Short Sales in Las Vegas, Henderson and Surrounding Areas

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack of), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short Sales require extra patience from the Buyers as they frequently take much longer for the bank/lender to approve.  In the Las Vegas/Henderson area, short sales have been running between 3-6 months before they are ready to close. In some extreme cases they have taken over a year to get approved.

We have taken many education classes to learn the ins and outs of short sales and would be happy to discuss this type of product with you.