreclosure or decided to sell their property as a short sale. There are still many short sales available in today’s market. A short sale is defined as any sale of real estate that generates proceeds that are less than the amount owed on the property. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a loss is preferable to having the borrower default on the loan. A short sale is less harsh on a home owners credit and some banks prefer to short sell and even offer incentives to the seller such as moving and relocation expenses. If you are interested in learning more about selling your home as a short sale give us a call at 702-845-5348. If you are in the market to purchase a short sale we have compiled a list of homes for sale below. If you would like us to customize a search for you based on your specific needs, criteria and budget please let us know. See what clients are saying about The Sales Team! Client Testimonials
The process of purchasing a short sale can be complicated and very time consuming. You will need to work with an experienced Realtor to assist you in the process and educate you every step of the way. Before writing an offer on a short sale property your agent should get the specifics on the sale such as:
- How many loans/liens are on the property? If there are multiple liens are on the property expect a longer process as multiple approvals will be required.
- Is an experienced agent negotiating the short sale or an attorney? Either are fine if they are experienced. Stay clear of agents who do not know how to handle the short sale negotiations.
- Has the short sale been initiated with the bank? If so this will help speed up the process.
Keep in mind when considering a short sale that the seller is short selling the home due to financial reasons and hardship. In most cases they will not allow any repairs, closing costs or financial concessions of any kind. You more than likely will be purchasing the home “as is”. The residential purchase agreement is submitted to the home owner and once approved it is submitted to the bank. The seller will have to submit a hardship letter, bank statements, pay stubs and other miscellaneous documents for lender review. The final approval process could take any where from 30 to 180 days. During this time the buyer is in limbo, not knowing if the bank will approve the sale or move to foreclose on the property. A short sale may save a buyer money on the purchase price but be mentally prepared for frustrations and a test of patience. If you do obtain the approval you will then plan on closing the sale, which will be 30-45 days from the approval. Your due diligence will start, inspections and appraisals will be conducted and you will be well on your way to the long awaiting closing date.
The Sales Team is highly experienced with short sales on the buying and selling side and we would be happy to answer any questions you may have about the process. Below you will find a list of short sales from $150,000 to $300,000 in Las Vegas, Henderson and Boulder City, NV.
Best Regards,
The Sales Team
www.findinghomesinhenderson.com
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