In your search for Las Vegas real estate in today's market, you will surely find many homes that are "short sales." This term refers to a home that a seller is trying to market and sell for less than what is owed on the property. In lieu of a lender or bank taking the property back in a foreclosure, many will consider a short sale. This entire process is dependant on the lender (or lenders) accepting a loss on the property. Short sales can represent great "deals," but buyers need to be understand how the process works, and how to successfully purchase Las Vegas short sales. Be sure to visit our site www.shortsaleconsultantsofnevada.com for more detailed information. As a Certified Distressed Property Expert, and an experienced Las Vegas real estate Broker for more than 20 years, Terri White of Las Vegas Properties has the experience and expertise to help you with your short sale purchase. Here are some tips, in advance, to help make your short sale purchase a success:  PRICE - since the seller is the owner of the property, the seller, with help from his listing broker, set the price of the home. Very often, they will set the price too low, in order to create interest and generate offers. However, the seller's lender must ultimately approve the offer, as the lender is taking a loss on the property when it sells. The lender will review pricing very carefully, often requiring additional appraisals and valuations. Be aware that a low price does not guarantee that you, as the buyer, will be able to purchase the home at that low price. Lenders often re-negotiate the price to minimize their losses.
Engage the services of a Buyer's Broker, who can evaluate the pricing and advise you if you are presented with a counter offer.
MULTIPLE LOANS - if the seller has more than one loan, and if those loans are with two different banks, the short sale process is more complicated. All lenders must approve the short sale terms in order to close the escrow. A Buyer's Broker will review the outstanding loans and can counsel you as to the probability of your offer being accepted, as well as what obstacles you might encounter with your purchase. UNREASONABLE OFFERS - the seller might accept your offer in an attempt to stay foreclosure. However, the lenders will typically reject an offer that is too low, without even a counter offer. If you find a home that you want to purchase, your Buyer's Broker will help you to structure an offer that a lender will consider. Your Broker will check comparable sales and available similar properties, so that you can submit an offer that is considered to be reasonable. You can waste valuable time by submitting "low-ball" offers, as they will not be accepted. TIMING - if you have a deadline as to when you must move into your new home, a short sale might not be the solution for you. When submitting an offer, your Buyer's Broker will negotiate a date for "close of escrow." However, even if the seller and lender accept that date, there is really no guarantee that all parties will meet that deadline. Short sales contracts, when accepted, generally take longer to complete; both buyer and seller are at the mercy of the seller's lenders; there are sometimes last minute negotiations between seller and lender, which can cause delays. If you have a deadline, be sure to inform your Buyer's Broker so that we can explore all options when looking for the home you purchase. MULTIPLE OFFERS - when working with an experienced Buyer's Broker, it is possible, and sometimes to your advantage, to submit multiple offers on short sale properties. With the proper contingencies built into your offers, you can continue to pursue other homes while you want for the approval of your short sale offer. SELLER QUALIFICATIONS - one of the most critical aspects of a short sale is the qualification of the seller. The seller must meet specific and strict criteria in order to qualify for a short sale. Visit our website www.shortsaleconsultantsofnevada.com to review the qualification process for sellers. Your Buyer's Broker will communicate with the seller's agent about how likely the seller's lender is to approve a short sale. This information can save you, as a buyer, valuable time when considering making an offer on a short sale listing. APPROVED SHORT SALE - some sellers' lenders have given a pre-approval for a short sale of the property. In many cases, the approval is a result of another buyer having made an offer on the property, during which time the lender approved that price and terms. Your Broker can determine if the seller's lender has approved the short sale prior to your submitting an offer. This type of short sale is the best, as the short sale is actually already in process. GREAT OFFERS - banks and lenders differ on what they consider the "best offer."
Some lenders consider only price, while others consider the strength of the buyer and the type of loan the buyer is obtaining. Some lenders prefer cash sales, while others look for a larger earnest money deposit. As an experienced short sale Broker, I am familiar with many of the banks and lenders' requirements, and advise my buyer clients accordingly. The negotiation and structure of your offer is key to your offer's acceptance. REPAIRS - when looking at Las Vegas short sales, it is important to determine what repairs or deferred maintenance will be needed. Most sellers do not have the cash to make those repairs, and they cannot negotiate that into the purchase agreement. Lenders very seldom agree to repairs or repair allowances, as they are already taking a loss on the property. Your Broker will consult with your property inspector so that you are aware of the potential cost of repairs. You can then make an informed decision as to whether you want to continue with the purchase. Las Vegas Properties works with several professional inspectors, who will provide us with accurate and vital information about the property. CLOSING - although, as we mentioned previously, the lender and seller can cause a delay in closing, the buyer cannot delay closing! You must be ready to close escrow on the date to which all parties agreed in the purchase agreement. Our team at Las Vegas Properties will work with your lender, banker and escrow officer to ensure that you are ready to close on time. If you are an out of state buyer, we ensure that all paperwork and documentation is completed early, so that we do not face unnecessary delays. If there is an issue or problem, we address it early, so that you are ready to close on time. For more information about buying short sales in Las Vegas, call us today for our FREE BOOK, SHORT SALE..BUYERS GUIDE. Call us at 702-876-3553 or email terrilvp@cox.net. Return to Top |