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10.08.2014
The Las Vegas luxury home market offers some incredible bargains on foreclosures, auction properties and pre-foreclosures (short sales). First thing you need to do is to find a real estate agent who is specialized or experienced in a short sale. A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. If you have a BANK OF AMERICA, CHASE, WELLS FARGO, CITI, OCWEN, you could qualify for a program that would give $2,000 to $5,000 Relocation Money.
What is a Las Vegas Short Sale in NV?Short sales are when the bank accepts less than the full amount due on a mortgage when a property is sold. A foreclosure or REO (which stands for Real Estate Owned) is a property that the bank has already taken back through the foreclosure process.
A short sale or pre-foreclosure, on the other hand, is where the owner owes more money on the property than it is worth and is trying to sell it for less than the amount owed. Just the approval on a short sale in Las Vegas can take anywhere from 60 to 120 days, and sometimes even longer.
In either case, don’t expect to have repairs made or receive a lot in buyer concessions (closing costs paid by the seller). Lately we have seen many short sales on Las Vegas homes and condos that have been foreclosed upon even though there was a good offer on the table. Though this doesn’t seem to make any sense, there is actually a good rationale behind the bank’s actions.
But if the bank forecloses on the property, in some cases they can write off 100% of the loss. Either way, there are great deals to be had, but a great deal is not necessarily how much you can “get off” the sales price. If you are interested in finding out more about Las Vegas foreclosure or short sale properties, the Tonnesen Team can help. If you would like to search for Luxury Short Sales, please visit our Luxury Short Sale page!
From the shores of Lake Las Vegas to the heights of The Ridges, there are some beautiful homes available for a fraction of the original cost. If you are interested viewing homes in any of these communities, one of our luxury home consultants can help. If your loan was a WAMU loan that is owned by Chase you could get up to $35,000 participating in a Short Sale.
This is for a homeowner who has a financial hardship and owes more on the mortgage than the home is worth.


Our experienced Las Vegas short sale agent will guide you through short sale process in Nevada and get your home sold successfully. An offer to purchase may be approved by the owner (who is not going to walk out with any cash anyway), but the contract is still subject to final approval by the bank (or banks if there is more than one mortgage on the property).
Until the bank approves the sale, the buyer is in limbo, not knowing whether they will actually be able to buy the home. Most Las Vegas short sales and foreclosures are sold “as is, where is.” Banks will only be willing to do the minimum repairs to a property that will allow it to be financed. The kicker is, after the foreclosure is complete the bank often turns around and lists the property for LESS than the offer that was tendered. If a bank approves a short sale, they cannot write off the loss (the difference between the mortgage owed and the actual sales price). Now they can afford to sell that $150k home for $130k and still come out ahead of the short sale scenario by taking the $150k+ write off on their taxes. Many foreclosures and short sales sell well above the listed price and are still great deals. After everything has been reviewed, the lender of the short sale properties will give permission for the short sale. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close.
If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time a short sale may not be for you. In some states the previous owner still has a “redemption period” to get the home back from the bank. With a drop of more than 50% in the Las Vegas real estate market, a home that was worth $300k might now only be worth $150k. The short sale process can be quite long and frustrating to Las Vegas short sale home buyers but, it helps the seller avoid an emotional foreclosure, the mortgage lender avoids a costly foreclosure and the buyer may get a home that is less than market value.
When there is only one mortgage, short-sale experts say lender approval typically takes about two months. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. But foreclosures in Las Vegas are final and the bank can turn around and sell them right away.
Once a bona fide offer is received, the seller is required to write a hardship letter stating why they should be eligible to do a short sale.
The banks won’t even talk to the real estate agents or sellers in the meantime to let them know what the status of the approval is.


If the buyer got in with no money down originally, the bank is facing a principal loss of $150k plus expenses and past due interest payments.
If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
An offer on a foreclosure property can take anywhere from one day to two weeks to be accepted by the bank and usually 30 to 45 days from acceptance to close.
They must also provide bank statements, paycheck stubs, and a financial statement to show that they cannot make the payments.
In addition, the seller’s real estate agent must provide a market analysis of the most recent comparable sales to justify the selling price. The bank will also send out their own appraiser some time during the process to get an independent analysis done. Harney Kathleen & Tim Hughes Charles Hyde Park Indian Springs Johnson Walter Keller Knudson K. Laughlin Lawrence Leavitt Justice Myron E Lied Lunds School Lyon Mack Jerome Mannion Jack & Terry Martin Roy Miller Bob Molasky I Monaco Mario C & Joanne O Callaghan M Orr William E. Rogich Sig Rosemary Clark Sandy Valley Saville Anthony Sawyer Grant Schofield Jack Lund Sedway Marvin M Silvestri Smith J. Swainston Theron Tarkanian Virgin Valley Von Tobel Ed Webb West Prep White Pine Middle School White Thurman Wilbur & Theresa Woodbury C.
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