The Short sale is becoming so common place in Nevada that it will likely account for over half the sales in September 2012. It could possible even be a higher number as we get closer to the end of the year. It seems that something so taboo in the past is now becoming mainstream. It is a strange twist of events that have taken place in Las Vegas Real Estate that has made the unthinkable become the thought of and acted upon. It is as if the powers that be saw no other way than to promote short sales to try and get the economy and real estate in Las Vegas out of the tank.
Chris LaHaie Realtor
The short sale is a simple solution for politicians. It is a win for Realtors and it helps keep a number of people employed while pumping money into the economy. It also is another win for the banks who have been bailed out for the past several years with little repercussions or accountability. The banks are getting a win-win with all the short sales because they sales are clearing out old mortgages in which the banks often had not had the proper paperwork to foreclose. The short sale allows the bank to clear out these bad loans without ever having to produce the original notes and documents that are needed to legally foreclose on a home in Nevada after recent laws have been passed to prevent fraud and Robo-Signing.
If you are concerned about not being able to do a short sale you might want to think again. If the bank is having a hard time finding your original paperwork for your loan, which they are for hundreds if not thousands of notes, they will be very willing to accept a short sale. They will not come out and announce this to you but it is often worth a try to see how much the bank is willing to drop balance on the amount you owe. They have a tremendous incentive to clear this loans without proper documents off of their books. The Nevada law that states lenders must possess the original not before they can legally foreclose has virtually stopped the repossession machines that the banks were running in previous years. August 2012 sales had only 16% of closing that were result of bank owned property.
Chris LaHaie Realtor
Prudential Americana Group
Las Vegas, NV