In the past, many Las Vegas Real Estate Agents were recommending to their clients to stay away from short sales because of the length of time it took to close them, if they closed. Plus, there was little guarantee the bank would accept their offer after months of reviewing it. But due to the decrease in REO inventory in Las Vegas, many real estate agents are showing short sales and writing offers. We have seen an increase in showings on our short sales and are starting to receive multiple offers. Unfortunately, we are not seeing the Banks move any quicker in accepting short sale offers.
It is very discouraging for Las Vegas buyers to have to wait months to get an answer on whether their offer has been accepted or not. Many Las Vegas buyer agents take their frustration out on the listing agent as if they are the reason the bank has not furnished a response on their offer. We do our best to keep the buyer’s agent fully abreast of the short sale as we move through the process with the negotiator. It is very important that the buyer’s agent and the listing agent work together to make the transaction go as smoothly as possible for the buyer and seller.
If you are thinking about selling your Las Vegas Home and you owe more than it is worth, contact Sena & Associates today at 702.376.0088 and we can discuss your options of doing a short sale. Feel free to visit our Frequently asked Short Sale Questions.
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Tony
I couldn’t agree more. We are experiencing the same thing here in Arizona (not surprising). The REO inventory is so low that any homes in the lower price range are receiving multiple offers. Short sale agents and their listings don’t experience that as often so why not take your buyer to a short sale home. Fantastic opportunities still exist with a little patience. The market is so dynamic with many buyers anxious to buy their first home and capitalize on the $8000 tax credit that we are seeing a month over month increase in sales.
Now is the time to buy! Buyers agents and Sellers agents all need to work together! Only through cooperation and communication can we navigate this changing market and get these short sales done. If you have any questions or clients in the Phoenix market, please have them contact me at 602-329-7782 or visit my website at http://www.HomesByElise.com.
I would like to see more informaiton on short sales here in Las Vegas. I currently have an offer in on a short sale home and I don’t know if I have the patience to wait 3 months or longer. Right now I am not in a hurry to move but I would like to be in my home by Christmas. At what point in time should I say enough and look for something else? What is the average wait time now in Las Vegas for lender approval? The house has everything I am looking for in it and I don’t want to throw in the towel, but I don’t want to wait too long either. I would like to hear from others in the Las Vegas area who purchased short sale homes and how was it for them.