New Blog!
I have previously used a newsletter format to stay connected to and give current information about the Las Vegas real estate market to those individuals who have contacted me for information. This blog should, over time, replace my newsletter.
Short Sales
Over 50% of current listings in the Las Vegas area are short sales. These represent an opportunity as well as many potential problems for prospective buyers. They are most commonly listed without any previous contact with the lender or lenders in place who will ultimately make the final decision as to whether or not to approve the sale. I have done considerable research on short sales and have found that, on average, only around 1/3 that go into escrow eventually close. That has been the case for some time now.
Short sales tend to be priced very well. Keep in mind though that these list prices are determined by the seller and the sellers agent, not the entity that will actually make the final decision, the lender in place. They also tend to be in better condition than say foreclosures. They are very seductive and can work out well for those with patience and those that are willing to take the risk of a long wait and a very possible bad result in the end.
This is not to discourage those interested in short sales, only to prepare them for the reality of the current marketplace. Many of my clients, no matter how I try to prepare them for the short sale experience, are surprised as to how long and difficult the process is.
