According to the recently published September 2010 Las Vegas real estate Market Condition Report short sale houses for sale in Las Vegas zip codes are on the rise. We also know from the latest September 2010 Las Vegas Homes Report that the inventory of Las Vegas homes for sale is increasing while at the same time the median list price of Las Vegas houses just decreased from $140,000 to $139,000. Now, the median Las Vegas house for sale is 1,801 Sq.Ft. with 3 bedrooms and 2 bathrooms and has a lot size between 4,501 – 6,500 Sq.Ft. So, here is where this Las Vegas homes for sale story gets interesting.
About 6 months ago our office phone rang and a lady from the east coast was on the line saying that a friend had given her our telephone number. As it turned out her friend is a past client of ours. My wife, Jackie and I had previously helped our past client buy a Las Vegas condo. Now, the east coast lady referred to us wanted to move to Las Vegas and also wanted an experienced Las Vegas realtor to show her homes for sale in Las Vegas. She was scheduled to fly into town the following week. As my wife spoke with our new client Jackie learned of the type of Las Vegas property the prospective wanted to purchase. As it turned out the parameters for the Las Vegas houses to be seen were very close to the same parameters of the median house from the September Las Vegas Homes Report. Our new client said that she was ready, willing, and able to purchase a Las Vegas home up to $170,000.
My wife, Jackie who began her real estate career on the east coast in 1984 took our clients’ information and started searching in the Las Vegas MLS for Vegas homes for sale. The search provided a list primarily of Las Vegas foreclosures and Las Vegas short sales. Jackie then emailed this list of Las Vegas properties to our client to give her a good idea of the Las Vegas housing available and with a follow-up call Jackie got a better feel for our buyer’s needs. Since our client was flying into Las Vegas on a Friday evening Jackie arranged to pick her up early Saturday morning at the Luxor Hotel where our client was staying for the weekend.
The buyer had studied the list of homes Jackie had emailed to her along with all the pictures and she now had a good idea of which real estate in Las Vegas she wanted to see first. When Jackie picked our client up at the hotel the two women wasted no time as they went from one property to the next. As the day went on our client found a short sale in Las Vegas that was to her liking and in very good condition. It was 6 years old and in a gated community. So far this was the best property that our client had seen. As they drove back to the hotel our client expressed more interest in the Las Vegas short sale and Jackie explained the short sale process to our client in detail. Jackie explained that short sale homes can take some time to close escrow because the ultimate seller of the property is the bank and banks are back logged around the country with many real estate purchase offers.
The next day the Jackie and the buyer went to see more single family Las Vegas homes. By the afternoon our client had made up her mind that she wanted to write a purchase offer on the Las Vegas short sale she had seen the day before. So, Jackie and the buyer drove back to our real estate office where a purchase offer was written. With our client was flying back to the east coast the following day Jackie told her that she would call the listing agent and fax the offer that night.
For the next few days the offer went back and forth in negotiations and then both parties (the buyer and the seller on the note) came to an agreement on price and terms. The agreed upon price as $160,000. However, this short sale would ultimately depend on a few more things. There were home inspections that needed to pass and the property needed to appraise. During the home inspection it was discovered that the air conditioning unit needed repair. The homeowner took care of this matter as they had an air conditioner repair company come out to make the fix.
Keep in mind the short sale process can be slow and after about 4 months the appraiser went out to the property. His opinion was that the Las Vegas short sale had a value of $130,000 instead of the agreed upon price of $160,000. What had happened was that the Las Vegas market dropped as time had passed. The home values fell. Also, the appraiser held the opinion based upon his research that this Las Vegas home was now worth just $130,000. Perhaps a different appraiser would see things differently, however this was the appraiser that mattered in this particular case. So, the appraiser sent his report to the bank where the bank accepted the appraisers opinion and also accepted a sales price of $130,000.
Jackie called our buyer with the news that the bank had agreed to the sale. It was then that our buyer realized a savings of $30,000. Some of it was due to a dropping market and some was due to the opinion of an appraiser.
This Las Vegas sale recorded escrow yesterday. Because it was a short sale it took several months. However, our client got the Las Vegas home she wanted and wound up saving herself $30,000 iduring a tough economic time for many people.
Contact an experienced Las Vegas Nevada real estate agent!
Bob and Jackie Simmons
The Realty One Group