Before you consider short sales in Las Vegas, talk to an experienced Realtor about your timeline and goals. In many cases, it can take a lot longer to get to closing if you are buying a short sale versus a traditional sale in Las Vegas. If a short sale listing perks your interest, your Realtor can find out if the current listing price is bank approved or whether it’s a general starting price put out by the listing agent. A short sale is more challenging if you are juggling a home purchase with a home sale. According to a recent article by washingtonpost.com, there are ways to improve your chances of a smooth house closing. An experienced Realtor can help you jump from the closing on the sale of your home to the closing of the purchase of a new home, minimizing your stress. Unless you plan to make an all-cash deal, prepare for closing with all your mortgage documents so there aren’t any setbacks. Dealing with delays With foreclosures and short sales in Las Vegas, you are more likely to experience complications such as structural problems identified in the inspection report, liens against the property and other title defects. Speeding up the process
To speed up the process of closing on a short sale or traditional sale in Las Vegas, make sure you get pre-approved by the lender as opposed to just pre-qualified. Gather all of your important documents including pay stubs, bank statements, tax returns and brokerage account statements. Check your credit report before hunting for houses so you can clear up any mistakes and improve your score if necessary by paying off car loans or credit card balances.
Showing proof of closing funds
Your lender will want to see proof of funds to cover the down payment before the closing. You will find out before closing day the exact amount for a cashier’s check or you may wire the funds.
According to an article by foxbusiness.com, short sales are still popular because many home sellers want the bank to take less money than the amount still owed on the loan. It often takes longer with a short sale because the bank has to approve the sale. If a foreclosure process kicks in before you complete the short sale, you as the buyer could be out of luck. An experienced Las Vegas Realtor can help you avoid pitfalls related to short sales.
Written By Jim Simmons
