Las Vegas Short Sales: Obama Announces Incentives and Uniform Procedures for Short Sales

Have you thought about trying to sell your Las Vegas Home as a short sale but heard all the horror stories.  Well it appears the short sale process might become much easier thanks to the Obama Administration.  The Obama Administration just announced that they want “Uniform Procedures” in place for short sales and would like to encourage lien holders to approve the short sale with cash “incentives”.

“the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure.”

For more information on the announcement, read the press release provided by the National Association of Realtors.

This is definitely great news for the Las Vegas Real Estate Market!  A little over 30% of homes for sale in Las Vegas are currently listed as short sales.  Majority of the homes that sale every month are bank owned homes and only a fraction are short sales.  This is because most real estate agents recommend to their buyers not to bother with short sales because of the length of time they take to close, if they even close and quite often the banks/lenders don’t approve the short sale offer.

If you are thinking about selling your home and you owe more than it is worth, contact us today and we can discuss the short sale process.  We can be reached at 702.376.0088 or complete the contact form to the right of this article.