In the Las Vegas real estate market right now we are seeing a great deal of short sales on the market. Short sales are different then foreclosures in Las Vegas. a Short sale is when a lender agrees to take a home that they have a loan on back that is actually less then what the loan amount is for. They would do this in hopes of actually saving money in the long run. Lenders have a great deal of fees and costs for taking a home on a short sale. They have to turn around and sell the home themselves. Ideally a lender would not take back a home however they will consider this option if they can see that by allowing the homeowner to go into foreclosure status it would actually cost them more then just taking it up front and turning around and selling it.
Doing a Short sale in Las Vegas is a complicated process for the average homeowner. Fortunately there are qualified Las Vegas real estate agents that specialize in Short sales and Foreclosures that you can contact to help explain the process and give you the best options.
If you are looking to buy a foreclosure or short sale you too need to contact a Las Vegas real estate agent because there are processes and procedures that you need to be aware of as well.