Las Vegas Short Sales

There are quite a few short sales not only in Las Vegas but all over the United States.  Only 10% of the homes that are listed as short sales will actually close.  That is not a real high number.  Right now today in Las Vegas there are a total of 27,623 properties for sale this includes all pending sales and contingent ( on pending and contingent properties there is an offer) so to break it down more leaving out the pending and contingent there are 19,325 properties and of those 6,789 are short sales.  Of  the contingent properties 5,030  the number of short sales are 2,332, so these properties are sitting there with an offer on them waiting for lender approval.  The pending which are hopefully ready to close there are 3,270 properties and 272 of those are short sales that have gotten approval.

What do you need to know before you try to short sale your home?  You can be up to date on your payments but show by your hardship letter that you can not do it for long.  Your hardship letters should be as detailed as possible.  To do a loan modification you must be 3 months behind in your payments.
This may change as the Obama plan is put into use and MAY is the key word.

You have to have an offer on your home to apply for the short sale with the lender.
 

When you get an offer and your agent puts in for the short sale approval (if you are behind on payments) be sure that your agent not only talks to the loss mitigation department but also the foreclosure department.  They do not always talk to each other and the foreclosure department needs to know there is an offer as it can stop the foreclosure while the negotiations go on.  You do not want a notice of default to be filed.

Lenders expect 3-7% of loans will go bad and investors are also aware of it.  Investors now have lost a lot more than that as figures show 28% of the nation is underwater and upside down.

If you need to sell your home in a short sale be sure you work with an agent that is experienced in short sales as they can be very tricky and an agent that knows and is on good terms with the lenders is much more likely to have the short sale go through.