Currently, Short Sales: make up 31% of all Las Vegas real estate listings on the MLS, and Bank Owned listings make up 38%. This means that Short sale and REO listings are just under 70% of total listings, but is one of those a better route than the other? It depends.
Right now banks actually own more inventory than has hit MLS. The houses that they have released into inventory they seem to be prepared to deal with now. The last 3 offers I have written on bank owned properties have all received a response within just a few days. Offers on short sale properties seem to take much longer – often because of the owners of the property. In order to submit your short sale offer to your bank, they need to see financials from you. Recent bank statements, pay stubs, a hardship letter and more. Many homeowners are just not emotionally up to the task. It’s quite draining to look down the barrel of financial hardship. If you’ve never done it, I hope you never do, and if you have, then you understand. These people aren’t just losing something, they are losing their home, the safest, most wonderful spot on planet earth.
There is certainly an upside to the short sales however; the condition of the property. Someone trying to short sale their home is trying to ‘do the right thing’, instead of just walking away. Because of that mind set, the properties are often in pretty good overall condition. This is often not the case with the REO homes. Many of the people who have been foreclosed on and evicted (even if they were at one time trying to ‘do the right thing’) felt abandoned, harassed or otherwise victimized and lashed out as they left; leaving their former house in very poor condition.
So what is my recommendation? To contact me so I can help you make the right decision for you on Las Vegas Real Estate. Visit www.MyFastEasySale.com, click the “Wholesale Buyers” link, and fill out the form so I can start helping you today!