Buying A Henderson Home: How Long Should I Wait On A Short Sale?

Homes in Anthem Highlands in Henderson NVIf you're looking at homes in Henderson Nevada today, chances are good you will see a lot of short sales. Out of 1,906 single family homes on the market, 922 (48.4%) are short sales. While their list prices may look attractive, don't forget that your offer is subject to approval by the short sale negotiatior ... and that can take months.


How long should you wait when buying a Henderson short sale? That's an individual buyer's decision, but it's normally a minimum of 45 days. Along with your offer, we submit a Short Sale Addendum which includes this language:

 


"Buyer may cancel the Purchase Agreement for any reason and without penalty any time after 45 days from Acceptance if Lender Approval has not been received. Upon Buyer's cancellation, Seller agrees to execute cancellation instructions with Escrow Holder and return EMD (Earnest Money Deposit) to Buyer."


So once your offer is accepted, you're giving the short sale negotiator up to 45 days to respond. On day 46, you can execute your right to cancel the agreement or continue to wait. It all depends on how much you want that particular home.

 
This post has been included in Nevada Real Estate News Clark County, NV Real Estate News Henderson, NV Real Estate News
Post is included in group: ABR-Accredited Buyer Representatives
Post is included in group: Keller Williams 'Rainers
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Post is included in group: Vacation and Second homes

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John Novak - Las Vegas and Henderson NV Real Estate

Las Vegas, NV

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Keller Williams Realty The Marketplace

Address: 2230 Corporate Circle, Suite 250, Henderson, NV, 89074

Office Phone: (702) 939-0000

Cell Phone: (702) 339-9700

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News, statistics, and observations about the residential real estate market in southern Nevada, and my experiences and thoughts about being a REALTOR®.

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