LAS VEGAS SHORT SALE MARKET

The latest numbers indicate that Las Vegas has the highest negative equity in the nation with approximately 81.5% of homeowners owing more on their home than current market value.  Additionally Las Vegas leads the nation in foreclosures.  As lenders are learning that it is less costly to conduct a successful Short Sale as opposed to taking a property back through foreclosure the market in Las Vegas has been shifting  in the last 6 months to a market dominated by Short Sales.   We are now seeing that trend continue with approximately 60% short sales, 20% bank owned properties and approximately 20% equity sales.  It seems likely Short Sales will continue to dominate our Las Vegas market for some time to come.

SHORT SALE – A WIN-WIN SITUATION FOR EVERYONE

LENDER:  A Short Sale is less costly to the lender, allowing them to liquidate the property without having the additional expense of foreclosure.  Many times the properties are in better condition then those taken through the foreclosure process.

SELLER:  A Short Sale provides the Seller more control over liquidating the property in terms of negotiating the deficiency, minimizing credit damage and putting the Seller in a better position to purchase a home in the future.

BUYER:  The prospective Buyer is still purchasing the home directly from the Seller, therefore all of the disclosures are still applicable, builder warranties are still valid, etc.  When purchasing a bank owned property the builder warranties and 10 year warranties are void.

IS A SHORT SALE RIGHT FOR ME?

Prior to going forward with a Short Sale consider all of your options, as well as seek both legal and tax advice to understand the possible legal and tax consequences.  

1.  Consider All Of Your Options:  Visit: 

http://www.vegasshortsale.wordpress.com

2.  Understand The Short Sale Process:  Visit:

http://www.pattyhylandershortsaleprocess.wordpress.com

3.  Review Frequently Asked  Questions:  Visit:

http://www.pattysshortsalequestions.wordpress.com