Common Issues in Las Vegas Short Sales

As we all know short sale properties are always being sold for a price lower than the amount of mortgage. But why are there are a lot of people who are having problems when getting into short sales? This article will be discussing the five most common problems that you will encounter during short sales.

Time -- one of the most common problems with short sales is time, because a transaction would normally take months. There are a lot of people who cannot wait this long for a transaction; thus they prefer to look for a bit more expensive property that can be transferred to them faster. In most cases, people who are buying short sale properties are investors who are only after the money that they can make from the property; not those who are looking for a house.

Agent -- if you are going to get a real estate agent, you will be paying a commission for their service. However, if an agent closed a short sale, they will be getting less commission for it. Since they will be exerting the same effort -- or probably more -- they prefer not to show a list of properties that are listed for short sale. Since they will be doing all the work, and they are sure that the buyer is ready to spend money, they would prefer not to show short sales at all.

Lender -- as I have discussed in the previous article, a lender always sends an appraiser in order to take a look at the property and guess its value before releasing the money. The problem starts when the lender finds out that the property is actually worth $300,000, and is being sold for only $270,000. In some cases, the lender won't approve the short sale, forcing you to get into foreclosure.

Seller -- depending on the lender, a seller would be asked to settle deficiency fees when getting into short sales. The reason why a seller, who supposedly should be eager to sell the property, cancels the transaction is because the lender is asking for this fee. Since they get into a short sale, it would be safe to say that they are in deep financial problem, and paying additional fees is not an option for them.

Buyer -- this is somewhat associated with the #1 problem. There are buyers who really need to move immediately, and they need to have all the documents prepared as soon as possible. Since short sales would take a lot of time, the list of prospects that are willing to buy a property listed for short sale is shortened, making it hard to look for someone who will pay for the property.

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