If you have been shopping in the housing market lately you probably have seen or heard of “Short Sales”. What is a short sale? A short sale is a property that has not been foreclosed but is for sale at less than what the owner owes the lender. The owner has contacted the lender and has agreed to put the home on the market at current market value. Since home prices are at record lows, many people owe more than what their home is worth. We have seen many short sale listings that are selling for less than half of what the seller paid for the home. Once an offer is accepted, it is submitted to the lender for approval. This process can be lengthy and can take up to 3 months. The reason for the long process is because the lender is agreeing to lose money and the decision needs to be approved by management. We have been successful at getting many of these short sales approved but you must be patient. Here are a few things to consider when looking at short sales.

• If you need a home in the next 30 to 45 days, a short sale may not be a good choice.
• You will need a pre-approval letter to submit with your offer.
• You may get into bidding wars so get a good Realtor that knows the short sale process
• Many of the short sales actually sell for much more than the asking price.
If your offer is not accepted, move on and find a better bargain.
• Keep Your Las Vegas home search fun and don’t get discouraged.