Large gap between asking list price and sold comp price for traditional sales is the reason for buyers considering short sales
Buying Las Vegas short sales is not an easy process and they don’t offer the discounts that they used to, then why do buyers make offers on and buy Las Vegas short sales?
This is the third video in Comprehensive Guide to Buy Las Vegas Short Sales. In the first video, we talked about the different ways of buying short sales that are listed in the Las Vegas MLS. They are approved and unapproved short sales and short sales that sell through online auctions.
In the last video, we also talked about how long does it take to close Las Vegas short sales deals?
And in the next video discounts gained by buying Las Vegas short sales homes for sale, we will show you that about half of the buyers have gained less than $10,000 in discounts.
Then why the interest in short sales?
Las Vegas homes and condos prices have been going up at double-digit rates from 2012-2015 and high single digits in 2016-2017. So homes and condos sellers account for future appreciation in asking list prices.
The wide gap between asking list prices and comparable sold homes or condos usually doesn’t exist for short sale homes or condos. Actually, sometimes listing agents set an unreasonably low price on their short sales listings that don’t have a shot at getting approved to get offers on their listings which attract short sales buyers.
Even though this gap is smaller for foreclosures, Fannie Mae and Freddie Mac listings are initially listed at far above comparable sales and that is the reason for the price gap between asking prices and sold comps being twice as large for short sales.
If you want to buy short sale homes or condos, please call Masoud or Karen at 702-478-7800