BluefoxToday blog : Las Vegas Short Sales: What is a Short Sale?

Las Vegas Short Sales: What is a Short Sale?

As a Las Vegas Homeowner, maybe your bank or a friend has mentioned that you should do a short Las Vegas Short Salesale.

As a Las Vegas Area Home Buyer, maybe you have been looking at some short sale listings.

A Short Sale is when a homeowner is asking lienholder(s) to forgive part of the debt owed on a home.

It is a sale contingency, which means that the executed contract & sale is contingent on the third party lienholder(s) approval.   It should be looked at no differently than a financing contingency, home inspection contingency, appraisal contingency or any other contingency listed in the purchase agreement.

Many people think that the lienholder(s) have control in executing the contract but that thought is false.  The short sale sellers still have complete control of decisions made on the house, the lienholder(s) just send them price, terms and conditions that they will have to approve to complete the short sale.

A short sale is an extremely complicated type of contingency and sellers and buyers should ask many questionsbefore they list their home or write a purchase agreement as a short sale.  Many short sale buyers and sellers get very frustrated in the middle of the short sale transaction because they are not educated well enough about the process.

You can read more about purchasing a Las Vegas short sale right here.

You can read more about listing a Las Vegas Short Sale right here.

If you have any questions and you are not already tied to a Las Vegas area real estate agent, I will be happy to answer them via email or phone.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 16 commentsRenée Donohue • December 27 2010 10:48AM

Comments

Renee - Anyone buying or selling a home in Las Vegas had better learn about short sales, or hire a great realtor, because it's the 800 pound gorilla in your market.

Posted by Larry Brewer - Benchmark Realty llc (Benchmark Realty LLc) over 7 years ago

The uninitiated have a terrible time grasping the goings on when it comes to short sales.  Both of our markets will be determined by how we process and educate both Buyers and Sellers for many years to come.  Yes, it's a contingency Renee, not easily rectified by either party.   

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) over 7 years ago

Renee, short sales here are really tough.  I think it is a specialty for certain realtors. My clients often think they want to buy a short sale but they are not willing to wait for the process.  They get very discouraged and disillutioned and end up not buying a short sale.

Posted by Pat Laracy Baker, Realtor, Green, ABR, Holliston, Massachusetts (Realty Executives Boston West) over 7 years ago

Renee, Good points and great explanation.  I think you have broken it down well into simple terms, especially for those buyers and sellers who are not familiar with short sales.

Posted by Joyce Godwin, Realtor, CRS, RE/MAX Elite Properties (RE/MAX Elite Properties; Serving Cypress, Spring, Tomball, NW Houston) over 7 years ago

Renee,

A great short course on short sales. Good Speed with ALL your LV short sale business.

Steve

Posted by Steve, Joel & Steve A. Chain (Chain Real Estate Investments & Mortgage, Steve & Joel Chain) over 7 years ago

True true Kevin!

Thanks all for the comments.  I am creating lots of guides right now and need to get some of the basics out there ;)

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Renee - Excellent explanation!  I really need to do one of these posts, so I can link back.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 7 years ago

Renee,

in your market you must be dealing with short sales a lot as we are here in Silicon Valley.  I want to congratulate you on a great job with your websites.

Morgan Hill Real estate

 

Posted by Anja Kerstens, GRI, CDPE, CHS, ASP, Selling Silicon Valley Real (Coldwell Banker Residential Brokerage) over 7 years ago

Michelle:  What's funny is I have pounded out some of the basics because I can't get to the next section of my first time buyer's series without these!

Anja:  Thanks for the sweet words!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Agree completely with your section on the seller. If the seller does not agree to terms - no deal! If anyone is buying, they need to understand the sellers motivation whenever possible.

Posted by Lori Ballen, Digital Marketing Strategist (Keller Williams Las Vegas) over 7 years ago

Renee...indeed, great info that even I can use! Short Sales are a challenge, and in my market of condominiums, they are even more of a challenge. Not for financing, but just the time involved, when a Buyer can most likely find a foreclosure (another thorn) that will move much quicker, with a better result.

Thanks for this information!

Midtown Atlanta Condo Real Estate

 

Posted by Thom Abbott, Midtown Atlanta GA Condos For Sale (MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living) over 7 years ago

Renee...good info for some folks who still don't know what a short sale is....have a great rest of the year!!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 7 years ago

Lori:  This is so very true!

Thom:  It is crazy how the house of cards is imploding although we shouldn't be surprised!

Kristin:  Yep!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Hi Renee, great explanation about short sales. Cheers!

Posted by Erika Rogers, St George Utah Real Estate & Relocation Specialist (Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage) over 7 years ago

Cheers Erika!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Renee,

Many would-be buyers often misunderstand what a short sale really means, therefore they should first consult with a pro real estate agent how it all works before embarking on a short sale adventure.

Posted by Esko Kiuru over 7 years ago

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