SHORT SALES IN LAS VEGAS NEVADA---BANKS want FAIR MARKET VALUE - sometimes more!
This should come as no surprise to most that the banks want fair market value (current market value) for a Las Vegas Short Sale.
This means basically they want the "going" price for the home, what other similar homes have recently sold for. Now sometimes, they may want even a bit more than that, even when the "comps" don't support that.
You can object to the bank and send in verifiable comps and reasons (declining market,etc) as to why the house should have a lower price than what they want and sometimes they will come down, but sometimes they won't.
So, if the buyer won't come up in price, then the seller may need to be prepared to come with up with the difference in cash or maybe a promissory note to the bank, otherwise your short sale deal may fall apart.
Recently, I have noticed that the banks are wanting more sellers to contribute to the deal in the form of cash contributions (sometimes way more than a seller could even come up with) and or promissory notes and some of the banks are wanting large promissory notes and there is no negotiation and if the seller does not accept their terms, they close the short sale file.
Now, that doesn't always mean the whole short sale is off, (that particular offer and deal maybe) but, it just means that you have to be aware that your next offer may need to have a higher offer and maybe the next time round the investors of your loan will look differenty at the file, especially if another month or two has gone by and they see things such as no payments coming in on the loan, and possible changes in the sellers circumstances,,etc.
But, the seller needs to be aware that the bank could still come back with the same terms as before.
You the seller are then put in a tough spot as to what to do.
You maybe back to the point of letting the home go into foreclosure, but check out all your options, because they may still pursue you after foreclosure for the difference, (this is Not legal advice, consult an attorney or financial expert for legal advice and options).
Buying or Selling in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley
Give me a call Dawn Barrier (702) 812-4550
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Copyrighted © by Dawn Barrier *2010* All Rights Reserved.
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, 2009 Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing.
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