Short Sales - Some Great Tips

Posted at 7:32 AM, May. 19, 2007

More and more 'Short-Sales' are coming on the market in Las Vegas and Clark County.  This is a 'pre-foreclosure' process and I've written about it on here before.  In a nutshell here are some tips when considering a short sale.

• Most Homes LIST PRICE has NOT actually been negotiated with the Seller's Bank.
• Without a Pre-Negotiated Settlement, it could take up to EIGHT WEEKS or longer for the bank to ACCEPT the buyer's OFFER.
• When making an OFFER  on a SHORT SALE your REALTOR® should ask the Listing agent if the LIST PRICE has already been NEGOTIATED with the Seller's bank.
• The bank requires a pre-approval letter with contracts submitted on a SHORT SALE.  Before you even start looking make sure you've spoken to a lender and have the loan process started.
• There may be SEVERAL Buyers waiting to see if their offer was "THE ONE" accepted.
• Do NOT roll over if the lender does not at first meet your offer.  It is a test and the person who compromises his or her position first loses the game!  They need to move these properties on into the after life.  Banks are not in the business to own properties.
• You need to cultivate the ability make the bank perceive that their own FULL MARKET VALUE is not accurate and you need to communicate to the lender that you do not agree with their FMV based on the condition of the property, location, market etc.
• Most importantly, you need a REALTOR® who is properly trained on how to structure these deals as they will drive the majority of the real estate transactions in the near future.

At last count there were over 10,000 short sales and/or foreclosures available in Clark County, NV

...for additional information on Foreclosures and Short Sales see the articles posted in January 2007 on this blog.