Are Las Vegas Short Sales making the difference in our market?
It's almost been over a year now since the Stock Market to a crash and businesses and banks alike started to fail like nothing we have seen since The Great Depression! Here in Las Vegas however, we are seeing a strong turn of events! People now can afford homes based on 1980's pricing which makes home ownership more affordable for everyone!
Short Sales and Bank Owned properties (REO's- Real Estate Owned) are pretty much the only things out there right now for sale. Traditional "Resales" are a thing of the past and will be slim to none that make there way to the public for purchase! Short Sales in my opinion are the better way to go! If you are patient and wait out the process, the rewards can be very sweet for the buyer! Yes, it can take up to 6 months, most of my short Sales average out to 60-90 days for approval. Then you have to wait for your lender to fund your loan which could take another 30-45 days.
On the positive side of Short Sales, most of the time Buyers will go get an FHA Loan and can receive closing costs up to 4-5% from the lender doing the Short Sale. Load up your offer to the bank and see what they will pay or not pay for. As long as your price is above fair market value, your offer will be accepted! Do not low ball a home, in this market you either want to buy or you want to waste time and lose out to another Ready, Willing and Able Buyer!
It is a great time to be a buyer but you need someone to educate you on Short Sales. From a Sellers standpoint, and from a Buyers standpoint, I can explain the process to you like no one can! I have closed over 50+ Short Sale transactions since 2007 and I have NEVER lost a Short Sale once it is in the banks hands! Contact me today and I can help you buy or sell a Short Sale listing today! Call me directly at: 702-768-2552 or www.lvrealty4sale.com