Once a fairly straight forward process, buying a house has become more of a waiting game. In Las Vegas, foreclosures are getting snapped off the market as quickly as they appear. If you’re looking to buy a house in Vegas, you’ll most likely deal with a short sale property.
A short sale means the seller is trying to sell the property at a lower rate than what is owed on the house. The seller’s lender has to approve the terms. It is better for the seller and the lender to go this route in order to avoid foreclosure.
As a buyer, a short sale can be an ordeal because you have to wait on the seller’s lender to approve the sale and that process can take months. If anyone tells you that this is a buyer’s market, they’re wrong. In a true buyer’s market, there is a massive amount of inventory that isn’t moving. The buyer calls the shots. In today’s current market, the banks are calling the shots.
That doesn’t mean you can’t get a deal. With sellers trying to get out from under mortgages they can’t afford, short sales typically go for quite a bit under what the house is worth. But be prepared for competition among other buyers, especially as the spring buying season gets under way.
If a buyer is prepared to make a solid offer, and has the time and patience to wait it out, there are a lot of good deals in the Las Vegas real estate market.
Nathan Strager
Agent
Direct: strager_n@cox.net
Office: 702-940-4500
Company Info
Realty Executives
2855 St. Rose Pkwy
Henderson, NV 89052
702-940-4500
Avg. Sales Price: 379,000
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