It’s widely agreed that foreclosures and REO properties have devastated Las Vegas home values and impeded the housing recovery in Nevada. Why don’t we hear the same complaints about short sales? How do the two categories compare where a healthy real estate market are concerned? There are significant differences between purchasing a short sale versus purchasing a bank owned property. After closing almost 300 short sale properties since 2007, here are some things you might want to consider, based upon our experience with banks and the short sale process:
A “bank owned” home is a property that was foreclosed upon. This means that someone could not meet their mortgage obligation and was likely thrown out of their dream home. Maybe the prior homeowner lost their job, or was trying to do a loan modification with a bank that simply failed to care. There are thousands of reasons for a homeowner to get foreclosed upon; however, foreclosure is never is pleasant experience. Many homeowners take out their frustrations on the property, causing intentional damage, or vandalism to the home. While banks typically repair cosmetic damage, the fact remains that the home may have been mistreated and you may never know the accurate story of what damage took place. A short sale is a much different situation. In a short sale, the seller is trying to do the responsible thing to prevent being foreclosed upon. Homeowners do short sales hoping to be released from the deficiency amount owed to their lender. In today’s market, more and more banks are waiving their right to pursue the deficiency after a short sale, which keeps sellers motivated to cooperate versus trashing the home. In addition to waiving the deficiency, many banks are now offering cash back to homeowners after completing a short sale, as extra incentive to cooperate and keep the home in good condition. Both JP Morgan and Bank of America now offer cash back incentives up to $30,000 to homeowners who qualify. So it comes down to a simple question. Would you prefer to buy a home that may have been severely mistreated by a prior homeowner, or would you rather buy a home from a motivated seller, and help a local Las Vegas family avoid being foreclosed upon by a bank? It is important to remember that each time a buyer purchases a bank owned property, they are rewarding the bank for foreclosing on a local family. Foreclosure is a horrible experience and there are other solutions, such as short sales, which benefit our community and may help to get the Las Vegas economy back on track.
From January 1, 2007 through December 31, 2011, The Myers Team with The Caliber Realty Group sold more short sale listings than any Realtor or Broker in Nevada. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start.”
Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com
Additionally, please visit http://www.VegasShortSaleInfo.com
* Production is based on results from January 1, 2007 through December 31, 2011 (short sale listing ends only.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.
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