Three Things You Need To Know About Las Vegas Short Sales

Both buyers and sellers of short sale properties often have no idea about what is really involved in the short sale process.  This is not unusual, especially if they do not have an experienced and qualified realtor or short sale agent working on their behalf.  If you’re a buyer or a seller of a short sale property in the Las Vegas area, there are three important things that you absolutely need to know. 

Short Sales Are Not Short

The largest misconception regarding Las Vegas short sales is that they do not take a lot of time.  While the completion of a short sale is often shorter than the completion of a foreclosure, the average short sale still takes up to four months to be finalized. 

Why does it take so long?  During the short sale process, the seller’s Las Vegas short sale agent, their mortgage lender, as well as the short sale buyer’s realtor and mortgage lender will be working diligently to come to agreeable terms on the short sale of the property.  This is why retaining the services of a qualified Las Vegas realtor with experience in short sales is crucial.  An experienced Las Vegas realtor will know the area well and will have established relationships with lenders and other realtors that will be of great assistance in the negotiations. 

Short Sales Are Not Guaranteed

We have determined that it could take months to hear back from the bank on the terms agreed upon by the short sale buyer and seller.  However, there is a great chance that when the lender does respond, they will ask for a higher offer, or deny the presented terms.  This is why buyers that are looking to move quickly should perhaps avoid short sales altogether.  If you have patience, and understand from the beginning that short sales are not guaranteed until the lender accepts the terms, then you could get a spectacular deal on a Las Vegas home. 

The Experience of Your Las Vegas Short Sale Agent Matters

When you are looking for a real estate agent to assist you in the buying or selling of a short sale property, you have to make sure that they have experience in completing short sales.  Short sales are unique, and the process to complete a short sale is completely different from a typical real estate transaction.  An experienced short sale agent will be able to assist you through every step of the process, and make sure that you take advantage of all the available benefits of completing a short sale. 

This article was written by freelance writer Charity Jackson on behalf of Las Vegas Short Sale company Rothwell Gornt. Read more at the Rothwell Gornt Blog.