These days some Las Vegas Realtors price a short sale much lower than other comps so they can open negotiations with bank with an offer in hand. Making a purchase offer on these short sale homes or condos often end in a long wait for the buyer, and eventual rejection by the lender.
Approval for a short sale by a bank requires two separate processes. The first is that the bank or mortgage lender has to approve their client’s property for a short sale. The seller has to fill out many forms and provide the lender with all kinds of documents such as tax returns and bank account statements and prove to the bank that he/she can’t pay the mortgage any longer and that the seller qualifies because of some kind of hardship. Needless to say this process is time consuming, but needs to be done prior to listing the property. Those Realtors that get through the short sale process, add the following to their listings “approved short sale”, and need as little as 2 days and no more than 3-5 weeks days to get an answer for the offer from the lender.
In order to detect if the listing Realtor for a short sell has done their job or not, I ask these Greater Las Vegas Realtors how long it will take them to give me an answer on my offer. If it is a reasonable time frame, like up to 4 weeks, then they have gotten a short sale approval from the bank and the bank or lender has to approve the selling price. On the other hand if the listing Realtor is asking for two months or more, then the wild goose chase is afoot and it will end up in failure most of the time. The longest response time that a Realtor wanted to answer my offer was 90-120 days. While her listing was immaculate and ready to move in, she had priced it $9 less per square foot than other comps.
I can’t think of any buyer who is willing for 3-4 month to get an answer for their offer, especially in a dynamic real estate market such as Las Vegas. That beautiful condo has a snowballs chance in hell of selling. Even though I had warned my clients about this practice, they still were angry at the listing agent. Actually, Frank, a retired chief master sergeant (this is equivalent to 4 star general for enlisted personnel) in the air force tracked down her number and read her the riot act, against my advice 
Related web-site links: Buying Las Vegas new condos for sale, getting the best deal for a Las Vegas condo, Las Vegas condos for sale, short sale condominiums, foreclosed condos, HUD homes and fixer-uppers
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