Las Vegas Short Sales Getting

Approved (and Closing!)

Increasing

May has been a very busy month and A VERY NICE side effect has been the number of our Las Vegas Short Sales getting approved by the lenders. Currently, I have five Las Vegas Short Sale transactions that I have an interest in get approved and we are in escrow with actual scheduled closings after months of much appreciated patience by everybody involved. And, we closed one Las Vegas short sale earlier this month which only took 93 days from the date it was listed to close of escrow.

The majority of lenders for the most part appear to be ramping up efforts (More GOOD News for Las Vegas short Sellers) to really help out and keep Las Vegas Homes from becoming bank owned homes in the first place.

Saving Las Vegas Homes

It certainly makes sense for them to do this in the first place since they will probably net even less money on their bottom line when they allow the Las Vegas home go through the foreclosure process and end up selling it as a Las Vegas Bank owned home. I’ve been harping that Banks need to do a better job in keeping Las Vegas Homes from ending up as Bank Owned Homes for some truly needed help in helping keep Las Vegas Real Estate values in a free fall.

Las Vegas Short Sales

Report for May 2008

First, Let’s take a look at my Las Vegas Short Sales Report from a year ago and pull some historical numbers by viewing the following —> Las Vegas Short Sales Report May 2008

• There were 5,294 Las Vegas Homes classified as Short Sales (25% of the total inventory) available for sale.
• 1,738 Las Vegas Homes classified as Short sales that were Pending/Contingent
• For April of 2008, 145 Las Vegas Homes classified as Short Sales closed escrow (actually sold) in April.

*Las Vegas Homes = Single Family Homes, Condominiums and Townhomes for areas 101 through 606 on the Las Vegas MLS which includes the areas of Henderson and North Las Vegas.

Las Vegas Short Sales Numbers for the Year

Here are the amount of Las Vegas Homes classified as short sales that have closed escrow

• January = 221
• February = 210
• March = 234
• April = 317
• May 1st through May 18th = 145

Compare these to the numbers from May of 2008 and you should have a pretty good idea that the actual success numbers are pretty weak in comparison to the availability of the number of Las Vegas short sales available for sale or the ones that were actually under contract.

Las Vegas Short Sales

Numbers for Today

Currently, there are 6,130 Las Vegas Homes classified as a short sale in the Las Vegas MLS. Out of these, 563 are reported as in some stage of the foreclosure process. That’s actually a pretty good ratio considering the number of Las Vegas Homes currently in foreclosure… but then again… it’s somewhat of a sad indication of how many Las Vegas homeowners are simply doing nothing. According to a blog post on Consumer Reports, there were 14,073 foreclosure filings on Las Vegas homes for April alone. 

Las Vegas Home Debt got you a little down?

Only 563 of the 6,130 Las Vegas Short Sales currently available for sale are being reported as in being in some stage of the foreclosure process.

So it appears we have several Las Vegas Homeowners that may be doing nothing. This is very easy to understand with the amount of bad information out there such as trying to do a short sale is a waste of time, etc.. etc.. You can’t do one if (put excuse in here), It’s just as bad as a foreclosure (not true).

Remember.. Every seller has a unique financial situation and what might apply to your neighbor or friend, may not apply to you.

Call me directly at 702.592.3058 for an absolutely free no obligation, completely confidential consultation. I don’t get paid unless the short sale is successful and closes escrow so I’m not going to waste your time and give you false expectations as some services that charge up front fees.

Las Vegas Short Sales Currently

Contingent or Pending

There are currently 4,419 Las Vegas Short Sales classified as Contingent or Pending on the Las Vegas MLS. Out of these 4,419, only 448 of them have been classified as being in some stage of the foreclosure process.

So… we still have a lot of work to do but there are some signs that the work is going to pay off and a recent announcement by the Obama Administration is going to bring some MUCH needed help when it comes banks working with Las Vegas homeowners in helping them with a Short Sale…

To Be Announced in my next Post as I Sort through it… From what I see so far, it really helps Las Vegas Homeowners that cannot qualify for a loan modification… which helps Las Vegas Home values by letting professionals sell real Las Vegas homes not owned by a bank located somewhere on the east coast.

Las Vegas Short Sales are Changing… don’t stereotype them and use an experienced Las Vegas Real Estate agent with actual experience in Short Sales.

Paul Francis, CRS
Las Vegas Short Sales
702.592.3058