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A short sale is usually the option a homeowner chooses when they can no longer afford their mortgage and don't want to go into foreclosure. A short sale means negotiating with the bank to pay them less than what is owed on a mortgage. A bank will allow this when the home owner suffers a financial hardship like unemployment, or if the property becomes worth less than the original mortgage. In the case of Las Vegas Real Estate, the subprime rate and overbuilding of new homes had a lot to do with the recent increase in short sale homes available in the Las Vegas area. As opposed to foreclosures, short sales are preferred by sellers, banks, homeowners, and buyers alike for many reasons.
The reason a short sale can be better than a foreclosure is that homeowner is still living on the property while their Las Vegas Home is for sale. They have opted for a short sale because they have decided to protect their credit by settling with the bank instead of abandoning their property. While you still have to deal with the bank to negotiate the price, the homeowner is still deeply motivated to keep the property looking good so the prospective buyers will be interested enough to buy the home quickly and get them off the hook for the mortgage. This means that things like the pool and the landscaping will be kept up, and any repairs for the new owner will be minimal. If you can negotiate a good deal, this is the best kind of discounted Las Vegas Home to buy through a bank.
While the bank is motivated to sell this kind of Las Vegas Real Estate quickly, they would still rather deal with a real estate agent. This is because a bank wants to protect its investment and trusts a real estate agent over an individual person to make them a fair offer for the property. A real estate agent can give the bank an offer based on the market value of comparable homes in the area that have sold recently, and also what the fair market value of the Las Vegas Home that you want to purchase should be. This makes for a solid offer and a sale that will go through the bank's foreclosure department quickly. This is usually within two weeks. So if you find the right Las Vegas Home or Henderson Home at a great price, you have to move fast. This means getting a Las Vegas Real Estate agent who can put together an acceptable offer for the bank quickly.
Contact Quentin Reidy of the Find Las Vegas Real Estate team! Our typical response is 30 minutes during business hours! I can also be reached at (702) 249-4258, anytime!
