Today a new market. Prices have been increasing at double-digit rates. Here is the basic information any buyer and seller needs to know about the Las Vegas Valley market.
SHORT SALES: A fleeting type of listing. Short Sales were popular when many homeowners wanted to sell from being down under and banks were willing to let go of the note attached to the house at pennies on the dollar. Today most banks are holding on to the note, not allowing short sales to continue through for anything less than current market value.
Important to know: At no time prior to accepting the offer does the bank know the property is for sale and for how much. The listing agent and the seller work together to set a list price that generates the most activity on the property. This price is often less than what the bank would accept.
BANKS (Foreclosures): Used to be a great steal for buyers, but are rare now. Well priced foreclosed homes for sale usually go very quick and will receive multiple offers. Offers are made and are usually countered from the bank with a multi-page counter offer which can be very confusing. These confusing counter offers and addendums cannot be changed so a buyer needs to accept the lengthy terms if they ever wish to purchase a foreclosed home.
Important to know: Many foreclosed homes come with a “first-look” restriction program. The home is only available to owner-occupied buyers usually within the first 30 days of listing. The banks also offer special concessions to the owner-occupied buyer, such as closing cost rebate and free home warranty. The buyer who purchases with financing must use the mortgage company of the seller’s choice.
Many banks will place a deed restriction of 90 days not allowing the buyer to transfer or sell the home. Also, many banks refuse to sell to a non-person entity, such as a trust or a corporation.
EQUITY SALE: In recent years, Equity sellers have come back in strong force, as most homeowners who didn’t want to short sale now see opportunities to sell in a higher equity market. These sales are the most desirable; the sellers provide a full disclosure of problems and may be willing to perform minor repairs. The closing is quick and does not have any complicated addendums or counter offers.
