Three Things Buyers Should Know about Short Sales in Nevada

By
Real Estate Agent with RE/MAX Realty Affiliates BS.143506

Things Buyers Should Know About Short Sales in Nevada Buying a Short Sale in Nevada can be confusing and frustrating if you are not informed of exactly how the process works. If you are considering buying a Carson Valley short sale, it's important to keep these points in mind so that there are no surprises in the process.

1. Short sales are anything but short! They may be called short sales but that has no bearing on the time involved in buying a short sale. They will take longer than a bank owned or traditional purchase. Sometimes obtaining approval from all the lenders involved can take months. This trend has improved drastically in the last 6 months, but you should still be prepared for a 3-4 month waiting time just for the lenders to approve the sale. This does not include your new loan processing if you are obtaining a loan. Buyers should be aware of this timeframe and plan accordingly.

2. Whether or not your Short Sale in Nevada is approved often depends on the skills and experience of the listing agent. Any real estate professional can list a short sale, but it takes a great deal of knowledge and training to get a short sale approved. If you are considering buying a specific Short Sale home in Nevada, have your buyer's agent run an MLS listing report on the listing agent. Then you can see how many short sales he or she has completed successfully. This will be a good indicator of whether your transaction will go smoothly, or maybe hit a few road bumps along the way.

3. While everyone wants a good deal, it's important to understand that the seller and listing agent, nor the buyer, establish the price. The noteholder (or investor) establishes the selling price. Buyers should be prepared for a counter from the lender during the short sale approval process. If you are familiar with the recently sold comparables in the neighborhood, it should be clear that the lenders merely want to make sure the home sells at market value, not below.

If buyers keep these three key points in mind, buying a short sale really isn't that daunting. Do you have questions about short selling your home in Nevada? We'd be happy to sit down with you confidentially and discuss your options so you make an informed decision that is right for you and your family. Contact Christianne Gordon at 775-881-8223 or by email at info@carsonvalleyshortsales.com today to arrange for your personal and confidential consultation.

This blog post originally posted on CarsonValleyShortSales.com on March 4, 2011 by Christianne Gordon.


Posted by

_____________________________________________________________________________________________________________

Christianne O'Malley, REALTOR®, e-PRO, CDPE, SFR,

RE/MAX Realty Affiliates - Great Nevada Homes, Inc.

Direct: (775) 881-8223

Visit us online at GreatNevadaHomes.com 

The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne O'Malley is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.

 

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Rainmaker
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Bill Burchard
3B Realty: 951-347-3818, CA - Murrieta, CA
Broker, Realtor - Murrieta Homes For Sale, Califor

Good evening, Christianne. Excellent advice. Especially the point that the note holders (a.k.a. Banks/Lenders) have the final say as to the selling price. And in my experience, low-ball offers are typically rejected.

Mar 04, 2011 08:01 PM #1
Rainmaker
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Christianne O'Malley
RE/MAX Realty Affiliates - Reno, NV
Exceptional Service - Delivering Results in Reno!

Bill - Thanks so much for your comment and for stopping by. Low-ball offers are usually countered in my experience, back to market value. So I never discourage a buyer from submitting a silly offer. I let the bank educate them :)

Mar 05, 2011 08:16 PM #2
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Terrie Leighton
Ferrari-Lund ~ Reno's Premier Real Estate Company - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Three very important things for buyers to be aware of when considering buying a short sale. So my misconceptions are still in the minds of so many people regarding short sales, like making offers below asking price. It is always good to have a CMA in hand when helping your buyers make offers on these types of listings.

Mar 06, 2011 10:08 AM #3
Rainmaker
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Christianne O'Malley
RE/MAX Realty Affiliates - Reno, NV
Exceptional Service - Delivering Results in Reno!

Terrie - It is always important to keep in mind market value. Banks will not sell bank owned properties or short sales for less than market value. It's bad business.

Mar 07, 2011 11:50 AM #4
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Rainmaker
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Christianne O'Malley

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