In a typical transaction, you have several key players…. The seller, the buyer, the listing agent, the buyers’ agent, the lender, the appraiser, the home inspector and maybe one or two others on a particular transaction. Thankfully, most real estate transactions are relatively stress-free, although there certainly can be troublesome times on any given transaction.
Now let’s look at a short sale… The sellers must fill out a considerable amount of paperwork, and must update it with some regularity. The buyer must wait 3, 4 or 5 months or more to find out if the lien holder approves the short sale and the offered price. In addition to the participants in a traditional transaction, there is the owner of the mortgage, very often Fannie or Freddy or HUD, and very often swamped in paperwork. There's a servicer, like Bank of America, and having to deal with three or more levels, the initial level being a processor who is possibly overworked and underpaid, an appraiser or a BPO agent hired by the servicer to give an opinion of value, and sometimes an appraiser from the actual owner of the mortgage, for them to get their own opinion of value. In some of the transactions, there is also an accountant or an attorney on the sellers side, and in some of the transactions, there is a third party processor, working the file on behalf of the seller…. Pretty much that’s what we are dealing with in short sales. That is why they are probably the most difficult residential real estate transactions.
I’m pulling up these numbers in early March 2014. 10,077 short sales closed in the last 12 months in the Greater Las Vegas Association of Realtors MLS system. It said that 7992 properties that were short sales expired without getting sold. It said that 7592 properties were withdrawn from the market. Occasionally these are withdrawn because the seller does a loan modification or figures out some other way of handling the situation, but most of the time these are withdrawn because they are being foreclosed upon. There is some overlap between the withdrawn’s and the expired’s, but bottom line is that it’s an educated estimate that somewhere between 45% and 60% of the short sales that are started are actually successfully completed.
All of that having been said, we take our short sale responsibilities very seriously. In 2013, with one exception, every short sale that came to fruition ended closing successfully. The one exception was when a seller got a lot of the debt forgiven, with our efforts, and so he no longer had to short sell the property. In 2012, on the ones that our office processed, every one that we listed that came to fruition in the closing successfully. The ones exception in 2012 was an owner who chose to do a deed in lieu of foreclosure, because he was worried that the debt relief act of 2007 might expire at the end of 2012. I said on the ones that our office processed…. We were also involved in about 15 transactions where it was an attorney who is processing the file, and we had no right to speak to the lien holder… Our job was merely to be the real estate agent. Six of those 15 were foreclosed on, and that’s about when we decided that we wanted to be the processors on every short sale that we were involved in. The last one, and the only one in 2011 that we were the processes that that foreclosed upon, was when a seller told us that the bank had enough paperwork, let them make up their mind. Since then, we have more than 100 successes, as described above.
We want to discuss with you all of your options. About 30% of the time, we give other alternatives rather than shortselling to the owner, and would be happy to meet with you to discuss your alternatives or to get started on a short sale
Buyers contact us for more information on any of these properties or any other property in the Las Vegas area. We have represented as Henderson buyers agents, Las Vegas buyers agents and North Las Vegas buyers agents literally more than 1000 buyers over the years. So, if you need a buyers agent in Henderson, or a buyers agent in Las Vegas, please give us a call.
Sellers if you are thinking of selling, contact us for an in depth market analysis and an evaluation of your property and situation. We have represented many many homeowners as listing agents in Henderson, listing agents in Las Vegas and listing agents in North Las Vegas over the years. In 2013 alone, we represented 76 sellers. So if you’re looking for a listing agent in Henderson, or a listing agent in Las Vegas, please give us a call. We have been Henderson Real Estate agents and Las Vegas Real Estate agents for 25 years.
Relocating? In our 25 years as Las Vegas Realtors and Henderson Realtors, we have developed working relationships with agents in many, many areas throughout the country. If you are moving out of the area, or if you need to sell your home to move to the area, contact us , and we will probably have a good agent to refer you to.
In 2014, Prudential Americana Group Realtors was acquired by Berkshire Hathaway, and our name changed to Berkshire Hathaway Home Services - Nevada Properties