Home Buying in Las Vegas>Question Details

Ilvminnie, Home Buyer in Las Vegas, NV

My realtor told me its hard to buy a short sale home, is there short sale specialists?

Asked by Ilvminnie, Las Vegas, NV Fri Sep 9, 2011

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I am always amazed that agents from outside our area answer questions. Las Vegas is a very different market from almost every other city out there.

There are good agents who specialize in short sales. However, I have to agree with David...REOs are a much better market. This week, I wrote close to 80 offers on bank reos and we received 6 acceptances, 40+ counters, and only about 30 rejections. This was our week of lowballing and on the offers accepted, my investors will make a minimun of 18% per year without financing. If they financed, they would have a return many times that amount.

I guess what I am getting at is there still are great deals out there...for both the investor and the home owner.

Jeffrey Sklar
Broker
Property Manager
Southern Nevada Property Management
8871 W Flamingo Road Suite 202
Las Vegas, NV 89147
702-522-6764
2 votes Thank Flag Link Sat Sep 17, 2011
Hi , I am from the Netherlands and I bought via the internet a nice vacationhome in Las Vegas, nearly two years ago. It was a shortsale and I had the ok within six weeks , that was also the time limit I had ordered otherwise I was not interested in the house anymore. I had cash money maybe thats why I went so quick! It is that simpel, if it would have taken to long I would have been looking for another house. So in your offer put a time limit! Harm van der Veen Las Vegas
0 votes Thank Flag Link Mon Sep 26, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Las Vegas Short Sale Stats. Only 21% Close and the length of escrow is over 3.5 months. The specialist will defitely help with the correct paperork, but it is truely a waiting game with limited succes.


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Mon Sep 19, 2011
Short sales are VERY difficult, however, each short sale scenario is different! It depends on the seller's circumstances, how many lienholders, who the investors of the notes are, where the BPO/appraisal comes in - etc.

You just need to work with an agent who knows how to interview the list agents.
0 votes Thank Flag Link Mon Sep 19, 2011
If your buying objective is get a great deal, short sales can be part of the equation. I would suggest Bank REO's can achieve the same great deal without the long term stress of short sales


David Cooper Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow for Invstors GO TO website or CALL +1-702-499-7037
0 votes Thank Flag Link Sat Sep 10, 2011
Ilvminnie,
Your Realtor is right - short sales can be hard.

There is a group in the Phoenix area that tracks the success rate of short sales - it used to be about 41% a year ago. This year the success rate of short sales has gone up - to 62% for this past month. As you can see about half of the listed short sale homes happen.

As a Buyer, you have only a limited ability to influence the outcome of the short sale - you may have to be prepared to be patient (3-6-7 months), have funds available for a quick close once a lender approval notice has been received, offer to buy the property as-is (neither distressed home owners, or bank owners are likely to agree to make repairs - you will still make your home inspection).
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Sat Sep 10, 2011
Phil is right - the answers to your questions are "yes" and "yes". One thing that I think helps greatly is if the Seller is working with an attorney that has short sale experience so that the process of negotiating the hardship and the readiness if/when a buyer comes along is better aligned. But even with that, there is a higher degree of uncertainty and longer timeframe with a short sale.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Sep 10, 2011
Bvminnie;
It's hard to buy a short sale home, specialist or no specialist.
Bottom line is that if you have at least 6 months to wait and you are either due or lucky, you will get one.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Sep 10, 2011
Yes, it's challenging to buy a short sale home. Unless you're in a hurry and can't wait, you shouldn't even be looking at short sales because that will entail a lot of patience and understanding.

There are enough agents who are experienced with short sales...having someone who knows what he's doing is a critical factor, whether you're a buyer or a seller of short sale properties.

If you're still interested in short sales, interview agents who have done short sales before and ask them about their most challenging cases and how they overcome thos challenges.

Yes there are many really good deals out there that come in the form of short sale. Now, you have to ask yourself if you have what it takes to sit and wait. And also ask if you're dealing with an experienced short sale realtor. Don't be the guinea pig for somosne doing his first short sale. Too many unknowns. You don't want to add any more obstacles to getting a short sale close escrow

good luck!
0 votes Thank Flag Link Sat Sep 10, 2011
This is a very successful group that has certified short sale specialists. If you are not satisfied with the service you are receiving right now give them a call, you have nothing to lose. Just remember that if you have a buyer broker agreement in effect, you want to deal with that situation first in order to protect yourself.
http://www.wesellvegas.org/
Mary Kay Beckman
Cell 702-686-2695
Office 702-212-2274

Good luck...
0 votes Thank Flag Link Sat Sep 10, 2011
All of the time one hears about "Short Sale Specialist", this mostly means that they took a class and received a certificate. It can also mean that they have actually worked with many short sales and with several different banks, so they understand the process and know how to get the job done. The biggest issue that a buyer needs to understand is that the process could take a couple of weeks or many months for a bank to get back to you with an answer as to whether or not they will accept the offer from the buyer. While one is waiting for the answer, you do not stop looking at other property, and a lot of times a buyer may end up finding a better property and a lot less stress involved. The banks are in control of the approval and conditions and you can not really go back and ask for a lot of requests to the bank or they will most likely turn down your offer and move on to the next one. Good Luck!
0 votes Thank Flag Link Fri Sep 9, 2011
Short sales are not hard. They require a lot of patience. They can take a long time, depending upon the number of mortgages and a lot of communication. Good luck!
0 votes Thank Flag Link Fri Sep 9, 2011
Short-sales are tedious--not hard. They can be challenging for some, because they differ from traditional sales.
0 votes Thank Flag Link Fri Sep 9, 2011
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