The Las Vegas real estate market is taking a positive shift and has hit the lowest point in foreclosures since 2006. Although Nevada had the fifth highest rate of foreclosures in the country during the first half of this year, the markets indicate that people are once again buying homes. Quite a few homeowners affected by the housing bubble are still in dire straits. When foreclosure is inevitable, they have a few considerations that could help them and keep them from wrecking their financial future from a foreclosure.
One of the most common ways to sell the home without going into foreclosure is to do a Las Vegas short sale. This has potential benefits for both the buyer and seller, but knowing the process and having it work to your advantage is key. The first thing to do is contact a Las Vegas real estate agent to assess the property. This will give you some idea as to what you can sell your home for. Agents recommend short sales, but there are pros and cons to doing a Las Vegas short sale.
Here are some Las Vegas short sale facts:
- Short sales can partially protect your credit. If you are behind on your payments, your credit will still be affected to a certain extent.
- Your bank may report your short sale which could damage your credit rating. It is best to have a conversation with them to see what the options are.
Las Vegas real estate agents do make a profit from the sales proceeds, but if the foreclosure goes through, they do not.
Benefits of a Short Sale
- You will have sold your home without going into foreclosure.
- You will not have to make any payments – it will be your choice.
- You will know who is purchasing your home.
- You can purchase another home within 2 years instead of the longer wait period after a foreclosure.
- You may be able to purchase another home immediately if you have worked out an agreement with the bank to not report your late payments.
Disadvantages of a Short Sale
- The bank can take a long time to accept or respond to offers.
- The bank will request quite a bit of information from you, including taxes and other financial information.
- You will have to get and keep your home in good condition as long as you have it on the market.
- There is no guarantee the bank will accept an offer of short sale from you.
- The credit blemish may stay on your record for up to 7 years.
Although these may be negatives, there are still many advantages over going through the foreclosure process. It may seem like a lot of work to get a Las Vegas short sale going, but in the end, it may be worth it for you. Do your homework, draw from a variety of resources and take the time to fully understand the process. Knowing how you will be affected will help you make an informed decision.
For more information on short sales and how it may be a good option for you, contact The Ballen Group at Keller Williams Las Vegas to speak to a knowledgeable Las Vegas real estate agent.
Buyer Consultations: 702-604-7739
Seller Consultations: 702-482-7739
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