According to the Greater Las Vegas Association of Realtors, over 30% of homes for sale are Short Sales. A successful short sale is where the Lender/Bank agrees to take less than what is owed. The homeowner usually has to show some type of hardship in order to get approved to do a short sale.
A hardship could be the loss of a job, divorce, or job relocation. Some Lenders/Banks won’t approve a short sale unless the homeowner is at least 1 month behind in payments.
Short Sales are definitely not “short”! Short Sales usually take anywhere from 90 days to 180 days to get approved. The reason why most short sales don’t close successfully is because buyers don’t have the patience to wait that long for the transaction to be approved. There are a few things that can be done by the listing agent to help improve the chances of the short sale getting approved and in less time.
If you are interested in selling your home and you owe more than it is worth, we should talk about doing a short sale. We can be reached at 702.376.0088 or you can complete our contact form. Click on the link for more information on Las Vegas Short Sales.