Las Vegas Short Sales
Las Vegas Short Sales are the FUTURE of our market and the logistical structures and processes of our industry are rapidly shifting in that direction. The federal government (through the US Treasury) has now aligned itself with the short sale process as a preferred alternative to bank repossession and provides significant financial stimulants to emphasize the strategy and encourage the participants. The Home Affordable Foreclosure Alternatives Program (HAFA) provides options that help to avoid repossession by offering incentives to both borrowers and banks who utilize the short sale process to avoid foreclosure on a Las Vegas home. HAFA is also designed to assist in the streamlining of the short sale process by providing a framework for standardization that will positively effect documentation, process flow and response times from both lenders and sellers.
Time frames for completion of a Las Vegas Short Sale Purchase are shrinking rapidly in many cases. The major banks are finally jumping on board the short sale train as a superior alternative to foreclosure in terms of fees and costs, in addition to avoiding the significant issues of extended vacancy and property rehabilitation. As experienced Las Vegas short sale agents, our opportunity to negotiate a successful transaction on your behalf within 60-90 days has gone up dramatically. Under the old system, a Las Vegas short sale negotiation could easily have taken 4-6 months (or more). Making offers on Las Vegas short sales put you, the buyer, in a much stronger competitive position to take advantage of pricing on par with Las Vegas REO's while avoiding much of the cutthroat cash-based competition that exists in the Las Vegas foreclosure market.
Las Vegas Foreclosures
Las Vegas foreclosures may not be the buying opportunity you would expect unless you are a serious student of current market conditions and a determined cash buyer. The media has trumpeted Las Vegas, Nevada as the foreclosure capital of the nation for quite some time, so it would only be natural to expect bank-owned properties for sale in abundance. In actual fact, the inventory of available foreclosures for sale In Las Vegas is absolutely anorexic. Unfortunately, there is only a small pool of Las Vegas REO's on the market and they are unevenly matched against corresponding demand of tsunami-like proportions. Newly listed bank foreclosures in the Las Vegas MLS are hammered with multiple offers in the double digits (15+ in most cases) within days, many of them aggressive cash bids. This is the surprising truth of the matter and easily verified from numerous sources in the Las Vegas real estate industry.
How can this be? How could things have turned out this way? The roots of the current situation go back to an earlier time in the national housing crises when the broader economy began to implode as well. It is actually a very compelling story and can be found in our Las Vegas real estate blog. A well-researched post from July of 2009 paints a detailed picture of the events that brought us to where we are today.
Our Las Vegas MLS Search is at Your Disposal
Our recently redesigned Las Vegas MLS search tool is free, immediately accessible with just one click and easier than ever to use. This comprehensive database of all available residential properties for sale in Southern Nevada forms the foundation for every targeted research tool on the Michelle Sterling Team website. Our Las Vegas MLS search presentation features a user-friendly interface that allows you to take a wide view of properties all across the valley, or to adopt a more targeted approach that designates such factors as location, specific price points and detailed residential features. Additional options for drill-down purposes include specific street addresses, individual mls numbers and zip code areas.
The Attraction of Las Vegas Homes
US News & World Report recently completed a comprehensive survey entitled America's 10 Best Undervalued Places to Live. The goal of the analysis was to identify residential markets that were not only drastically discounted on a pure pricing basis, but also represented locations that offered a high quality of life and promising long-term prospects. Number one on the US News Top 10 list of America's 10 Best Undervalued Places is Las Vegas, Nevada. There is nothing surprising about this. Everything from our taxes (second lowest in the country after Wyoming) to the weather to the entertainment to our geographic location make Las Vegas a truly one-of-a-kind city.
Team Leader Michelle Sterling has been a resident of Southern Nevada for 28 years and a licensed Las Vegas real estate agent for over 14 years. Depth of experience within the Las Vegas real estate community has no substitute. The professional services of every agent on the Michelle Sterling Team are at your disposal. It's our pleasure to be of service to you.
