Las Vegas Short Sales - Tales of Agony and Ecstasy
AGONY
I certainly love any and all offers on my properties for sale but the amount of offers incomplete and far below current market value with what is currently taking place in the Las Vegas real estate market is obviously an attempt of trying to get rich quick using agents trying to make the impossible happen. Maybe it will work with one in 30 tries... maybe.
Las Vegas Short Sale Secrets
The good news is that it appears Short Sales are FINALLY being addressed in one of the many homeowner programs which is FANTASTIC news to help avoid foreclosures in the first place.
Maybe some other short sales agents in real estate markets seeing the light at the end of the tunnel can share their same experiences that I share about the Short Sales Secrets in Las Vegas so I know I'm not the only one experiencing the number of people late to the party.
Let's face it... the current wave of buyers trying the way below market value tactics waited to hear about somebody else doing it first and then decided to jump in.
Will Las Vegas Home Values drop another 30% in value from today? From the areas I focus on, I don't think so.
Ecstasy
Several months ago when the market was far slower, we put in an offer and took a shot on a Las Vegas short sale listed below market value. Not only was the property listed below market value, we went even lower with our offering price. I was just recently notified by the listing agent of that property that it was approved. It took quite some time but it's a great deal.... especially with the way things have heated up for Las Vegas Real Estate.
There is NO WAY it would probably work today in our current Las Vegas real estate market conditions since things are a little nuts to say the least. (Make sure you read my Las Vegas Short Sale Report to get a full understanding of what I'm mentioning.)
A couple of other Las Vegas short listing I took were also recently approved as it appears Banks are now willing to help keep Las Vegas homes from going to foreclosure which will CERTAINLY be good news for everybody.
It's always been my opinion that addressing short sales and helping speed up the process can only help real estate values in distressed markets and my BIGGEST suggestion is for real estate agents to at least learn the basics of short sales.
My advice to buyers looking to purchase a short sale is to use agents that understand the process to GREATLY IMPROVE your chances of getting a Great Las Vegas Home that on average is in better shape then a Las Vegas Bank Owned Home.
HAPPY Short Selling and Buying towards a TRUE RECOVERY...
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
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This is regarding that blog and " Las Vegas Short Sale Report" I agree on hundred % with everything you say.
I am Real Estate Associate in Port Saint Lucie, Fl....small city if you compare to Las Vegas, but comparable with market. It was one of the fastest growing cities in United States in 2003, 2004, 20005 with prices going through the roof. And then all hell broke loose. Foreclosure, prices dropping from day to day, no buyers. That lasted for about two years and market started to change at the end of last year. Exactly like in Las Vegas: multiple offers over asking price, phone calls from all over United States....and note to buyers- accept that. You are getting deals of your life.Monthly payments of average house in Port St Lucie will cost you a little more than paying for slightly better quality car. And average home in Port St Lucie is nothing bad, believe me. So pay asking price if you see that house is worth it, otherwise you will loose.