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Tom Heuser's Blog

By Tom & Serena Heuser | Agent in Summerlin, Las Vegas,...

Las Vegas foreclosure and short sale information 2013

http://www.greaterlasvegashomes.com/

Are you interested in Las Vegas foreclosure and short sale updates?

Las Vegas foreclosures have dramatically slowed down in that 2nd half of 2012 which has made inventory very tight in the Las Vegas market. I believe that the Las Vegas foreclosure pace is about to pick up in the 2nd & 3rd quarter of 2013 due to the recent pick up in notice of defaults. This inventory is much needed in today's market with all the pent up buyer demand and most listing on the market receiving multiple offers.

Las Vegas Foreclosure Proceshe first formal and public step the lender takes against the homeowner is to file a notice of default when the buyer gets behind on payments at least 90 days.  You can see in the chart below that during the first half of 2012 there was very few notices of default recorded in the Las Vegas (Clark County) area. During the second half of the year the notices of default really started to pick up steam. Since the typical lender takes between 6-9 months to foreclose we should see this inventory coming into the  Las Vegas foreclosure or short sale market soon.

Notice of Trustee's Sale

A Notice of Trustee's Sale informs homeowners of record that their home will be sold at a trustee's sale on a specific date, time and location. The actual sale or Trustee's Deed completes a non-judicial foreclosure in states like Nevada. Since the notice of default begins the legal and pubic filings and they increased in late 2012 we should definitely see much higher Las Vegas foreclosure activity in 2013.

Please give us a call at Heuser Homes for all of your Las Vegas foreclosure and short sale questions.

 
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