A North Las Vegas short sale is a transaction in which the amount paid is not sufficient to cover the existing mortgage or property liens. Once the lender agrees to accept the lesser amount, the short sale succeeds, the lender calls it even with the seller, and all parties can move forward.
It’s a good thing to ‘unfreeze’ a property, yet short
sales in North Las Vegas can be tricky to close. In the
worst-case scenario, a buyer and would-be short seller can be put on ice for a full
year or more before the short sale succeeds. As is evident to anyone who has
been through the process, a North Las Vegas real
estate agent with short sale experience is essential for leading the way
through the negotiations and closing.
In addition to working with a knowledgeable agent, it’s
good to also approach a situation which might turn into a short sale by
understanding the general precepts that influence those who will make the
decisions. Usually, the mortgage-holding bank publishes how they wish to be
contacted. Often, it’s through the “Loss Mitigation” Department (or a title to
that effect). That language tells you all you have to know to explain why their
attitude may be less than enthusiastic.
Like any commercial business, the bank’s decision-makers
seek to minimize the time and man-hours needed to gain the best result. If you come
to them with what is an obviously unreasonable offer, they are no more likely to
react positively than any other seller. For this reason, researching the market
value of nearby properties--enough so that it’s easy to show that your offer is
based on a reasonable discount from those prices—is the best way to be taken
seriously.
Although you shouldn’t be surprised if even a reasonable
offer is turned down at first, don’t be afraid to counter with a second offer.
Depending on the circumstances, I sometimes advise my
clients to decide on a viable time frame in which to either close the deal or
move on. Not only will this prevent your wasting time, but it can motivate a
loan officer to truncate what might otherwise become long-winded negotiations.
Short sales in Las Vegas are
still to be found for motivated and patient buyers. If you are looking to buy a
home in the coming year, now is the right time to call me to start your search!
Andrea Gonzalez/VIP Realty Group/call or text 702.485-7887
website: http://www.vipdreamhomes.com
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