Click Below to search Las Vegas area foreclosures on the MLS.
For the week of November 2, 2011, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Buy or Sell Property in the Las Vegas Metropolitan Area, including Henderson, North Las Vegas, Boulder City, Blue Diamond, Green Valley, Summerlin, Mountains Edge and unincorporated Clark County.
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1.) Priced As Well Or Better Than A Repo - Many short sales are priced no higher than comparable repossessed properties being sold by banks. Some are even priced lower than the REOs (in bank lingo "Real Estate Owned," a repo to the rest of the world) concurrently on the market.
2.) Not Competing With Cash Buyers - Most REOs are being snapped up by investors with cash to invest. If you are a regular buyer, who must go through the loan process, and often must ask the seller to pay closing costs, you cannot compete with an "All Cash" buyer. The bank is all about the bottom line, and sometimes an all cash buyer can actually make an offer for less than a buyer getting a mortgage, and the bank's bottom line will still be higher. (There are some exceptions to this scenario, but not a lot.)
3.) The Properties Are Better - Especially if the seller has not yet moved out of the house. Repos can be a scary proposition for anyone who is not a natural born handyman, with almost everything in the property needing repair, major cleaning or replacement. Many Short Sales are in as good a shape as regular resale homes, almost ready to move in. This is not the case for all Short Sales, but for a good number it is.
Persons claiming to be negotiators with the ability to represent borrowers in requesting loan modifications from banks must be licensed by the State of Nevada. Do not pay for these services until you have checked to make sure they are qualified.
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Keller Williams Realty, The Marketplace
2230 Corporate Circle #250
Henderson, NV 89074