Ready to buy a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm happy to answer questions you have about real estate short sales.

Purchasing a short sale in Las Vegas, Nevada on your own is risky. Contact Keller Williams Realty Las Vegas for expert advice.

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and needs to sell their home promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

Before making any purchase offers, do your research. Using a knowledgeable REALTOR^® from Keller Williams Realty Las Vegas to support your research of a property will help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
Get an agent with short sale experience. The real estate agents at Keller Williams Realty Las Vegas can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be presented to a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Keller Williams Realty Las Vegas, when we write an offer, we will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.

When it is time to buy, whether it be a short sale or a typical home sale, Keller Williams Realty Las Vegas is here to help. Use our experience and knowledge of real estate to feel confident that you are getting a fair deal and protect yourself during the full purchase transaction.