3 Tips for Buying a Short Sale in Las Vegas
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Available short sale listings in the first week of May comprised 44% of our total market for available homes for sale. Traditional homes were up to 45% and foreclosure/reo fell to just 11% of the total available in Las Vegas. Obviously with almost half of the homes for sale falling in the short sale category, knowing some of the basic tenets for success will be important.
Tip #1. Make sure that the agent who represents you the buyer, is a certified or designated short sale professional. If they are, they will be far better equipped to guide you through the sometimes lengthy and complicated process.
Tip #2. Don’t make the mistake of thinking that you can automatically underbid a short sale price. Do your homework, get the comparable closed home pricing and listen to the advice of your Realtor.
Tip #3. Right now homes sales are very competitive. Our existing inventory of available homes is down over 50% from last year. Be prepared to be aggressive in your Earnest Money Deposit amount and to let the seller know that you will deposit (EMD) immediately into escrow upon his acceptance.
Although many banks have streamlined the short sale process, we are still seeing an average of 120 to 180 days to closing so be prepared to be patient for the house of your dreams.
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Call Kathryn at 702-348-7191
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