Las Vegas Short Sales dominate Inventory Report for February of 2010Posted by Paul Francis on Thursday, February 4th, 2010 at 8:15pm.
Las Vegas Inventory Report
Short Sales in Contingent Status Dominate Inventory
I just updated a client searching for properties on their own that keeps sending some really nice properties for more information with the news that the properties are currently in a "Contingent" status. All of them were short sales in a contingent status just waiting for a Lenders Approval of the short sale.
Due to the uncertainty of what the lien holder is going to come back with for an approval, properties with a signed contract between the seller and a buyer are put into a "Contingent" status subject to lenders approval. Unlike other contingencies... this is something the buyers and sellers have to rely on a third party since the price and terms of the final sale have to be approved by the seller's lender. Some lenders work pretty fast... others are slower then molasses. (The importance of Experience in using a Buyers Agent that also lists short sales.)
Unfortunately... some of the most popular searches such as Realtor.com and multiple others show the properties as available for sale. I am in the process of having my Las Vegas MLS search modified to show the status of properties to provide a more accurate picture of what is really available for sale.
I've also been receiving phone calls from other agents in the past couple of days with questions concerning my Short Sales in a Contingent Status and if we will consider Back Up Offers. A year ago, it was tough enough just to get somebody in to view a short sale since so many people were shying away from them and only concentrating on Bank Owned Homes. Times have certainly changed and we are not even to the period of the year where it gets really busy.
So... I had to do some checking to see just how much the inventory was dwindling.
To give you an idea of how much of a big deal this is, here is a real quick inventory report from the Las Vegas MLS that covers areas 101 through 606 (Las Vegas, North Las Vegas and Henderson, NV Real Estate) for all properties listed as Single Family homes, Condominiums, Town Homes and Manufactured Homes.
Currently Available for Sale: 10,296
In Contingent Status: 10,843
Of the 10,843 properties in a Contingent status, 8,564 of them are Short Sales!
According to some Las Vegas Real Estate analysts, only 25% of all short sales are getting approved so we have quite a back up of properties.
Considering... only 682 Las Vegas Short Sales closed escrow in January of 2010... it appears we have a very long way to go to sort through the Distressed properties and return to a normal real estate market. Sellers in Las Vegas who need to do a short sale are going to be around for several years ... with the huge inventory of Las Vegas Homes just waiting for lenders to approve the sale who knows when, it just makes sense to provide a home search that gives a current status.
Las Vegas Home Sellers Upside Down -
Do not be discouraged by the above numbers to do a short sale. Use a Las Vegas Real Estate agent with actual short sales experience listing and Closing homes that will keep everybody informed throughout the process and keep the deal together.
If you would like more information to see if a short sale is right for you, simply go to my Las Vegas Short Sales Information page and get an absolutely free comparative market report for your home.
Paul Francis, CRS
Prudential Americana Group - Realtors®
Las Vegas Real Estate - Summerlin Homes
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