I recently received a request for a list of Bank Owned Homes in Las Vegas from a website visitor along with information for our preferred lenders that we use. Upon sending over the list, the requestor explained their situation and it went something like this:

I currently own a home and based on what other houses in the neighborhood has sold/listed for, I believe that I am $117,000 upside down on it.  I have heard a lot about walking away from the mortgages/declaring bankruptcy in situations such as this.  I have excellent credit and I am quite nervous about the thought of foreclosing/declaring BK, however, I am also nervous about the thought of owing so much more than this house is worth.  I was hoping to gain some advice from a professional like yourself as well as get the process moving as this is the way I am leaning.  Can you give me some examples of situations that you have been familiar with?

To make a long story short, the requestor was looking to buy another Las Vegas Home at today’s prices and walking away from their current home that they bought at 2006 prices brand new and then declaring a BK.

Now, I’ve been hearing from various friends of friends of clients doing this and a couple of my long time clients asked me about this because one of their “friends” told them they did it. (Buy another Las Vegas Home and just walk from their current home and let it go to foreclosure.)

Unfortunately, the same “friends” that advised about sitting in long lines waiting to purchase New Las Vegas Homes at whatever price in 2005 to get rich in real estate “because it always goes up in price” are wrong again with this current real estate advice.

Think Mortgage Fraud.

I’m not going to get into details with this or Bankruptcy. A little more information from the above requestor enlightened me concerning their financial situation due to a layoff by a spouse and they were just scraping by with a Las Vegas Home that they now owe over $100,000 more then it’s worth.

There are several resources a Las Vegas Home Seller can do in this “hardship” situation. In the current economy, a Las Vegas Short Sale is the first thing that comes to my mind as the alternative to getting out of a Home where you owe more then it’s worth.

I suggested this to the requestor and found out that they did not even know that a Las Vegas Short Sale was an option for them to pursue. They get out without the negativity of a Foreclosure and they get to move on in life.

Start over and cut your expenses. You do have to qualify under certain “hardship” conditions but it is SO MUCH BETTER then just walking away from your Las Vegas Home and letting it go to foreclosure. Real Estate Agents and “friends” that tell you a short sale is a waste of time do not know what they are doing (or talking about) when it comes to Las Vegas Short Sales. There are techniques and procedures to follow and if a Realtor® has these systems in place, the chances of success are greatly increased.

The key is using professionals that know how to do Short Sales in Las Vegas in the first place. If you are a Las Vegas Home Seller and need to sell a Las Vegas Home that is worth less then what you owe, please use the information below to learn more. I’ve seen so many great Las Vegas homes that were barely even lived in where the previous owners just walked away without even trying to sell and it makes me wonder how many other people do not know about selling their home as a short sale.

Much like it makes me wonder how many other people are buying another home at today’s prices and then walking away from their current home that they bought at 2006 prices.

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Short Sales
702.592.3058

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