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Could a Las Vegas Short Sale be your Lifesaver?

By LasVegasShortSales

A recent article in the New York Times portend some clearly good news for buyers and some good news for those looking to short sell. Let’s take a look at each, in turn.

First, a fact you might already know: Housing prices are very low, making for a great environment for those looking to buy. Now this isn’t good news for many, especially because the prices might even drop further, but for buyers this isn’t a bad thing. The depressed prices, as you might have guessed, are the result of a surplus of foreclosed homes, with banks owning a grand total of about 872,000 foreclosed homes, Eric Dash reports for the New York Times. The surplus is bound to grow: Banks are in the process of foreclosing roughly a million homes and in the coming years are estimated to eventually take millions. Typically, foreclosures and sales stay one-to-one, but in some hard-hit cities, such as Minneapolis, the ratio is six-to-one. In Las Vegas, a whopping fifty-three percent of all home sales are foreclosures, Buck Wargo reports for VegasInc.

Now this all might look like gray skies, especially for banks, home owners, and even for those working in the real estate business. But if you’re looking to buy a home, we’re either at the bottom or we’ll be there very soon. As Les Christie for CNN Money reports, given the current economic climate, buying is typically a better deal than renting.

Now what about those already in their homes? Well, there are some government programs–namely the Home Affordable Foreclosure Alternative (HAFA)–that short sellers could take advantage of, but unfortunately, the program and the short sellers aren’t hooking up. As Hubble Smith of the Review Journal reports, HAFA has been seen as a failure, but things may be picking up. HAFA was billed as a program to streamline the short sale process, but either the program wasn’t advertised widely enough, or it didn’t help: Sometimes short sellers, close to a sale, would be foreclosed on because of a technicality. But things are looking up. As Laurie Maggiano notes, policy director in the Treasury’s Office of Homeownership Preservation, the program has been modified to allow more borrowers to participate. So there is help out there for short sales, but finding it can sometimes require a savvy real estate agent. If you’re smart, you can gracefully exit your home with minimal loss.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase? Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Related posts:

  1. HAFA Series Part 5 – Can I Request a HAFA Short Sale without doing a HAMP modification?
  2. Las Vegas Short Sales Now Possible for Fannie Mae & Freddie Mac Mortgages
  3. Las Vegas High Rise Short Sale Market-Great Opportunities!

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