Las Vegas has been in the news for several months as one of the cities with the highest number of foreclsures in the nation.  That makes some sense, as our Las Vegas real estate market had experienced approximately 40% appreciation in home values during 2004-2006.  Investors buying properties in Las Vegas during that time helped fuel the real estate “boom”. 
Today, the Las Vegas real estate market is quite different.  It is definitely a “Buyers’ Market” and values have declined to post 2002 prices.  And, there are still thousands of foreclosures and short sales on the market in Las Vegas, Henderson and North Las Vegas.
Buyers often ask about the difference between a Foreclosure and a Short Sale.  A short sale implies a late payment status;  the lender(s) accept a price that is less than the outstanding loan(s) and the shortage is forgiven.  A foreclosure is a situation in which the lender has actually taken the property from the owner; the deficiency is not forgiven and, in some cases, the owner is still responsible for repayment of that shortage.  In a foreclosure, the lien is not satisfied.  Although a short sale does have an impact on an owner’s credit rating, it is, in most cases, preferable to a foreclosure.  Short sales require the sale of the property with the permission of the lender(s).  An advisor, acting on behalf of the lender, will review the individual circumstances and negotiate the final sales price.  Circumstances that are considered include job loss, transfer, divorce, medical problems and other unusual situations.  Each case is evaluated on its own merit, with no guarantee that the lender(s) will accept the sales price that an owner has set.  In both short sales and foreclosures, the negotiation and closing process generally takes longer than a traditional purchase. 
Buyers considering these types of purchases are best served by dealing with a real estate professional. The due diligence, negotiation process and financing of these properties are quite different from the traditional real estate purchase.  Lenders are slow to respond to offers, causing frustration for the potential buyers.  In some cases, multiple offers are presented and not every offer receives a response.  Real Estate professionals are experienced in dealing with these transactions, and have the ability to effectively present offers and handle other important communication between the lender, seller and listing broker.  When the offer is accepted, real estate professionals work with title and escrow officers, inspectors, lenders and appraisers to ensure a successful closing.  A Real Estate Broker is instrumental in successfully purchasing foreclosures or short sales.   Call Las Vegas Properties at 1-888-876-8383 with specific questions about short sales and foreclosures in the Las Vegas area, or to receive a list of available foreclosures and auction properties.