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Short Sale purchases becoming a viable option over foreclosures

25 November 2009 By Las Vegas 2 Comments

http://www.lvrj.com/business/short-sales-on-the-rise-70779802.html

From the Las Vegas Review Journal dated 11/22/2009.   Short sales are definitely on the rise here in Las Vegas.  With the ridiculous bidding wars we are experiencing in Las Vegas over the foreclosure or REO inventory, offering to purchase on a short sale is not so bad.  One of the downfalls many feel(including myself at one point in time) is short sales don’t close, they take so long and its just a waste of time.  Believe it or not I have had 3 successful short sale closings in the past 3 months.  That’s pretty darn good.

Many banks are now working with the sellers to settle their debt and accept a short sale instead of letting the home go to foreclosure.   What is a short sale  you ask? click the link and get a quick overview http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm

Also with companies now negotiating the short sale, like Complete Short Sale Processors, it makes Realtor’s lives so much easier as we do not have to sit on the phone and want to yank our hair out trying to get a hold of someone, anyone at the bank (the one who owns the mortgage).

If you would like more information on how to offer on a short sale, email me at and I would love to answer your questions. 

Realtor

2 Comments »

  • Tony Cartman said:

    Short sale is a great option due to the low price and the point that the owner will negotiate with you… In other words, he still there on the property, taking care of it. When you buy a foreclosure, you may have problems due to the condition of the house

    # 26 November 2009 at 2:31 pm
  • James Schell said:

    Tony,

    You are correct, a homeowner can take of the home while a buyer waits for the transaction to complete. And with so many banks now willing to work with homeowners who are upside on a property, a shortsale purchase is definitely a viable option.

    If I can be of assitance to a purchaser, please do not hesitate to to contact me at:
    702-616-6815 or email me at sss9114@aol.com
    I look forward to being of service.

    James Schell
    Powerhouse Realty
    lasvegaswebofhomes.com team

    # 2 December 2009 at 3:09 pm

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