A quick summery on the differences between foreclosures and short sales.
A foreclosure is a bank owned property or property that's been foreclosed on the original owner. The bank owns it free and clear and they are now selling it to the public.
That means when you see a list price on a foreclosed home, that is the price the bank is willing to
The difference on a short sale is that most short sales are unapproved short sales... that means that the seller is selling the house less than they owe the bank.
They have not usually talked to the bank yet they want to sell their house. They put on the market is a short sale. That list price does not mean anything. The bank has not approved that price so it's a totally different ball game from foreclosures.
Hope this helps.
Say a property comps at $100k. It could be listed at $90k or it could be listed at $110k. The list price is not always a reflection of what it comps for.
If you would like to read an article I wrote about how to get your offer accepted in this hot seller's market you can read it here: http://lvrealestatehelp.weebly.com/1/post/2013/01/robert-ada
Here is another article I wrote about my advice to buyers in Vegas right now: http://lvrealestatehelp.weebly.com/1/post/2013/02/advice-for
Please let me know if I can be of any further assistance.
The Adams Team at
Rothwell Gornt Companies
It means that the bank will accept the listed price or higher. Most of the times..its all about supply and demand. When the supply is greater than the demand, sellers including banks are moore flexible with the prices and terms and might accept lower priced offers.
Currently we are in a high demand marker and most properties are selling above list price with multiple offers on the same property for all properties regardless of short sale, bank owned or equity sell.
To search for all the homes for sell in Las Vegas, please visit http://www.cvegashomes.com/foreclosure-investment-property-l
For a FREE automated new properties directly into your email, please contact me.
Certified International Property Speicalist
Realty Executives of Nevada
If the home is a short sale, that is a whole other story as that list price was probably not approved by the owners bank. The bank could come back and say that they will not approve it at that price and change it on you. Here is some information on short sale. http://www.youtube.com/watch?v=lvFosoI0lPA
David Cooper Investing in Las Vegas since 1004