A Las Vegas short sale is a real estate transaction in which the amount paid is not sufficient to cover the existing mortgage or property liens. Once the lender agrees to accept the lesser amount, the short sale in Nevada succeeds, the lender calls it even with the seller, and all parties can move forward.
- Las Vegas Short Sale Specialist 702-482-7739
It’s a good thing to ‘unfreeze’ a property, yet short sales in Las Vegas can be tricky to close. In the worst-case scenario, a buyer and would-be short seller can be put on ice for a full year or more before the short sale succeeds. As is evident to anyone who has been through the process, a Las Vegas real estate agent with short sale experience is essential for leading the way through the negotiations and closing.
In addition to working with a knowledgeable Las Vegas Short Sale Real Estate agent, it’s good to also approach a situation which might turn into a short sale by understanding the general precepts that influence those who will make the decisions. Usually, the mortgage-holding bank publishes how they wish to be contacted. Often, it’s through the “Loss Mitigation” Department (or a title to that effect). That language tells you all you have to know to explain why their attitude may be less than enthusiastic.
Like any commercial business, the bank’s decision-makers seek to minimize the time and man-hours needed to gain the best result. If you come to them with what is an obviously unreasonable offer, they are no more likely to react positively than any other seller. For this reason, researching the market value of nearby properties--enough so that it’s easy to show that your offer is based on a reasonable discount from those prices—is the best way to be taken seriously.
Like any commercial business, the bank’s decision-makers seek to minimize the time and man-hours needed to gain the best result. If you come to them with what is an obviously unreasonable offer, they are no more likely to react positively than any other seller. For this reason, researching the market value of nearby properties--enough so that it’s easy to show that your offer is based on a reasonable discount from those prices—is the best way to be taken seriously.
Although you shouldn’t be surprised if even a reasonable offer is turned down at first, don’t be afraid to counter with a second offer.
Depending on the circumstances, here at The Ballen Group Las Vegas Real Estate Team, we sometimes advise our clients to decide on a viable time frame in which to either close the deal or move on. Not only will this prevent your wasting time, but it can motivate a loan officer to truncate what might otherwise become long-winded negotiations.
Short sales in Las Vegas are still to be found for motivated and patient buyers.
If you are looking to buy a home in the coming year, now is the right time to call The Ballen Group Las Vegas Short Sale Specialists to start your search!
Looking to Sell a home and considering doing a Las Vegas Short Sale? The Ballen Group at Keller Williams Realty Las Vegas Summerlin has closed hundreds of short sales. Our team of short sale agents are skilled, trained, and experienced in closing Las Vegas Short Sales. Call 702-482-7739 to speak with a Las Vegas Short Sale Agent today.
Customer Testimonial:
"Thanks again for your efforts in regards to short-selling our home. Have some feedback that I think you would appreciate:
- Made the deal happen (less than two months)
You were available at all times - Handled the Kitec plumbing issue for us
- Took a pro-active approach in regards to BOA short sale documents (you sent me
pdf’s several weeks before BOA did) - I felt you were genuine and honest
At the end, you got the job done in a quick manner that was pretty painless for us. We appreciate your efforts and will forever be grateful. " ~ (Short Sale Transaction in Las Vegas)
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