5 Common Short Sale Mistakes

How do I find my short sale buyer?

This is what distressed homeowners are asking themselves and their Realtors.

There are a number of reasons short sales on't close. Many times local makret conditions play a big factor. For example, that Las Vegas Short Sale can be a problem because of the declining values of real estate in Las Vegas.

Here are 5 common problems facing homeowners who need a short sale.

1. Realtors Advice: They tell buyers to “Avoid Short Sales

2. Long Delays: Short Sales take much longer to close.

3. Can’t Move In: Buyers need a home and can’t wait.

4. Losing Buyers: They don’t understand the time involved and back out.

5. Too Much Competition – In areas with the highest foreclosure rates there are many bank owned properties available at huge discounts.

Why do Realtors advise buyers to avoid short sales?

For starters, short sales are difficult to close. It’s easier for tthey buyer to get a home with a bank owned property or a short sale.

Long Delays for Approval?

The banks are overworked with this current housing crisis and getting short sale approval is a complicated process. Many properties have 2nd and 3rd mortagage and/or liens. This delays the process even more.

Can’t the buyer move in?

It is not uncommon for a short sale to take six months to close. The buyer can’t move in for 6 months? These long delays with approval prevents a fast close for the buyer.

Buyers lost during the short sale process?

In one word: “Frustration”.

Buyers today do not understand the actual time involved with short sale approval. It takes too long...they back out.

“Too Much Competition”?

Buyers can easily find discounted property in areas with a lot of foreclosures. In areas such as Las Vegas, this is especially true.

Good advice: Find a real estate investor.

Search Google for terms such as How to Short Sale Las Vegas and Avoid Foreclosure Las Vegas and you can find sharp real estate investors, such as AZ Investments Group at www.myLVshortsales.com, who can help.