If you are looking for a great real estate deal in Las Vegas, Nevada then take a look at some of the short sale offerings that are currently on the market. Many people today are forced to sell their homes for less than what they owe on their mortgage. The drop in real estate valuation over the last year and a half has drastically affected homeowners in the Las Vegas area.
Those that chose to stay in their homes have asked their mortgage companies for loan modifications while others have opted to go the route of the short sale. A short sale means that the mortgage companies agree to take the sale price as payment in full on their loans. Many banks feel it is better to get something than to have it go into foreclosure. If it forecloses then the house might sit empty for a very long time and fall into a state of neglect and disrepair. Then it would be next to impossible to sell it to recoup their loss.
When you search for homes for sale in Las Vegas, NV, use the terms “short sale” as your search criteria. You might be surprised at how many come up. These homes reflect the fact that these homeowners want to sell and that their mortgage banks have agreed to participate in the short sale. You can purchase a home or townhouse for less than what they paid for it. Usually homeowners resort to short sales as a last resort before going into foreclosure. You can actually purchase another house after a short sale faster than if you let your home go into foreclosure.