Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

I attended a seminar about selling short sale homes in Las Vegas that have a mortgage with Wachovia Bank. The speaker was the loss mitigation specialist (asset manager) who is in charge of the bank’s assets in Las Vegas. He seemed to be genuinely interested in getting short sales sold before foreclosing on the property. The reason is that as he stated, selling a Las Vegas home as a short sale saves the bank about 10% in costs which add up if you have a 10 billion dollar portfolio in Las Vegas. Wachovia has about 6,000 mortgages in Las Vegas, Henderson and North Las Vegas.

1: Las Vegas short sale home seller DOESN’T have to be behind in paying their mortgage.

2: No offer is needed to start the short sale process, listing a home or condo is enough. This will prevent ridiculously low asking prices so the listing agent would get an offer on the home before starting the short sale process.

3: The listing agent doesn’t have to waste a great deal of time trying to locate and open communication with an asset manager.

4: A short sale manager will contact the seller if necessary, the Realtor can be present when the short sale manger is interviewing the seller. This is awfully cool since the Realtor should be familiar with and bring up the issue of specific performance and try to get the seller out of hot water, if at all possible.

While I am on the specific performance issue, the asset manager said that he is not aware of anyone going after the short sale home seller for the first mortgage, but if a second mortgage is involved, it is sold to the type of people who have no conscience and would barbeque their own mother and eat her if there was any money in it. I am not kidding you.

5: If an offer is made on the property, the listing agent will e-mail the contract to the short sale manager which will review the contract and order and order an appraisal, NOT a BPO (broker price opinion). Unfortunately we run into low appraisals since if a home really appraises for $20,000 over the sale price the appraisal will come in at $1,000 over. Banks can obtain an appraisal from 150 mile radius of the property. Some appraisals in Las Vegas are done by appraisers in Bakersfield, California who are clueless. Wachovia will negotiate differences between their own appraisal and buyer’s appraisal that is mandated if the buyer has to obtain a loan.

6: It should take 6-10 days to obtain a bank approval for the short sale.

7: The Wachovia Short sale seller DOESN’T have to be an owner occupier. Las Vegas real estate investors are eligible to take advantage of the short sale process

8: If there is a second mortgage involved, Wachovia will try to settle the second mortgage with the lender. If a second mortgage can be settled they can close the deal in 45 days or less.

Related blog posts:

Foreclosure, Short Sale or Deed in Lieu? Which one will do less harm to your credit?

Foreclosure, Short Sale or Deed in Lieu? Which one will do less harm to your credit history? Part 2, Las Vegas short sales

Foreclosure, Short Sale or Deed in Lieu? Which one will do less harm to your credit?

Related Web-Site links:

Las Vegas short sale homes or condos for sale

 Las Vegas foreclosed homes or condos for sale

 Las Vegas homes or condos for sale