I have been doing short sales in Las Vegas for over a year and a half and I heard something in my office the other day that I never heard before. My partner was on the phone with a Las Vegas Real Estate Agent who was inquiring about one of our short sale listings, before my partner hung up, he advised the real estate agent that he needed to provide his highest and best offer. When he hung up, we sat there and chuckled! That is the first time I have heard a real estate agent in Las Vegas ask for a Highest and Best offer on a short sale. Usually we only hear that when it comes to bank owned properties but not short sales! What does this mean, could we expect to see more multiple offer situations on short sales?
With inventory levels dropping for bank owned properties, I expect we will begin to see multiple offer scenarios on short sale listings that are priced below $140K. Since short sales make up a high percentage of the inventory in Las Vegas, many home buyers are not going to have a choice but to make offers on short sales. Las Vegas Real Estate Agents who in the past advised their clients to stay away from short sales are realizing they have no choice but to start showing short sales to their clients.
With more buyers looking to purchase short sales, it is important that the buyer’s agent and listing agent are in constant communication on the progress and status of the short sale. Historically, short sales take a long time to close, usually 120-180 days and many buyers don’t have the patience to wait that long to close on a home. Providing clients the proper education on the short sale process and having continuous communication with them, can lead to a successful short sale.
If you are thinking of selling your Las Vegas Home and you owe more than it is worth, give us a call at 702.376.0088 or complete the contact form to the right. If you have questions about the short sale process, check out our “Frequently Asked Questions on Short Sales“. Don’t wait till it’s too late, call us today!