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Saturday, January 30, 2010

Las Vegas Short Sales on the Rise

According to a recent story reported by the Las Vegas Sun, bank owned properties only accounted for 50% of houses sold in 2009 versus approximately 70% the prior year. The main reason is the number of short sales that have been completed.

Lenders are finding that short sales are more financially advantageous. The average bank owned property sells for approx. $80 per square foot versus the short sale which gets approximately $130 per square foot.

This should mean that short sales will become a less arduous process. I personally have never been afraid of short sales. I know there are some agents who hate short sales and don't like to show them. Right now, most of the short sales I have been doing have averaged a wait time of three months to get an answer on an offer submitted. Then there is a 30 day time frame to close. There have been a few that have been at the six month market with no response. Generally, I give the seller a three month opportunity to get the short sale approved. After that, we usually start looking for something else.

Short sales take patience, organization, and diligence. I have found that my buyers are willing to wait the process out if they are kept regularly informed about the process. The listing agents that I have worked with that have been able to successfully negotiate a deal have been ones who kept me updated without me having to contact them. They also were very actively working the file.

The Las Vegas real estate market is constantly changing. There is nothing to be afraid of if you are working with an agent who can keep up with the changes. In the end, all buyers and sellers want is an agent who listens to them, keeps them informed, protects their interests, and doesn't treat them like a number or a nuisance.

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Image: Salvatore Vuono / FreeDigitalPhotos.net

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