To short sale, or not to short sale? That is the question.

About a year after I posted this originally, the Las Vegas Market became so inundated by short sales (more than 1/3 of available inventory – and not much total supply), you had to consider buying them. Now that we have returned to reasonable inventory levels again (over 4 months) and short sales are just 13.4% of the homes on the market today, I would suggest that most people looking for a home, avoid them. Let the investors wait for 3-8 months (or more) to get a short sale approval.

Jeff Howard's Real Estate blog

First – What is a short sale? Many people know, but not everyone.

When a person owes more on a property than it is worth, and they ask the bank to accept less than is owed on the property so that they can sell it, this is known as a short sale. Like when you owed your friend $50, but you only had $30 of it and you said, “sorry Mike, I’m a little short” and Mike said, “don’t worry about it”.

Why not buy short sales?

There are a variety of reasons why short sales do not go through. Here are 4;

1. The process of dealing with the banks on a short sale requires skill, effort and knowledge on the part of the listing agent (the person the seller hired to sell the house). Many do not possess this trifecta of assets.

2. There must be a hardship…

View original post 235 more words

Author: The Jeff Howard Group powered by Keller Williams Realty Las Vegas

I moved to Las Vegas in 1993 and I have been investing in Real Estate since 2003. I believe in creating win-win scenarios whenever I buy or sell any real estate. Although, I live in Las Vegas, I have had interest in real estate in Idaho, Ohio, South Carolina, Rhode Island, Massachusetts and Nevada. Contact me today if you want to invest in Las Vegas. As your realtor, I will help you find outstanding investment properties here.

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