Four video tutorials to decode the highly misunderstood Las Vegas short sales process
Las Vegas short sales are not for everyone or every situation, however, they are one of the best ways to get a discount on your deal if done correctly.
When a seller or mortgagee owes more than what the property is worth then it is listed as a short sale. The seller has no equity in the home and lists his/her property with a Realtor or an attorney who can negotiate with the lender to accept less money than they are owed.
Las Vegas short sales for sale are the most misunderstood type of real estate deals. Many buyers, as well as their Realtors, do not really have a good understanding of the process. Let alone where to look for the highest discounts or how to avoid the short sale trap. So we have four video tutorials that explain the process. While these were recorded before 2017, the results apply to today, except savings from buying short sales are less.
We explain different ways to buy Greater Las Vegas short sale homes and condos that are listed in the Greater Las Vegas MLS. There are approved, unapproved, pre-approved and combination bankruptcy and probate short sales as well those that run in real estate auctions.
When the seller accepts the offer, the buyer has to open escrow and deposit the EMD. Then the buyer has to wait for bank approval in order to close the deal.
In this video tutorial we explain how long it takes to close escrow for the different types of listings that we discussed above and it can be less than a month to about a year depending on the type of the deal.
In this video blog we talk about the discounts gained from buying short sales and show that 60% of the listings provided for less than $10,000 in discounts from traditional sales comps. However some types of deals can lead to tens of thousands of dollars in discounts. We show you where to find them.
3: In this video blog we explain the troubles involved, then why do buyers make offers on and buy Las Vegas short sales?
Those who have watched these videos know more about the short sale process than the vast majority of real estate professionals in Las Vegas.
If you are planning to sell your home and you owe more than the property is worth call us.