Thursday, January 29, 2015

Las Vegas Short Sale Listings Buying Opportunities

Las Vegas Short Sale Listings Presented by The Stark Team

Leading Las Vegas & Henderson NV Real Estate Agents
 

~Browse the MLS Las Vegas Short Sales~

 
 
Here are a few simple rules of thumb if you are considering buying a Las Vegas Short Sale:

  • Each short sale transaction is different and there is no set timeframe for approval
  • If you need a place to live in by a certain date, this type of purchase is not for you
  • If you have patience and are comfortable with the fact that you may not be able to purchase the property because a) the bank rejected the short sale  b) the lender asked the seller for a note or contribution that he or she is unwilling to give c) the bank asked more a higher price than what you are willing to pay, then this is a good way to buy property at a lower price point than market value on occassion
  • Short Sales with tenants in place are risky business for the buyer. We try to avoid these unless the Seller agrees to give the tenant notice upon short sale approval, the Due Dilgence period for the Buyer begins after the tenant vacates, and the bank is accepting of these timeframes for inspections.

There are other factors to consider when buying a short sale. We, as your real estate agents, are out of control of the situation since the ball game is run by the Seller's agent.  Each Seller's agent chooses to price the short sale listing WITHOUT the bank determining the price.  In most cases, the banks will not consider a short sale until an offer is presented, so the listing agent determine the price strategy.  Sellers do not care what price the property sells for because they cannot receive any proceeds from the sale.

Some listing agents make it easy on themselves by pricing a property artificially low, which attracts a buyer asap, and the short sale package can be sent to the bank.  In the process, the bank will then determine what price for the property it will accept, and if this is much higher than contract price, oftentimes the first buyer walks and valuable time has been lost playing with a buyer who had unrealistic expectations of what a bank will accept while the foreclosure clock ticks away for the seller. Remember,  short sales can wind up as foreclosures or can be sold at a trustee sale.

We will advise our clients of which agents we feel have priced the property at a level that the bank will accept, and have favorable approval track records. We have been selling Las Vegas Real Estate for many years and have a good rapport with many of the capable short sale agents. There are also a few law firms doing short sales on behalf of their clients and here, buyers can expect a bureaucratic transaction with little communication and few updates.

Basically, before you consider a short sale purchase, we will advise you to the best of our abilities, as to whether we feel it is feasable to result in a positive outcome.

 

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