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.

Interested in using our services? Click here to check out what some of our past clients have to say about us.

Image: Salvatore Vuono / FreeDigitalPhotos.net

3.5% Fannie Mae Closing Cost Assistance to Buyers

Fannie Mae announced today that buyers who are owner occupants purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances.

Here are some specifics of this offer:

You can get up to 3.5% towards closing costs, appliances, or a mix (remember, your lender may restrict the amount of money you can get from a seller).

Offers have to be accepted on or after January 28, 2010.

You have to close prior to May 1, 2010.

I know that a lot of buyers are frustrated about being out bid by investor buyers in our market. However, Fannie Mae homes have a policy in place that the first 15 days a property is listed only owner occupant offers are considered.

How do you find out about these homes?

Well, call Cindy to be put on our homes email alert. This email alert sends out property information to our clients as soon as it is uploaded to the MLS system. This gives our clients a head start over other buyers!

For more information about available Fannie Mae homes or any other ones please call Cindy at 702-807-3339 or visit our Las Vegas homes Web site.

We sell homes all over town - short sales and bank owned properties included. You deserve the best buyer representation.

Our clients can testify to our service - click here to see what they have to say.


Enjoy your Weekend!!!

Las Vegas Foreclosures and Las Vegas Short Sales

Listened to Harris Real Estate University Superstar Interview today. Cary Sternberg, president of an asset management company, talking about foreclosures. I've summarized some key points of the interview below.

Shadow inventory does it exist? Well, no - banks are not holding back inventory. Anything that has been foreclosed on is out there for sale.

However, nationwide there is 2.4 - 7 million properties that are in the default pipeline. This is what he calls "shadow inventory." They are not being foreclosed on because other avenues are being explored such as moratorium, government programs, loan modification or adjustment.

Sternberg predicts that by the end of this quarter the shadow inventory will start hitting the market. It will increase through the year. This could lead to some price decreases, but he feels that we are already so low that it won't be much.

Sternberg thinks we are five to seven years away from having homes on the market that are owned by individual owners. Meaning, that it will continue to be more bank owned and short sales that are on the market. This is not a depreciation phase, he is talking about the market normalizing.

Sternberg opines that those people who bought at the height of the market will have to wait ten years before they will be able to sell and break even.

That is all. If you are having problems making your mortgage payments - call me. If you need to sell and owe more than what you can get for it - call me. Let's explore whether a short sale of your Las Vegas homes is an option. I have a Certified Distressed Property Designation and am experienced with short sales. I can help you. 702-807-3339.

Enjoy your Weekend.

Las Vegas Springs Preserve

Hello Everyone!

I went out to the Las Vegas Springs Preserve over the weekend and walked through the gardens and through the trails. It was a beautiful day and not many people were out.



This is such a great place to wander about to get gardening ideas or to enjoy some sunshine in a quiet place.

The trails are a very easy walk. There is a cafe and a gift shop. Also, a children's playground. Plenty of space to roam and also plenty of places where you can sit down and relax.

Water is available at the gift shop in case you forget to take your own. It is important, even in the mild temperatures.

Enjoy the week!