It’s been almost a year since Las Vegas short sales first outstripped Real Estate Owned (REO) deals (sales that occur after a bank re-acquires a property in foreclosure). According to the LV Review Journal, the prohibition on “robo-signing” of foreclosure documents is just one factor that’s made it more attractive for banks to work with homeowners who are financially distressed. Now, with some experience under their belts, banks in the area have a well-established process for facilitating short sales. This helps streamline the complex process of approval.
Even better, home inventory is low right now. Houses are selling right and left. Buyers are bidding against each other to offer more and more favorable prices. All these factors combine to make this a good time to short sell if you can no longer afford your mortgage and you owe more than your home is worth. Your first step should be to contact a qualified short sale specialist who can help you negotiate with the bank to get your house on the market ASAP.