Las Vegas, Henderson or North Las Vegas home sellers who owe more than the home or condo is worth in the current real estate market have to sell their residence through a short sale process. Listing and selling short sales requires a special kind of Las Vegas Realtor real estate agent who has the required expertise, incredible optimism and super human patience to conclude the short sale process successfully and at the same time to be able to fail more often than succeed. Successful short sale listing agents or Realtors are a rare breed and I am NOT one of them. I can get a better return on my time and effort doing other aspects of Las Vegas real estate.
So why have I decided to do a blog about short sales? Because I have found the best short sale agent I have ever seen. She is a Realtor who works under the same broker as me and has been in the real estate business more than 36 years. She has found herself a nice niche doing short sales in Las Vegas. I referred one short sale home seller to her which I didn’t think anyone could help and told her the same; she was not discouraged at all and took the referral. To tell you the truth, I forgot about this until last week, when she informed me that she closed escrow on the property that I had referred to her after 6 months. There is another deal where I am helping the buyer who wanted to buy her best friend’s home which was a short sale, I wanted her to be the listing agent and my client ’s friend accepted it, we are in the process of closing this deal successfully after five months.
The deal with short sales in Las Vegas is that the way that the short sale process is set up, it is very difficult to sell a short sale listing as the banks usually don’t negotiate with the owner or his real estate agent until they have an offer in hand. This is the reason that many short sale listings are priced unrealistically low in order to get an offer and start negotiations with the bank. Even if the agent is as good as my friend and the owner can prove hardship to the bank, the process takes more than three months. Unless the buyer has a specific reason to buy a particular home, he/she is usually not willing to wait for three-six month to get an answer from the bank. Short sale agents know this and try to get approval for other buyers. I do not have any problems with that and do show approved short sales and actually made a couple offers on MGM Grand condominiums short sales yesterday. Approved short sale means that the negotiations with the bank have concluded and the seller can sell the property for X amount of dollars. If the offer on an approved short sale is below the approved amount, the bank has to agree to the new lower offer and that takes more time.
In conclusion: I am not a Las Vegas short sale Realtor or agent, but I have found a great one. If you want to sell your Las Vegas, Henderson or North Las Vegas home or condo, contact me and I will refer you to the best short sale agent I have ever seen, she closes more than 66% of her short sale listings and that is incredible.
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