As a Las Vegas Homeowner, maybe your bank or a friend has mentioned that you should do a short As a Las Vegas Area Home Buyer, maybe you have been looking at some short sale listings. A Short Sale is when a homeowner is asking lienholder(s) to forgive part of the debt owed on a home. It is a sale contingency, which means that the executed contract & sale is contingent on the third party lienholder(s) approval. It should be looked at no differently than a financing contingency, home inspection contingency, appraisal contingency or any other contingency listed in the purchase agreement. Many people think that the lienholder(s) have control in executing the contract but that thought is false. The short sale sellers still have complete control of decisions made on the house, the lienholder(s) just send them price, terms and conditions that they will have to approve to complete the short sale. A short sale is an extremely complicated type of contingency and sellers and buyers should ask many questionsbefore they list their home or write a purchase agreement as a short sale. Many short sale buyers and sellers get very frustrated in the middle of the short sale transaction because they are not educated well enough about the process. You can read more about purchasing a Las Vegas short sale right here. You can read more about listing a Las Vegas Short Sale right here. If you have any questions and you are not already tied to a Las Vegas area real estate agent, I will be happy to answer them via email or phone.
sale.
Benchmark Realty LLc - Nashville, TN
Renee - Anyone buying or selling a home in Las Vegas had better learn about short sales, or hire a great realtor, because it's the 800 pound gorilla in your market.
Dec 27, 2010 02:57 AM
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida
The uninitiated have a terrible time grasping the goings on when it comes to short sales. Both of our markets will be determined by how we process and educate both Buyers and Sellers for many years to come. Yes, it's a contingency Renee, not easily rectified by either party.
Dec 27, 2010 04:50 AM
Realty Executives Boston West - Holliston, MA
Pat Baker Dream Home Maker
Renee, short sales here are really tough. I think it is a specialty for certain realtors. My clients often think they want to buy a short sale but they are not willing to wait for the process. They get very discouraged and disillutioned and end up not buying a short sale.
Dec 27, 2010 05:40 AM
RE/MAX Elite Properties; Serving Cypress, Spring, Tomball, NW Houston - Houston, TX
RE/MAX Elite Properties
Renee, Good points and great explanation. I think you have broken it down well into simple terms, especially for those buyers and sellers who are not familiar with short sales.
Dec 27, 2010 06:30 AM
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA
Renee,
A great short course on short sales. Good Speed with ALL your LV short sale business.
Steve
Dec 27, 2010 06:57 AM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
True true Kevin!
Thanks all for the comments. I am creating lots of guides right now and need to get some of the basics out there ;)
Dec 27, 2010 08:19 AM
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR
Renee - Excellent explanation! I really need to do one of these posts, so I can link back.
Dec 27, 2010 09:14 AM
Compass - Morgan Hill, CA
GRI, NHCB, CDPE, CHS. Silicon Valley Homes
Renee,
in your market you must be dealing with short sales a lot as we are here in Silicon Valley. I want to congratulate you on a great job with your websites.
Dec 27, 2010 10:38 AM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Michelle: What's funny is I have pounded out some of the basics because I can't get to the next section of my first time buyer's series without these!
Anja: Thanks for the sweet words!
Dec 27, 2010 10:50 AM
Keller Williams Las Vegas - Las Vegas, NV
Digital Marketing Strategist
Agree completely with your section on the seller. If the seller does not agree to terms - no deal! If anyone is buying, they need to understand the sellers motivation whenever possible.
Dec 27, 2010 12:46 PM
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale
Renee...indeed, great info that even I can use! Short Sales are a challenge, and in my market of condominiums, they are even more of a challenge. Not for financing, but just the time involved, when a Buyer can most likely find a foreclosure (another thorn) that will move much quicker, with a better result.
Thanks for this information!
Dec 28, 2010 01:00 AM
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!
Renee...good info for some folks who still don't know what a short sale is....have a great rest of the year!!
Dec 28, 2010 02:14 AM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Lori: This is so very true!
Thom: It is crazy how the house of cards is imploding although we shouldn't be surprised!
Kristin: Yep!
Dec 28, 2010 02:20 AM
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Bethesda, MD
Renee,
Many would-be buyers often misunderstand what a short sale really means, therefore they should first consult with a pro real estate agent how it all works before embarking on a short sale adventure.
Jan 22, 2011 01:14 AM
Rainmaker
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Renée Donohue~Home Photography
Western Michigan Real Estate Photographer
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