[lucylinus]

I am going to be looking for a home in the Summerlin/Henderson area shortly. There were 6,666 listings on realtor.com and bet that 99% were foreclosures or short sales.

I am not sure that I am comfortable navigating a short sale and I am pretty sure I will not be looking at any foreclosures.

Has anyone successfully purchased a home that was listed as a short sale?

Any realtor agency recommendations?

Thanks!!!

[Californiapch]

We are buying a condo that is a short sale. It has taken 3 months and we hope to have it in 3-4 weeks. you just need to be patient.


We are dealing with this realtor..... decent to deal with.

Las Vegas Real Estate

Tell him Brian from Canada referred you...... I don`t get anything.... but he spent alot of extra time with us ( we started looking last Sept ) so would like to help him out.

His office is in the Summerlin area and knows it well.



Brian

[Everdeen]

As the above poster said, you just have to be patient.

There is a realtor on this site that posts quite a bit. 007 Sells Las Vegas or something like that. You can find him in the thread on the Current Update on the Real Estate Market in Las Vegas.

[kimba01]

I would think it might be more difficult to purchase a home that is not either of those. We did a short sale and it was a breeze. I know that many people have problems. We did not. We purchased in Centennial Hills. So far, we really like the area. We also stayed in Henderson for 6 mos and liked it there also. CH is far less congested, IMO, than either Summerlin or Henderson. Depends on your personal needs.

Good Luck!

[hannaranch]

It took me six months before I was able to buy my condo. It was a short sale and I was paying cash.

[eventusstultorummagister]

Originally Posted by kimba01

We did a short sale and it was a breeze.

I'm curious, was the short sale home's mortgage owned (or guaranteed) by Fannie or Freddie? Was the home preapproved by HAFA?

[007 license to sell]

Originally Posted by lucylinus

I am going to be looking for a home in the Summerlin/Henderson area shortly. There were 6,666 listings on realtor.com and bet that 99% were foreclosures or short sales.

I am not sure that I am comfortable navigating a short sale and I am pretty sure I will not be looking at any foreclosures.

Has anyone successfully purchased a home that was listed as a short sale?

Any realtor agency recommendations?

Thanks!!!

When purchasing a short sale you have to pack your patience and if you have to borrow to purchase than you might want to stay away from short sales, you could end up paying for two appraisals, and your mortgage requirements could change while your waiting.

Short sales are tricky if the seller hasn't paid the hoa's or the taxes and if there is a sid/lid (most homes in Summerlin have sid/lid) that they haven't paid the seller may ask the buyer to pay those. Or if there is some type of construction litigation against the property like Kitech plumbing problems. Banks will not pay past due taxes,hoa's etc generally on a short sale. Also it's a proven fact buyers always pay more for a property on a short sale than a foreclosure.

If there are two loans on a property the likely hood of it every closing is slim and non. If your going to go after a short sale you should look at pre-approved short sales usually those will close in a timely manner. Usually the bank will always come back higher than the listed price, some listing agents and their sellers will list the home much lower than the value of the property to get multiple offers.

Remember just because the seller has agreed to your offer doesn't mean anything until the bank agrees. There was legislation passed that a bank or investor is to respond to a short sale offer in 90 days unfortunately the banks ignore, the legislation didn't put any teeth in the legislation to really hold banks accountable if they don't respond in 90 days.

Most of the inventory are short sales right now due to the new AB284 law that makes bank prove they own the note before they can foreclose this has caused a REO inventory shortage temporarily. According to some of the banks they are working on fixing the problem and hope to start releasing inventory in 4 to 8 months.

Only 23% of all closings last year were short sales most of the properties that are currently under contract are [SIZE=5] 11,913[/SIZE] most of those are short sales as of last week there were [SIZE=5]11,090 short sales listed [/SIZE]and [SIZE=5]Available inventory for sale– 6,649[SIZE=3]. For the most part the reason there are so many properties under contract is because those are short sales that the banks are not responding too.[/SIZE][/SIZE]

Just because you have a close of escrow date doesn't mean the bank has to adhere to that your realtor may have to write addendums to extend the close of escrow.

There are some home owners that are still living in the homes and have continued to pay their payments and hoa's and taxes and insurance while they are doing a short sale but more home owners that haven't.

One more thing if there is mortgage insurance on a property there is a more of a chance the short sale won't go through until the mortgage insurance payments are paid in full to either a bank or an investor the bank is servicing for. According to some REO companies mortgage insurance payments can take up to 1000 days before they will agree to the short sale.
Allot of homes have mortgage insurance on them with out the homeowner or the home owners realtor knowledge, I haven't heard of a home owner would be privy to that information so it's a blind crap shoot if the short sale will ever close before it gets foreclosed on.
Yes some short sales close most don't, so if your going to go after a short sale you need to know what to expect .

If you want or need a property that you need to move in 45 days than you should most definitely should look at either an bank owned, a regular sale or new. New home builders have lowered their prices to compete with short sales and foreclosures. They have warranties on the home and all the appliances and the new homes that are being built are much more energy efficient.

I hope this is helpful, I am not trying to discourage you from purchasing a short sale, it's important you know what your in for if you do. Plan for the worst and hope for the best when purchasing a short sale. There are buyers who have purchased short sales and have been very happy with their purchases.
Good luck in your search

[SportyandMisty]

LucyLinus: I suggest you spend an hour or two reading through City-Data's forum on shorts & foreclosures, etc: https://www.city-data.com/forum/forec...rt-sales-reos/

Second, I think you have it backwards. Don't try to purchase a short sale because it can be very time consuming and frustrating.

Instead, purchase an "REO" (stands for Real Estate Owned) - a home that has already been foreclosed by the bank, and the bank has listed it for sale on MLS through a listing agent. Usually, the bank has fixed any major issues (e.g., vandalism) so it is move-in ready. You need a real estate agent to work with. When you purchase it, you get clear title. The process is much less frustrating than attempting to purchase a short-sale.

We put in offers on several short-sales and after 6 months of no response from the bank, we terminated those offers. Then we put in an offer on a bank-owned REO (already foreclosed, owned by the bank, and mostly fixed up). The bank responded in 48 hours & we had a deal.


Just my 2 cents. YMMV.

Even though we had rescinded our offer on the shorts, the bank responded to us a year later. Funny.

[macgeek]

And I am the exception to the rule, I bought a short, for the initial offer, and 3 months later I owned the house. BUT (big but) I paid cash, That helped I am sure!

Jonathan

[KonaKat]

the snags that I have seen had nothing to do with whether the buyer was paying cash or getting a mortgage. They had more to do with complications from the lender - wanting the buyer or seller to bring substantial sums to closing, or refusing to negotiate payments on HOA fees in arrears.