Homes For Sale in Las Vegas
In Las Vegas, homes for sale usually were new homes or re-sale homes. Recently, foreclosures and short sales have dominated the market.
Foreclosures are homes that are owned by a bank due to the previous owner having defaulted on their mortgage.
Short sales are homes for sale in Las Vegas that are worth less than they can be sold for. The bank holding the mortgage on the property has to approve of the sale because they will lose money, the difference between what is owed and the selling price.
According to the Las Vegas Fox television affiliate “After reaching new heights in the number of foreclosures, southern Nevada is now seeing a surge in short sales as frustrated homeowners search for ways to solve their financial woes.”
Homes for Sale – Las Vegas
While short sales have always been a part of homes for sale, Las Vegas is unique in that they represent approximately 25% of the monthly home sales.
Foreclosures account for approximately half of all homes sales.
The two types of sales represent 75%, or more, of the market so it is critical that you understand how they work.
Las Vegas Home For Sale
A Las Vegas home for sale that falls into one of these categories will be listed with a real estate agent who specializes in these types of transactions.
Foreclosures are fairly straightforward – a buyer makes an offer that gets accepted by the bank, it enters escrow, and 30 – 45 days later the home has a new owner. There are some documents that you will have to sign prior to closing escrow that pertain to the home being owned by a bank, but the rest of the transaction is the same as if an individual owned the home.
Short sales have their own unique twist. A buyer makes an offer that is accepted by the seller, it enters escrow, then the offer is sent to the bank for their approval. The catch is you can not tell if the bank will accept the offer in advance. The bank will not consider approving a short sale until an offer has been accepted by the seller and forwarded to the bank.
Realtors who list short sale homes for sale will know what the bank holding the mortgage needs from the seller to get the short sale approved. They should know what the bank’s standards are for approving short sales, however it seems that this is a moving target for many banks. What worked yesterday may not work tomorrow.
If you are interested in a home for sale in Las Vegas that is a short sale, you will need to find a real estate agent to represent you. The bank holding the mortgage prefers that the buyer and the seller have different real estate agents to avoid any potential conflict of interest.
Find a Real Estate Agent
A real estate agent will be able to show you foreclosure and short sale homes in Las Vegas for sale, which are where you will find the best bargains.
Normal owner occupied homes for sale in Las Vegas are rarely priced competitively because the owner remembers what their house was worth at one time and has yet to face the reality of the new market. Occasionally you will find a owner occupied home for sale in Las Vegas that is priced right, so do not discount looking at them. But understand that the majority of Las Vegas homes for sale are foreclosures and short sales.
We recommend asking your friends and family if they have used a Realtor they can refer you to. This is the most common way people find real estate agents, followed by online searches and open houses.
We like the flexibility of searching for a Realtor online. You get to search at your convenience, from your home, and you can check out many agents in a short period of time.
We have found several excellent sites that can help you in your search.
Zip Realty is a brokerage with locations in many cities. They have boldly used the internet as a means of doing business and their site reflects this. When you visit their site you can search by zip code, see the Realtors who do business in that area and contact a Realtor who you would like more information on. Check it out!
Homegain.com lets you anonymously compare Realtors in your neighborhood and find the right Realtor for you. They have an intuitive site that allows you to sign up for free and you will receive email proposals from agents in your area. It’s quick, easy, and free so give it a try!
Realtytrac.com has, in it’s superb collection of search features, made it possible to find a great agent by simply entering in a zip code. What could be easier? Visit Realty Trac now!
If you are looking for a home for sale, Las Vegas may be a great place for you to find that bargain you are looking for.
For more information on how to find a Realtor, make sure you check out our home buying guide “7 Steps to Buying a House for the First Time Home Buyer”.