Category Archive : Short Sales

If you have made the decision to sell your Las Vegas Home after looking at all other options such as Loan Modification than the next step is finding an experienced agent specializing in short sales.  Short Sales require a real estate agent to not only list your home, market your home but negotiate on your behalf with your lenders to accept an offer for less than you owe on your mortgage. If you have a 1st Mortgage and a 2nd Mortgage it can be even more of a challenge, which is why your real estate agent needs to specialize in short sales.

When you interview perspective agents, make sure you ask them how many short sales they have sold in the last 6 months and how many where they actually represented the seller. There is a difference in selling a short sale when you represent the buyer as opposed to representing the seller.  Make sure you ask them what you can expect during the process and what they will do to ensure you get your home sold.

You can contact us at 702.376.0088 to set up a free consultation and we can discuss the process of selling your Las Vegas Home.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

According to the Greater Las Vegas Association of Realtors, over 30% of homes for sale are Short Sales.  A successful short sale is where the Lender/Bank agrees to take less than what is owed.  The homeowner usually has to show some type of hardship in order to get approved to do a short sale.

A hardship could be the loss of a job, divorce, or job relocation.  Some Lenders/Banks won’t approve a short sale unless the homeowner is at least 1 month behind in payments.

Short Sales are definitely not “short”!  Short Sales usually take anywhere from 90 days to 180 days to get approved.  The reason why most short sales don’t close successfully is because buyers don’t have the patience to wait that long for the transaction to be approved.  There are a few things that can be done by the listing agent to help improve the chances of the short sale getting approved and in less time.

If you are interested in selling your home and you owe more than it is worth, we should talk about doing a short sale.  We can be reached at 702.376.0088 or you can complete our contact form.  Click on the link for more information on Las Vegas Short Sales.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

It’s rarely difficult to determine which homes in a neighborhood are in foreclosure; as you are driving through the neighborhood homes that have brown grass, dying plants and weeds are very likely in the midst of foreclosure proceedings.

Is it possible that these foreclosed homes have a negative effect on the rest of the neighborhood?

Absolutely.

Not only do foreclosed homes drive down value as banks price them lower to get them off their books, but the visual look of the property also affects the neighborhood. The visual effect of the neighborhood is a significant aspect in the buying process for potential home buyers.  If a neighborhood has numerous foreclosed homes, the neighborhood is going to look poorly kept causing buyers to possibly look elsewhere.

So who is responsible for cleaning up these homes? 

Once the bank forecloses on the home, they are now responsible for the up keep of the property especially if the home is located in a home owner’s association.  Homeowner’s Associations will often send letters to the bank to clean up the property and if they fail to handle the problems, the homeowner’s associations will levy fines.

So next time you find yourself home-hunting in a local Las Vegas neighborhood and you see what looks to be eyesore, yep, you guessed it; it’s probably a foreclosure.

Are you home-hunting in the Las Vegas real estate market? Looking for home values or rental information or other relocation information? Feel free to call at 702.376.7379 for assistance.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com