Based on the real estate data in Las Vegas, around fifty percent of the real estate available on the Multiple Listing Service are of short sales, and the remaining 20 percent to 25 percent of the inventory are already owned real estate homes. The only negative side to this is getting short sales approved by the lender, which is said can take a couple of months. REOs close escrow in an average of around 128 days from going into the market and around 10 percent drop out of escrow, whereas short sales close in 243 days and two-thirds fall out. According to real estate experts, these factors continue to supply reports of an unproductive process of closing.
Based on the reports of real estate consultants, a significant amount of short-sale homes that are now in escrow is about four times compared to the real estate-owned homes, even though the figures of the REO closings are still two times the value of short sales. The total of the REO closing averaged around 1,419 last March, compared with 690 short-sale closings. The numbers last March is estimated and subject to a few revisions. Short sales are slowly becoming the substitute to foreclosures in the part of Southern Nevada. Which a couple of months ago were considered one of the most affected places in the nation’s housing crisis.
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A short sale is a good option. It’s certainly better than a foreclosure. However, the homeowner and the realtor has to be prepared for lengthy delays. Nothing ever goes smoothly in a short sale. The problem area is always the value of the house. The lender and the homeowner are on the same page when it comes to the price. They both want to get top dollar. However, the buyer wants a deal. He will low ball the deal. The bank rejects the offer. And it is back and forth.
The appraisal report is usually the basis for arriving at a price. However, many buyers use the appraisal as a starting point. They would take 50% or 60% of the appraised value and make an offer. Meanwhile there are more houses coming on the market. This favors the buyer. It’s not unusual for a buyer to make several offers on different houses with the hope of getting one accepted.
I know there are lots of short sales out there but I had no idea there was that many. It’s a sad place the real estate market got it but in the long run I think we will be better offer. Plus what a great time for investors to jump into the market. Low rates and low mortgages.
[...] This post was mentioned on Twitter by itext Realty, Barbara Zucker. Barbara Zucker said: Real Estate News More Short Sales of Real Estate Available on the Multiple Listing … http://bit.ly/c0K6C7 [...]
[...] This post was mentioned on Twitter by itext Realty, Barbara Zucker. Barbara Zucker said: Real Estate News More Short Sales of Real Estate Available on the Multiple Listing … http://bit.ly/c0K6C7 [...]