Las Vegas Short Sales Update
Posted by Paul Francis on Wednesday, October 21st, 2009 at 2:27pm.Las Vegas Short Sales - Closings Increase
- September Las Vegas Short Sale Closings Jump over August Closings
- Lenders Still need to Improve their Short Sale Departments to streamline the process
For Areas 101-606 on the Las Vegas MLS which includes North Las Vegas, Summerlin Real Estate and Henderson Homes, the number of short sales approved and closed continued a month to month increase in closings.
Las Vegas Short Sales Closed for August of 2009:
- 492 Las Vegas area short sales successfully closed and kept from becoming Bank Owned Homes.
Prices ranged from a $27,500 Las Vegas condominium to a $1,250,000 Luxury Home sold by Prudential Americana Group - Realtors®.
Las Vegas Area Short Sales Closed for September of 2009:
- 592 Las Vegas area Short Sales closed escrow.
Sales Prices ranged from a $24,000 Las Vegas Condominium to a $1,900,000 Luxury Home in The Ridges of Summerlin sold by Prudential Americana Group - Realtors®.
Las Vegas area Short Sales
While the number of Las Vegas area short sales approved by the lenders and closed has continuosly increased, the following numbers show that the Short Sales departments for Loan Servicers could certainly do better in helping out and keeping homes from being foreclosed on.
- Las Vegas Area Short Sales Available for sale as of 10/21/2009 = 4,497
- 10,230 Las Vegas properties currently available for Sale on the Las Vegas MLS
There are 16 Luxury Las Vegas Short Sales currently available for sale including this $3,750,000 Luxury Las Vegas Home listed as a short sale on the Las Vegas MLS.
- Las Vegas Short Sales in Contract = 8,648!
- Las Vegas area Properties in Contract on the Las Vegas MLS = 15,009
The total amount of Las Vegas properties currently In Contract on the Las Vegas MLS for areas 101-606 equals 15,009 as of today... Las Vegas area short sales make up over 50% of all properties currently in escrow.
There are 19 Million dollar Las Vegas short sales currently in contract including a Luxury Home in Seven Hills that was listed for $2,650,000. Final sales prices are confidential information at this time.
There is certainly an improvement in Las Vegas Short Sales being closed and keeping the homes from becoming Bank Owned Properties which is certainly welcoming. From my experience, Las Vegas area short sales tend to be in better condition then homes where owners just walked away, abandoning the property, letting it go to foreclosure and becoming a bank owned home several months later.
More Resources Need to Be Directed towards Short Sales
With all of the Help for Homeowner federal programs, it is still my opinion that more emphasis needs to be placed on helping Home owners get out and move on in life for a quicker recovery. The latest reports from First American Corelogic suggest that 69% of Las Vegas Homeowners owe more then their home is worth. With unemployment continuing to climb to 13.9%, several major construction projects such as City Center nearing completion, economic struggles for Las Vegas Home Owners will continue through 2010.
With the number of Las Vegas homeowners underwater and need to move, current programs do little to help them out and it's well known that the short sale process can be quite trying.
I recently just had another one of my Las Vegas Short Sale Listings approved... after 307 e-mails, over 40 documented calls to the lenders and a file that consists of over 400 pages... it certainly is trying and can be quite discouraging for the owners that had to move out of state for a job relocation. Throw Medical problems and the loss of a job by the spouse and it's amazing that the owners put up with their lenders the way they did.
In the end though... it saved another Las Vegas Home from being another sad foreclosure statistic.
For homeowners that need to sell and owe more then their home is worth, please do not walk away and let the home become bank owned. You can contact me directly with the information below for a free short sales consultation or you can learn more about the Las Vegas short sale process.
Paul Francis, CRS
Prudential Americana Group - Realtors®
Las Vegas Real Estate - Summerlin Homes
702.592.3058
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Share2 Responses to "Las Vegas Short Sales Update"
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Posted on Tuesday, December 28th, 2010 at 10:17 AM.
My realtor and I put in a offer for a shortsale the end of May. It was a house with 2 mortgages. The 1st came back in end of Sept.approved, the 2nd wanted $2000 more, we ended up negotiate it down to $1000. It finally closed the end of Oct. My patience pay off. I got a beautiful house with a good price! My advice would be find a experience agent and wait it out! Don't expect them to pay the closing cost or repair though.
Posted on Saturday, November 7th, 2009 at 11:30 PM.