The bank that holds the mortgage wants the seller to stay in the home right up until close of escrow.  Once we list a home, we should be able to put it into escrow within a month or two.  Then the process of getting the short sale approved begins.  This can take around 3-4 months.  Once approved, close of escrow is usually within 45 days.  That means most short ssale seller’s can stay in their home for at least 4-5 months from the time they list their home here in Southern Nevada.  No two deals are alike and it could be as little as 2 months  or as much as 14 months.

If you are worried about where you will land once you sell your short sale here in Las Vegas, don’t worry too much.  There are plenty of landlords that are happy to lease homes to recent short sale sellers.

Well, that applies to our real estate market too. The most recent development surrounds our current inventory. As of this moment we have 5,474 single family homes available in our entire multiple list. We have 13,113 single family homes in escrow. We have closed 3,195 homes in the last 30 days.

That means we have about 45 days worth of inventory available. One of the basic premises of economics is that when an inventory of available product is low and the demand is high, prices go up. That’s not happening though. There are three reasons that pricing has not reacted to the inventory. First, the low inventory is partially a result of the lack of bank foreclosures over the last 5 months. The banks will eventually start bringing homes back to market. I do want to caution buyers however, there aren’t as many out there as you think. It’s likely that once the banks fire up their machines again the output will be the same or even less than it was last year. That’s because the banks are liking short sales. The second reason for prices not moving is the appraisals. You have heard me whine about this before, but it’s still happening. Appraisers just find it easy to bring homes in low and there is no way we can get them to allow prices to start moving in the right direction. The third reason, is that buyers are still cautious. There is a real sense that we may see another downturn in pricing as a result of either interest rates going up, or demand drying up.

All of these reasons have some validity. There will come a day, in the not too distant future when prices will start to rise. That’s when the buyers will all want to buy.  Some of the wealthiest people in our country made their money in Real Estate markets just like this!  Pay attention buyers.  You will be wondering in 5 years why you didn’t buy now.

Great 4 bedroom home close to the 95 freeway presents an open kitchen w/ tile floors, breakfast bar & pantry, ceiling fans throughout, spacious master w/ walk-in closet, large secondary bedrooms, living room w/ glass sliders that lead to the great backyard w/ easy care landscaping & there’s plenty of room for a pool! Needs some landscaping & TLC and you’ve got a real winner! Offered at $62,500. Call HARVEY BLANKFELD at (702) 203-1165.

Large tri-level home w/ easy access to the 215 freeway presents an inviting living room, open kitchen w/ dark cabinetry & tile flooring/counters, formal dining room, sunken family room w/ brick fireplace, full bed/bath downstairs, big master bedroom w/ 2 closets and the oversized backyard has 2 patios, both covered and one is elevated, private/inground pool & spa, large play area and much more! Your own paradise! Offered at $149,000. Call Harvey Blankfeld at (702) 203-1165.

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Cozy 3 bedroom, 2.5 bathroom home presents a front living room, separate family room w/ brick faced fireplace, nice tile flooring downstairs, eat-in kitchen, large secondary bedrooms, master w/ walk-in closet and the big backyard has a nice covered patio, inground pool & mature landscaping! Bring some TLC and your paintbrush and you’ve got a real winner! Not to mention your green thumb and you will have your own paradise! Offered at $49,900. Call HARVEY BLANKFELD at (702) 203-1165.

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They have since been resistant and perhaps even defiant in wanting to proceed with foreclosures.  That is the concern.  Will the banks allow these additional requirements to impede their ability to get homes to market?  While they may not be pleased with the process and it will cost them more time and money, I think they will get their procedures in order and eventually we will see the market stay on its course.

That means that while we are in the holiday season and approaching a new year, the number of foreclosures will remain low, but they will pick up in the first or second quarter of next year and the inventory will continue to remain at the levels we have seen in the last 30 months.

The impact on homeowners desiring desire to short sale their homes is still unclear, but the banks have all concluded that short sales are far more favorable than Foreclosure and this legislation will certainly not change that opinion.

When we receive a low offer on our listings, we will counter back to a price that we deem a good value to the buyer and reasonable to the lien holder.  We also counter out the costs that we know the lien holder will not allow and we counter with information to the buyer and buyer’s agent that enables us to know that the buyer fully understands the nature of short sales.  Sometimes the buyer decides to reject our counter.  That’s OK because it’s likely that buyer wasn’t going to be patient enough to endure the process.  We would rather leave the home on the market to attract another buyer that will endure and help us to close the escrow.  If the buyer agrees to our counter offer, then we know we have a quality buyer that will be there when we get an approval from the lien holder.

When I’m working with a buyer that chooses to make an offer on a short sale, I will pull the comparable sales to evaluate the fair market value just like the lien holder will do upon receiving the offer.  This gives my buyer the information well ahead of a counter we may get later in the process.  My buyer will be prepared for the idea that the lien holder will likely counter back at a number that is close to fair market value and my buyer is prepared to accept that counter and proceed.  If the lien holder doesn’t counter and accepts my buyer’s offer, even better!  My buyer gets the great deal!

Huge corner lot & much more in this single story, 3 bedroom home that has been well taken care of! Features include an open kitchen w/ breakfast bar & custom cabinets, separate dining area, inviting living room w/ brick faced fireplace, good-sized secondary bedrooms, spacious master bedroom w/ mirrored closet doors & the worry free landscaped backyard has a dogrun, covered patio & more! Bursting w/ potential! Offered at $71,900. Call HARVEY BLANKFELD at (702) 203-1165.

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Beautiful single story glory in a wonderful Northwest neighborhood offers a 3 car garage, 4 big bedrooms, open living room that leads to the island kitchen w/ pantry, breakfast bar & tile counters, family room w/ fireplace & custom built-ins, huge master bedroom w/ French doors that lead to the great backyard w/ nice landscaping, covered patio & the RV/boat parking is great for your toys & more! Offered at $187,900. Call HARVEY BLANKFELD at (702) 203-1165.

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So much potential throughout this great Northwest home that highlights a formal dining/living area, open kitchen w/ tile counters, nook & tons of cabinet space, separate family room w/ fireplace, large master bedroom w/ walk-in closet, big secondary bedrooms, good-sized loft that could be used as an office and the great backyard has an inground pool, covered patio & storage sheds. Offered at $109,900. Call HARVEY BLANKFELD at (702) 203-1165.

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