Jason Salsbury

Short Sales are a growing part of the current Las Vegas market and are certainly a great opportunity to get a property at a price substantially below market value. I primarily work with Buyers and have had the chance to negotiate multiple Short Sale transactions... Some were successful, others were not so successful.
From my knowledge of Short Sales I can tell you this...
If there is not an experienced and aggressive Listing Agent on the other side of the transaction, it doesn't matter much how efficient your Agent is. Let me explain... It is the Listing Agent who submits the Short Sale package to the Lender/Bank with your Offer and is their liaison throughout the transaction. The Buyer's Agent does not generally communicate with the bank officers or the Sellers in this type of transaction.
In a Short Sale situation, You are essentially asking the bank to accept less than what is owed on the note... So even with a superb Listing Agent, many Short Sales do not end up getting accepted... even at a full list-price offer. If there is a Second on the property it becomes much more difficult.
You are correct in pursuing Short Sales that have been approved... but make sure that the property is placed in Contingent status after your offer is accepted by the Seller. Otherwise, while waiting for an acceptance... other offers may come in and you would then have to contend with a multiple offer situation.
If you are looking for "direct personal contacts with bank officers"... You could always look to the Listing Agents of the Short Sales you are interested in, who are communicating directly with the bank... That is, if you do not mind a dual agency which is created when the Agent is representing both the Seller and the Buyer in the transaction. If this is your preference... I would recommend simply calling the Agents of interest... see how quickly each one gets back to you. This is a great way to judge how important your interests are to any potential Agent... If it takes two days for an Agent to get back to you, then how much more quickly do you think they would be with putting the paperwork through and actively pursuing your real estate goals? Also... Can you get through to speak directly with your Agent of interest... Or are you only able to reach an Assistant/s?
Anyhow... I wish you the very best of luck in your property search & Agent search. Welcome to Las Vegas! This is arguably one of the best Buyers' markets that Vegas has ever seen... I congratulate you on taking advantage of this opportunity and wish you the best of success in your relocation. - Sat Mar 15 2008, 01:02