Across the country many home owners must sell their homes for various reasons. Many are upside down and must sell short. A short sale is when the bank allows a seller to sell a home for less than what is owed. Why would a bank allow this? What many don't know is that it is very costly for a bank to resell a property after foreclosure. Specifically in Las Vegas, it may cost anywhere from $30-80 thousand on average. Often, it is better for the bank to negotiate with the seller to minimize a potential loss.
However, sellers shouldn't line up to sell short. Not all banks will forgive necessary amounts. The process is also very drawn out. In many cases, a bank will only work with a competent real estate agent or team of agents. The last thing they want is for the property to get into escrow, go through all of the negotiation and have the sale fall out.
If you are looking to sell your home contact your Las Vegas Realtor® who can help you understand the process and your options in this unique real estate market.
